Rubellite Energy Corp. · TSX:RBY
Rubellite Energy — Investor Presentation (May 2026)
37 slides from Rubellite Energy's investor presentation, May 11, 2026
Slide 1: Rubellite Energy Corp. Corporate Overview
Rubellite Energy Corp. Corporate Overview May 11, 2026
Slide 2: Corporate History
Corporate History Incorporated in July 2021 as pure play Clearwater multi-lat focused junior E&P ▪ In September 2021, Rubellite acquired Perpetual’s Clearwater Assets for $65.5 MM • 350 bbl/d of heavy oil production and 100 net sections of land ▪ Executing growth focused business plan on expanding h
Slide 3: Corporate Profile
Corporate Profile Fully funded growth-focused heavy oil multi-lat E&P Company TSX:RBY Investment Highlights Capitalization Large scale, focused asset base in the South Clearwater and Mannville Stack fairways TSX RBY ▪ Rank as amongst the top conventional plays in the WCSB on half-cycle returns Fully
Slide 4: Rubellite Asset Profile
Rubellite Asset Profile Heavy oil production of 8,641 bbl/d & total production of 13,843 boe/d Asset Map Asset Summary Land Well Count Production Q1 2026 Area (net acres)(1) (net producing) (boe/d) Figure Lake 157,972 116.0 6,084(2) Bitumen Leases Frog Lake 21,816 55.0 3,032 Ukalta 22,855 24.0 297 M
Slide 5: Heavy Oil Asset Performance
Heavy Oil Asset Performance Strong operational momentum in Clearwater and Mannville Stack heavy oil asset base Heavy Oil Sales (bbl/d)(1) May 11, 2026 Guidance(1) Key Operational Metrics 10,000 Q2/26 8,550 – 8,650 bbl/d FY/26 8,800 – 9,200 bbl/d 9,000 8,000 >1,843 15,000m >190 Production (bbl/d) 7,0
Slide 6: Heavy Oil Development Inventory YE 2025
Heavy Oil Development Inventory YE 2025 >475 booked and unbooked development heavy oil drilling inventory(2)(3) in core properties >475 Net Heavy Oil Development Drilling Locations as at December 31, 2025: Top half ▪ 33% booked; 66% unbooked(4) development inventory Frog Lake Waseca South contributi
Slide 7: Net Asset Value (NAV)
Net Asset Value (“NAV”) Year End 2025 Price Deck Decline of ~23% Offset Operational Gains in Reserve-based NAV Net Asset Value (discounted at 10%) $700 YE 2025 Net Asset Value(1)(2) $7.48 Reserve Category Recognition Level Build-Up PDP, including FMV of Land - $1.89/Share $6.47 $600 $5.95 $6.41 P+PD
Slide 8: Converting FMV of Undeveloped Land to Reserve-based NAV
Converting FMV of Undeveloped Land to Reserve-based NAV Investing to Convert >760 Unbooked Locations & EOR Potential to Production, Reserves & Funds Flow to Grow NAV Net Asset Value >320 net ‘Low Risk’ Unbooked(2)(3) Development Locations at $600 Figure Lake (Clearwater and Sparky) and Frog Lake (Wa
Slide 9: Rubellite Asset Profile | Figure Lake
Rubellite Asset Profile | Figure Lake Clearwater and Sparky Development Asset Map Asset Summary Working Interest: 100% Q1 2026 Production: 6,102 boe/d (84% oil and liquids) Sparky Discovery ▪ 4,875 bbl/d 100% heavy oil; 5.6 MMcf/d natural gas; 18 bbl/d NGL ▪ 115.0 net multi-laterals on sales product
Slide 10: Rubellite Asset Profile | Figure Lake Type Curves
Rubellite Asset Profile | Figure Lake Type Curves 33m down-space wells exceeding type curve(1) IP30 by 10% Clearwater Development Improvements to 33m inter-leg type curve from YE 2024: ▪ Historical well design: ~50m inter-leg spacing ▪ Increased Type Curve IP30 by 14% to 201 bbl/d (YE 2025 vs YE 202
Slide 11: Clearwater Enhanced Oil Recovery Pilots
Clearwater Enhanced Oil Recovery Pilots Advancing Multiple Waterflood Pilots and Other EOR Experiments through 2026 Marten Hills Bottom Up Waterflood Figure Lake Line Drive Waterflood and Polymer Flood 12-34 Pad Waterflood Pilot 9-35 Pad Waterflood Pilot 8-26 Pad Waterflood & Polymer Pilots Multi-la
Slide 12: Frog Lake Waseca
Frog Lake Waseca Active Waseca development and GP delineation Asset Map – Waseca Development Asset Summary Working Interest: 63% (of current production) ▪ FLERC has option to elect 50% WI in all future drills Q1 2026 Production: 3,032 boe/d (100% heavy oil) ▪ 83 gross (55.5 net) wells on sales produ
Slide 13: Rubellite Asset Profile | Frog Lake GP Delineation
Rubellite Asset Profile | Frog Lake GP Delineation Asset Map – GP Development Asset Summary Multiple ‘New Zone’ Targets in Mannville Stack ▪ GP, Sparky, McLaren, Rex and Lloyd ▪ >205 net Locations(1) delineated by existing and 25 km2 new shoot 3D seismic General Petroleum (“GP”) Delineation New 3D ▪
Slide 14: Rubellite Asset Profile | Frog Lake Type Curves
Rubellite Asset Profile | Frog Lake Type Curves Mannville Stack – Waseca North, Waseca South and General Petroleum Waseca Development Testing 20,000m Waseca wells in 2026 ▪ Historical well design: ▪ Larger drainage area, well bore diameter, and overall length to improve • ~25m inter-leg spacing capi
Slide 15: Exploration Prospect Pipeline
Exploration Prospect Pipeline Feeding a “pipeline” of primary development projects from new exploration plays ‘New Zone’ Appraisal(7) Frog Lake Secondary Zones: 45 net(8) Locations ▪ Sparky, Lloyd, Rex, and McLaren Zones Figure Lake Upper Clearwater: 12 net Locations ▪ New pools mapped - 13(1) Dawso
Slide 16: 2026 Annual Exploration and Development Spending
2026 Annual Exploration and Development Spending(1) Development, Step-out Delineation, Enhanced Oil Recovery Pilots and Exploration 2026 E&D Spending: $125-135 MM(1) EOR Pilots, Exploration, $3.5 $9.7 Minors, 60-65 gross / 47.0-52.0 net wells $0.5 Exploration, Development, Delineation & EOR: $3.5 ▪
Slide 17: Balance Sheet and Guidance
Balance Sheet and Guidance Credit facility limit increased to $160 MM (up from $140 MM) providing additional liquidity and financial flexibility Guidance (May 11, 2026) Balance Sheet Reconciliation through 2024 Strategic Transactions Perpetual Rubellite Year End Q2 2026 2026 Q1 2026 (2) (1)(2)(3) Q2
Slide 18: Commodity Price Risk Management
Commodity Price Risk Management Price protection on ~60% of May-Dec 2026, 38% of 2027 and 13% of 2028 liquids production, net of royalties (1) Oil Price Risk Management Natural Gas Price Risk Management Oil Hedges (bbl/d) Natural Gas Hedges (GJ/d) 7,000 90% 7,500 100% Percent Gas Net Production Hedg
Slide 19: Creating Differentiated Value for Shareholders
Creating Differentiated Value for Shareholders Junior E&P growth opportunity in the Clearwater and Mannville Stack multi-lat heavy oil plays ▪ 689 net sections of prospective Clearwater, Mannville Stack and Heavy Oil exploration lands Expanding Pure ▪ Major producing properties at Figure Lake (Clear
Slide 20: 2026 Strategic Priorities
2026 Strategic Priorities Value Creation through Heavy Oil Multi-lat Driven Play Strategies High Grade Land Portfolio Improve & Expand Capital Prospect Efficiencies Inventory for Optimize Chosen Play Drive Value and De-risk Exploration Strategies Operational Free Funds Excellence Flow Prospects & Gr
Slide 21: Additional Information
Additional Information Sue Riddell Rose, President & CEO Ryan Shay, Vice President, Finance & CFO 3200, 605 – 5 Avenue SW Calgary, Alberta Canada T2P 3H5
Slide 22: Appendix
APPENDIX Rubellite Energy Corp. 21
Slide 23: Historical Financing
Historical Financing Strong insider support for equity and subordinated debt financings ▪ Rubellite acquired all of Perpetual’s Clearwater Assets for total consideration of $65.5 MM (including $59.2 MM in cash) • Incorporated on July 12, 2021; Clearwater Assets conveyed on July 15th • Plan of Arrang
Slide 24: Year End 2025 Corporate Reserves Highlights
Year End 2025 Corporate Reserves Highlights All capital and including technical revisions 2025 Corporate Reserves Additions(1) Reserves(1) 60,000 Proved plus Probable • TPP flat year-over-year, up 0.1% Mboe 50,000 Reserves (Mboe) • TPP per Debt Adjusted Share increased 9.2% year-over-year 40,000 • T
Slide 25: Year End 2025 Net Present Value of Reserves – Annual Reconciliation
Year End 2025 Net Present Value of Reserves – Annual Reconciliation Price Impact reducing value of reserves YE 2025 NPV(10) of TPP(1) Reconciliation to YE 2024 YE 2025 Reserves NPV(10)(1) ($M) $800 $95 $722 $700 $30 $652 $7 -$95 Proved $600 -$98 -$9 Developed $116,809 $500 Probable NPV(10) BTAX ($MM
Slide 26: Reserves and Net Present Value by Commodity
Reserves and Net Present Value by Commodity Heavy Oil Reserves Increased to 55% of Commodity Mix & 83% of Value Reserves Value TPP (Mboe)(1) TPP NPV(10) $M(1) 60,000 $800,000 4.6% 4.3% 2.7% 3.9% $700,000 50,000 19.8% 16.8% $600,000 42.0% 36.8% 40,000 $500,000 30,000 $400,000 $300,000 79.8% 79.4% 20,
Slide 27: Rubellite Asset Profile | East Edson
Rubellite Asset Profile | East Edson Deep Basin Wilrich Liquids-Rich Gas Asset Map Asset Summary To Rosevear Working Interest: 50% ▪ Non-operated interest with best-in-class operator (Tourmaline – TSX:TOU) Net Production: ▪ Q1 2026 sales: 4,214 boe/d (22.7 MMcf/d; 433 bbl/d NGL) ▪ 18.8 bbl/MMcf NGL
Slide 28: Commodity Price Risk Management
Commodity Price Risk Management Position Details Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Q1 28 Q2 28 Q3 28 Q4 28 WTI CAD/bbl Swap Volume (bbl/d) - - - - - - - - - - - - - - - - - - - - - - - - ($CAD/bbl) WTI USD/bbl Swap Volume (bbl/d) 3,707 5,247 4,800 4,900 3,450 3,450 3,450 3,450 1,200 1,
Slide 29: Operational Excellence
Operational Excellence Striving for continuous performance improvement Environment Water: Oil based mud drillings with no fresh water-based fracture stimulation in Clearwater play and minimal fresh water usage in the Mannville Stack area Land: Surface footprint minimized with multi-well pad developm
Slide 30: Advisories
ADVISORIES Rubellite Energy Corp. 29
Slide 31: Advisories – General and Forward-Looking Information
Advisories – General and Forward-Looking Information General This Corporate Overview (this "presentation") of Rubellite Energy Corp. ("Rubellite" or the "Company") is for discussion and information purposes only and any unauthorized use is strictly prohibited. These materials should be read in conju
Slide 32: Advisories – Oil and Gas Advisories
Advisories – Oil and Gas Advisories This presentation contains certain oil and gas industry metrics which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make
Slide 33: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Reserves Disclosures (continued) “Adjusted finding and development” ("F&D") costs per boe are calculated as the sum of development costs, adjusted for the cash proceeds of acquisitions and dispositions, rather than the net back value component used in
Slide 34: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Net Asset Value (“NAV”) NAV is calculated as total proved plus probable reserves as per the McDaniel Report, plus independently verified third party valuation of undeveloped lands, less net debt and the other provision at an undiscounted value. This me
Slide 35: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Drilling Locations This presentation discloses drilling locations in three categories: (i) booked locations, (ii) unbooked development / step-out delineation locations, and (iii) exploration / appraisal locations. Booked locations are proved and probab
Slide 36: Advisories – Risk Management Contracts
Advisories – Risk Management Contracts Risk Management Contracts “Hedge” or risk management contract positions by product, current to May 8, 2026, are as follows: Refer to Advisories section for further information regarding forward-looking statements, oil and gas information and non-GAAP and other
Slide 37: Advisories – Non-GAAP and Other Financial Measures
Advisories – Non-GAAP and Other Financial Measures Throughout this presentation and in other materials disclosed by the Company, Rubellite employs certain measures to analyze financial performance, financial position and cash flow. These non-GAAP and other financial measures do not have any standard