Rubellite Energy Corp. · TSX:RBY

Rubellite Energy — Investor Presentation (April 2025)

53 slides from Rubellite Energy's investor presentation, Apr 7, 2025

1. Slide 1: Rubellite Energy Corp. Corporate Overview

   Rubellite Energy Corp. Corporate Overview April 7, 2025

2. 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 undeveloped land RBY  Executing growth focused business pla

3. Slide 3: 2024 Strategic Transactions

   2024 Strategic Transactions Strategic transactions since Q2 2024 drive scale, enhanced financial flexibility and optionality Buffalo Mission and Perpetual Recombination Transactions Production (boe/d)(1) Development Inventory (net locations)(2) Land (net sections)(3) +240% +146% +167% 847 11,000 372

4. Slide 4: Buffalo Mission Energy Corp. Acquisition – Closed August 2, 2024

   Buffalo Mission Energy Corp. Acquisition – Closed August 2, 2024 Highly complimentary Mannville Stack Asset Base added to existing Clearwater operations Acquisition Highlights Clearwater and Mannville Stack Play Fairways  $97.5 million total consideration(1) • $23.5 million of assumed net debt, $62

5. Slide 5: Rubellite & Perpetual Recombination – Closed October 31, 2024

   Rubellite & Perpetual Recombination – Closed October 31, 2024 Valuable synergies with increased scale, greater liquidity, funds flow diversification and optionality Perpetual shareholders Perpetual senior notes Rubellite shareholders received 1 New Share for ($26.2 MM face value) received 1 New Shar

6. Slide 6: Corporate Profile

   Corporate Profile Fully funded growth-focused heavy oil multi-lat E&P Company TSX :R BY Investment Highlights Capitalization Large scale, focused asset base in the South Clearwater and Mannville Stack fairways  Rank as amongst the top conventional plays in the WCSB on half-cycle returns TSX RBY Ful

7. Slide 7: 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) March 10, 2025 Guidance 9,000 8,000 – 8,200 bbl/d Key Operational Metrics 8,000 7,000 >900 >10,000m >100 Production (bbl/d) 6,000 5,000 Lateral legs drilled Avera

8. Slide 8: 2024 Reserves Highlights

   2024 Reserves Highlights Organic growth and acquisitions combined for reserve value creation 2024 Corporate Reserves Additions(1) Reserves Growth(1)  Proved plus Probable 60,000 • TPP increased 231% year-over-year 50,000 • TPP per Debt Adjusted Share increased 69% year-over-year Reserves (Mboe) • T

9. Slide 9: Net Present Value of Reserves

   Net Present Value of Reserves Reserve additions through drill bit and acquisitions drove YOY increase in NPV10 of 124% YE 2024 Net Present Value (NPV10) of TPP Reserves(1) YE 2024 Reserve Value Reconciliation to YE 2023(2) NPV(10) $MM(1) 800 155 722 700 -6 $134 600 19 143 $307 500 119 $190 400 322 3

10. Slide 10: Net Asset Value (“NAV”)

    Net Asset Value (“NAV”) 40% Average Annual Net Asset Value per Share growth since inception Net Asset Value (Discounted at 10%)(1) $700 $7.00 YE 2024 Net Asset Value(1)(2) $6.47 Reserve Category Recognition Level Build-Up $600 PDP, including FMV of Undeveloped Land - $1.97/Share $6.00 P+PDP(2) = $2.

11. Slide 11: Rubellite Asset Profile

    Rubellite Asset Profile Heavy oil production of >8,080 bbl/d & total production of >12,000 boe/d Asset Map Asset Summary Land Well Count Current Production Area Dec 2024 (net acres)(1) (net producing) (boe/d)(2) Bitum en Greater Figure Lake 158,771 94.0 5,228 Frog Lake 23,232 39.2 2,223 Ukalta 23,41

12. Slide 12: Highly Economic Heavy Oil Development Inventory

    Highly Economic Heavy Oil Development Inventory(1)(4) ~316 booked and unbooked development heavy oil drilling location inventory(1) with attractive type curve investment returns 150% Frog Lake Top half of W aseca South developm ent inventory Figure Lake Tier 1 100% Ukalta Before Tax IRR (%) Figure L

13. Slide 13: Southern Clearwater Play History

    Southern Clearwater Play History Active development, pool extension and well design optimization activity ongoing Southern Clearwater Play Fairway Play History Figure Lake and Edw and – Development & Step-out Delineation Fueling RBY Growth  4,953 bbl/d Q4 2024 sales Newbrook  5,228 bbl/d December

14. Slide 14: Rubellite Asset Profile | Greater Figure Lake

    Rubellite Asset Profile | Greater Figure Lake 2025 Activity – Clearwater Pool Development Asset Map Asset Summary Working Interest: 100% Q4 2024 Production: 4,953 bbl/d 100% heavy oil  5,228 bbl/d December 2024 sales  94.0 net multi-laterals on sales production Figure Lake 2024 Activity – 34 (34.0

15. Slide 15: Figure Lake & Edwand Performance

    Rubellite Asset Profile | Figure Lake & Edw and P erform ance Positive 2024 step-out delineation program results Asset Map – IP(30) 2024 Step-Out Wells 2024 “Step Out” Drilling Results – 50m spacing  6 step-out delineation wells at or exceeding type well performance  Material production improvemen

16. Slide 16: Figure Lake Down-Space Development Plan

    Rubellite Asset Profile | Figure Lake Dow n-Space Developm ent P lan Accelerating production and improving recovery factor per well across same drainage area Clearwater Development Decreasing Inter-Leg Spacing from 50m to 33m:  Historical well design: ~50m inter-leg spacing  Increases IRR by 16% t

17. Slide 17: Rubellite Asset Profile | Frog Lake

    Rubellite Asset Profile | Frog Lake Waseca development and operations optimization Asset Map Asset Summary Primary target - Waseca A member of the Mannville Stack with upside in the Sparky and General Petroleum (GP) Working Interest: ~50%  Joint Economic Development Agreements in place with Frog La

18. Slide 18: Frog Lake Type Curves

    Rubellite Asset Profile | Frog Lake Type Curves Mannville Stack – Waseca North and Waseca South Waseca Development Switched to Oil-Based Mud in 2025 to:  Historical well design:  Improve hole cleaning and stability • ~25m inter-leg spacing  Reduce water handling and disposal costs • ~15,000m MD o

19. Slide 19: Frog Lake Well Design

    Rubellite Asset Profile | Frog Lake W ell Design Water Based Mud vs. Oil Based Mud (“OBM”) Water Based KCl Mud Oil Based Mud Average $/m Drill + OBM credit(1) $122 (10 wells) $121 (5 wells) Average Hz Length (m) 12,979 m (10 wells) 14,312 m (5 wells) Average drill capex including OBM credit(1) $1.58

20. Slide 20: Project Pipeline

    Project Pipeline Feeding a “pipeline” of primary development projects from new exploration plays Exploration Projects in Appraisal Stage (unbooked): Dawson Clearwater – 11.0 net Locations  23.0 net sections  Horizontal test well drilled in Q1 2023 – Winter production only Frog Lake General Petrole

21. Slide 21: 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:  4Q 2024(1) sales: 2,627 boe/d (14.1 MMcf/d; 275 bbl/d NGL)  December 2024 s

22. Slide 22: East Edson Liquids Rich Gas

    Rubellite Asset Profile | East Edson Liquids R ich Gas Provides commodity diversification, financial flexibility and material optionality Significant exposure to higher gas prices 2 net wells/year to keep production flat at ~4,500 boe/d 3 net wells/year for modest growth to ~5,500 boe/d  $12 MM/yea

23. Slide 23: 2025 Annual Capital Spending Plan

    2025 Annual Capital Spending Plan Development, Delineation and Exploration 2025 Exploration and Development Capital Spending 2025 E&D Drilling Program 37.8 net wells $95 MM Base Budget(1) Development:  Figure Lake: 18 (18.0 net)  Frog Lake: 24 (14.0 net)  East Edson: 4 (2.0 net) Minors, $1.0 Othe

24. Slide 24: Guidance and Balance Sheet

    Guidance and Balance Sheet Growth-focused development plans funded out of Adjusted Funds Flow at current strip prices Guidance (M arch 10, 2025) Balance Sheet Q1 2025 2025 Perpetual Rubellite Year End 2024(1) (1)(2)(3) Q2/24 Q3/24 E&D Capital Expenditures ($ MM) $22 - $24 $95 - $110 (2) Revolving Ba

25. Slide 25: Commodity Price Risk Management

    Commodity Price Risk Management Price protection on over 50% of 2025 oil production and 16% of 2025 natural gas production, net of royalties(1) Oil Price Risk Management Natural Gas Price Risk Management Oil Hedges (bbl/d) Natural Gas Hedges (GJ/d) 6,000 90% 10,000 90% 80% 80% 5,000 70% 70% 7,500 4,

26. Slide 26: 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 Land: Surface footprint minimized with multi-well pad development. Onsite drill cutting cleaning and oil-based mud recov

27. Slide 27: Investment Highlights

    Investment Highlights Junior E&P growth opportunity in the Clearwater and Mannville Stack multi-lat heavy oil plays  582 net sections of prospective Clearwater, Mannville Stack and Heavy Oil exploration lands Expanding Pure  Major producing properties at Figure Lake (Clearwater) and Frog Lake (Man

28. Slide 28: Creating Differentiated Value for Shareholders

    Creating Differentiated Value for Shareholders Junior E&P growth opportunity in the prolific Clearwater and Mannville Stack Multi-lat plays Robust Organic Production Growth Profile Expanding Conservative Pure Play Capitalization Heavy Oil and Risk Multi-lat Mitigation Asset Base Fully Funded Managem

29. Slide 29: 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

30. Slide 30: APPENDIX

    APPENDIX Rubellite Energy Corp. 29

31. Slide 31: 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

32. Slide 32: Experienced Management and Independent Board of Directors

    Experienced Management and Independent Board of Directors Board expanded through Recombination Transaction Rubellite Independent Board of Directors (Non-Executive) Perpetual Independent Board of Directors (Non-Executive) Tamara MacDonald, Independent Director Geoffrey M erritt, Independent Director

33. Slide 33: Commodity Price Risk Management

    Commodity Price Risk Management Position Details Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 WTI CAD/bbl Swap Volume (bbl/d) 2,300 1,900 1,700 - - - - - ($CAD/bbl) $99.54 $99.16 $99.12 - - - - - WTI USD/bbl Swap Volume (bbl/d) 2,400 2,650 1,800 400 - - - - ($USD/bbl) $74.41 $72.23 $71.98 $74.86

34. Slide 34: SLIDE NOTES AND ADVISORIES

    SLIDE NOTES AND ADVISORIES Rubellite Energy Corp. 33

35. Slide 35: Slide Notes (continued)

    Slide Notes (continued) Slide 1 1. All the land is shown net to Rubellite’s working interest 2. See “Drilling Locations” in the Advisories 3. Free funds flow is a non-GAAP measure. See “Non-GAAP and Other Financial Measures” in the Advisories 4. Operating netback is determined by deducting royalties

36. Slide 36: Slide Notes (continued)

    Slide Notes (continued) Slide 4 1. See “Drilling Locations” in the Advisories 2. All the land is shown net to Rubellite’s working interest Slide 5 1. Current shares outstanding as at April 3, 2025 and 7.0 million share awards outstanding (excluding 2.3 million legacy Perpetual awards that are settle

37. Slide 37: Slide Notes (continued)

    Slide Notes (continued) Slide 7 1. Heavy oil operating netback per bbl is determined by deducting royalties, net production and operating expenses, and transportation costs from oil revenue, as determined in accordance with IFRS, divided by the Company’s total heavy oil sales production 2. "McDaniel

38. Slide 38: Slide Notes (continued)

    Slide Notes (continued) Slide 8 1. "McDaniel" means McDaniel & Associates Consultants Ltd., independent qualified reserves evaluators 2. “McDaniel Reserve Report” means the independent engineering evaluation of the crude oil, natural gas and NGL reserves, prepared by McDaniel with an effective date

39. Slide 39: Slide Notes (continued)

    Slide Notes (continued) Slide 9 1. "McDaniel" means McDaniel & Associates Consultants Ltd., independent qualified reserves evaluators 2. “McDaniel Reserve Report” means the independent engineering evaluation of the crude oil, natural gas and NGL reserves, prepared by McDaniel with an effective date

40. Slide 40: Slide Notes (continued)

    Slide Notes (continued) Slide 10 1. See “Drilling Locations” in the Advisories 2. All the land is shown net to Rubellite’s working interest 3. Before Payout and After Payout is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” in the Advisories Slide 11 1. See “Drilling Locations” in the

41. Slide 41: Slide Notes (continued)

    Slide Notes (continued) Slide 12 1. See “Drilling Locations” in the Advisories 2. All the land is shown net to Rubellite’s working interest Slide 13 1. See “Drilling Locations” in the Advisories 2. All the land is shown net to Rubellite’s working interest 3. "McDaniel" means McDaniel & Associates Co

42. Slide 42: Slide Notes (continued)

    Slide Notes (continued) Slide 15 1. See “Drilling Locations” in the Advisories 2. All the land and the drilling locations shown are net to Rubellite’s working interest 3. Payout is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” in the Advisories 4. Capital or CAPEX is a non-GAAP measu

43. Slide 43: Slide Notes (continued)

    Slide Notes (continued) Slide 17 1. See “Drilling Locations” in the Advisories 2. All the land and the drilling locations shown are net to Rubellite’s working interest 3. Payout is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” in the Advisories 4. Capital or CAPEX is a non-GAAP measu

44. Slide 44: Slide Notes (continued)

    Slide Notes (continued) Slide 20 1. See “Drilling Locations” in the Advisories 2. Capital is a non-GAAP measure. See “Non-GAAP and Other Financial Measures” in the Advisories 3. "McDaniel" means McDaniel & Associates Consultants Ltd., independent qualified reserves evaluators 4. “McDaniel Reserve Re

45. Slide 45: Slide Notes (continued)

    Slide Notes (continued) Slide 24 1. Prices reported are the weighted average prices for the period 2. Western Canadian Select (“WCS”) 3. Adjusted funds flow is a non-GAAP measure. See “Non-GAAP and Other Financial Measures” in the Advisories 4. Capital is a non-GAAP measure. See “Non-GAAP and Other

46. Slide 46: Slide Notes (continued)

    Slide Notes (continued) Slide 26 1. See “Drilling Locations” in the Advisories 2. Capital is a non-GAAP measure. See “Non-GAAP and Other Financial Measures” in the Advisories 3. All the land and the drilling locations shown are net to Rubellite’s working interest 4. Free funds flow is a non-GAAP mea

47. Slide 47: Advisories

    Advisories 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 conjunction with the Company’s most recently fi

48. Slide 48: Advisories (continued)

    Advisories (continued) N on-GAAP and Other Financial M easures (continued) “Adjusted working capital” deficiency or surplus includes total current assets and current liabilities excluding short-term risk management contract assets and liabilities related to the Company’s risk management activities.

49. Slide 49: Advisories (continued)

    Advisories (continued) Non-GAAP Financial Ratios (continued) “Payout” is calculated as the time at which a well or project’s cumulative operating netback equals total capital expenditures. “Before payout” or “BPO” is the working interest before the point in time when the well has recovered from prod

50. Slide 50: Advisories (continued)

    Advisories (continued) Undue reliance should not be placed on forward-looking information, which is not a guarantee of performance and is subject to a number of risks or uncertainties, including without limitation those described herein and under "Risk Factors" in Rubellite’s most recently filed Ann

51. Slide 51: Advisories (continued)

    Advisories (continued) Reserve Data and Other M etrics There are numerous uncertainties inherent in estimating quantities of crude oil, natural gas and natural gas liquids ("NGL") reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set for

52. Slide 52: Advisories (continued)

    Advisories (continued) Oil and Gas R eserve Definitions Reserves: are estimated remaining quantities of crude oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of capital assumptions, and engineering data; the

53. Slide 53: Advisories (continued)

    Advisories (continued) BOE Volum e Conversions Barrel of oil equivalent (“boe”) may be misleading, particularly if used in isolation. In accordance with NI 51-101, a conversion ratio for conventional natural gas of 6 Mcf:1 bbl has been used, which is based on an energy equivalency conversion method

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