Rubellite Energy Corp. · TSX:RBY
Rubellite Energy — Investor Presentation (November 2025)
53 slides from Rubellite Energy's investor presentation, Nov 5, 2025
Slide 1: Rubellite Energy Corp. Corporate Overview
Rubellite Energy Corp. Corporate Overview November 5, 2025
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 ▪ Executing growth focused business plan on
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 Share
Slide 4: Rubellite Asset Profile
Rubellite Asset Profile Heavy oil production of >8,300 bbl/d & total production of >12,100 boe/d Asset Map Asset Summary Land Well Count Production(4) Q3/25 Area (net acres)(1) (net producing) (boe/d) Bitumen Figure Lake/Edwand 160,851 108.0 5,110 Frog Lake 23,232 50.1 2,697 Ukalta 21,127 25.0 324 M
Slide 5: Heavy Oil Asset Performance
Heavy Oil Asset Performance Strong operational momentum in Clearwater and Mannville Stack heavy oil asset base November 5, 2025 Guidance Heavy Oil Sales (bbl/d)(1) FY 2025 8,325 – 8,400 bbl/d Key Operational Metrics 10,000 9,000 8,000 >1,640 >15,000m >175 Production (bbl/d) 7,000 Lateral legs drille
Slide 6: Highly Economic Heavy Oil Development Drilling Inventory
Highly Economic Heavy Oil Development Drilling Inventory ~326 booked and unbooked development heavy oil drilling location inventory(1)(2)with attractive type curve investment returns 150% Frog Lake Top half of Waseca South development inventory Figure Lake Tier 1 100% Ukalta Before Tax IRR (%)(3) Fi
Slide 7: 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.
Slide 8: Southern Clearwater Play History
Southern Clearwater Play History Active development, pool extension and well design optimization activity ongoing Southern Clearwater Play Fairway Play History Greater Figure Lake: Development & Step-out Delineation Fueling RBY Growth and Free Funds Flow Newbrook ▪ 5,601 boe/d Q3/25 sales ▪ 5,110 bb
Slide 9: Rubellite Asset Profile | Greater Figure Lake
Rubellite Asset Profile | Greater Figure Lake Clearwater Development Asset Map Asset Summary Working Interest: 100% Q3/25 Production: 5,601 boe/d (91% oil and liquids) ▪ 5,110 bbl/d 100% heavy oil; 2.9 MMcf/d natural gas; 4 bbl/d NGL ▪ 108.0 net multi-laterals on sales production 2024 Activity – 34
Slide 10: Rubellite Asset Profile | Figure Lake Down-Space Development Plan
Rubellite Asset Profile | Figure Lake Down-Space Development Plan 33m down-space wells exceeding type curve(1) IP30 by 35% Clearwater Development Decreasing Inter-Leg Spacing from 50m to 33m: ▪ Historical well design: ~50m inter-leg spacing ▪ Increases Type Curve IRR by 16% to ~106% (YE 2024 vs YE 2
Slide 11: Figure Lake 9-35 Pad – H2 2025
Figure Lake 9-35 Pad – H2 2025 Advancing Waterflood Pilot, Other EOR Experiments and Testing Increased Borehole Diameter Well Design 9-35 Pad Well Bore Design UWI Comments “Interceptor” to replace collapsed well 9 1 03/02-26-063-18W4 drilled from 9-23 Pad to south 10 (159mm Borehole) 8 200mm 5 Verti
Slide 12: Rubellite Asset Profile | Frog Lake
Rubellite Asset Profile | Frog Lake Active Waseca development, secondary zone exploration and operations optimization Asset Map Asset Summary Primary Target: Waseca member of the Mannville Stack with exploratory upside in the Sparky and General Petroleum (GP) Working Interest: ~50% ▪ Joint Economic
Slide 13: Rubellite Asset Profile | 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 ▪ Historical well design: ▪ With ~70% OBM Recycle for Re-Use, costs comparable to KCL mud system: • ~25m inter-leg spacing • Improved hole cleaning and
Slide 14: Prospect Pipeline
Prospect Pipeline Feeding a “pipeline” of primary development projects from new exploration plays Exploration Prospects in Appraisal Stage Dawson Clearwater – 11.0 net Locations ▪ 23.0 net sections ▪ Horizontal test well drilled in Q1 2023 – Winter production only Frog Lake General Petroleum (GP) –
Slide 15: 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: ▪ Q3/25 sales: 3,292 boe/d (18.0 MMcf/d; 284 bbl/d NGL) 3-27 ▪ 18.8 bbl/MMcf N
Slide 16: Rubellite Asset Profile | East Edson Liquids Rich Gas
Rubellite Asset Profile | East Edson Liquids Rich Gas Provides commodity diversification, financial flexibility and material optionality East Edson Significant exposure to higher gas prices 2 net wells/year to keep production flat at ~4,000 boe/d Assumptions Strip(1) $3/GJ(2) $4/GJ(3) ▪ $12 MM/year
Slide 17: 2025 Annual Capital Spending Plan
2025 Annual Capital Spending Plan Development, Step-out Delineation, Exploration and Enhanced Oil Recovery Pilots 2025 Exploration and Development Capital Spending Other Minors, $112.1MM(1) Other, Areas $2.0 Exploration $6.0 2025 E&D Drilling: Expl., $1.6 Drilling(6), 52 gross / 40.8 net wells $9.6
Slide 18: Guidance and Balance Sheet
Guidance and Balance Sheet Debt reduction driven by $17.4 MM in free funds flow YTD & $7.8 MM in non-core undeveloped land dispositions in H2 2025 Guidance (November 5, 2025) Balance Sheet Reconciliation through 2024 Strategic Transactions 9MO 2025A 2025 Perpetual Rubellite Year End Q3 2025 (1) Q2/2
Slide 19: Commodity Price Risk Management
Commodity Price Risk Management Price protection on ~37% of Q4/25 & ~10% of 2026 oil production, net of royalties(1) Oil Price Risk Management Natural Gas Price Risk Management Oil Hedges (bbl/d) Natural Gas Hedges (GJ/d) 3,500 90% 7,500 90% Percent Gas Net Porduction Hedged 80% 3,000 80% 70% 2,500
Slide 20: Investment Highlights
Investment Highlights Junior E&P growth opportunity in the Clearwater and Mannville Stack multi-lat heavy oil plays ▪ 634 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
Slide 21: 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
Slide 22: 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 23: APPENDIX
APPENDIX Rubellite Energy Corp. 22
Slide 24: 2024 Strategic Transactions
2024 Strategic Transactions Strategic transactions since Q2/24 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% 32 4,000 85 327
Slide 25: 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
Slide 26: 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
Slide 27: 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
Slide 28: 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
Slide 29: 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 $59.2 MM in cash) • Incorporated on July 12, 2021; Clearwater Assets conveyed on July 15th • Plan of Arrang
Slide 30: Commodity Price Risk Management
Commodity Price Risk Management Position Details Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 WTI CAD/bbl Swap - - - - Volume (bbl/d) 166 - - - - ($CAD/bbl) 90.03 WTI USD/bbl Swap Volume (bbl/d) 1,900 1,500 500 500 500 ($USD/bbl) $67.15 $65.13 $65.00 $65.00 $65.00 WCS CAD/bbl Swap - - - - Volume (bbl/d) 697 - - -
Slide 31: 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 Merritt, Independent Director ▪
Slide 32: 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
Slide 33: SLIDE NOTES AND ADVISORIES
SLIDE NOTES AND ADVISORIES Rubellite Energy Corp. 32
Slide 34: Slide Notes
Slide Notes 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, net produc
Slide 35: Slide Notes (continued)
Slide Notes (continued) Slide 4 1. Capital is a non-GAAP measure. See “Non-GAAP and Other Financial Measures” in the Advisories 2. Operating netback of heavy oil assets per bbl is determined by deducting royalties, net production and operating expenses, and transportation costs on heavy oil producti
Slide 36: Slide Notes (continued)
Slide Notes (continued) Slide 6 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
Slide 37: Slide Notes (continued)
Slide Notes (continued) Slide 8 1. See “Drilling Locations” in the Advisories 2. All the land is shown net to Rubellite’s working interest 3. "McDaniel" means McDaniel & Associates Consultants Ltd., independent qualified reserves evaluators 4. “McDaniel Reserve Report” means the independent engineer
Slide 38: 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. "EOR" means enhanced oil recovery Slide 11 1. See “Drilling Locations” in the Advisories 2. All the land and the drilling locations shown are net to Rubellit
Slide 39: Slide Notes (continued)
Slide Notes (continued) Slide 12 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
Slide 40: Slide Notes (continued)
Slide Notes (continued) Slide 13 1. See “Drilling Locations” in the Advisories 2. All the land and the drilling locations shown are net to Rubellite’s working interest 3. "McDaniel" means McDaniel & Associates Consultants Ltd., independent qualified reserves evaluators 4. “McDaniel Reserve Report” m
Slide 41: Slide Notes (continued)
Slide Notes (continued) Slide 16 1. Capital or “CAPEX” is a non-GAAP measure. See “Non-GAAP and Other Financial Measures” in the Advisories 2. Exploration and Development Capital Spending or “E&E” is a non-GAAP measure. See “Non-GAAP and Other Financial Measures” in the Advisories Slide 17 1. See “D
Slide 42: Slide Notes (continued)
Slide Notes (continued) Slide 18 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
Slide 43: Slide Notes (continued)
Slide Notes (continued) Slide 19 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 drilling locations are shown net to Rubellite’s working interest. 4. Free funds flow is a non-GAAP measur
Slide 44: Slide Notes (continued)
Slide Notes (continued) Slide 24 1. See “Drilling Locations in the Advisories 2. All the land is shown net to Rubellite’s working interest 3. “McDaniel” means McDaniel & Associates Consultants Ltd., independent qualified reserves evaluators 4. “McDaniel Reserve Report” means the independent engineer
Slide 45: Slide Notes (continued)
Slide Notes (continued) Slide 26 1. Heavy oil operating netback per bbl is determined by deducting royalties, net production and operating expenses, and transportation costs on heavy oil production from oil revenue, as determined in accordance with IFRS, divided by the Company’s total heavy oil sale
Slide 46: Slide Notes (continued)
Slide Notes (continued) Slide 27 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
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
Slide 48: Advisories (continued)
Advisories (continued) Non-GAAP and Other Financial Measures (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. “A
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
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
Slide 51: Advisories (continued)
Advisories (continued) Reserve Data and Other Metrics 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 fort
Slide 52: Advisories (continued)
Advisories (continued) Oil and Gas Reserve 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
Slide 53: Advisories (continued)
Advisories (continued) BOE Volume 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 p
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