Slide 1: Corporate Update
PRQ.TO Corporate Update March 18, 2026
Slide 2: Petrus: Who Are We?
PETRUS: WHO ARE WE? Alberta Deep Basin producer focused on disciplined development of high-quality assets OPERATIONS Deep Basin Producer Calgary-based producer developing high-quality Deep Basin assets. Liquids-Rich Production Liquids-rich wells with predictable geology and long producing lives. STR
Slide 3: Petrus: Snapshot
PETRUS: SNAPSHOT Q4 2025 Highlights, Corporate Overview, Market Summary & Capital Structure Production & Funds Flow KAKWA 19 boe/d1 • Petrus Assets Q4 2025 Average Production1 9,568 boe/d • Harmattan Acquisition Current Production1 11,130 boe/d Current Commodity Weighting1 60% Gas, 40% Oil & Liquids
Slide 4: Strategy: Unlocking Proven Value
STRATEGY: UNLOCKING PROVEN VALUE Uniquely positioned to generate meaningful long-term value for shareholders Committed to Delivering Sustainable Long-Term Value “Over the past few years, we’ve strategically positioned the business to create sustainable long-term value. We will continue to invest in
Slide 5: 2026 Capital Budget
2026 CAPITAL BUDGET 1 Development focused capital concentrated in Ferrier & newly acquired Harmattan area 2026 Capital Budget & Guidance Capital Budget $50MM-$60MM $40MM-$45MM (79%) Funds Flow $60MM-$65MM Monthly Dividend $0.01/share Exit Net Debt 1.2X-1.3X Debt/Funds Flow Disciplined capital spendi
Slide 6: Strategic Acquisition: Harmattan, Alberta
STRATEGIC ACQUISITION: HARMATTAN, ALBERTA Operated, oil-weighted Cardium production expands Deep Basin footprint Acquisition Overview • Petrus Land • Petrus Facilities Purchase Price $33.4MM 2026E Production1 2,000 boe/d Net Locations (Proved / Proved + Probable)2 13.4 / 32.6 Net Undeveloped Acreage
Slide 7: Strategic Acquisition: Rationale & Impact
STRATEGIC ACQUISITION: RATIONALE & IMPACT FERRIER Accretive Cardium acquisition driving growth, maintaining balance sheet discipline Economics & Drilling Locations Expands Core Deep Basin Scale Adds operated, oil-weighted production, aligns with Petrus’ focus on high working interest assets and exte
Slide 8: Deep Basin Assets: Ferrier Area
DEEP BASIN ASSETS: FERRIER AREA FERRIER High Ownership, Strategic Infrastructure, Multi-Zone Potential and Low Costs Economics & Drilling Locations Ferrier Overview • 8,272 boe/d total production (36% liquids) • Cardium-focused, condensate and liquids-rich natural gas • Multi-zone potential, inc. Be
Slide 9: Deep Basin Assets: Ferrier Opportunities
DEEP BASIN ASSETS: FERRIER OPPORTUNITIES LandLong Extensive Multi-Zone Drilling Inventory Supporting Position TermandGrowth Drilling Locations1 20+ Year Drilling Inventory 1 Viking Belly River Inc. A & B Sands • Extensive inventory of high-quality drilling locations 2 • Strategic land acquisitions a
Slide 10: Ferrier: Reducing Capital Costs
FERRIER: REDUCING CAPITAL COSTS Continuous Improvements Driving Lower Well Costs -26% -23% Continuous operational 2022-2025 2022-2025 1-Mile DCET 2-Mile DCET improvements in drilling and 1 1 completion design and execution are lowering DCET capital costs in Ferrier. • Faster drilling times • Multi-w
Slide 11: Assets: Ferrier Economics – Payouts
ASSETS: FERRIER ECONOMICS – PAYOUTS Petrus locations highly competitive vs leading Canadian plays 1 Petrus’ drilling locations have some of the highest economic returns in the Canadian energy sector. Generating results competing with the Clearwater and outperforming the Montney and Duvernay. 10 Mont
Slide 12: Non-Core Assets: Thorsby, Alberta
NON-CORE ASSETS: THORSBY, ALBERTA Stable Funds Flow Generation • Petrus Land • Petrus Major Facilities • 1,140 boe/d₁ (66% Gas, 34% oil/NGLs) • Low decline (3%) Glauc production • Strong, steady cash flow with little ongoing capital investment Thorsby 05- 04 • Ownership and control of critical infra
Slide 13: Non-Core Assets: Foothills & Kakwa
NON-CORE ASSETS: FOOTHILLS & KAKWA Funds flow generating assets, require limited resources FOOTHILLS KAKWA • Low decline gas and Cardium oil • Dunvegan oil production • 61% Gas, 39% Liquids₁ • Drilled first well in 2021 • Minimal capital investment • Large land base (20.75 sections) • Cash flow gene
Slide 14: Disciplined Growth Through Commodity Cycles
DISCIPLINED GROWTH THROUGH COMMODITY CYCLES Track record of growing production and reserves through disciplined capital execution Capital investment adjusts with commodity cycles Growing production and increasing liquids weighting Growing proved developed producing reserves 23,314 7 $97 100 $88 $87
Slide 15: Torque to Gas Price: Significant Upside Potential
TORQUE TO GAS PRICE : SIGNIFICANT UPSIDE POTENTIAL Strong Relationship Between PRQ’s Share Price and Increases in Natural Gas Prices1 PRQ +278% PRQ June 2022 4 +232% November 2022 5 Positioned to take advantage of the next constructive pricing cycle. PRQ PRQ Initiates +110% January 2026 6 Dividend J
Slide 16: Creating Value: Total Returns to Shareholders
CREATING VALUE: TOTAL RETURNS1 TO SHAREHOLDERS Combination of Share Price Appreciation and Dividends Paid Results in Total Returns Outpacing Most Peers2 • Primary goal is generating sustainable long-term cash flow to maximize value for shareholders • Through 2024 & 2025 Petrus generated a 62% return
Slide 17: Creating Value: No Hype. Just Returns.
CREATING VALUE: NO HYPE. JUST RETURNS. How Petrus Stacks Up Against the Big Names on Total Returns1 74% 38% 35% 17% 13% 12% 10% 3% Gold PRQ NVIDIA S&P 500 S&P/TSX Capped Apple Inc. Berkshire Hathaway Amazon Bitcoin Energy Index Inc. -7% 17 1) Total returns represents the change in share price plus a
Slide 18: Contact Us
CONTACT U S Suite 1110, 240 4th Ave SW Calgary, Alberta T2P 4H4 www.petrusresources.com For more information: Ken Gray, President & CEO 403-930-0889 kgray@petrusresources.com Mathew Wong, CFO & VP Finance 587-349-5827 mwong@petrusresources.com Lindsay Hatcher, VP Commercial & Corporate Development 5
Slide 19: Appendix
APPENDIX Supplementary Information 19
Slide 20: Reader Advisory
READER ADVISORY Certain information regarding Petrus Resources Ltd. ("Petrus", "our" or "we" or the "Company") set forth in this document may constitute forward-looking statements under applicable securities laws, including, but not limited to, the following: Petrus' business model, including planne
Slide 21: Reader Advisory Continued
READER ADVISORY Continued Capital costs to drill, complete and tie-in wells and operating costs in each area are also based on management's experience and not on historical data. In addition, such costs are based on management's estimates when the estimates were prepared and have not been escalated