Pine Cliff Energy Ltd. · TSX:PNE
Pine Cliff Energy — Q4 2025 Earnings Presentation
26 slides from Pine Cliff Energy's earnings presentation, Mar 5, 2026
Slide 1: Corporate Presentation
PINE CLIFF ENERGY LTD. CORPORATE PRESENTATION March 2026 TSX Exchange: PNE OTCQX: PIFYF
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Certain statements contained in this presentation include statements which contain words such as “anticipate”, “could”, “should”, “expect”, “seek”, “may”, “intend”, “likely”, “will”, “believe” and similar expressions, statements relating to matters that are not historical facts
Slide 3: Reasons to Own Pine Cliff Stock
REASONS TO OWN PINE CLIFF STOCK Disciplined • Disciplined capital allocation with cash flow and recent dispositions supporting a drill program to Capital exploit high return drilling locations in Central Alberta. In addition, Pine Cliff maintains a monthly Allocation dividends program, which has ret
Slide 4: Pine Cliff Energy Overview
PINE CLIFF ENERGY OVERVIEW Pine Cliff Energy is a Canadian natural gas and oil producing company that has grown from 100 barrels of oil equivalent per day (boe/d) in 2012 to over 20,000 boe/d today. Backed by an industry-low production decline rate, PNE’s Marketing and Trading Summary (as of March 2
Slide 5: Significant Leverage to Western Canada AECO Gas
SIGNIFICANT LEVERAGE TO WESTERN CANADA AECO GAS The AECO Hub is the Canadian benchmark price for natural gas on the Nova Gas Transmission Ltd. (NGTL) system. Improving Western Canadian Fundamentals • Alberta natural gas demand growth expected from a number of sources, including oil sands, power gene
Slide 6: Significant Free Cash Flow Upside Potential with AECO Exposure
SIGNIFICANT FREE CASH FLOW UPSIDE POTENTIAL WITH AECO EXPOSURE ILLUSTRATIVE 2026 FCF(1) & FCF YIELD GAS PRICE SENSITIVITY(2) $50,000 15% Sorted by 2027E Sensitivity % Change in Cash Flow % Change in Adjusted Income FCF YIELD (RHS) Market Cap. +C$1.00/Mcf +US$1.00/Mcf All +C$1.00/Mcf +US$1.00/Mcf All
Slide 7: Low Production Decline Is a Key Differentiator for Pine Cliff
LOW PRODUCTION DECLINE IS A KEY DIFFERENTIATOR FOR PINE CLIFF CANADIAN E&P CORPORATE DECLINES (2026E) (1) CANADIAN E&P CAPEX AS A % OF CF (2026E) (1) 250% 45% 40% 200% 35% 30% Industry Average 26% 150% (Gas Weighted 32%) 25% 20% 100% 15% PNE Industry Average = 58% 10% 50% 5% 0% 0% PNE Pine Cliffs de
Slide 8: Attractive Drilling Inventory
ATTRACTIVE DRILLING INVENTORY GLAUCONITE LIQUIDS RICH GAS 48% CONDENSATE & NGL’S ELLERSLIE LIQUIDS RICH GAS 44% CONDENSATE & NGL’S PEKISKO LIGHT OIL 48% CONDENSATE & NGL’S Pine Cliff Energy Ltd. | TSX: PNE OTCQX: PIFYF 7
Slide 9: High Quality Glauconite Inventory
HIGH QUALITY GLAUCONITE INVENTORY IRR (1)(2) IRR RAWRaw GASGasRATE vsTime Rate vs TIME(2) 9,000 $3.50 AECO / $85 WTI 103/01-27-033-05W5/00 (PNE) 8,000 $3.00 AECO / $75 WTI 100/04-23-033-05w5/00 7,000 Raw Gas Rate (mcfd) $3.00 AECO / $65 WTI McDaniel YE25 Type 6,000 $2.50 AECO / $75 WTI Internal Type
Slide 10: Long-Term Bullish Outlook for Natural Gas
LONG-TERM BULLISH OUTLOOK FOR NATURAL GAS North American and • Since 2016, natural gas is the primary energy source (43%) in the United States for power demand. Western Canada Natural • Alberta uses more natural gas than any other Canadian province; its natural gas demand rose above 8.0 bcf/d in Feb
Slide 11: Natural Gas Outlook – Robust North American Demand
NATURAL GAS OUTLOOK – ROBUST NORTH AMERICAN DEMAND U.S. Total Natural Gas Demand(1) Alberta Natural Gas Demand(2) U.S. natural gas demand in early 2026 remains at the upper end of the Alberta natural gas demand is trending near the high end of the historical range, supported by cold-weather related
Slide 12: Natural Gas Outlook – Expanding LNG Capacity
NATURAL GAS OUTLOOK – EXPANDING LNG CAPACITY North American LNG Projects Under Construction U.S. LNG Exports (Bcf/d)(1) (Million Tons per Annum)(2) U.S. LNG exports reached record levels in early 2026, supported by the US LNG export capacity will continue to expand in 2026 with additional ramp-up of
Slide 13: Natural Gas Outlook – Canadian LNG
NATURAL GAS OUTLOOK – CANADIAN LNG Canadian LNG Projects (1) LNG Shipping Time to Asia (2) LNG Canada, a 2.0 bcf/d LNG export facility (Phase 1), is one of Canada's largest It takes 10 days to ship LNG from Canada’s West Coast to Asia, compared energy investments. Phase 2 of LNG Canada would add ano
Slide 14: Natural Gas Outlook – Advances in Technology Driving Growth
NATURAL GAS OUTLOOK – ADVANCES IN TECHNOLOGY DRIVING GROWTH Power Demand Driving Rising Energy Demand(1) Accelerating Demand from Data Centers(2) Rising demand from the expansion of artificial intelligence-focused data AI and cloud computing are accelerating U.S. electricity demand, with centers, cr
Slide 15: Natural Gas Outlook – Supply Growth Slowing
NATURAL GAS OUTLOOK – SUPPLY GROWTH SLOWING Western Canada Natural Gas Supply(1) U.S. Natural Gas Supply 7-Day Average(2) Western Canadian natural gas supply reached record levels in early 2026 U.S. natural gas production continues to grow in recent months in before temporarily declining in late Feb
Slide 16: Natural Gas Outlook – Priority Shifting as Demand Grows
NATURAL GAS OUTLOOK – PRIORITY SHIFTING AS DEMAND GROWS Canadian E&P Capex vs. Cash Flows(1) Structural Demand Growth $100 CF CAPEX Capex as % of CF 140% $90 120% $80 $70 100% Capex as % of CF $ Billions $60 80% $50 60% $40 $30 40% $20 20% $10 $0 0% 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Ca
Slide 17: Natural Gas Outlook – Potential for Storage Volatility
NATURAL GAS OUTLOOK – POTENTIAL FOR STORAGE VOLATILITY Western Canadian Gas Storage (1) Western Canada’s natural gas storage levels remain near the top end of the five-year Change In Demand and Natural Gas Infrastructure(3) range while LNG Canada Phase 1 ramps to full capacity, which will add increm
Slide 18: Natural Gas Outlook – Global Demand Is Growing
NATURAL GAS OUTLOOK – GLOBAL DEMAND IS GROWING Global Energy Demand Forecast(1) LNG Supply-Demand Gap (MPTA)(2) Global demographic and economic growth are set to drive higher energy Global LNG demand could exceed available supply by 2027, creating consumption through 2040, with natural gas demand ri
Slide 19: Appendix
APPENDIX Pine Cliff Energy Ltd. | TSX: PNE OTCQX: PIFYF 18
Slide 20: Hedge Positions Help Protect Near-Term Cash Flow
HEDGE POSITIONS HELP PROTECT NEAR-TERM CASH FLOW AECO GAS HEDGE PROFILE (1) OIL HEDGE PROFILE (1) 70% % Gas Hedged C$/mcf Hedged Current Strip $3.50 70% $74 % Oil Hedged US$/bbl Hedged Current Strip $72 60% $3.00 60% $70 50% $2.50 50% $68 40% $2.00 40% $66 30% $1.50 30% $64 $62 20% $1.00 20% $60 10%
Slide 21: Ethical, Social and Business Practices
ETHICAL, SOCIAL AND BUSINESS PRACTICES CORPORATE POLICIES •All employees, head office consultants and field contract operators are required to review and sign off on Pine Cliff’s Code of Business Conduct and Ethics Policy, Disclosure and Trading Policy, Information Security Policy, IT Acceptable Use
Slide 22: Experienced Board and Management
EXPERIENCED BOARD AND MANAGEMENT BOARD OF DIRECTORS William S. Rice, K.C. (Chair of the Board) Mr. Rice joined the Board of Directors of Pine Cliff in May 2016 and became Chairman of the Board in May 2023. Mr. Rice was Chair and Chief Executive Officer of the Alberta Securities Commission from 2005
Slide 23: Experienced Board and Management
EXPERIENCED BOARD AND MANAGEMENT BOARD OF DIRECTORS Philip B. Hodge Mr. Hodge joined Pine Cliff in January 2012 as President, Chief Executive Officer and Director and its first employee. Mr. Hodge also sits on the Board of Governors of EPAC. Prior to Pine Cliff, Mr. Hodge held the position of Vice P
Slide 24: Experienced Board and Management
EXPERIENCED BOARD AND MANAGEMENT PINE CLIFF MANAGEMENT TEAM Philip B. Hodge - President & CEO (See experience in board of directors' section) Terry L. McNeill – Chief Operating Officer Mr. McNeill joined Pine Cliff as Vice President Operations in April 2014 and was appointed Chief Operating Officer
Slide 25: Active Years of Acquisitions
ACTIVE 13 YEARS OF ACQUISITIONS TRANSACTION RECORD SINCE JANUARY 2012 $800 11 10 Enterprise Value Share Price $2.50 $700 9 12 20 $600 13 14 $2.00 Enterprise Value ($MM) $500 8 PNE Share Price 4 7 15 $1.50 $400 6 5 3 19 1 $300 2 $1.00 16 17 18 $200 $0.50 $100 $- $- Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
Slide 26: Corporate Information
CORPORATE INFORMATION BOARD OF DIRECTORS HEAD OFFICE STOCK LISTINGS William S. Rice (Chair) 850, 1015 – 4th Street SW Toronto Stock Exchange (“TSX”) Hilary A. Foulkes Calgary, Alberta T2R 1J4 Trading Symbol : PNE Robert B. Fryk Phone: (403) 269-2289 Philip B. Hodge Fax: (587) 393-1693 OTC Markets Gr