Rubellite Energy Corp. · TSX:RBY
Rubellite Energy — Investor Presentation (November 2026)
42 slides from Rubellite Energy's investor presentation, Nov 9, 2026
Slide 1: Rubellite Energy Corp. Corporate Overview
Rubellite Energy Corp. Corporate Overview November 9, 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 :R BY Investment Highlights Capitalization Large scale, focused asset base in the South Clearwater and Mannville Stack fairways TSX RBY Both rank as amongst the top conventional plays in the WCSB on half-cycle return
Slide 4: 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) N ov 9, 2026 Guidance (1) Key Operational Metrics 10,000 Q4/26 8,800 – 9,200 bbl/d 9,000 8,000 >2,159 15,000m >216 Production (bbl/d) 7,000 Well Design average La
Slide 5: Rubellite Asset Profile – Focused Heavy Oil Portfolio
Rubellite Asset Profile – Focused Heavy Oil Portfolio Heavy oil production of 8,542 bbl/d and 5,711 Mcf/d of associated natural gas pro forma Edson Disposition Asset Map Q3/26 Asset Summary Land Well Count Production Q3 2026 Area (net acres)(1) (net producing) (boe/d) Figure Lake 154,772 127.0 6,070
Slide 6: Marten Hills and Dawson Swap – Closed June 30, 2026
Marten Hills and Dawson Swap – Closed June 30, 2026 Added proved producing reserves with waterflood upside Asset Maps Transaction Summary Marten Hills Asset Exchange Agreement: Effective and Closing Date - June 30, 2026 Rubellite acquired a project partner’s 30% Working Interest at Marten Hills, b
Slide 7: East Edson Disposition – Closed Sept 8, 2026
East Edson Disposition – Closed Sept 8, 2026 Swapped non-operated, single asset deep basin gas property into a highly liquid equity position in going concern business Asset Map Transaction Summary Working Interest: 50% Non-operated interest with Tourmaline – TSX:TOU To Rosevear Net Production: Q3
Slide 8: Net Asset Value ("NAV")
Net Asset Value (“NAV”) Q2/26 NAV Pro Forma Edson Disposition and Marten Hills/Dawson Swap Transactions Net Asset Value (discounted at 10%)(1)(2) Q2/26 Pro forma Edson Disposition $700 Net Asset Value(1)(2)(3) $7.48 Reserve Category Recognition Level Build-Up $6.47 $5.95 $6.11 $600 PDP, including FM
Slide 9: Heavy Oil Development Inventory YE 2025
Heavy Oil Development Inventory YE 2025 >475 net heavy oil development drilling inventory(2)(4) in core properties (155 net locations booked at YE 2025) >475 Net Heavy Oil Development Drilling Locations(2)(4) Top half 33% booked; 66% unbooked developm ent inventory Figure Lake Clearwater had 238
Slide 10: Converting FMV of Undeveloped Land to Reserve-based NAV
Converting FMV of Undeveloped Land to Reserve-based NAV Investing to Convert >750 Unbooked Locations & EOR Potential to Production & Reserves to Grow NAV Net Asset Value >320 net ‘Low Risk’ Unbooked(2)(3) Development Locations at $700 Figure Lake (Clearwater and Sparky) and Frog Lake (Waseca and GP)
Slide 11: Rubellite Asset Profile | Figure Lake
Rubellite Asset Profile | Figure Lake Clearwater and Sparky Development Asset Map Asset Summary Working Interest: 100% Sparky Discovery Q3 2026 Production: 6,070 boe/d (84% oil and liquids) 5,108 bbl/d 100% heavy oil; 5.7 MMcf/d natural gas; 10 bbl/d NGL 9-22 127.0 net multi-laterals on sales pr
Slide 12: Figure Lake Primary Development Type Curves
Figure Lake Primary Development Type Curves 33m down-space well design established as primary development design Clearwater Primary Development Design Improvements to 33m inter-leg Tier 1 type curve from YE 2024: Historical well design: ~50m inter-leg spacing Increased Type Curve IP30 by 14% to
Slide 13: Southern Clearwater Enhanced Oil Recovery Pilots
Southern Clearwater Enhanced Oil Recovery Pilots Advancing Multiple Waterflood Pilots in 2026; Preparing for Commercial Demonstration Pad in Q1 2027 Figure Lake Line Drive Pilot Projects Figure Lake Multi-lat Conversions 9-35 Pad Waterflood Pilot 8-26 Pad Waterflood Pilots Figure Lake 1-3 & 1-13 Pad
Slide 14: Figure Lake 9-35 Waterflood Line Drive Pilot
Figure Lake 9-35 Waterflood Line Drive Pilot Reserves on waterflood pilot booked at 50% recovery factor uplift Figure Lake Line Drive Waterflood Pilot Performance Pilot Configuration 12-35-063-18W4 Waterflood Pilot Well Performance vs YE2025 McDaniel Forecasts(1) 160 140 120 Injector Oil Rate (bbl/d
Slide 15: Figure Lake 'Texas Four-Step' Waterflood – Six Well Pad
Figure Lake ‘Texas Four-Step’ Waterflood – Six Well Pad Illustrative Production Response Scenarios & Economics – TBD with Commercial Demonstration Pad at 7-8-63-17W4 Clearwater Waterflood Illustrative Scenarios and Economics W aterflood Scenarios – W aterflood Base Case & High R ate Case Illustr
Slide 16: Rubellite Asset Profile | Frog Lake Waseca
Rubellite Asset Profile | Frog Lake W aseca Active Waseca Development with Open Hole Multi-lateral Wells Asset Map – Waseca Development Asset Summary Working Interest: 63% (of current production) FLERC has option to elect 50% WI in all future drills Q3 2026 Production: 2,867 boe/d (100% heavy oil)
Slide 17: Rubellite Asset Profile | Frog Lake General Petroleum and Sparky
Rubellite Asset Profile | Frog Lake General P etroleum and Sparky Single Lined Lateral Circulation String Development and Delineation in the Mannville Stack Asset Map – GP Development Asset Summary Multiple ‘New Zone’ Targets in Mannville Stack GP, Sparky, McLaren, Rex and Lloyd >205 net locatio
Slide 18: Frog Lake Type Curves
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 capital cost per meter drilled
Slide 19: Prospect Pipeline
Prospect Pipeline Feeding a “pipeline” of large OOIP exploration plays to primary development projects and EOR ‘New Zone’ Appraisal(7) Frog Lake Other Zones: 45 net(8) locations Sparky, Lloyd, Rex, and McLaren Zones Figure Lake Upper Clearwater: 12 net locations New pools mapped - 16(1) Calling
Slide 20: Waterflood and Enhanced Oil Recovery 'Size of the Prize'
Waterflood and Enhanced Oil Recovery ‘Size of the Prize’ Measured in Incremental Recovery, Higher Free Funds Flow, Asset Duration & Value Creation With full scale waterflood implementation we expect: Incremental recovery potential to increase from 5 to >10% of original oil in place (“OOIP”) Marten
Slide 21: 2026 Annual Exploration and Development Spending
2026 Annual Exploration and Development Spending Development, Step-out Delineation, Enhanced Oil Recovery Projects and Exploration Minors, 2026 E&D Spending: $145 - $155 MM(1)(3) EOR Projects, $0.5 Exploration, $13.4 Marten $8.2 66 gross / ~58.2 net(3) wells Hills, $2.8 Development, Delineation & EO
Slide 22: Balance Sheet and Guidance
Balance Sheet and Guidance Credit facility maintained at $160 MM providing significant liquidity and financial flexibility Guidance (Novem ber 9, 2026) Balance Sheet Reconciliation through Strategic Transactions Perpetual Rubellite Year End Q3 9M 2026A Q4 2026F 2026F ($MM) Q2/24 Q3/24(2) 2024(2) 202
Slide 23: Commodity Price Risk Management
Commodity Price Risk Management Price protection on ~72% of Q4 2026, 51% of 2027 and 17% of 2028 liquids production, net of royalties(1) Oil Price Risk Management Mark-to-Market (“MTM”) Value (As at November 6, 2026(2)) Oil Hedges (bbl/d) MTM MTM Value 6,000 90% Jul-Sept Value Oct As at Nov 6, 2026(
Slide 24: Creating Differentiated Value for Shareholders
Creating Differentiated Value for Shareholders Junior E&P growth opportunity focused on Clearwater and Mannville Stack multi-lat heavy oil plays Major producing properties at Figure Lake (Clearwater) and Frog Lake (Mannville Stack) Expanding Pure Multiple exploration prospects captured with mate
Slide 25: 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 26: 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 27: Appendix
APPENDIX Rubellite Energy Corp. 26
Slide 28: 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 $59.2 MM in cash) • Incorporated on July 12, 2021; Clearwater Assets conveyed on July 15th • Plan of Arrang
Slide 29: Commodity Price Risk Management
Commodity Price Risk Management Position Details Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Cal28 WTI USD/bbl Swap Volume (bbl/d) 5,400 4,350 4,350 4,350 4,350 1,700 ($USD/bbl) $68.98 $71.31 $71.31 $71.31 $71.31 $70.03 WCS Differential USD/bbl Swap Volume (bbl/d) 3,000 - - - - - ($13.18) - - - - - ($USD/bbl) CAD
Slide 30: Operational Excellence
Operational Excellence Striving for continuous performance improvement Environment Water: Oil based mud drilling 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 developme
Slide 31: Advisories
ADVISORIES Rubellite Energy Corp. 30
Slide 32: Advisories – General and Forward-Looking Information
Advisories – General and Forward-Looking Information General This Corporate Overview (this "presentation") of Rubellite Energy Corp. ("Rubellite“, “RBY” or the "Company") is for discussion and information purposes only and any unauthorized use is strictly prohibited. These materials should be read i
Slide 33: Advisories – General and Forward-Looking Information
Advisories – General and Forward-Looking Information Forward-looking information is based on current expectations, estimates and projections that involve a number of known and unknown risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by
Slide 34: 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 35: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Reserves Disclosures (continued) Had a reserves evaluation been prepared by an independent qualified reserves evaluator with an effective date of June 30, 2026, the resulting estimates of reserves and future net revenue could differ from those derived
Slide 36: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Com m odity Price Assum ptions The table below summarizes the various price assumptions represented in this presentation. Prices in the Year End 2025 McDaniel Report are based on the Three Consultant Average Price Forecast at January 1, 2026. Additiona
Slide 37: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) N et Asset Value (“N AV”) NAV is calculated as the before-tax net present value of total proved plus probable reserves as per the McDaniel Report or, where indicated, the Mechanical Update, plus the independent third party valuation of undeveloped land
Slide 38: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Type Curves The Company's management has prepared a waterflood type curve to illustrate the potential production uplift associated with a waterflood development. The type curve is intended only to demonstrate potential incremental production attributab
Slide 39: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Abbreviations bbl barrels bbl/d barrels per day boe barrels of oil equivalent Mcf thousand cubic feet MMcf million cubic feet MMcf/d million cubic feet per day Bcf billion cubic feet WCS Western Canadian Select D,C,E&T Drill, complete, equip and tie-in
Slide 40: Advisories – Risk Management Contracts
Advisories – Risk Management Contracts Risk M anagem ent Contracts “Hedge” or risk management contract positions by product, current to November 6, 2026, are as follows: Refer to Advisories section for further information regarding forward-looking statements, oil and gas information and non-GAAP and
Slide 41: 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
Slide 42: Advisories – Non-GAAP and Other Financial Measures
Advisories – Non-GAAP and Other Financial Measures N on-GAAP Financial Ratios “G&A ($ per boe)” is comprised of G&A expense, as determined in accordance with IFRS, divided by the Company’s total sales production. “Operating netback per boe” or “net operating income” is determined by deducting royalt
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