Saturn Oil & Gas Inc. · TSX:SOIL
Saturn Oil & Gas — Investor Presentation (May 2026)
39 slides from Saturn Oil & Gas's investor presentation, May 2026
Slide 1: A Proven Blueprint for Unlocking Value
OTCQX: OILSF TSX: SOIL A Proven Blueprint for Unlocking Value May 2026 CORPORATE PRESENTATION
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements and NGL reserves and the future cash flow attributed to economic, market and business conditions; uncertainties such reserves. associated with regulatory approvals; uncertainty of This presentation is for This presentation contains "forward-looking statements" g
Slide 3: The Saturn Investment Opportunity (TSX: SOIL)
The Saturn Investment Opportunity (TSX: SOIL) High-Quality Light Oil Weighted Assets, Free Funds Flow Generation and Per Share NAV Disconnect 01. 02. 03. Diversified Downside Compelling Asset Base Protection Upside • >80% weighted to high-value • Discounted valuation + 50% free • Potential for rerat
Slide 4: Corporate Profile
Corporate Profile Saturn is a Low Decline, Low Royalty, Light Oil Producer Leveraging Our Saskatchewan Advantage 5 -YE A R P RODU C TI O N HI S TORY (MB o e /d ) ( 3 ) Capital Structure ($C) (TSX: SOIL | OTCQX: OILSF) Shares Outstanding(1) (Basic) 180.3 MM +193% Basic Market Capitalization (May 6/26
Slide 5: Our Blueprint for Value Creation
Our Blueprint for Value Creation Simple Blueprint Saturn Follows to Enhance Size, Scale and Production Per Share Metrics 01 Acquire 02 Optimize 03 Develop 04 Reduce Net Debt to Repeat Acquire Optimize Develop Reduce Net Debt mid-life cycle assets at to reduce costs by streamlining to expand reserves
Slide 6: Saturn's Blueprint in Action: Growth Trajectory
Saturn’s Blueprint in Action: Growth Trajectory 01. Asset Base Growth & Production Expansion Increases Ability to Generate Free Funds Flow(1) 2021 2022 2023 2024 2025 Acquisitions June 2021 July 2022 February 2023 June 2024 resulted in a Oxbow Viking Ridgeback Battrum/Flat Lake diversified asset (SE
Slide 7: Oil-Weighted Assets Across Three Core Areas
Oil-Weighted Assets Across Three Core Areas 01. Portfolio of Low-Decline, High-Return Plays Targets Multiple Stacked Oil Zones Viking 2020 2022 Kindersley Herschel 2 600 20 Yrs Montney ~ , 2023 ~ Viking Plato Kaybob Identified Development Drilling Locations(1) Inventory 2024 Lower Shaunavon / Cardiu
Slide 8: Optimization: Controlling What We Can
Optimization: Controlling What We Can 02. Applying Saturn’s Blueprint Contributes to Ongoing Margin Expansion OP E RA TI NG & TRA NS P OR TA TI O N C OS TS ( 1 ) ($ /B OE ) OP E RA TI NG NE TB A C K ( 1 , 2 ) 33% Operating Expenses Transportation Expenses $35 $60 $120 $30 0.74 0.61 $25 27.96 Q1/26 O
Slide 9: Operating Cost Reductions & Streamlining
Operating Cost Reductions & Streamlining 02. Size and Scale Supports Ability to Capture Efficiencies OPERATING COST REDUCTION COMPONENTS (1) KEY OPEX(1) REDUCTION DRIVERS (2021 to 2025 - $/BOE) $30.00 1.20 1 Fees 27.53 • Increased due to gas processing fees on acquired properties $25.00 (2.83) 2 Rep
Slide 10: Efficient Development Drives High Return on Invested Capital
Efficient Development Drives High Return on Invested 03. Capital and Supports Quick Payouts TYPE CURVE OUTPERFORMANCE DRIVES STRONG RETURNS PRIMARY PAYOUT PERIODS* (YEARS) Half-Cycle Frobisher Dual Leg Payout Period 2 0 2 5 G R O S S L O C A T I O N C O U N T + A V E R A G E W E L L P E R FO R M A N
Slide 11: 2026 Development: SE SK OHML Program
2026 Development: SE SK OHML Program 03. Saturn is the Leading Developer of Open Hole Multi-Lateral (OHML) Technology in Saskatchewan 32 OHML planned > 380 OHML locations up to 33% of 2026 development Open Hole locations in 2026 identified in SE SK(1) capital allocated to OHML • Saturn is a leading
Slide 12: 2026 Development: SE SK Conventional Program
2026 Development: SE SK Conventional Program 03. Conventional Development Program Provides Flexibility with Strong Returns 23 Conventional > 640 Conventional locations #1 returns Highest ranked plays in #1 Most capital efficient well Saturn drilled in ’25 wells planned identified in SE SK(1) Saturn’
Slide 13: 2026 Development: Creelman Waterflood Expansion
2026 Development: Creelman Waterflood Expansion 03. Progressing Secondary Recovery, Re-Pressurizing Infill Drilling and Supporting Sustainability Initial Creelman Development • 18.5 sections of 100% WI land adjacent to existing waterflood • 70 MMbbls OOIP, 5% increased waterflood recovery, plus up t
Slide 14: 2026 Development: AB Cardium
2026 Development: AB Cardium 03. Innovative Longer Laterals and Multi-Pad Development Boost Economics & Capital Efficiencies Saturn’s Cardium Approach E X TE NDE D RE A C H MU L TI W E L L P A D DE VE L OP ME N T A T W E S T P E MB I NA • Enhancing the Cardium inventory value by adopting new technol
Slide 15: Q1/26 Highlights: Exceeding Expectations
Q1/26 Highlights: Exceeding Expectations 04. Strong Continued Momentum from Q4 2025 Reflected in Q1 2026 Performance P RODU C TI O N A HE A D OF C ONS E NS U S A FF A B OVE MA RKE T FORE C A S TS FRE E FU NDS FL OW B E A T E X P E C TA TI O NS (1 ) 43,116 boe/d (2) $ 107.2 M $ 62.5MM Average volumes
Slide 16: Solid 2025 Reserves Booking
Solid 2025 Reserves Booking R E S E R V E S G R OW TH HI S TOR Y (MMB OE ) Long Runway of Reserves with PDP NAV 250 Higher than Saturn’s Current Share Price 2025 Organic* Additions +10% vs 2024 PDP 1P 2P 200 $5.47 $7.75 $12.98 • PDP of 13.0 mmboe NAV PER BASIC SHARE(2) • 1P of 13.4 mmboe • 2P of 14.
Slide 17: Fueling Free Cash Flow and Disciplined Capital Allocation
Fueling Free Cash Flow and Disciplined Capital Allocation 04. Focus on Generating Strong Free Funds Flow and Increasing Value Per Share A DJ U S TE D FU NDS F L OW ( “A F F ”) ( 1 ) GROW TH ($ MI L L I ONS ) 440 MM Capital Return Framework $160 AFF ($MM) WTI ($CAD) $ $140 AFF(1) in Last 12 Months •
Slide 18: Focus on Debt Repayment & Increasing Per Share Value
Focus on Debt Repayment & Increasing Per Share Value 04. Expanding per Share Metrics on a Debt-Adjusted Basis(1,3) ONGOI N G DE B T RE P A YME N T Senior Notes Maturing 2029 • Annual prepayment of 10% of original principal amount 178MM 725MM (2.5% per quarter)(2) $ Repaid on Sr Notes over last $ Q1/
Slide 19: 2026 Budget & Guidance Details
2026 Budget & Guidance Details Stronger Oil Prices Guiding Capital Allocation Considerations for Balance of 2026 20MM Existing 2026 Guidance (US$60 WTI)(5,6) ~$ Development capital expenditures(2,5) $MM $180 - $190 Capital acceleration from H2/26 Annual Average Production(1) Boe/d 39,000 - 41,000 in
Slide 20: Peer Comparison & Research Coverage
Peer Comparison & Research Coverage Saturn Positioned for Strong Free Cash Flow to Support Debt Repayment and Return of Capital 2 02 6E FRE E C A S H F L OW YI E L D ( 1 , 3 ) 2 02 6 E E NTE R P R I S E V A L U E / DE B T A DJ U S TE D C A S H F L OW (E V /DA C F ) ( 2 , 3 ) 9.0 32% 29.6% 28% 8.0 24
Slide 21: The Saturn Investment Opportunity (TSX: SOIL)
The Saturn Investment Opportunity (TSX: SOIL) High-Quality Light Oil Weighted Assets, Free Funds Flow Generation and Per Share NAV Disconnect 01. 02. 03. Diversified Downside Compelling Asset Base Protection Upside • >80% weighted to high-value • Discounted valuation + 50% free • Potential for rerat
Slide 22: Head Office
TSX: SOIL | OTCQX: OILSF Head Office Saturn Oil & Gas Inc. Suite 2800, 525 – 8th Ave SW Calgary, AB T2P 1G1 info@saturnoil.com 403.268.7800 SATURN OIL + GAS | CORPORATE PRESENTATION TSX: SOIL | OTCQX: OILSF 22
Slide 23: Appendix
Appendix SATURN OIL + GAS | CORPORATE PRESENTATION TSX: SOIL | OTCQX: OILSF 23
Slide 24: Saturn's Community Involvement
Saturn’s Community Involvement Driving Positive Change Through Diversified Partnerships, Donations, and Volunteering Fostering Healthy and Some of Our Previous and Ongoing Support has Included: Vibrant Communities Saturn is committed to driving positive change through strategic partnerships and targ
Slide 25: Saturn's OHML Development Program
Saturn’s OHML Development Program Open Hole Multi-Lateral (OHML) Development is Cornerstone of Saturn’s SE Saskatchewan Program Drilling S A TU RN’ S S E S K OHML DRI L L S & L OC A TI ON I NVE NTO RY ( 3 ) • Bakken/Torquay historically fracked; uneconomic in thinner reservoirs as stimulation not ma
Slide 26: Alberta Operations – Montney & Cardium
Alberta Operations – Montney & Cardium Longer Laterals and Innovative Completions Boosting Economics & Capital Efficiencies Cardium E VOL U TI ON OF THE C A RDI U M S I NC E 2 004 • Saturn drilled the fastest extended reach Hz Cardium well on record in Q3/25, drilling to 5,090 metres MD in a single
Slide 27: Saturn's Operations
Saturn’s Operations Portfolio of Low-Decline, High-Return Plays Targets Multiple Stacked Oil Zones Three diversified, light oil, core operating • Focus on mid-life cycle assets with high oil weighting areas across 1.5 MM acres of land, • Similar full and half cycle costs since generating 43,116 boe/
Slide 28: Southeast Saskatchewan
Southeast Saskatchewan Anchor Area with High Rate of Return, Abundant Seismic Coverage, Large Scale Owned Infrastructure Overview Area Map Play Development: • Viewfield: Bakken (OHML & Frac) 15-21 Oxbow • Oxbow: Frobisher, Midale, Spearfish, Torquay (OHML & OHML Well conventional) OHML Bakken • Flat
Slide 29: West Saskatchewan
West Saskatchewan Resource Plays, Repeatability, Steady Production and Cash Flow Overview Area Map Play Development: Kindersley Herschel • Kindersley, Herschel and Plato: Viking • Battrum: Success / Lower Shaunavon • Waterflood in Cantuar / Battrum Units • Kindersley • Herschel 2026 Capital Developm
Slide 30: Central Alberta
Central Alberta Resource Play, Large Prospect Inventory, Significant Expansion Potential Overview Area Map Play Development: • E/W Pembina, Brazeau: Cardium 7-30 Pad Montney Wells • Kaybob: Montney Kaybob 2026 Capital Development Focus: • Kaybob • West + East Pembina W. Pembina Enhancing the Cardium
Slide 31: Mitigating Risk
Mitigating Risk Active Risk Management Program Designed to Stabilize Cash Flow and Mitigate Commodity Price Risk 50% 30% Hedging Program Protects Balance Sheet ~ ~ oil and liquids volumes oil and liquids volumes • Oil and liquids hedging strategy protects 50-60% of hedged for next 12 months hedged 1
Slide 32: Management
Management A Long History of Value Creation in the Oil & Gas Production Space John Jeffrey Justin Kaufmann Scott Sanborn Grant MacKenzie Chief Executive Officer Chief Development Officer Chief Financial Officer Chief Legal Officer Former CFO and founding partner Former Manager of Axiom Group, Former
Slide 33: Management
Management A Long History of Value Creation in the Oil & Gas Production Space Jamie Kuntz Tyler Cheetham Joel Robertson Cindy Gray Senior VP Operations VP Land VP Finance VP Investor Relations Former Facility & Pipeline Former Senior Landman roles at Over 10 years of oil and gas focused Former CEO a
Slide 34: Directors
Directors Sound Governance and Strategic Oversight John Jeffrey, MBA, BA Jim Payne ▪ Former CFO and founding partner of Axiom Group ▪ CEO of dynaCERT Inc., and CEO of a privately-held consulting, project management and real estate ▪ Led Saturn to successfully grow from ~400 boe/d to >43,000 boe/d in
Slide 35: Disclaimer
Disclaimer Oil & Gas Advisories Free Funds Flow, Free Funds Flow per Share and Free Information Regarding Non-GAAP and Other Financial Measures Capital Expenditures Funds Flow Yield The Company uses capital expenditures to monitor its capital The Company uses free funds flow as an indicator of the T
Slide 36: Disclaimer
Disclaimer Oil & Gas Advisories Capital Management Measures disclosed on a per unit basis are calculated by dividing the calculation. Net Debt to Adjusted EBITDA is calculated as calculated by adding or deducting realized financial National Instrument 52-112 Non-GAAP and Other Financial aggregate GA
Slide 37: Disclaimer
Disclaimer Oil & Gas Advisories Type Curve Initial Production Rates Certain type curve disclosure presented herein represents Initial production (“IP”) rates disclosed herein, particularly estimates of the production decline and ultimate volumes those of short duration, may not necessarily be indica
Slide 38: Disclaimer
Disclaimer Oil & Gas Advisories Oil and Gas Metrics & Reserve "FD&A Cost" represents finding, developing and acquisition "Probable" reserves are those additional reserves that are Reserve Assumptions: Reserve evaluation calculations are cost as calculated as the sum of 2025 capital expenditures less
Slide 39: Disclaimer
Disclaimer Oil & Gas Advisories S UP P L E M E N T A L I N FO R M A T I O N R E G A R D I N G C O R P O R A T E R E S E R V E S ( 1 ) Light and Medium Crude Oil (Mbbl) Heavy Crude Oil (Mbbl) Conventional Natural Gas (MMscf) Natural Gas Liquids (Mbbl) Total MBOE (Mboe) Reserves Category Gross Net Gro