Pine Cliff Energy Ltd. · TSX:PNE
Pine Cliff Energy — Investor Presentation (September 2026)
26 slides from Pine Cliff Energy's investor presentation, September 2026
Slide 1: Corporate Presentation
PINE CLIFF ENERGY LTD. CORPORATE PRESENTATION September 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 Capital • A history of disciplined capital allocation. Pine Cliff maintains a monthly dividend program that has returned over $108 million ($0.30 per share) to shareholders since June 2022. Allocation Leverage to • Significant leverage to Western Canadian
Slide 4: Pine Cliff Energy Overview
PINE CLIFF ENERGY OVERVIEW Pine Cliff Energy Ltd. is a Canadian natural gas and oil company backed by long-life, low-decline assets in Western Canada. Since inception, Pine Cliff has grown production from 100 to over 20,000 boe/d. Through disciplined capital MARKETING Marketing AND and Trading TRADI
Slide 5: AECO Discount Persists Through LNGC 2026 Ramp Up
AECO DISCOUNT PERSISTS THROUGH LNGC 2026 RAMP UP U.S. Total MONTHLY NaturalGAS AVERAGE GasINTAKE DemandLNGC (1) (1) AECO CANADIAN WESTERN / NYMEX Gas GASPrices (2) STORAGE (2) LNG Canada Phase 1 has ramped inconsistently through 2026, with Western Canadian storage has drawn off the top of the 5-year
Slide 6: Significant Free Cash Flow Upside Potential with AECO Exposure
SIGNIFICANT FREE CASH FLOW UPSIDE POTENTIAL WITH AECO EXPOSURE U.S.VS AECO Total Natural HENRY HUBGas Demand – DAILY (1) (1) PRICES AECO GAS /PRICE NYMEX Gas Prices(3)(2) SENSITIVITY Sorted by 2027E Sensitivity % Change in Cash Flow % Change in Adjusted Income Market Cap. +C$1.00/Mcf +US$1.00/Mcf Al
Slide 7: Attractive Drilling Inventory
ATTRACTIVE DRILLING INVENTORY GLAUCONITE GLAUCONITE LIQUIDS RICH GAS 48% CONDENSATE & NGLs ELLERSLIE ELLERSLIE LIQUIDS RICH GAS 44% CONDENSATE & NGLs PEKISKO PEKISKO LIGHT OIL 48% LIQUIDS Pine Cliff Energy Ltd. | TSX: PNE OTCQX: PIFYF 6
Slide 8: High Quality Glauconite Inventory: Highlighted by Q1 2026 Drill
HIGH QUALITY GLAUCONITE INVENTORY: HIGHLIGHTED BY Q1 2026 DRILL IRR(1)(2) RAW GAS RATE VS TIME(2) $3.50 AECO / $85 WTI 103/01-27-033-05W5/00 (PNE) $3.00 AECO / $75 WTI 8,000 100/04-23-033-05w5/00 (PNE) Raw Gas Rate (MCF/D) $3.00 AECO / $65 WTI 2026 Revised Internal Type Well $2.50 AECO / $75 WTI 6,0
Slide 9: Bullish Outlook for Natural Gas
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. Demand growth has largely been driven by oil sands Gas Deman
Slide 10: Natural Gas Outlook – Robust North American Demand
NATURAL GAS OUTLOOK – ROBUST NORTH AMERICAN DEMAND U.S TOTAL U.S. TotalNATURAL GASDemand Natural Gas DEMAND(1)(1) ALBERTA Alberta NATURAL GAS Natural Gas DEMAND Demand (2) (1) U.S. natural gas demand in 2026 remains at the upper end of the Alberta natural gas demand is trending near the high end of
Slide 11: Natural Gas Outlook – Expanding Canadian and U.S. LNG Export Capacity
NATURAL GAS OUTLOOK – EXPANDING CANADIAN AND U.S. LNG EXPORT CAPACITY CANADIAN LNG LNG Canadian EXPORT BUILDOUT Projects (1) (1) NORTH NorthAMERICAN LNG Capacity American LNG CAPACITYby BYStatus STATUS(2) (2) Beyond LNG Canada Phase 1, the Canadian west coast LNG projects could grow US LNG exports g
Slide 12: Natural Gas Outlook – Unlocking Access to Global Markets
NATURAL GAS OUTLOOK – UNLOCKING ACCESS TO GLOBAL MARKETS WESTERN WesternCANADIAN LNG Buildout Canadian LNG BUILDOUT (1)(1) LNG LNGSHIPPING TIME to Shipping Time TOAsia ASIA(2) (2) Canadian West Coast LNG projects, led by LNG Canada and supported by It takes 10 days to ship LNG from Canada’s West Coa
Slide 13: Natural Gas Outlook – Advances in Technology Driving Growth
NATURAL GAS OUTLOOK – ADVANCES IN TECHNOLOGY DRIVING GROWTH Power POWER DemandDRIVING DEMAND Driving RISING Rising Energy ENERGYDemand (1) DEMAND(1) Accelerating DEMAND ACCELERATING Demand from FROMData DATACentres (2) CENTRES(2) Rising demand from the expansion of artificial intelligence-focused da
Slide 14: Natural Gas Outlook – Supply Growth Slowing
NATURAL GAS OUTLOOK – SUPPLY GROWTH SLOWING WESTERN CANADA Western CanadaNATURAL GASSupply Natural Gas SUPPLY(1) (1) U.S. NATURAL U.S. Natural GAS SUPPLY7-Day Gas Supply 7-DAYAverage AVERAGE(2) (2) 2026 Western Canadian natural gas supply continues to track close with Despite projected higher natura
Slide 15: Natural Gas Outlook – Industry Capex Discipline as Demand Grows
NATURAL GAS OUTLOOK – INDUSTRY CAPEX DISCIPLINE AS DEMAND GROWS CANADIAN Canadian E&P E&P CAPEX Capex VS vs. CASH FLOWS Cash Flows (1)(1) STRUCTURAL Structural DEMAND GROWTH(2) 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 $30
Slide 16: Natural Gas Outlook – Potential for Storage Volatility
NATURAL GAS OUTLOOK – POTENTIAL FOR STORAGE VOLATILITY WITH INCREASING DEMAND WESTERN CANADIAN Western GAS Canadian Gas STORAGE Storage (1) (1) Western Canada's CHANGEChange IN DEMAND AND In Demand NATURAL and GAS Natural Gas INFRASTRUCTURE Infrastructure (3) (3) natural gas storage is below the top
Slide 17: Natural Gas Outlook – Global Demand Is Growing
NATURAL GAS OUTLOOK – GLOBAL DEMAND IS GROWING GLOBAL GlobalENERGY DEMANDForecast Energy Demand FORECAST(1) (1) GLOBAL LNGLNG SUPPLY-DEMAND Supply-Demand GAP (MTPA) Gap (MPTA) (2) (2) Global demographic and economic growth are set to drive higher energy Global LNG demand is tracking above available
Slide 18: Appendix
APPENDIX Pine Cliff Energy Ltd. | TSX: PNE OTCQX: PIFYF 17
Slide 19: Pine Cliff's Hedge Positions Help Protect Near-Term Cash Flow
PINE CLIFF’S HEDGE POSITIONS HELP PROTECT NEAR-TERM CASH FLOW AECO GAS HEDGE PROFILE (1) OIL HEDGE PROFILE (1) 70% % Gas Hedged % Gas Hedged C$/mcfHedged C$/mcf Hedged Current Current StripStrip $3.50 70% % Oil Hedged US$/bbl Hedged Current Strip $90 $88 $86 60% $3.00 60% $84 $82 50% $2.50 50% $80 $
Slide 20: 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) 180% 45% 160% 40% 140% 35% 120% 30% Industry Average 25% (Gas Weighted 30%) 100% 25% 80% 20% Industry Average = 68% 60% 15% PNE 40% PNE 10% 20% 5% 0%
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 Hilary A. Foulkes (Chair of the Board) Ms. Foulkes joined the Board of Directors of Pine Cliff in August 2023 and was appointed Chair in May 2026. Ms. Foulkes has over 35 years' experience in oil and gas operations and as an investment banking exec
Slide 23: Experienced Board and Management
EXPERIENCED BOARD AND MANAGEMENT BOARD OF DIRECTORS Calvin B. Jacober Mr. Jacober joined the Board of Directors of Pine Cliff in August 2022 and is Chair of the Audit Committee. Mr. Jacober was most recently the Vice Chair Canada for PricewaterhouseCoopers LLP ("PwC") until his retirement in June 20
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 Hilary A. Foulkes (Chair) 850, 1015 – 4th Street SW Toronto Stock Exchange (“TSX”) Robert B. Fryk Calgary, Alberta T2R 1J4 Trading Symbol : PNE Philip B. Hodge Phone: (403) 269-2289 Calvin B. Jacober Fax: (587) 393-1693 OTC Markets
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