Rubellite Energy Corp. · TSX:RBY
Rubellite Energy — Investor Presentation (March 2026)
54 slides from Rubellite Energy's investor presentation, Mar 10, 2026
Slide 1: Corporate Overview
Rubellite Energy Corp. Corporate Overview March 10, 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:RBY Investment Highlights Capitalization Large scale, focused asset base in the South Clearwater and Mannville Stack fairways TSX RBY ▪ Rank as amongst the top conventional plays in the WCSB on half-cycle returns Share
Slide 4: Rubellite Asset Profile
Rubellite Asset Profile Heavy oil production of 8,295 bbl/d & total production of 13,042 boe/d Asset Map Asset Summary Land Well Count Production Area Q4 2025 (boe/d) (net acres)(1) (net producing) Figure Lake 157,332 112.0 5,754(2) Bitumen Leases Frog Lake 21,816 52.0 2,985 Ukalta 21,916 25.0 306 M
Slide 5: 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) March 10, 2026 Guidance 10,000 Q1 2026 8,300 – 8,400 bbl/d Key Operational Metrics 9,000 8,000 >1,825 15,000m >189 Production (bbl/d) 7,000 Lateral legs drilled Aver
Slide 6: Heavy Oil Development Inventory YE 2025
Heavy Oil Development Inventory YE 2025 396 net booked and unbooked development heavy oil drilling inventory(2)(3) in core properties Top half development inventory Frog Lake contribution Waseca South 396 Net Heavy Oil Development Drilling locations as at December 31, 2025: ▪ 39% booked; 61% unbooke
Slide 7: Net Asset Value ("NAV")
Net Asset Value (“NAV”) Year End 2025 Price Deck Decline of ~23% Offset Operational Gains in Reserve-based NAV Net Asset Value (discounted at 10%) $700 YE 2025 Net Asset Value(1)(2) $7.48 Reserve Category Recognition Level Build-Up PDP, including FMV of Land - $1.89/Share $6.47 $600 $5.95 $6.41 P+PD
Slide 8: Converting FMV of Undeveloped Land to Reserve-based NAV
Converting FMV of Undeveloped Land to Reserve-based NAV Investing to Shift ‘Unbooked Potential’ to Production, Adjusted Funds Flow & Reserves to Grow Net Asset Value Net Asset Value >240 net ‘Low Risk’ Unbooked(1) Development Locations at Figure $600 Lake (Clearwater and Sparky) and Frog Lake (Wasec
Slide 9: Rubellite Asset Profile | Figure Lake
Rubellite Asset Profile | Figure Lake Clearwater and Sparky Development Asset Map Asset Summary Working Interest: 100% Sparky Discovery Q4 2025 Production: 5,754 boe/d (84% oil and liquids) ▪ 4,809 bbl/d 100% heavy oil; 5.6 MMcf/d natural gas; 7 bbl/d NGL 9-22 ▪ 112.0 net multi-lat wells on sales pr
Slide 10: Rubellite Asset Profile | Figure Lake Type Curves
Rubellite Asset Profile | Figure Lake Type Curves 33m down-space wells exceeding YE2025 type curve(1) IP30 by 10% Clearwater Development Improvements to 33m inter-leg spacing type curve from YE 2024: ▪ Historical well design: ~50m inter-leg spacing ▪ Increased Type Curve IP30 by 16% to 201 bbl/d (YE
Slide 11: Clearwater Enhanced Oil Recovery Pilots
Clearwater Enhanced Oil Recovery Pilots Advancing Multiple Waterflood Pilots and Other EOR Experiments through 2026 Marten Hills Bottom Up Waterflood Figure Lake Line Drive Waterflood and Polymer Flood 12-34 Pad Waterflood Pilot 9-35 Pad Waterflood Pilot 8-26 Pad Waterflood & Polymer Pilots Multi-la
Slide 12: Rubellite Asset Profile | Frog Lake
Rubellite Asset Profile | Frog Lake Active Waseca development and GP delineation Asset Map Asset Summary Primary Target: Waseca member of the Mannville Stack Emerging New Zone targets: General Petroleum (GP) and Sparky Working Interest: ~50% ▪ Joint Economic Development Agreements in place with Frog
Slide 13: Rubellite Asset Profile | Frog Lake
Rubellite Asset Profile | Frog Lake GP Delineation Asset Map Asset Summary Multiple ‘New Zone’ Targets in Mannville Stack ▪ McLaren, Sparky, GP, Rex and Lloyd ▪ >110.0 net Locations(1) delineated by existing and 25 km2 new shoot 3D Seismic General Petroleum (“GP”) Delineation ▪ GP historically devel
Slide 14: Rubellite Asset Profile | Frog Lake Type Curves
Rubellite Asset Profile | 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 cap
Slide 15: Rubellite Asset Profile | East Edson
Rubellite Asset Profile | East Edson Deep Basin Wilrich Liquids-Rich Gas Asset Map Asset Summary To Rosevear Working Interest: 50% ▪ Non-operated interest with best-in-class operator (Tourmaline – TSX:TOU) Net Production: ▪ 4Q25 sales: 3,802 boe/d (20.3 MMcf/d; 426 bbl/d NGL) ▪ 18.8 bbl/MMcf NGL yie
Slide 16: Rubellite Asset Profile | East Edson Liquids Rich Gas
Rubellite Asset Profile | East Edson Liquids Rich Gas Deep Basin Liquids-Rich Gas – Illustrative Price Sensitivities East Edson(2)(3) Assumptions Strip(1) $3/GJ $4/GJ Horizontal Length (m) 2,700 IP30 (boe/d) (Gross) 905 IP360 (boe/d) (Gross) 600 Ultimate Recovery (Mboe)(2) (Gross) 807 Economics (50%
Slide 17: Exploration Prospect Pipeline
Exploration Prospect Pipeline Feeding a “pipeline” of primary development projects from new exploration plays ‘New Zone’ Appraisal(7) Frog Lake Secondary Zones: 45 net(8) Locations ▪ Sparky, Lloyd, Rex, and McLaren Zones Figure Lake Upper Clearwater: 12 net - 13(1) Locations 16(2) ▪ New pools mapped
Slide 18: Guidance and Balance Sheet
Guidance and Balance Sheet Debt reduction driven by $11.6 MM in free funds flow & $7.8 MM in non-core land dispositions in 2025 Guidance (March 10, 2026) Balance Sheet Reconciliation through 2024 Strategic Transactions 2025A Q1 2026 Perpetual Rubellite Year End Year End (1) (1) Q2/24 Q3/24 2024 2025
Slide 19: Commodity Price Risk Management
Commodity Price Risk Management Price protection on ~50% of Q2-Q4 2026 and 9% of 2027 oil production, net of royalties(1) Oil Price Risk Management Natural Gas Price Risk Management Natural Gas Hedges (GJ/d) Oil Hedges (bbl/d) 7,500 100% Percent Gas Net Production Hedged 7,000 90% 90% 80% 80% 6,000
Slide 20: Creating Differentiated Value for Shareholders
Creating Differentiated Value for Shareholders Junior E&P growth opportunity in the Clearwater and Mannville Stack multi-lat heavy oil plays ▪ 666 net sections of prospective Clearwater, Mannville Stack and Heavy Oil exploration lands Expanding Pure ▪ Major producing properties at Figure Lake (Clear
Slide 21: 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 22: 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 23: Appendix
APPENDIX Rubellite Energy Corp. 22
Slide 24: 2025 Annual Capital Spending
2025 Annual Capital Spending Development, Step-out Delineation, Exploration and Enhanced Oil Recovery Pilots 2025 Exploration and Development Spending Minors, $130.5 MM(1) $1.9 2025 E&D Spending: Other, $5.4 53 gross / 43.8 net wells Other Development and Exploration: Areas Land/ ▪ Figure Lake(4): 2
Slide 25: 2025 Corporate Reserves Highlights
2025 Corporate Reserves Highlights All capital and including technical revisions 2025 Corporate Reserves Additions(1) Reserves(1) 60,000 Proved plus Probable • TPP flat year-over-year, up 0.1% Mboe 50,000 Reserves (Mboe) • TPP per Debt Adjusted Share increased 9.2% year-over-year 40,000 • TPP Replac
Slide 26: Net Present Value of Reserves – Annual Reconciliation
Net Present Value of Reserves – Annual Reconciliation Price Impact reducing value of reserves YE 2025 NPV(10) of TPP(1) Reconciliation to YE 2024 YE 2025 Reserves NPV(10)(1) ($M) $800 $95 $722 $700 Proved $30 $652 $7 Developed -$95 $116,809 $600 -$98 -$9 Probable NPV(10) BTAX ($MM) $500 Developed $2
Slide 27: Reserves and NPV(10) by Commodity
Reserves and NPV(10) by Commodity Initiating Waterflood in 2025 Reserves Value TPP (Mboe)(1) TPP NPV(10) $M(1) 60,000 $800,000 4.6% 4.3% 2.7% 3.9% $700,000 50,000 19.8% 16.8% $600,000 42.0% 36.8% 40,000 $500,000 30,000 $400,000 $300,000 79.8% 79.4% 20,000 6.5% 53.0% $200,000 50.4% 100.0% 10,000 $100
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: 2024 Strategic Transactions
2024 Strategic Transactions Strategic transactions since Q2/24 drive scale, enhanced financial flexibility and optionality Buffalo Mission and Perpetual Recombination Transactions Production (boe/d)(1) Development Inventory (net locations)(2) Land (net sections)(3) +240% +146% +167% 32 4,000 85 327
Slide 30: Buffalo Mission Energy Corp. Acquisition – Closed August 2, 2024
Buffalo Mission Energy Corp. Acquisition – Closed August 2, 2024 Highly complimentary Mannville Stack Asset Base added to existing Clearwater operations Acquisition Highlights Clearwater and Mannville Stack Play Fairways ▪ $97.5 million total consideration(1) • $23.5 million of assumed net debt, $62
Slide 31: Rubellite & Perpetual Recombination – Closed October 31, 2024
Rubellite & Perpetual Recombination – Closed October 31, 2024 Valuable synergies with increased scale, greater liquidity, funds flow diversification and optionality Perpetual shareholders Perpetual senior notes Rubellite shareholders received 1 New Share for ($26.2 MM face value) received 1 New Shar
Slide 32: Commodity Price Risk Management
Commodity Price Risk Management Position Details Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 WTI CAD/bbl Swap Volume (bbl/d) - - - - - - - - ($CAD/bbl) - - - - - - - - WTI USD/bbl Swap Volume (bbl/d) 3,707 4,680 3,800 2,900 750 750 750 750 ($USD/bbl) $66.44 $65.43 $61.77 $63.78 $66.50 $66.50 $66
Slide 33: Operational Excellence
Operational Excellence Striving for continuous performance improvement Environment Water: Oil based mud drillings 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 developm
Slide 34: Slide Notes and Advisories
SLIDE NOTES AND ADVISORIES Rubellite Energy Corp. 33
Slide 35: Slide Notes
Slide Notes Slide 1 1. All the land is shown net to Rubellite’s working interest 2. See “Drilling Locations” in the Advisories 3. Free funds flow is a non-GAAP measure. See “Non-GAAP and Other Financial Measures” in the Advisories 4. Operating netback is determined by deducting royalties, net operat
Slide 36: Slide Notes (continued)
Slide Notes (continued) Slide 3 1. See “Drilling Locations” in the Advisories 2. All the land is shown net to Rubellite’s working interest 3. Before Payout and After Payout is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” in the Advisories Slide 4 1. Capital is a non-GAAP measure. Se
Slide 37: Slide Notes (continued)
Slide Notes (continued) Slide 6 1. "McDaniel" means McDaniel & Associates Consultants Ltd., independent qualified reserves evaluators 2. “McDaniel Reserve Report” or “YE 2025” means the independent engineering evaluation of the crude oil, natural gas and NGL reserves, prepared by McDaniel with an ef
Slide 38: Slide Notes (continued)
Slide Notes (continued) Slide 7 1. See “Drilling Locations” in the Advisories 2. Adjusted funds flow is a non-GAAP measure. See “Non-GAAP and Other Financial Measures” in the Advisories 3. Net asset value (“NAV”) is a non-GAAP measure. See “Non-GAAP and Other Financial Measures” in the Advisories 4.
Slide 39: Slide Notes (continued)
Slide Notes (continued) Slide 9 1. See “Drilling Locations” in the Advisories 2. All the land and the drilling locations shown are net to Rubellite’s working interest 3. Payout is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” in the Advisories 4. Capital or CAPEX is a non-GAAP measur
Slide 40: Slide Notes (continued)
Slide Notes (continued) Slide 11 1. See “Drilling Locations” in the Advisories 2. All the land and the drilling locations shown are net to Rubellite’s working interest 3. “P+PUD” means locations that have been booked in the proved plus probable category in the McDaniel Reserve Report 4. "McDaniel" m
Slide 41: Slide Notes (continued)
Slide Notes (continued) Slide 14 1. See “Drilling Locations” in the Advisories 2. Capital is a non-GAAP measure. See “Non-GAAP and Other Financial Measures” in the Advisories 3. "McDaniel" means McDaniel & Associates Consultants Ltd., independent qualified reserves evaluators 4. “McDaniel Reserve Re
Slide 42: Slide Notes (continued)
Slide Notes (continued) Slide 17 1. See “Drilling Locations” in the Advisories 2. Capital and E&D Spending is a non-GAAP measure. See “Non-GAAP and other Financial Measures” in the Advisories 3. Net debt is a non-GAAP measure. See “Non-GAAP and other Financial Measures” in the Advisories 4. Copies o
Slide 43: Slide Notes (continued)
Slide Notes (continued) Slide 19 1. See “Drilling Locations” in the Advisories 2. Capital is a non-GAAP measure. See “Non-GAAP and other Financial Measures” in the Advisories 3. All the land and drilling locations are shown net to Rubellite’s working interest 4. Free funds flow is a non-GAAP measure
Slide 44: Slide Notes (continued)
Slide Notes (continued) Slide 24 1. Heavy oil operating netback per bbl is determined by deducting royalties, net operating expenses, and transportation costs on heavy oil production from oil revenue, as determined in accordance with IFRS, divided by the Company’s total heavy oil sales production 2.
Slide 45: Slide Notes (continued)
Slide Notes (continued) Slide 25 1. "McDaniel" means McDaniel & Associates Consultants Ltd., independent qualified reserves evaluators 2. “McDaniel Reserve Report” or “YE 2025 Reserves” means the independent engineering evaluation of the crude oil, natural gas and NGL reserves, prepared by McDaniel
Slide 46: Slide Notes (continued)
Slide Notes (continued) Slide 29 1. See “Drilling Locations in the Advisories 2. All the land is shown net to Rubellite’s working interest 3. “McDaniel” means McDaniel & Associates Consultants Ltd., independent qualified reserves evaluators 4. “McDaniel Reserve Report” means the independent engineer
Slide 47: Advisories
Advisories General This Corporate Overview (this "presentation") of Rubellite Energy Corp. ("Rubellite" or the "Company") is for discussion and information purposes only and any unauthorized use is strictly prohibited. These materials should be read in conjunction with the Company’s most recently fi
Slide 48: Advisories (continued)
Advisories (continued) Non-GAAP and Other Financial Measures (continued) “Adjusted working capital” deficiency or surplus is calculated by adding cash, accounts receivable, prepaid expenses and deposits and product inventory less accounts payable and accrued liabilities. “Adjusted funds flow” is cal
Slide 49: Advisories (continued)
Advisories (continued) “Per Flowing barrel” is a metric used to estimate the value of assets acquired and is calculated by dividing the cost of acquired assets by the number of barrels it produces. Non-GAAP Financial Ratios (continued) “Payout” is calculated as the time at which a well or project’s
Slide 50: Advisories (continued)
Advisories (continued) Forward-Looking Information Certain information in this presentation including management's assessment of future plans and operations, and including, without limitation the information contained under the headings “Corporate Profile”, “Investment Highlights”, “2026 Annual Capi
Slide 51: Advisories (continued)
Advisories (continued) Oil and Gas Industry Metrics 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
Slide 52: Advisories (continued)
Advisories (continued) Original Oil in Place (“OOIP”) OOIP is that quantity of petroleum that is estimated to originally exist in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to producti
Slide 53: Advisories (continued)
Advisories (continued) Oil and Gas Reserve Definitions Reserves: are estimated remaining quantities of crude oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of capital assumptions, and engineering data; the
Slide 54: Advisories (continued)
Advisories (continued) Third Party Information This presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by Rubellite to be true. Although Rubellite believes it to be reliable, it has not independently verified
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