Cavvy Energy Ltd · TSX:CVVY
Cavvy Energy — Investor Presentation (October 2025)
44 slides from Cavvy Energy's investor presentation, October 2025
Slide 1: Corporate Presentation
Corporate Presentation October 2025
Slide 2: Cavvy Energy Ltd. – At a Glance
CVVY Mineral Acreage NE BC Cavvy Energy Ltd. – At a Glance Non-Core Area Corporate Overview 2025 Guidance Northern Alberta Cavvy is a TSX listed energy company with upstream and midstream assets Non-Core Area Production 23-25 kboe/d concentrated in the Canadian foothills, home to some of the largest
Slide 3: Cavvy Energy Ltd. – Who We Are
Cavvy Energy Ltd. – Who We Are New name, but a well established history The word “Cavvy” draws its inspiration from the western ranching tradition, referring to a carefully selected group of working horses chosen for their strength, reliability, and specific capabilities. The name evokes an identity
Slide 4: Executive Team
Executive Team Over 130 years of energy industry experience Darcy Reding, P. Eng | President & Chief Executive Officer | Joined Cavvy in 2021 Mr. Reding previously served as the Vice President of Operations & Geoscience at NAL Resources Management until the acquisition by Whitecap Resources in Q1 20
Slide 5: Board of Directors
Board of Directors Patricia McLeod, K.C.| Board Chair Ms. McLeod is an experienced board chair, corporate board director, and a former senior legal executive, privacy, ethics and compliance officer. Ms. McLeod held Vice President and General Counsel roles in energy utilities and electricity retail,
Slide 6: Why Invest in Cavvy Energy?
Why Invest in Cavvy Energy? A unique and diversified value proposition Robust Upstream Assets Important Sulphur Producer • 35,000 boe/d producing capability1 • Cavvy produces ~10% of Canada’s sulphur – • Low corporate base decline (<10%) a feedstock used globally in fertilizers and critical mineral
Slide 7: Delivering on Strategic Initiatives
Delivering on Strategic Initiatives Cavvy is a premier energy company in western Canada Breaking out Achieving key milestones to maximize facility utilization, optimize cost structure, and deleverage debt will accelerate profits and fund access to growth opportunities to further grow cash flow per s
Slide 8: Delivering on Strategic Initiatives – Pre 2024
Delivering on Strategic Initiatives – Pre 2024 A bold path to build an LNG facility on Canada's east coast supplied with western Canadian natural gas The Original Vision What We Delivered ➢ Historically focused on the development of ➢ Completed strategic review in late 2021, creating integrated ener
Slide 9: Delivering on Strategic Initiatives – 2024
Delivering on Strategic Initiatives – 2024 Focused on a stable, efficient business after completing pivot from the LNG strategy 2024 Strategic Initiatives What We Delivered ➢ Pivot from prior east coast LNG strategy ➢ Divested legacy Goldboro LNG assets on east coast ➢ Maximize facility reliability
Slide 10: Delivering on Strategic Initiatives – 2025
Delivering on Strategic Initiatives – 2025 Entrenched focus on western Canadian upstream & midstream business, implemented rebranding 2025 Strategic Initiatives What We Delivered So Far ➢ Complete transition phase of strategic pivot ➢ Corp rebrand completed - concluding the transition ➢ Reduce long-
Slide 11: Delivering on Strategic Initiatives – 2026+
Delivering on Strategic Initiatives – 2026+ The path to sustainability and shareholder value growth 2026+ Strategic Initiatives The Opportunity ➢ Restart all shut-in production in supportive market ➢ Grow cash flow per share via optimization, processing conditions & marketing revenue, acquisitions,
Slide 12: Strategically Located & Available Midstream Capacity
Strategically Located & Available Midstream Capacity Over 110 MMcf/d of excess gas processing capacity in southern Alberta Core Areas & Key Processing Facilities Operated Gas Plant Utilization (Current) (1) 300 Cavvy owns & controls critical deep-cut, sour gas infrastructure with available capacity
Slide 13: The Important Contribution of Third Party Processing
The Important Contribution of Third Party Processing A key & growing value driver Third Party Processing Revenue ($000s) Total Raw Gas Plant Throughput (MMcf/d) $10,000 450 Third Party Volumes Cavvy Owners Available Capacity 400 $8,000 350 300 $6,000 250 200 $4,000 150 100 $2,000 50 - Q3/23 Q4/23 Q1
Slide 14: Exceptional Sulphur Market Upside Exposure in 2026+
Exceptional Sulphur Market Upside Exposure in 2026+ Potential game changing revenue margin to be unlocked Historical Sulphur Pricing 2024 Cdn Sulphur Prod (‘000s mt/yr) $500 $450 483 , Vancouver Spot FOB $400 Transport, Marketing & Op. Costs (~US$80/mt) 10% $350 $300 US$/mt $250 $200 $150 4,536 , $1
Slide 15: 2024 Year-End Net Asset Value & Reserves
2024 Year-End Net Asset Value & Reserves CVVY shares trading at a discount to PDP reserves; stable & low base decline of 7% Highlights Net Asset Value EUR (MMBoe) TPP Reserves 2024 2023 Change Current Share Price (1) $/sh. 0.75 300 PDP TP TPP Gas Bcf 1,228 1,282 -4% Common Shares O/S MM 290.4 (3) NG
Slide 16: Untapped Drilling Inventory
Untapped Drilling Inventory High impact inventory provides opportunity to grow reserves and shareholder value Identified Gross Unrisked Drilling Opportunity By Tier (TP) (1)(2)(3) 350 Successful execution of our corporate strategy will lead to higher cash 314 300 flows, positioning the Company to be
Slide 17: Select Peer Comparables
Select Peer Comparables Cavvy trades at a discount to gas weighted peers despite improving fundamentals Capitalization Operational Valuation (2025E) 1) 1 Leverage has weighed upon Cavvy for several years, but Market Net Enterprise % 2025E 2025E EV / EV / Net Debt / focused debt repayment continues t
Slide 18: Q2 2025 Operating & Financial Results, Outlook
Q2 2025 Operating & Financial Results, Outlook
Slide 19: Q2 2025 Operating Results
Q2 2025 Operating Results Proactive production management, thriving third party business, continued cost optimizations Operating Netback (1) $80 $25 • Production: 26,064 boe/d, 81% gas $20 $60 ‒ ~9,000 of shut-in production in Northern AB/NEBC/Central AB to preserve reserve $MM $15 $/boe value durin
Slide 20: Q2 2025 Financial Results
Q2 2025 Financial Results Strong funds flow from operations used to reduce long term debt Key Financial Metrics ($MM) Q2 2025 YTD • $26.5 million NOI generated ($11.17 / boe, $0.09 per basic share) Sales Revenue $49.1 $101.7 • $14.5 million Funds Flow from Operations ($0.05 per basic share) Third Pa
Slide 21: Focus on Debt Reduction
Focus on Debt Reduction Improving Financial Leverage - Reduced Net Debt by over $106MM Since 2022 Significant Net Debt Reduction – Over $50MM Reduction in last year $300 $250 $200 $273.2 $249.0 $254.5 $214.5 $205.5 $204.0 $210.0 $219.2 $206.8 $150 $202.2 $197.6 $185.4 $181.7 $166.9 $100 Q1/22 Q2/22
Slide 22: Q2 2025 Net Operating Income Sensitivity
Q2 2025 Net Operating Income Sensitivity Operating expense significantly impacts NOI, highlighting importance of cost structure reduction Operating Expense 15% NGL & Condensate Production 6% • The NOI Sensitivity chart shows the change in Q2 Net Operating Income from a 10% change in each variable on
Slide 23: 2025 Guidance & Hedge Position
2025 Guidance & Hedge Position Unchanged, with NOI forecast on upper end of range Liquids Hedges 110 Volumes Hedged (bbl/d) WTI Forward Curve 2,500 Guidance Measure 2025 Guidance Weighted Average Floor Weighted Average Ceiling 100 2,000 Total Production (boe/d) 23,000 – 25,000 C$/bbl bbl/d 90 1,500
Slide 24: Path to Shareholder Value
Path to Shareholder Value Establishing and growing a premier energy company focused in Western Canada • Simplify the business by focusing on western Canadian upstream and midstream assets ‒ Completed strategic pivot culminating in sale of legacy Goldboro LNG assets, new corporate brand • Lower lever
Slide 25: Thank You
Thank You For further information or questions: investors@cavvyenergy.com Cavvy Energy (TSX:CVVY)
Slide 26: Appendix A – Asset Detail
Cayvy" ENERGY Appendix A — Asset Detail
Slide 27: Waterton Core Area Overview
Waterton Core Area Overview Overview Map Upside ▪ Low-risk sour drilling opportunities and sweet gas play delineation, complemented by near-term recompletion and reactivation potential ▪ Condensate-rich development drilling locations provide high netback opportunities over multiple thrust sheets ▪ B
Slide 28: Waterton Core Area – continued
Waterton Core Area – continued Production Waterton Deep Cut 5,000 40.00 Sour Gas Processing Liquids (bbl/d) Gas (MMcf/d) Proved Developed 4,000 35.00 Producing NPV10 Facility with 3,000 30.00 Fractionation 25.00 $274MM¹ 2,000 20.00 ¹YE24 Evaluator Pricing 100% Working interest 1,000 15.00 (~78% util
Slide 29: Central AB & Caroline Core Area Overview
Central AB & Caroline Core Area Overview Overview Map Upside ▪ Development upside highlighted by: ▪ Ostracod – low risk, highly productive ▪ Mannville – well established, liquids-rich, highly productive ▪ Horizontal drilling has proven effective by others in all target zones elsewhere in the CAB Foo
Slide 30: Caroline Core Area - continued
Caroline Core Area - continued Production 5,000 30.00 Caroline Deep Cut Liquids (bbl/d) Gas (MMcf/d) Proved Developed Sour Gas Processing 4,000 25.00 Producing NPV10 Facility 3,000 $105MM¹ 20.00 74% Working interest 2,000 ¹YE24 Evaluator Pricing (~72% utilization) 1,000 15.00 Q3/2024 Q4/2024 Q1/2025
Slide 31: Jumping Pound Core Area Overview
Jumping Pound Core Area Overview Overview Map Upside ▪ Upside consists of a combination of development and exploration targets: ▪ Infill Turner Valley opportunities offsetting existing fields ▪ Sweet and sour exploration drilling opportunities in the Jumping Pound and Moose Mountain areas Inventory
Slide 32: Jumping Pound Overview - Continued
Jumping Pound Overview - Continued Production Jumping Pound Deep 1,500 50.00 Cut Sour Gas Liquids (bbl/d) Gas (MMcf/d) Proved Developed 1,000 40.00 Producing NPV10 Processing Facility 30.00 with Fractionation 20.00 C$126MM¹ 500 10.00 ¹YE24 Evaluator Pricing 100% Working interest - - (~70% utilizatio
Slide 33: Northern AB Area Overview
Northern AB Area Overview Overview Map Upside ▪ Combination of traditional vertical multi-zone completions, and horizontal targets in the Dunvegan, Cadotte and Falher ▪ Ojay contains abundant Mannville and Nikanassin reservoirs with up to 100m of cumulative net sand that historically produce comingl
Slide 34: Marketing & Logistics
Marketing & Logistics Natural Gas: Cavvy’s deep cut sour gas plants provide diversified revenue from multiple product streams. • All three facilities are pipeline connected to TC Energy’s Nova System. • Historically, with all liquids stripped by the deep cut processing facilities, Facility Product T
Slide 35: Cavvy Drilling Inventory Classification
Cavvy Drilling Inventory Classification Tier Tier Subdivision Scheme POP (2) 1a Booked undeveloped – wells are captured in reserves report 100% 1b Bookable but not currently captured in the reserves report 90% Short term: development wells that don’t fit reserves criteria. May need technical work, m
Slide 36: Caroline Gas Plant: A Beacon Gas Processing Hub
Caroline Gas Plant: A Beacon Gas Processing Hub Renewed customer service focus creates ‘facility of choice’ for area producers • Significant 3rd party liquids-rich natural gas drilling in surrounding area, primarily focused in the Mannville Glauconitic and Ellerslie formations • The Caroline Gas Pla
Slide 37: Appendix B – Foothills Geology
Appendix B – Foothills Geology
Slide 38: Introduction to the Canadian Foothills
Introduction to the Canadian Foothills Generalized Lithological Controls on Fold Style and Fracture Development Clastics • Interbed slip (deck of cards) • Can generate intermediate-scale complex folds Detachments in Clastics passively • Thin bedded units can be highly fractured depending on litholog
Slide 39: Foothills Fracture Systems
Foothills Fracture Systems Idealized fold-related fracture systems (Feltham, 2006 Conjugate fracture system in a Type 1 Horizontal wells best exploit fractured reservoirs as shown after Sterns, 1968). Type 1 fractures are oriented orientation in Paleozoic carbonates, Central in this outcrop example
Slide 40: Appendix C – Corporate
Cayvy" ENERGY Appendix C — Corporate
Slide 41: Purpose & Principles
Purpose & Principles Our Our Our Purpose Mission Our Principles Strategy Safely and responsibly develop, Our work is guided by four key principles as produce and process resources to part of our high-performance culture: maximize shareholder value, • We deliver the Right Results for Cavvy benefit ou
Slide 42: Hedge Position Detail
Hedge Position Detail 2025-2028 Hedge Portfolio(1) Q125 Q225 Q325 Q425 2025 Q126 Q226 Q326 Q426 2026 Q127 Q227 Q327 Q427 2027 Q128 Q228 Q328 Q428 2028 AECO Natural Gas Sales Total Hedged (GJ/d) 110,000 110,000 110,000 110,000 110,000 78,500 71,854 68,340 65,025 70,886 63,340 28,154 - - 22,637 - - -
Slide 43: Cautionary Statements
Cautionary Statements This presentation is for informational purposes only and does not of the economic and political environment in which Cavvy operates; the Statements relating to “reserves” are forward looking statements due to constitutes an offer or recommendation to purchase, subscribe for, re
Slide 44: Thank You
Head Office 1100, 411 – 1st Street SE Calgary, Alberta, T2G 4Y5 Canada Enquiries: investors@cavvyenergy.com Independent Reserve Evaluator Deloitte LLP Auditors Ernst & Young LLP Transfer Agent Odyssey Trust Thank You For further information or questions: investors@cavvyenergy.com Cavvy Energy (TSX:C