Slide 1: Focused. Disciplined. Experienced. Corporate Presentation
Focused. Disciplined. Experienced. Corporate Presentation MAY 2026 TSX | KEL 1
Slide 2: Why Invest in Kelt?
Why Invest in Kelt ? Value Kelt focuses on The Kelt management team has a Kelt has a large and focused track record of creating additional resource base in the Montney value creation for value through opportunistically and Charlie Lake fairways. timed monetizations: shareholders over Creation the lo
Slide 3: Operating Divisions
Operating Divisions B.C AB Oak / Flatrock > Montney liquids-rich gas Oak / Flatrock Pouce Coupe / Progress Pouce Coupe / Progress Fort St. John • Wembley / Pipestone • Grande Prairie > Montney light oil • Prince Rupert > Montney and Doig gas • Kitimat Grande Cache > Charlie Lake light oil Wembley /
Slide 4: Capital Structure
Capital Structure The Stock Exchange Listing Trading Symbol Common Shares Company TSX KEL 202.5 million Market Capitalization 52-week Stock Trading Range $1.9 billion $5.46 – $10.26 ( @ $ 9.58 effective May/6/2026 ) LTI’s Diluted Common Shares Directors & Officers Options ( 5.6 MM ) & SBAs ( 1.7 MM
Slide 5: Insider Commitment
Insider Commitment Insider Purchases Equity Offering / Market Purchases Date Shares (MM) Amount (MM) Price/Share $ 13.9 MM Equity Private Placement Feb-2013 3.7 $ 8.7 $ 2.32 $ 94.4 MM Equity Private Placement Apr-2013 5.7 $ 31.5 $ 5.55 $ 92.0 MM Equity Private Placement Aug-2013 0.5 $ 4.0 $ 8.00 $ 1
Slide 6: Capital Expenditures – Three Year Comparative
Capital Expenditures – Three Year Comparative 2026 2026/25 ( $ Millions) 2024 2025 Forecast Change Drilling & 212.1 183.8 279.0 52% Completions Infrastructure: Equipment, Facilities, 112.7 127.7 90.0 ( 30% ) Pipelines & Tangible Inventory Land, Seismic, Corporate Assets & Property 8.3 16.8 6.0 ( 64%
Slide 7: Drilling & Completions Program
Drilling & Completions Program 2024 2025 2026 Forecast Drills Gross / Net Wells Gross / Net Wells Gross / Net Wells Alberta 29 26.3 29 23.8 34 32.5 British Columbia 5 5.0 4 4.0 4 4.0 Total 34 31.3 33 27.8 38 36.5 2024 2025 2026 Forecast Completions Gross / Net Wells Gross / Net Wells Gross / Net Wel
Slide 8: Production – Three Year Comparative
Production – Three Year Comparative 2024 2025 2026 Forecast Product Mix Product Mix Product Mix Oil ( bbls/d ) 8,623 26% 9,316 23% 12,300 – 12,900 25% NGLs ( bbls/d ) [1] 3,675 11% 5,545 14% 7,300 – 7,700 14% Gas ( Mcf/d ) 124,902 63% 153,214 63% 182,400 – 188,400 61% Combined ( BOE/d ) [2] 33,115 1
Slide 9: Raw Gas Processing Arrangements
Raw Gas Processing Arrangements Gas Plant Diversification Kelt has entered into various agreements that provide the Company with the ability to double its raw gas processing capacity as follows: During During During During During During During Division 2024 2025 2026 2027 2028 2029 2030 Wembley / Pi
Slide 10: Summary of Reserves
Summary of Reserves ( $M - NPV 10% BT ) Dec/31/2024 Dec/31/2025 Change Proved Developed Producing $ 882,521 $ 887,348 1% Proved $ 2,154,375 $ 1,961,806 ( 9% ) Proved plus Probable $ 3,471,756 $ 3,311,340 ( 5% ) ( MBOE ) Dec/31/2024 Dec/31/2025 Change Proved Developed Producing 78,862 83,482 6% Prove
Slide 11: Net Asset Value
Net Asset Value Net Asset Value per Share December 31, 2025 $M $/share Forecasted Future Commodity Prices Proved reserves [2] 1,961,806 9.35 WTICrude NYMEX HH Exchange Oil Natural Gas Rate Probable reserves [2] 1,349,533 6.43 (USD/bbl) (USD/MMBtu) (CAD / USD) Undeveloped land 118,094 0.56 2026 59.92
Slide 12: Commodity Prices – Three Year Comparative
Commodity Prices – Three Year Comparative ( CAD, unless otherwise specified ) 2024 2025 2026 Forecast WTI Crude Oil ( $/bbl ) [1] US $ 76.56 $104.89 US $ 65.43 $ 91.45 US $ 77.50 $105.94 MSW Crude Oil ( $/bbl ) [2] US $ 72.04 $ 98.70 US $ 61.89 $ 86.51 US $ 75.21 $102.81 NYMEX Henry Hub Natural Gas
Slide 13: Commodity Prices – 2026 Forecast
Commodity Prices – 2026 Forecast ( $ CAD, unless otherwise specified ) Jan-Mar 2026 Apr-Dec 2026 2026 Actual Estimate Forecast WTI Crude Oil ( USD $/bbl ) [1] US $ 72.23 US $ 79.23 US $ 77.50 MSW Crude Oil ( $/bbl ) [2] $ 93.66 $ 105.72 $ 102.81 NYMEX Henry Hub Natural Gas ( USD $/MMBtu ) US $ 4.90
Slide 14: Netbacks – Three Year Comparative
Netbacks – Three Year Comparative 2025 / 24 2026 2026 / 25 ( $ / BOE ) 2024 2025 change Forecast change Net realized price 37.31 33.63 ( 10% ) 40.64 21% Realized hedging gain ( loss ) 0.35 1.88 437% ( 0.21 ) — Royalties ( % of net realized price ) ( 12.1% ) ( 9.3% ) ( 23% ) ( 11.1% ) 19% Transportat
Slide 15: Financial Summary – Three Year Comparative
Financial Summary – Three Year Comparative 2026 2026/25 ( $ MM, unless otherwise specified ) 2024 2025 Forecast change P&NG sales 468.4 513.1 767.7 50% Adjusted funds from operations [1] 222.0 261.5 400.0 53% AFFO per share – diluted ( $/share ) [1] 1.11 1.29 1.94 50% Capital expenditures, net of A&
Slide 16: Core Assets
a kelt exploration Core Assets
Slide 17: Land Fairway
Land Fairway 94-A-11 94-A-10 94-A-9 Division Company Kelt Exploration (LNG) Ltd. Oak / Flatrock Oak ( a wholly-owned subsidiary ) Kelt Exploration Ltd. Flatrock Pouce Coupe / Progress Fort ( parent company ) St. John Kelt Exploration Ltd. Wembley / Pipestone ( parent company ) Pouce Coupe Progress L
Slide 18: Well Costs & Drilling Inventory
Well Costs & Drilling Inventory Progress / Wembley Oak Spirit River Montney Montney Charlie Lake [3] Well Cost – Drill, Case & Complete ($MM) [1] $ 7.4 $ 7.3 $ 4.8 Total Vertical Depth (metres) [1] 2,200 1,500 1,600 Lateral Length Completed (metres) [1] 3,000 4,600 3,000 Completions – Sand Tonnage (
Slide 19: Montney Framework
Montney Framework Oak / Flatrock Pouce Coupe Progress La Glace Pipestone / Wembley Proven Productive Montney Horizons Kelt Future Exploratory Horizons within Core Areas Area Oak Pouce Coupe West Progress La Glace Pipestone / Wembley Primary Montney Target Upper and D4 Lower, D1 and D2 D1 D3 D3 and D
Slide 20: British Columbia Montney - Oak / Flatrock Division
British Columbia Montney - Oak / Flatrock Division Montney Land Holdings & Drilling Inventory 191,745 acres Gross ( 300 sections ) 190,473 acres Net ( 298 sections ) Future drilling locations (un-risked ) 576 wells Drilling locations included in P+P FDC 91 ( 16% booked ) 5-32 Kelt 6-35 2025 Montney
Slide 21: Alberta Montney Lands
Alberta Montney Lands Pouce Coupe Alberta − Montney Land Holdings North 62 Gross 173,128 acres ( 271 sections ) sections Net 165,493 acres ( 259 sections ) Pouce Coupe Progress Pouce Coupe West > High deliverability dry gas wells. > Kelt has an inventory of approximately 20 to 25 wells to be drilled
Slide 22: Pouce Coupe / Progress Division – Montney
Pouce Coupe / Progress Division – Montney Kelt Lands NRM Fourth Creek 2026 Locations Pipelines Gas Plant 2025 Montney Drilling Program Pouce Coupe West: 3 wells 16-13 Pad ( 1 DUC in 2025 ) Pouce Pouce Coupe North: Coupe 2 wells North 9-12 Pad 9-12 NRM Gordondale East 2026 Drilling Program NRM Gordon
Slide 23: Pouce Coupe / Progress Division – Charlie Lake
Pouce Coupe / Progress Division – Charlie Lake Kelt Lands 2026 Locations Existing Wells NRM Fourth Creek Alberta (includes Wembley) − Charlie Lake Land Holdings Pipelines Gas Plant Gross 136,880 acres ( 214 sections ) Net 93,350 acres ( 146 sections ) Pouce Coupe North Spirit River/Progress – Charli
Slide 24: Wembley / Pipestone Division – Montney
Wembley / Pipestone Division – Montney Kelt Lands Montney Land Holdings & Drilling Inventory 2026 Locations OVV Sexsmith Existing Wells Gross 124,808 acres ( 195 sections ) Gas Plant Kelt Facility (100%) Net 121,659 acres ( 190 sections ) 5-26 Future drilling locations (un-risked) 854 wells Drilling
Slide 25: Wembley / Pipestone Division – Infrastructure
Wembley / Pipestone Division – Infrastructure Infrastructure Kelt Lands Kelt Lands 2026 Locations Pipelines Existing Wells OVV Sexsmith Gas Plant Pipelines Kelt Facility (100%) Gas Plant Kelt 14-29 > Ownership in extensive pipeline Kelt Facility (100%) infrastructure and minor interests in the Sexsm
Slide 26: Looking Forward
Future Considerations Looking Forward The Company has numerous potential The Company has amassed a vast future drilling opportunities on its Montney and Charlie Lake acreage existing lands that will provide for position that will provide years of continued growth in the years ahead. development dril
Slide 27: Kelt's Leadership
#8 kelt exploration Kelt’s Leadership
Slide 28: Corporate Governance - Board of Directors
Corporate Governance - Board of Directors William C. Guinan [ 5, 8, 9 ] Jennifer J. Haskey [ 2, 6, 10 ] Ray Kwan [ 1, 7 ] Board Chair, Independent Director, Independent Director, Independent Common shares 1,154,459 Common shares 5,400 Common shares 105,755 Stock options 44,000 Stock options 45,000 S
Slide 29: Leadership - Officers
Leadership - Officers David J. Wilson Sadiq H. Lalani Douglas J. Errico Alan G. Franks Bruce D. Gigg President & Chief Executive Vice President & Chief Senior Vice President, Land Vice President, Vice President, Officer Financial Officer & Corporate Development Production Engineering Common shares 2
Slide 30: Appendix
& kelt exploration Appendix
Slide 31: Gas Market Risk Management
Gas Market Risk Management Gas Market Diversification Kelt has taken a diversified approach to selling its natural gas in order to reduce exposure to a Station 2 single market risk. AECO Empress Estimated 2026 AECO ( 61% ) Sumas percentage of Dawn ( 12% ) Emerson average gas LNG JKM - Asia ( 3% ) pr
Slide 32: Commodity Price Risk Management (1 of 2)
Commodity Price Risk Management ( 1 of 2 ) Commodity Index Type Remaining Term Quantity Contract Price AECO/NYMEX 21,000 GJ/d AECO Put Option ( floor ) @ CAD$2.80/GJ and Natural Gas Costless Financial May - Dec/26 & 20,000 NYMEX Call Option ( ceiling ) @ USD$5.50/MMBtu [ equivalent to CAD $2.95/MMBt
Slide 33: Commodity Price Risk Management (2 of 2)
Commodity Price Risk Management ( 2 of 2 ) Commodity Index Type Remaining Term Quantity Contract Price 5,600 CAD $95.51/bbl Crude Oil WTI Financial May/26 – Jun/26 bbls/d [ equivalent to USD $69.97/bbl at a CAD/USD exchange rate of 1.3650 ] 1,500 CAD $90.65/bbl Crude Oil WTI Financial Jul/26 – Sep/2
Slide 34: April – December 2026 AFFO Forecast
April – December 2026 AFFO Forecast AFFO Sensitivities to Commodity Price Fluctuations: Apr-Dec 2026 Kelt Oil/NGLs Price Kelt Gas Price Forecast Plus 10% Plus 10% Kelt Oil Price (CAD/bbl) 101.79 111.97 +10% 101.79 — Kelt NGLs Price (CAD/bbl) 46.50 51.15 +10% 46.50 — Kelt Gas Price (CAD/Mcf) 2.42 2.4
Slide 35: Operating Divisions – Summary of Reserves and Production
Operating Divisions – Summary of Reserves and Production Proved P+P 2025 2025 Production Reserves Reserves P+P Reserves [1] [2] Netback [3] Value [1] Value [1] Division BOE/d Oil/NGLs $/BOE $ MM $ MM MBOE Oil/NGLs Pouce Coupe/Progress/Spirit River 17,758 26% $ 15.47 633 937 110,720 25% Wembley/Pipes
Slide 36: 2023 to 2025 - Three Year Average Recycle Ratios
2023 to 2025 - Three Year Average Recycle Ratios PDP Proved P+P ( $ M, unless otherwise specified ) Reserves Reserves Reserves Capital expenditures, net of dispositions 944,098 944,098 944,098 Change in FDC costs required to develop reserves 6,850 718,139 1,070,702 Total capital costs 950,950 1,662,
Slide 37: Reserves – Future Development Capital
Reserves – Future Development Capital Proved Reserves [1] P+P Reserves [1] December 31, 2025 FDC Net FDC Net ( $ MM ) Wells ( $ MM ) Wells Alberta Montney wells 1,276 174 2,120 276 B.C. Montney wells 446 61 674 91 Alberta Charlie Lake wells 146 28 251 47 Other expenditures [2] 60 7 70 8 TOTAL FDC EX
Slide 38: ROACE – Three Year Comparative
ROACE – Three Year Comparative Return on average capital employed (ROACE) measures the efficiency of Kelt’s utilization of the capital that it employs. In this calculation, ROACE is defined as earnings for the period adjusted for interest expense and taxes as a percentage of the average capital empl
Slide 39: Disclosures
#8 kelt exploration Disclosures
Slide 40: Abbreviations and Definitions
Abbreviations and Definitions A&D acquisitions & dispositions Mcf/d thousand cubic feet per day ACE the Chicago natural gas hub pricing point identified as Alliance Chicago Echange M thousand AECO Alberta Energy Company “C” Meter Station of the Nova Gas Pipeline System MM million AESO Alberta Electr
Slide 41: Disclaimer
Disclaimer Forward-Looking Statements Certain statements included in this corporate presentation (the “Presentation”) constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the purp
Slide 42: Disclaimer
Disclaimer Future Oriented Financial Information This Presentation contains Future Oriented Financial Information (“FOFI”) within the meaning of applicable securities laws. The FOFI has been prepared by Kelt’s management to provide an outlook of the Company's activities and results. The FOFI has bee
Slide 43: Disclaimer
Disclaimer In addition to other factors and assumptions which may be identified in this Presentation, assumptions have been made regarding, among other things: commodity prices; the accuracy of geological and geophysical data and its interpretations of that data; estimated decline rates; the impact
Slide 44: Disclaimer
Disclaimer No Obligation to Update The forward-looking statements or information contained in this Presentation are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information,
Slide 45: Disclaimer
Disclaimer Reserves Unless otherwise specified, reserve estimates disclosed in this Presentation were prepared by McDaniel & Associates Consultants Ltd (“McDaniel”) in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and
Slide 46: Disclaimer
Disclaimer Financial Advisories All dollar amounts are referenced in Canadian dollars, except when otherwise noted. Refer to "Non-GAAP Measures and Other Financial Measures" in the Company’s Management’s Discussion and Analysis (“MD&A”) for a quantitative reconciliation of capital expenditures net o
Slide 47: Disclaimer
Disclaimer “Capital expenditures, before A&D” and “Capital expenditures, net of A&D” are non-GAAP measures the Company uses to monitor its investment in exploration and evaluation, investment in property plant and equipment, and net investment in acquisition and disposition activities. The most dire
Slide 48: Disclaimer
Disclaimer Capital Management Measures Funds from operations and adjusted funds from operations Management considers funds from operations and adjusted funds from operations key capital management measures as it demonstrates the Company’s ability to meet its financial obligations and cash flow avail
Slide 49: Disclaimer
Disclaimer Supplementary Financial Measures Production per common share: is calculated by dividing total production by the basic weighted average number of common shares outstanding, in accordance with GAAP. NPV10% BT: the anticipated net present value of the future net cash flow before taxes and af
Slide 50: Kelt Exploration Ltd.
David J. Wilson President & Chief Executive Officer Sadiq H. Lalani Vice President & Chief Financial Officer Kelt Exploration Ltd. Suite 300, East Tower 311 – Sixth Avenue SW Calgary, Alberta Canada T2P 3H2 T 403.294.0154 F 403.291.0155 www.KeltExploration.com TSX | KEL 50