Saturn Oil & Gas Inc. · TSX:SOIL
Saturn Oil & Gas — Investor Presentation (October 2026)
39 slides from Saturn Oil & Gas's investor presentation, October 2026
Slide 1: A Proven Blueprint for Unlocking Value
OTCQX: OILSF TSX: SOIL A Proven Blueprint for Unlocking Value October 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 01. 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 ) 54 - 56 Capital Structure ($C) (TSX: SOIL | OTCQX: OILSF) Shares Outstanding(1) (Basic) 178.7 MM Basic Market Capitalization (Oc
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) 60 $302MM Acquisitions contributed to a diversified asset base Corex with strong free funds Announced Oct 2026 $173MM 50 flow (1) generation 7,000 boe/d Six s
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 Montney 2026 2023 ~ 3,300 Identified ~ 20 Yrs Development Viking Plato Drilling Locations(1) Inventory Kaybob 2024 Lower Shaunavon / Man
Slide 8: Burgess Creek & Triland Core-Up Acquisitions (Jul/26)
Burgess Creek & Triland Core-Up Acquisitions (Jul/26) 01. Continuation of Blueprint Strategy Expands Size & Scale in Core SE Saskatchewan Area STRATEGIC HIGHLIGHTS BURGESS CREEK & TRILAND ASSETS FIT PERFECTLY WITHIN SATURN’S SE SK AREA Light oil-weighted production in core SE Saskatchewan area incre
Slide 9: Corex 100% Light Oil Accretive Acquisition (Oct/26)
Corex 100% Light Oil Accretive Acquisition (Oct/26) 01. Expands Oil Weighting, Netbacks and Scale Immediately Adjacent to Core SE Sask Area STRATEGIC HIGHLIGHTS SK MB Increased light oil-weighting, expanded scale & improved margins • ~7,000 bbl/d (100% light oil)(1) • ~$192MM run rate NOI(2) driven
Slide 10: Optimization: Controlling What We Can
Optimization: Controlling What We Can 02. Applying Saturn’s Blueprint Contributes to Ongoing Margin Expansion OP E RA TI NG & TRA NS P OR TA TI O N C OS TS ( 1 ) ($ /B OE ) FI E L D OP E RA TI N G NE TB A CK ( 1 , 2 ) 65% Operating Expenses Transportation Expenses $35 $70 $120 $30 0.74 0.61 $25 27.9
Slide 11: 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 12: Saturn SE SK Development Advancement
Saturn SE SK Development Advancement 03. Production - IP30 Performance – Top Tier Inventory PRIMARY & 2X PAYOUT PERIODS (YEARS)(5) TYPE CURVE OUTPERFORMANCE DRIVES STRONG RETURNS 50% of Saturn’s inventory ~ 2 0 2 5 I D E N T I FI E D L O C A T I O N S + A V E R A G E W E L L P E R FO R M A N C E V S
Slide 13: Conventional SK Oil - SE SK OHML Program
Conventional SK Oil - SE SK OHML Program 03. Saturn is the Leading Developer of Open Hole Multi-Lateral (OHML) Technology in Saskatchewan 37 OHML planned ~ 450 OHML locations > of 2026 development 20% Open Hole locations in 2026 identified in SE SK(1,2) capital allocated to OHML • Saturn is a leadin
Slide 14: Conventional SK Oil - Mississippian / Spearfish Program
Conventional SK Oil - Mississippian / Spearfish Program 03. Conventional Development Program Provides Flexibility with Strong Returns 36 Conventional > 950 Conventional locations #1 returns Highest ranked plays in #1 Most capital efficient well Saturn drilled in ’25 wells planned identified in SE SK
Slide 15: 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 16: 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 CH 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 technolo
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 ) 454 MM Capital Return Framework $160 AFF ($MM) WTI ($CAD) $ $140 AFF(1) in Last 12 Months •
Slide 18: Refinancing Senior Notes Enhances Liquidity
Refinancing Senior Notes Enhances Liquidity 04. Increased Financial Flexibility Supports Multiple Paths to Value Creation S TRA TE GI C B E NE F I TS New Issue: Senior Unsecured Notes Maturing 2031 Reduced Costs • Lowered blended interest expense by ~2% US$ 575 MM @ 8.5% + CAD$ 185 MM @ 7.5% • Impro
Slide 19: 2026 Updated Guidance Details
2026 Updated Guidance Details 04. Current Price Environment Supports Increased Activity with Continued Focus on Free Funds Flow Revised 2026 Guidance Original Guidance Updated (US $80 WTI)(4),(5) (US $60 WTI) Guidance(6) SECOND HALF 2026 SENSITIVITIES Development Capital Expenditures ($MM) (2),(5) $
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 7 E FRE E CA S H F L OW YI E L D ( 1 , 3 ) 2 02 7 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 25% 24% 8.0 20% 7.0
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 2500, 600 – 3rd Ave SW Calgary, AB T2P 0G5 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 01. 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
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 OCA TI ON I NVE NTO RY ( 3 ) • Bakken/Torquay historically fracked; uneconomic in thinner reservoirs as stimulation not mai
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 CA RDI U M S I NCE 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 ru
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 41,447 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: Existing • Viewfield: Bakken (OHML & Frac) Newly Acquired • Oxbow: Frobisher, Midale, Spearfish, Torquay (OHML & 15-21 Oxbow conventional) OHML
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 • Kaybob: Montney 7-30 Pad Montney Wells Kaybob 2026 Capital Development Focus: • Kaybob • West + East Pembina Enhancing the Cardium inventory
Slide 31: Management
Management A Long History of Value Creation in the Oil & Gas Production Space • Former CFO and founding partner of Axiom Group, which drilled >1,000 wells for oil & gas clients in Western Canada John Jeffrey • Has led Saturn to successfully grow from ~400 boe/d to >50,000 boe/d in approximately five
Slide 32: Management
Management A Long History of Value Creation in the Oil & Gas Production Space • Former CEO and Founder of 5 Quarters Investor Relations Cindy Gray • Over 20 years experience in financial communications, including senior and executive roles at several public companies, and leading VP Investor Relatio
Slide 33: 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 >50,000 boe/d in
Slide 34: Q2 / 1H 2026 Overview
Q2 / 1H 2026 Overview Production Beat for 8th Consecutive Quarter Drove Record Revenue Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, ($000s, except per share June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025
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 "FD&A Cost" represents finding, developing and equally likely that the actual remaining quantities Certain type curve disclosure presented herein represents Initial production (“IP”) rates disclosed herein, particularly acquisition
Slide 38: Disclaimer
Disclaimer Oil & Gas Advisories Reserve Assumptions: Reserve evaluation calculations are net) booked locations. An additional approximately 216 gross based on data and expected future production volumes as locations (212.1 net) locations and approximately 35 OHML provided by third party independent
Slide 39: Supplemental Information Regarding Corporate Reserves
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
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