Investor Update November 2023

BAKKEN DRILLING INVENTORY FBIR Expected average well performance (1) Payout period and NPV10 at $60, $80, $100 per barrel WTI 300 WTI NPV10 $MM $100 $18 250 $80 $12 50 50 Cumulative oil production (mbbls) 100 $60 $7 $60 WTI 200 $80 WTI $100 150 WTI Payout: 9 months Remaining Inventory Distribution 655 Net Core & Extended Core enerPLUS Mountrail Williams 45% FBIR FBIR Development plan -10 wells per 1,280 acre spacing unit MB at $80 WTI TF 1 0 2 4 6 8 10 12 14 Month 16 18 20 22 24 TF 2 Enerplus well $50 WTI breakeven well McKenzie Dunn Billings Three Forks second bench locations in select areas $60 WTI breakeven well 1) See "Expected well performance" in "Advisories". Well economics assume well costs of $6.0mm at $50 WTI, $6.3mm at $60 WTI, $7.7mm at $80 WTI, and $8.0mm at $100 WTI. 20

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