Investor Presentaiton
Balancing Growth and Deleveraging
Deployment of capital drives real cash flow per share growth, while convert structure protects existing shareholders
CEQ Quarterly Cash Flow 1,2
(Annualized US$ MM)
C
CRITERIUM
ENERGY
Implied Share Price (Current Offering vs Straight Equity)³
(@1.5x EV/DACF)
40
T
35
30
30
T
T
20
25
20
15
10
5
T
Current
0.60
July 2023 Prospectus @ $0.20
0.53
0.50
Share Price (C$)
0.40
0.30
0.23
0.20
0.17
0.10
0
0.00
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 2026
2024
0.43
0.40
0.33
2025
2026
1 Assumes $80/bbl Brent and type curve from Reserve Report
Accretive to current and future
shareholders, limits dilution
2 Production profile forecast is from the Reserve Report, specifically using the production profiles and EURS of future wells. The timing of the drilling reflects Management's estimate of rig availability and drilling schedule in 2024 - 2026.
3 Based on pro forma shares outstanding at close
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