Investor Update November 2023

BAKKEN DRILLING INVENTORY Murphy Creek Expected average well performance (1) Payout period and NPV10 at $60, $80, $100 per barrel WTI Remaining Inventory Distribution 15% Murphy Creek Cumulative oil production (mbbls) 300 WTI NPV10 $MM $100 $9 250 $80 $5 $60 $2 200 150 100 50 50 $60 WTI $80 WTI $100 WTI 655 enerPLUS Mountrail Williams Net Core & Extended Core McKenzie Murphy Creek Development plan -5-6 wells per 1,280 acre spacing unit Payout: 14 months at $80 WTI MB TF 1 0 2 4 6 8 10 12 14 16 18 20 22 24 Month TF 2 $50 WTI breakeven well Enerplus well $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. Billings Dunn 23

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