Investor Update November 2023

Net remaining drilling locations (1) Deep drilling inventory supports sustainable outlook. enerPLUS 900 800 200 700 600 125 Upside ■Locations offer upside through stimulation advances, well cost improvements, Inventory distribution by area Core & Extended Core sustained high oil prices 500 655 Extended Core Periphery of established economic core ■Lower returns than Core, but 400 NET CORE & EXTENDED CORE exceed threshold at midcycle prices 300 REMAINING LOCATIONS 530 Core 200 100 Established economic core of the play "Well defined & de-risked -50 2023 Onstreams (2) North Dakota Inventory 15% 15% 25% 45% >Decade of high-quality drilling inventory (at development pace assumed in 5-year plan) FBIR E. Williams Little Knife Murphy Creek 1) See "Advisories - Drilling Inventory" for a reconciliation of undrilled locations between those associated with reserves and those not associated with any reserves. As at 1 Jan 2023. Includes operated and non-operated locations. 2) 2023 onstreams includes operated and non-operated wells. 18

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