Investor Presentaiton

Novo Closed - Adds Scale and High Quality, Low Breakeven Acreage KEY STATISTICS • Purchased 33.33% undivided stake in Novo Assets for $468MM • Gross NRI: ~77% (~78% Eddy, ~75% Culberson), net WI: ~29% • GAINES DAWSON BORDEN Effective date May 1, 2023, closed August 15, 2023; • • LEA E D D Y ANDREWS MARTIN HOWARD • Eddy County assets represent -80% of allocated value ~98% of Culberson County allocated value tied to PDP and WIPs, inventory provides significant long-term upside from increases in natural gas pricing Novo expected to contribute incremental average production of ~11,500 Boe per day post-closing for the remainder of 2023 2023 capital expenditures expected to be ~$20M post-closing OVING WINKLER ECTOR MIDLAND WARD CRANE REEVES UPTON REAGAN יו PECOS NOG Novo Leasehold Horizontal Producers 2021 - 2023 GOVERNANCE & OPERATOR • • • Partnership governed by cooperation and joint operating agreement, with AMI in place. Agreements will continue unchanged by recently announced Permian Resources/Earthstone merger ESTE operates substantially all of the assets, until closing of merger with Permian Resources Permian Resources as future operator provides incremental benefits to NOG from PR's increased scale and anticipated cost synergies from the merger with Earthstone. INVESTMENT RATIONALE • Significant long-dated Tier 1 inventory • Strong free cash flow profile NOG expects nearly a decade of self-funding continuous development of the primary target formations Investor Presentation September 2023 | 16 NOG

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