Investor Update November 2023

COMMODITY HEDGING SUMMARY Price risk management CRUDE OIL HEDGES (WTI)(1)(2) Swaps Collars Period Volume (Mbbl/d) Brent-WTI Spread (US$/bbl) Volume (Mbbl/d) Sold Put (US$/bbl) Purchased Put (US$/bbl) Sold Call (US$/bbl) Oct 1 Dec 31, 2023 10.0 $5.47 10.0 $65.00 $81.00 $111.58 Oct 1 Dec 31, 2023(3) 2.0 $5.00 $75.00 Jan 1, 2024 - Jun 30, 2024 5.0 $65.00 $77.00 $95.00 NATURAL GAS HEDGES (NYMEX)(2) Collars Period Volume (Mcf/d) Purchased Put (US$/Mcf) Oct 1 Oct 31, 2023 50,000 $4.05 Sold Call (US$/Mcf) $7.00 1) Contracts as at Nov 1, 2023. The total average deferred premium spent on our outstanding crude oil contracts is $1.19/bbl from Oct 1, 2023 - Jun 30, 2024. 2) Transactions with a common term have been aggregated and presented at weighted average prices and volumes. 3) Outstanding commodity derivative instruments acquired as part of the Company's acquisition of Bruin E&P Holdco, LLC completed in 2021. enerPLUS 26

View entire presentation