Investor Presentaiton

2023 Guidance and Capital Budget The Company's production continues to increase, with reductions to unit costs driven by benefits of scale and quality from acquired assets. 2023 Guidance (1) Prior Current Annual Production (2-stream, Boe/day) 91,000 96,000 96,000 100,000 Q3-23 Production (2-stream, Boe/day) 99,000 103,000 • Oil Weighting (as a % of Production) 62.0% 64.0% 62.0% 63.0% Net Wells Turned-in-Line (TILS) 80.0 85.0 75.0 - 78.0 Total Budgeted Capital Expenditures ($MM) $737 - $778 $764 - $800 LOE/Production Expenses (per Boe) $9.35-$9.60 $9.35 - $9.55 Cash G&A (ex-transaction costs) (per Boe) $0.80 - $0.90 $0.80 $0.85 Non-Cash G&A (per Boe) $0.20 -$0.30 $0.20 -$0.25 Production Taxes (as a % of Oil & Gas Sales) 8.0% - 9.0% 8.0% - 9.0% Oil Differential to NYMEX WTI (per Bbl) ($3.50 - $4.50) ($3.25 - $4.25) Gas Realization as a % of Henry Hub/MCF 80.0% -90.0% 85.0% 95.0% DD&A Rate per Boe $13.00 $13.80 Source: Company internal estimates and disclosures. Actual results may differ materially from projections 1) Assumes 8/15/2023 close for Novo. • UNDERLYING ASSUMPTIONS • Increasing annual production to reflect better than expected well performance and 2023 contributions from Forge and Novo, offset by adjustments to drilling and completion plans • Tightening Oil Weighting as a percent of production reflecting higher gas volumes stemming from Permian acquisitions •Lowering net wells Turned-in-Line reflecting changes to timing of drilling and completion plans • Adjusting capital expenditures for Forge and Novo net of reduced capital in the base budget • Tightening production expenses per BOE reflecting lower Forge and Novo LOE offset by higher processing costs from higher forecasted gas realizations •⚫ Tightening cash and non-cash G&A reflecting higher volumes from acquisitions • Improved oil differentials and natural gas realizations, a reflection of better pricing-to-date • Initiating DD&A per Boe to provide support on this expense, reflecting acquisition activity and higher DD&A expense as NOG scales its asset base. Investor Presentation September 2023 | 37 NOG

View entire presentation