Investor Presentaiton

Benefits of NOG's Non-Operated Model Efficient Operations Enhance Return Profile . • Peer leading cost structure Corporate ROCE Scalable Model: NOG has <40 employees Industry leading ROCE - Return on Capital Employed NOG Leveraging Data and Experience • • • Proprietary database, built from participation in over 9,800 wells Performance and operational data collected across three basins and two commodities • Seasoned engineering team, alumni of multiple industry majors Capital Allocation Flexibility • . . Ability to "cherry-pick" from ~100 operating partners across ~1MM+ gross acres in 3 basins Superior flexibility to manage capital allocation and to do so quickly Costs limited to drilling, completion, and acreage Non-Op Tailwind • • • • Capitalizing on industry strategy shift as operators focus on free cash flow generation instead of growth This has led to massive volume of non-op "Ground Game" opportunities NOG is uniquely positioned to help solve operator capital constraints Investor Presentation November 2023 | 8 NOG

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