Investor Update November 2023

BAKKEN DRILLING INVENTORY Eastern Williams Expected average well performance (1) Payout period and NPV10 at $60, $80, $100 per barrel WTI 300 WTI NPV10 $MM $100 $15 250 $80 $10 50 50 Cumulative oil production (mbbls) 100 $60 $6 $60 200 $80 WTI $100 WTI 150 WTI о Remaining Inventory Distribution 15% E. Williams 655 enerPLUS Mountrail Williams Eastern Williams Net Core & Extended Core McKenzie Development plan -5-6 wells per 1,280 acre spacing unit Payout: 8 months at $80 WTI MB TF 1 О 2 4 6 8 10 12 14 Month 16 18 20 22 24 TF 2 Enerplus well $60 WTI breakeven well $50 WTI breakeven well 1) See "Expected well performance" in "Advisories". Well economics assume well costs of $6.0mm at $50 WTI, $6.3mm at $60 WTI, $7.7mm at $80 WTI, and $8.0mm at $100 WTI. Dunn Billings 22

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