Rubellite Energy Corp. · TSX:RBY
Rubellite Energy — Investor Presentation (August 2026)
39 slides from Rubellite Energy's investor presentation, Aug 10, 2026
Slide 1: Rubellite Energy Corp. Corporate Overview
Rubellite Energy Corp. Corporate Overview August 10, 2026
Slide 2: Corporate History
Corporate History Incorporated in July 2021 as pure play Clearwater multi-lat focused junior E&P ▪ In September 2021, Rubellite acquired Perpetual’s Clearwater Assets for $65.5 MM • 350 bbl/d of heavy oil production and 100 net sections of land ▪ Executing growth focused business plan on expanding h
Slide 3: Corporate Profile
Corporate Profile Fully funded growth-focused heavy oil multi-lat E&P Company TSX:RBY Investment Highlights Capitalization Large scale, focused asset base in the South Clearwater and Mannville Stack fairways TSX RBY ▪ Rank as amongst the top conventional plays in the WCSB on half-cycle returns Fully
Slide 4: Heavy Oil Asset Performance
Heavy Oil Asset Performance Strong operational momentum in Clearwater and Mannville Stack heavy oil asset base Heavy Oil Sales (bbl/d) Key Operational Metrics Aug 10, 2026 Guidance(1) 10,000 FY/26 8,500 – 9,200 bbl/d 9,000 8,000 >2,013 15,000m >205 7,000 Lateral legs drilled Average open hole per Gr
Slide 5: Rubellite Asset Profile
Rubellite Asset Profile Heavy oil production of 8,534 bbl/d & total production of 13,406 boe/d Asset Map Asset Summary Land Well Count Production Q2 2026 Area (net acres)(1) (net producing) (boe/d) Figure Lake 155,412 123.0 6,160(2) Bitumen Leases Frog Lake 21,495 57.5 2,889 Ukalta 22,855 24.0 281 M
Slide 6: Heavy Oil Development Inventory YE 2025
Heavy Oil Development Inventory YE 2025 >475 booked & unbooked heavy oil development drilling inventory(2)(3) in core properties >475 Net Heavy Oil Development Drilling Locations(2)(4) Top half ▪ 33% booked; 66% unbooked development inventory ▪ Figure Lake Clearwater had 238 net locations at year en
Slide 7: Net Asset Value ("NAV")
Net Asset Value (“NAV”) Year End 2025 Price Deck Decline of ~23% Offset Operational Gains in Reserve-based NAV Net Asset Value (discounted at 10%) $700 YE 2025 Net Asset Value(1)(2) $7.48 Reserve Category Recognition Level Build-Up PDP, including FMV of Land - $1.89/Share $6.47 $600 $5.95 $6.41 P+PD
Slide 8: Converting FMV of Undeveloped Land to Reserve-based NAV
Converting FMV of Undeveloped Land to Reserve-based NAV Investing to Convert >760 Unbooked Locations & EOR Potential to Production & Reserves to Grow NAV Net Asset Value >320 net ‘Low Risk’ Unbooked(2)(3) Development Locations at $600 Figure Lake (Clearwater and Sparky) and Frog Lake (Waseca and GP)
Slide 9: Marten Hills and Dawson Swap – Closed June 30, 2026
Marten Hills and Dawson Swap – Closed June 30, 2026 Adding proved producing reserves with waterflood upside Asset Maps Transaction Summary Marten Hills Asset Exchange Agreement: Effective and Closing Date - June 30, 2026 ▪ Rubellite acquired a project partner’s 30% Working Interest at Marten Hills,
Slide 10: Rubellite Asset Profile | Figure Lake
Rubellite Asset Profile | Figure Lake Clearwater and Sparky Development Asset Map Asset Summary Working Interest: 100% Sparky Discovery Q2 2026 Production: 6,160 boe/d (84% oil and liquids) ▪ 5,174 bbl/d 100% heavy oil; 5.8 MMcf/d natural gas; 17 bbl/d NGL 9-22 ▪ 115.0 net multi-laterals on sales pr
Slide 11: Figure Lake Primary Development Type Curves
Figure Lake Primary Development Type Curves 33m down-space well design established as primary development design Clearwater Primary Development Design Improvements to 33m inter-leg Tier 1 type curve from YE 2024: ▪ Historical well design: ~50m inter-leg spacing ▪ Increased Type Curve IP30 by 14% to
Slide 12: Southern Clearwater Enhanced Oil Recovery Pilots
Southern Clearwater Enhanced Oil Recovery Pilots Advancing Multiple Waterflood Pilots and Other EOR Experiments through 2026 Figure Lake Line Drive Pilot Projects Figure Lake Multi-lat Conversions 9-35 Pad Waterflood Pilot 8-26 Pad Waterflood & Polymer Pilots Figure Lake 1-3 & 1-13 Pads Single Leg w
Slide 13: Figure Lake 9-35 Waterflood Line Drive Pilot
Figure Lake 9-35 Waterflood Line Drive Pilot Reserves on waterflood pilot booked conservatively at 50% recovery factor uplift Figure Lake Line Drive Waterflood Pilot Performance Pilot Configuration 12-35-063-18W4 Waterflood Pilot Performance vs YE2025 Reserve Booking(1) 160 140 120 Injector Oil Rate
Slide 14: Figure Lake 9-35 Waterflood Line Drive Pilot
Figure Lake 9-35 Waterflood Line Drive Pilot 00/12-35 & 02/12-35 Waterflood Pilot Producer/Injector Pair Performance 9-35 Waterflood Pilot Pattern Performance ▪ Single Leg Water Injector in middle of 8-leg multi-lateral Producer (“Texas Four-Step” Pattern) • Injection commenced in March 2026 with sy
Slide 15: Figure Lake 'Texas Four-Step' Waterflood – Six Well Pad
Figure Lake ‘Texas Four-Step’ Waterflood – Six Well Pad Illustrative Production Response Scenarios and Economics – TBD with future commercial demonstration pad Clearwater Waterflood Illustrative Scenarios and Economics ▪ Waterflood Scenarios – Waterflood Base Case & High Rate Case ▪ Illustrative exa
Slide 16: Rubellite Asset Profile | Frog Lake Waseca
Rubellite Asset Profile | Frog Lake Waseca Active Waseca development and GP delineation Asset Map – Waseca Development Asset Summary Working Interest: 63% (of current production) ▪ FLERC has option to elect 50% WI in all future drills Q2 2026 Production: 2,889 boe/d (100% heavy oil) ▪ 86 gross (57.5
Slide 17: Rubellite Asset Profile | Frog Lake General Petroleum
Rubellite Asset Profile | Frog Lake General Petroleum GP Delineation Asset Map – GP Development Asset Summary Multiple ‘New Zone’ Targets in Mannville Stack ▪ GP, Sparky, McLaren, Rex and Lloyd ▪ >205 net Locations(1) delineated by existing and 25 km2 new shoot 3D seismic General Petroleum (“GP”) De
Slide 18: Frog Lake Type Curves
Frog Lake Type Curves Mannville Stack – Waseca North, Waseca South and General Petroleum Waseca Development Testing 20,000m Waseca wells in 2026 ▪ Historical well design: ▪ Larger drainage area, well bore diameter, and overall length to improve • ~25m inter-leg spacing capital cost per meter drilled
Slide 19: Exploration Prospect Pipeline
Exploration Prospect Pipeline Feeding a “pipeline” of primary development projects from new exploration plays ‘New Zone’ Appraisal(7) Frog Lake Secondary Zones: 45 net(8) Locations ▪ Sparky, Lloyd, Rex, and McLaren Zones Figure Lake Upper Clearwater: 12 net Locations ▪ New pools mapped - 13(1) Calli
Slide 20: Waterflood and Enhanced Oil Recovery 'Size of the Prize'
Waterflood and Enhanced Oil Recovery ‘Size of the Prize’ Measured in Incremental Recovery, Higher Free Funds Flow, Asset Duration & Value Creation With full scale waterflood implementation we expect: ▪ Incremental recovery potential of 5 - 10% of original oil in place (“OOIP”) Line Drive Waterflood
Slide 21: 2026 Annual Exploration and Development Spending
2026 Annual Exploration and Development Spending(1) Development, Step-out Delineation, Enhanced Oil Recovery Pilots and Exploration 2026 E&D Spending: $125-130 MM(1) EOR Pilots, Exploration, $6.4 $10.7 62 gross / 49.0 net wells Minors, Development, Delineation & EOR: Exploration, $0.5 ▪ Figure Lake:
Slide 22: Balance Sheet and Guidance
Balance Sheet and Guidance Credit facility limit increased to $160 MM (up from $140 MM) providing additional liquidity and financial flexibility Guidance (August 10, 2026) Balance Sheet Reconciliation through 2024 Strategic Transactions H1 2026A 2026F Perpetual Rubellite Year End Q2 2026 (2) (1)(2)(
Slide 23: Commodity Price Risk Management
Commodity Price Risk Management Price protection on ~69% of Aug-Dec 2026, 53% of 2027 and 19% of 2028 liquids production, net of royalties(1) Oil Price Risk Management Natural Gas Price Risk Management Oil Hedges (bbl/d) Natural Gas Hedges (GJ/d) 7,000 100% 10,000 100% 90% 90% 6,000 80% 80% 5,000 70
Slide 24: Creating Differentiated Value for Shareholders
Creating Differentiated Value for Shareholders Junior E&P growth opportunity focused on Clearwater and Mannville Stack multi-lat heavy oil plays ▪ 656 net sections of prospective Clearwater, Mannville Stack and Heavy Oil exploration lands Expanding Pure ▪ Major producing properties at Figure Lake (C
Slide 25: 2026 Strategic Priorities
2026 Strategic Priorities Value Creation through Heavy Oil Multi-lat Driven Play Strategies High Grade Land Portfolio Improve & Expand Capital Prospect Efficiencies Inventory for Optimize Chosen Play Drive Value and De-risk Exploration Strategies Operational Free Funds Excellence Flow Prospects & Gr
Slide 26: Additional Information
Additional Information Sue Riddell Rose, President & CEO Ryan Shay, Vice President, Finance & CFO 3200, 605 – 5 Avenue SW Calgary, Alberta Canada T2P 3H5
Slide 27: Appendix
APPENDIX Rubellite Energy Corp. 26
Slide 28: Historical Financing
Historical Financing Strong insider support for equity and subordinated debt financings ▪ Rubellite acquired all of Perpetual’s Clearwater Assets for total consideration of $65.5 MM (including $59.2 MM in cash) • Incorporated on July 12, 2021; Clearwater Assets conveyed on July 15th • Plan of Arrang
Slide 29: Rubellite Asset Profile | East Edson
Rubellite Asset Profile | East Edson Deep Basin Wilrich Liquids-Rich Gas Asset Map Asset Summary To Rosevear Working Interest: 50% ▪ Non-operated interest with best-in-class operator (Tourmaline – TSX:TOU) Net Production: ▪ Q2 2026 sales: 3,886 boe/d (20.8 MMcf/d; 426 bbl/d NGL) ▪ 18.8 bbl/MMcf NGL
Slide 30: Commodity Price Risk Management
Commodity Price Risk Management Position Details Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Cal28 WTI CAD/bbl Swap Volume (bbl/d) - - - - - - - - - - - - - - - - ($CAD/bbl) WTI USD/bbl Swap Volume (bbl/d) 5,250 5,000 5,400 4,350 4,350 4,350 4,350 1,700 ($USD/bbl) $67.86 $66.73 $68.98 $71.31 $71.31 $7
Slide 31: Operational Excellence
Operational Excellence Striving for continuous performance improvement Environment Water: Oil based mud drillings with no fresh water-based fracture stimulation in Clearwater play and minimal fresh water usage in the Mannville Stack area Land: Surface footprint minimized with multi-well pad developm
Slide 32: Advisories
ADVISORIES Rubellite Energy Corp. 31
Slide 33: Advisories – General and Forward-Looking Information
Advisories – General and Forward-Looking Information General This Corporate Overview (this "presentation") of Rubellite Energy Corp. ("Rubellite" or the "Company") is for discussion and information purposes only and any unauthorized use is strictly prohibited. These materials should be read in conju
Slide 34: Advisories – Oil and Gas Advisories
Advisories – Oil and Gas Advisories This presentation contains certain oil and gas industry metrics which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make
Slide 35: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Reserves Disclosures (continued) “Adjusted finding and development” ("F&D") costs per boe are calculated as the sum of development costs, adjusted for the cash proceeds of acquisitions and dispositions, rather than the net back value component used in
Slide 36: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Net Asset Value (“NAV”) NAV is calculated as total proved plus probable reserves as per the McDaniel Report, plus independently verified third party valuation of undeveloped lands, less net debt and the other provision at an undiscounted value. This me
Slide 37: Advisories – Oil and Gas Advisories (continued)
Advisories – Oil and Gas Advisories (continued) Drilling Locations This presentation discloses drilling locations in three categories: (i) booked locations, (ii) unbooked development / step-out delineation locations, and (iii) exploration / appraisal locations. Booked locations are proved and probab
Slide 38: Advisories – Risk Management Contracts
Advisories – Risk Management Contracts Risk Management Contracts “Hedge” or risk management contract positions by product, current to August 7, 2026, are as follows: Refer to Advisories section for further information regarding forward-looking statements, oil and gas information and non-GAAP and oth
Slide 39: Advisories – Non-GAAP and Other Financial Measures
Advisories – Non-GAAP and Other Financial Measures Throughout this presentation and in other materials disclosed by the Company, Rubellite employs certain measures to analyze financial performance, financial position and cash flow. These non-GAAP and other financial measures do not have any standard
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