Light Oil Assets:  Significant Development Upside

History of unlocking reserves and production value

The Viking stands out as a sweet, light oil development play with associated natural gas located in central Alberta. As a result, this asset offers highly economic returns while providing the Company with the opportunity to continue drilling through the typical spring break-up period due to favourable ground conditions in the area. Some of the key attributes of the play include:

• Significant drilling inventory, including both low-risk infill and de-risked step-out development
• Superior netbacks due to lower well costs, combined with owned and controlled infrastructure and direct market access
• Shallow, low geological risk resource play

OUR VIKING ASSETS

• Shallow, low-risk, highly economic resource play with high impact development programs
• Western acreage developed since 2022 with substantially improved results
• Consistent success with numerous top ten production results
• Robust average production rates from this shallow, low-risk, highly economic resource play provide additional cash flow for the Company’s capital programs in 2023 and 2024
• Ample capacity for further Viking development with our strong established inventory of quality locations and 100% ownership of oil and gas infrastructure in the region 

HISTORY

• 2022: Returned to development drilling in our Viking area (focused in the Esther area) with highly successful 8-well program
  • Material oil discovery with the first step-out well 2 producing exceptional results and delineating our western acreage
• 2023:  Expanded and further delineated the western region of our Viking play in 2023 
  • First half 11-well program showed robust average daily peak rate per well of 293 boe/d, and daily cumulative rate of over 2,000 boe/d on multiple days (as of August 2, 2023)
  • Accelerated 8-well program into second half of 2023 with all wells onstream by year-end