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Perpetual Energy Inc
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March 2024 Corporate Presentation
| Susan Riddell Rose | Page 2 of 11 |
May 09, 2024
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"March 2024 Corporate Presentation"
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Perpetual repositioned to realize inherent value of base assets and re-ignite Perpetual Positioned for Value Capture ? Rubellite transactions delivered to restore Perpetual’s business plan ? Materially reduced debt ? Re-established sustainable cost structure with G&A cost sharing & reduced interest on lower debt ? Restored sufficient liquidity to invest in assets and value-adding ideas ? Maintained exposure to next wave of improving commodity prices & Clearwater Play ? Mannville disposition significantly improved financial flexibility ? Strategic disposition for $35.8 million closed November 22, 2023 (Effective Sept 1, 2023) • Q3 2023 Mannville production of 1,431 boe/d (66% heavy oil) • Proceeds used to reduce bank debt, manage future maturities, provide liquidity and flexibility for future investment and to manage other obligations ? Maximizing the inherent value in our diverse asset base while pursuing New Ventures ? Maintained stable year-over-year production • Production in 2023 of 6,375 boe/d, down 2% from 6,486 boe/d in 2022 as a result of the Mannville Disposition ? Continually improved balance sheet • Net debt at December 31, 2023 of $21.6 MM, down from ~$110 million at June 30, 2021 • Net debt to TTM adjusted funds flow ratio at December 31, 2023 of ~0.6 times • Dramatically improved liquidity allows for investment in value-enhancing opportunities and flexibility to manage other obligations ? Investing in sustainable diversified proven asset base • Keeping pace with JV Partner in the development of Edson liquids-rich conventional natural gas on ‘drill to fill’ strategy • Predictable production profile; attractive half cycle economics; JV partner Tourmaline ? Spectrum of high impact New Venture opportunities • Heavy oil and tight gas exploration; Panny bitumen; and Southeast Alberta Helium Joint Venture ? Resolution of Sequoia Litigation ? On March 22, 2025, Perpetual entered into an agreement to bring resolution without any party admitting liability, wrongdoing or violation of law, regulations, public policy or fiduciary duties 2 Refer to Slide Notes and Advisories