New Stratus Corporate Presentation May 2024

New Stratus Corporate Presentation May 2024

1. Corporate Presentation
May 2024

2. 2
This presentation of New Stratus Energy Inc. (“NSE” or the “Corporation”) is for information purposes only and shall not constitute an offer to sell, or a solicitation of an offer to buy, any securities of NSE. The information contained
herein is subject to change without notice and is based on publicly available information, internally developed data and other sources. Where any opinion or belief is expressed in this presentation, it is based on the assumptions and
limitations mentioned herein and is an expression of present opinion or belief only. This presentation should not be construed as legal, financial or tax advice to any individual, as each individual’s circumstances are different. Readers
should consult with their own professional advisors regarding their particular circumstances. Unless defined herein, all capitalized words shall have the meaning ascribed to them elsewhere in this presentation.
Cautionary Note Regarding Forward-Looking Information and Forward-Looking Statements: This presentation contains information that may be considered to be forward-looking information or forward-looking statements within the
meaning of applicable securities laws (collectively, “forward-looking information”). Such forward-looking information relates to internal projections, expectations, estimates or beliefs relating to future events or the future performance
of NSE. All statements contained herein, other than statements of historical fact, may be forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate",
"plan", "continue", "estimate", "expect", "may", "will", "project", "predict", “propose”, "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions, or the negative or grammatical variations thereof.
These statements are only predictions and actual events or results may differ and such differences could be material. Although management of NSE believes that the expectations reflected in the forward-looking information contained
in this presentation are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social
uncertainties and contingencies. Therefore, investors should not unduly rely on the forward-looking information contained in this presentation as actual results may vary and there can be no assurance that such forward-looking
information will prove to be correct and in many cases assumptions are based on factors and events that are not within the control of the Corporation. Forward-looking information may include, among other things, statements about:
the anticipated benefits and results of the Corporation’s recently completed acquisitions or potential acquisitions; the anticipated timing for the completion of the Corporation’s potential acquisitions; the Corporation’s development
program in respect of the Goldpillar acquisition and the Soledad Acquisition, including the timing thereof and expenditures related thereto; anticipated future production levels; anticipated cash flows resulting from the Corporation's
acquisitions and the planned uses of such cash flows; the projected future production volumes, revenues, cash flows and capital exposure in connection with the Corporation's acquisitions; the Corporation’s ability to acquire additional
working interest in OPS; expectations regarding the renegotiation of existing agreements with government officials; and the Corporation’s future drilling plans and the anticipated number of wells to be drilled.
With respect to forward-looking information contained in this presentation, NSE has made assumptions regarding, among other things: the ability of the Corporation to receive, in a timely manner, the regulatory and third party
approvals for potential acquisitions, the ability of the Corporation to satisfy, in a timely manner, the conditions to the closing of potential acquisitions, the ability of the Corporation to obtain financing on satisfactory terms, the
legislative, executive and regulatory environment in the jurisdictions where it operates and intends to operate, the impact of increasing competition, that costs related to exploration, drilling, seismic and the development of oil and gas
properties will remain consistent with historical experiences, anticipated results of exploration and drilling activities and the price of oil and gas. The forward-looking information contained in this presentation involves known and
unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.
NSE’s actual results could differ materially from those anticipated in the forward-looking information contained in this presentation as a result of certain risk factors, including but not limited to the following: risks and uncertainties
relating to the completion of acquisitions and potential acquisitions, the ability to successfully integrate operations and realize the anticipated benefits of potential acquisitions, incorrect assessments of the value of potential
acquisitions, volatility in the market prices for oil and natural gas, unanticipated changes in any applicable royalty regime, uncertainties associated with estimating resources and reserves, geological problems, technical problems,
drilling and seismic problems, liabilities and risks including environmental liabilities and risks inherent in oil and natural gas operations, legal restrictions relating to COVID-19, fluctuations in currency exchange and interest rates,
unanticipated results of exploration and development drilling and related activities, competition for capital, competition for acquisitions of reserves and resources, competition for undeveloped lands, employee relations, relationships
with local communities and indigenous populations, competition for skilled personnel, unpredictable weather conditions, the impact of general economic conditions and political conditions, industry conditions including changes in
laws and regulations, including adoption of new environmental laws and regulations, changes in political conditions, the possibility of future financings and divestitures, expectations regarding future production and obtaining required
approvals of regulatory authorities. Readers are cautioned that the foregoing list of risk factors is not exhaustive.
The forward-looking information contained in this presentation speaks only as of the date of this presentation and is expressly qualified, in its entirety, by this cautionary statement and NSE disclaims any intent or obligation to update
publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. These materials do not and are not to be construed as an
offering memorandum. An investment in securities of NSE involves a high degree of risk and potential investors are advised to seek their own investment and legal advice.
Disclaimer

3. 3
Cautionary Note Regarding Future-Oriented Financial Information: To the extent any forward-looking information in this presentation constitutes “future-oriented financial information” or “financial outlooks” within the meaning of
applicable Canadian securities laws, such information is being provided as of the date of this presentation to provide information : (i) about management’s current expectations and plans relating to the future; and (ii) to demonstrate
the potential benefits of the Corporation’s business plans and strategies and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-
oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to the
risks set out above under the heading “Cautionary Note Regarding Forward-Looking Information and Forward-Looking Statements”, among others. No representation or warranty of any kind is or can be made with respect to the
accuracy or completeness of, and no representation or warranty should be inferred from the Corporation's projections or the assumptions underlying them. NSE’s actual financial position and results of operations may differ materially
from management’s current expectations and, as a result, NSE’s financial position may differ materially from what is provided in this presentation. Such information is presented for illustrative purposes only and may not be an
indication of NSE’s actual financial position or results of operations.
Third Party Information: This presentation includes market and industry data which was obtained from various publicly available sources and other sources believed by NSE to be true. Although NSE believes it to be reliable, NSE has not
independently verified any of the data from third-party sources referred to in this presentation, or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions
relied upon by such sources. NSE does not provide any representation or assurance as to the accuracy or completeness of the information or data, or the appropriateness of the information or data for any particular analytical purpose,
and accordingly, disclaims any liability in relation to such information and data. NSE has no intention and undertakes no obligation to update or revise any such information or data, whether as a result of new information, future events
or otherwise, except as required by law.
Oil and Gas Information: The term barrels of oil equivalent (“BOE”) may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 mcf: 1 bbl) is based
on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural
gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Estimates of the net present value of the future net revenue from reserves do not
represent the fair market value of reserves. The estimates of reserves and future net revenue from individual properties or wells may not reflect the same confidence level as estimates of reserves and future net revenue for all
properties and wells, due to the effects of aggregation. This presentation includes information attributable to the GoldPillar project and the Soledad project effective as of March 31, 2024 prepared by an internal qualified reserves
evaluator. This information was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities.
US Disclaimer: This presentation is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or an exemption from registration.
Non-GAAP Measures: In this presentation, certain key performance indicators and industry benchmarks such as EBITDA, free cash flow (FCF), operating netback, net debt (cash) are used to analyze financial and operating performance.
These key performance indicators and benchmarks are key measures of profitability and provide investors with information that is commonly used by other oil and gas companies. These key performance indicators and benchmarks as
presented do not have any standardized meaning prescribed by Canadian generally accepted accounting principles and therefore may not be comparable with the calculation of similar measures for other entities.
All figures in US$ unless otherwise specified.
Disclaimer

4. 4
Executive Management
Jose Francisco Arata, Chairman and CEO
▪Geology/Engineering background.
▪38+ years as a top executive in large E&P companies.
▪Former President, Executive Director at Pacific
Rubiales.
▪Former Founder, President and CEO of Pacific Stratus.
Marino Ostos, Chief Geoscience Officer
▪Geologist, with a PhD in sciences.
▪Extensive experience overseeing
processes in over 10 different LATAM
countries.
▪Former VP, New Business at Pacific
Rubiales.
Technical Team
Wade Felesky, President & Director
▪25+ years of investment banking experience.
▪Former Head of Investment Banking at
Laurentian Bank Securities & former Co-Head
of Energy Investment Banking at GMP
Securities.
Mario Miranda, Chief Financial Officer
▪President of Finterra Consulting Inc.
▪Former CFO of Pacific Stratus Energy, Medoro
Resources, Alexandria Minerals among other TSX
listed companies.
▪30+ years experience in the Canadian Energy sector.
Board of Directors
Camilo E. Valencia, Chief Operating Officer
▪Petroleum Engineer with 25+ years LATAM experience.
▪Operational leadership in Colombia, Ecuador, Peru, and
Mexico.
▪Significant experience in field development, heavy/light
O&G fields. Planning, drilling, project facilities and ops.
+35 yrs experience
+35 yrs experience
+25 yrs experience
+30 yrs experience
Wade Felesky
President & Director
Greg Bay
Director
Jose Francisco Arata
Chairman & CEO
Marino Ostos
CGO & Director
Leadership Team

5. 5
▪New Stratus Energy Inc. (“NSE”) is a Canadian E&P company listed in Toronto Venture Exchange
(TSXV:NSE) currently pursuing acquisition opportunities in Latin America:
▪Stated business case calls for exploitation and development of large, undercapitalized
resource opportunities in Latin America.
▪Will significantly grow production within 3 to 5 years through strategic joint ventures with
National Oil Companies and subsequent organic growth.
▪Recent acquisitions:
▪Venezuela (January 2024):
▪Goldpillar (20% Working interest in Vencupet).
▪Mexico (May 2024):
▪Soledad (49% co-operated working interest in OPS with an option to increase to
90% in 2026).
▪OPS is the private operator of the profit-sharing agreement with Pemex.
▪At current oil prices, OPS’s share of FED
(1)
is 88.2%.
▪Evaluating opportunities in:
▪Additional assets in Mexico.
▪Additional assets in Venezuela.
▪Colombia, Peru, Guyana, Ecuador, Argentina & Trinidad.
Company Overview
Overview Current Opportunities
Recent acquisitions
Evaluating opportunities
(1)FED is a measure of available free cash flow, as defined in the contract, and is based on revenue less royalties, taxes and irreducible costs. See page
14 for more details.

6. 6NSE Projected Financial Information
Combined Projected Financial Information for GoldPillar and Soledad
(1)(2)(3)
(1) See Oil and Gas Information and Non-GAAP Measures, on page 2.
(2) Assumes Brent pricing of US$80 per bbl and is based on management internal projections.
(3) The projected results above aggregate projected results from each of the GoldPillar project and the Soledad project, found on pages 10 and 15, respectively.In USD MM unless otherwise noted 2024 2025 2026 2027 2028 2029 2030 2031 2032+ Total
Net Production Boepd 1,251 3,448 6,746 8,906 10,651 11,371 11,580 11,537 4,340
Revenues, net of royalties 16.4 49.0 90.8 121.7 146.2 155.9 160.4 160.2 1,242.2 2,142.7
Opex (11.7) (11.8) (20.9) (20.5) (22.4) (21.2) (22.5) (21.5) (207.1) (359.7)
Other Income 23.3 36.6 33.6 33.4 31.7 26.7 19.9 19.9 204.0 429.3
-
Other Costs (4.9) (7.6) (5.9) (5.3) (4.3) (4.6) (1.5) (1.6) (6.3) (41.9)
-
Abandonment Costs - - (0.7) (3.5) (3.9) (3.3) (1.9) (1.9) (3.1) (18.3)
EBITDA 23.1 66.2 97.0 125.8 147.3 153.6 154.3 155.2 1,229.8 2,152.1
Depreciation (1.3) (4.1) (6.5) (11.8) (17.3) (21.7) (25.4) (28.8) (319.3) (436.2)
0
Interest Paid (2.5) (2.5) (2.5) (2.5) (2.5) (0.0) - - - (12.3)
0
Special Taxes and Contributions (1.7) (4.8) (6.2) (7.8) (8.9) (9.4) (10.0) (9.9) (115.5) (174.0)
Income Tax / PTU (1.0) (2.6) (3.9) (9.9) (22.5) (30.2) (33.1) (32.6) (276.4) (412.3)
0
Transaction Costs (4.0) - - - - - - - - (4.0)
Net Income 12.7 52.2 77.9 93.8 96.2 92.2 85.9 83.8 518.6 1,113.2

7. 7NSE Projected Financial Information
Combined Projected Financial Information for GoldPillar and Soledad
(1)(2)(3)
(1) See Oil and Gas Information and Non-GAAP Measures, on page 2.
(2) Assumes Brent pricing of US$80 per bbl and is based on management internal projections.
(3) The projected results above aggregate projected results from each of the GoldPillar project and the Soledad project, found on pages 10 and 15, respectively.
(4) The projected results above aggregate projected results from each of the GoldPillar project and the Soledad project, found on pages 9 and 14, respectively.
Key Projected Results (Net to NSE)
(1)(2)(4)In USD MM unless otherwise noted 2024 2025 2026 2027 2028 2029 2030 2031 2032+ Total
Soledad (7.6) (9.2) 2.0 19.8 44.9 49.2 47.7 48.8 306.1 501.8
Goldpillar - Vencupet (8.3) 27.3 37.4 37.0 38.7 41.5 19.9 19.9 398.1 611.5
Total Cash Flow from Operations + Investments (15.8) 18.2 39.4 56.8 83.6 90.7 67.5 68.7 704.1 1,113.2
Soledad (2.0) - - (2.0) (2.0) (2.0) (2.0) (2.0) - (12.0)
Goldpillar - Vencupet (9.7) (2.0) - - - - - - - (11.7)
Total Cash Flow from Acquisitions (11.7) (2.0) - (2.0) (2.0) (2.0) (2.0) (2.0) - (23.7)
Total Cash Flow (27.5) 16.2 39.4 54.8 81.6 88.7 65.5 66.7 704.1 1,089.5 Consolidated Soledad Goldpillar
Total production MMboe 54.0 37.8 16.2
Total FCF USD MM 1,089.5 489.8 599.8
NPV10 USD MM 422.8 199.4 223.4
NPV10 USD / boe 7.82 5.28 13.75
IRR % 118.2% 76.2% 165.8%
Payback period Years 2.3 3.9 1.7
Maximum capital exposure USD MM (27.5) (18.7) (18.0)

8. 8Goldpillar: Asset Characteristics
Main Characteristics
(1)
Map
▪Peak April Production (Gross): 915 bpd.
▪API: 20 – 45° (Lido / Limon / Leona (80% )) 9 – 16° (Adas (20%))
▪Fields: Adas, Lido, Limon, Leona, Oficina Norte, and Oficina Central.
▪Basin: Orinoco.
▪Area: 794.2 km
2
.
▪Wells: 923 (0 active, 299 to reactivate).
▪Facilities to be built / expanded:
▪Oil Pipelines: 600 km.
▪Flow Stations: 12.
▪Unloading Stations: 3.
▪Gas Compression Plants: 2.
▪Water Injection Plants: 3.
▪2023 – 2050 Projections (Gross
(2)(3)
):
▪Total Production: 81 MMbbl.
▪Peak Production: 13,250 bpd (June 2030).
▪Total Capex: c. USD 700 million.
Oficina Central
Adas
Lido-Limón-Leona
150 km
Orinoco heavy oil belt
(1) See Oil and Gas Information and Non-GAAP Measures, on page 2.
(2) Assumes Brent pricing of US$80 per bbl and is based on management internal projections.
(3) Net values are provided on page 9.

9. 9Goldpillar: Overview
▪NSE acquired a 50% participation in Goldpillar resulting in:
▪20% operated working interest in Venezuelan Mixed Company Vencupet, (PDVSA 60% / Goldpillar 40%) which has the concession of the fields
Lido, Limon, Leona, Oficina Central, and Adas, located in the south of the Anzoategui and Monagas states.
▪4 distinct revenue streams:
▪Operator of the E&P assets with 20% working interest.
▪General contractor (Procurement) for the surface development of the fields.
▪Trader and distributor of produced oil at Vencupet.
▪Financier of required capital expenditures.
Description
Main Results (Net to NSE)
(1)(2)Goldpillar
Total production MMboe 16.2
Total FCF USD MM 599.8
NPV10 USD MM 223.4
NPV10 USD / boe 13.75
IRR % 165.8%
Payback period Years 1.7
Maximum capital exposure USD MM (18.0)
(1) See Oil and Gas Information and Non-GAAP Measures, on page 2.
(2) Assumes Brent pricing of US$80 per bbl and based on management internal projections.

10. 10Goldpillar: Overview
Projected Financial Information (Net to NSE)
(1)(2)In USD MM unless otherwise noted 2024 2025 2026 2027 2028 2029 2030 2031 2032+ Total
Net Production Boepd 456 1,261 1,601 1,997 2,265 2,402 2,540 2,502 1,551
Workovers / Interventions (Gross) # 41 17 37 15 17 7 8 10 65 217
New Wells (Gross) # - - 1 6 7 7 3 1 - 25
Revenues 36.0 71.6 78.0 88.8 94.8 93.4 90.3 89.4 1,021.9 1,664.2
Royalties (3.0) (8.3) (10.5) (13.1) (14.9) (15.8) (16.7) (16.4) (193.8) (292.6)
Windfall Tax (0.6) (1.8) (2.2) (2.8) (3.2) (3.4) (3.5) (3.5) (41.2) (62.2)
Opex (5.2) (2.9) (5.2) (4.8) (5.8) (5.0) (6.3) (5.5) (103.6) (144.3)
Fees Paid (4.9) (7.6) (5.9) (5.3) (4.3) (4.6) (1.5) (1.6) (6.3) (41.9)
Abandonment - - - - - - - - (2.1) (2.1)
EBITDA 22.3 51.1 54.2 62.7 66.5 64.7 62.3 62.3 674.9 1,121.0
Depreciation (1.3) (3.5) (4.5) (5.6) (6.4) (6.7) (7.1) (7.0) (82.6) (124.8)
Special Taxes (1.6) (4.5) (5.7) (7.1) (8.0) (8.5) (9.0) (8.9) (104.4) (157.7)
Contributions (0.1) (0.3) (0.5) (0.7) (0.8) (0.9) (1.0) (1.0) (11.1) (16.4)
Interest Paid (2.5) (2.5) (2.5) (2.5) (2.5) (0.0) - - - (12.3)
Transaction Costs (2.0) - - - - - - - - (2.0)
Income Tax (1.0) (2.6) (3.8) (6.8) (8.6) (11.0) (12.7) (12.8) (137.1) (196.4)
Net income 13.9 37.6 37.3 40.1 40.2 37.6 32.4 32.6 339.7 611.5
Depreciation 1.3 3.5 4.5 5.6 6.4 6.7 7.1 7.0 82.6 124.8
Capex (14.5) (22.7) (17.5) (15.9) (12.9) (13.6) (4.3) (4.7) (18.6) (124.8)
Acquisition Payments (9.7) (2.0) - - - - - - - (11.7)
Cash Calls 8.9 14.5 10.8 5.0 0.9 (4.0) (15.4) (15.0) (5.6) -
Credit Line (17.8) (5.6) 2.3 2.2 4.2 14.8 - - - (0.0)
-
Cash Flow to NSE (18.0) 25.3 37.4 37.0 38.7 41.5 19.9 19.9 398.1 599.8
(1) See Oil and Gas Information and Non-GAAP Measures, on page 2.
(2) Assumes Brent pricing of US$80 per bbl and is based on management internal projections.

11. 11Goldpillar: Operating Netbacks
(1)(2)
WorkoversNew Wells
$4.00
$8.70
$1.24
$17.73
$3.83
$34.74
Windfall Tax
Contributions
OPEX
Vencupet
Discount to Brent
Royalties
Special Taxes
$9.76
Brent Price $80.00
EUR: 710 kboe
IP30: 200 boepd
Cost: USD 4.4 MM
EUR: 330 kboe
IP30: 83 boepd
Cost: USD 0.6 MM
Income Tax:
$17.02
Capex:
$6.20
Income Tax:
$16.62
Capex:
$1.82
$4.00
$8.70
$1.22
$17.73
$3.83
$34.76
Windfall Tax
Contributions
OPEX
Vencupet
Discount to Brent
Royalties
Special Taxes
$9.76
Brent Price $80.00
(1) Assumes Brent pricing of US$80 per bbl.
(2) See Oil and Gas Information and Non-GAAP Measures, on page 2.

12. 12Goldpillar: Netbacks Sensitivity to Brent Price
WorkoversNew WellsBrent PriceNetback
USD / bblUSD / bbl
40 12.34
45 15.47
50 18.60
55 21.72
60 24.09
65 26.45
70 28.82
75 31.39
80 34.74
85 38.08
90 41.25
95 42.81
100 44.36
105 45.92
110 47.47
115 48.76
120 50.02 Brent PriceNetback
USD / bblUSD / bbl
40 12.35
45 15.47
50 18.60
55 21.73
60 24.09
65 26.46
70 28.82
75 31.41
80 34.76
85 38.10
90 41.27
95 42.83
100 44.38
105 45.94
110 47.50
115 48.78
120 50.04

13. 13Soledad: Asset Characteristics
Main Characteristics
(1)
Map
▪Reserves (Qualified Person):
▪P1: 43 MMboe.
▪Current Production: 1,430 boepd.
▪API: 32 – 37°.
▪Fields: Soledad, Soledad Norte, Aragon, Ahuatepec, Gallo, Palo Blanco,
and Coyotes.
▪Basin: Tampico – Misantla.
▪Area: 148 km
2
.
▪End of Concession: 2039.
▪2024 – 2039 Projections (Gross
(2)(3)
):
▪Total Production: 43 MMboe.
▪Peak Production: 10,900 boepd (June 2031).
▪Total Capex: c. USD 370 million.
(1) See Oil and Gas Information and Non-GAAP Measures, on page 2.
(2) Assumes Brent pricing of US$80 per bbl and is based on management internal projections.
(3) Net values are provided on page 14.

14. 14Soledad: Overview
▪Baker Hughes has operated a service contract with Pemex on the Soledad block, located in the State of Veracruz (East Mexico) since 2011.
▪Given the tariff structure limited in place capital has been spent exploiting the available resource.
▪In May 2024, NSE assumed co-operatorship and a 49.0% working interest in the operator of a profit-sharing agreement on the block until 2039.
▪NSE will embark on a cashflow generating program of workovers for 24 months following which NSE will have the option to increase its working interest
in the operator to 90.0% in 2026.
▪Qualified Persons (“QP”), including Gaffney, Cline & Associates experts, estimate reserves at 43.3 MMboe (1P).
Description
Main Results (Net to NSE)
(1)(2)
(1)See Oil and Gas Information and Non-GAAP Measures, on page 2.
(2)Assumes Brent pricing of US$80 per bbl and natural gas sales pricing of US$4.75 per mcf, and is based on management internal projections.
(3)FED is a measure of available free cash flow, as defined in the contract, and is based on revenue less royalties, taxes and irreducible costs.
(4)Represents the variance of payments to Pemex, which depends on natural gas sales pricing.

Revenues
Royalties, Special Taxes, and Irreducible Costs
FED
(3)
Operator Pemex
Adjustment
(4)
-8.76% to +26.37%
88.23% 11.77%
-
=
Summary Contract TermsSoledad
Total production MMboe 37.8
Total FCF USD MM 489.8
NPV10 USD MM 199.4
NPV10 USD / boe 5.28
IRR % 76.2%
Payback period Years 3.9
Maximum capital exposure USD MM (18.7)

15. 15Soledad: Overview
Projected Financial Information (Net to NSE)
(1)(2)
(1) Assumes Brent pricing of US$80 per bbl and natural gas sales pricing of US$4.75 per mcf, and is based on management internal projections.
(2) FED is a measure of available free cash flow, as defined in the contract, and is based on revenue less royalties, taxes and irreducible costs. In USD MM unless otherwise noted 2024 2025 2026 2027 2028 2029 2030 2031 2032+ Total
NSE Working Interest in Operator % 49.0% 49.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%
Net Production Boepd 950 2,187 5,144 6,909 8,386 8,969 9,040 9,034 7,572
Vertical /Directional Wells (Gross) # 2 9 2 3 - - - - - 16
Horizontal Wells (Gross) # - 3 5 6 9 7 7 8 30 75
Major Workovers (Gross) # 8 12 12 6 6 1 - - - 45
FED Available to the Operator 7.4 24.1 59.2 82.2 101.3 108.4 110.1 110.7 659.3 1,262.6
Opex (6.6) (9.0) (15.7) (15.7) (16.6) (16.2) (16.2) (16.0) (103.5) (215.3)
Abandonment - - (0.7) (3.5) (3.9) (3.3) (1.9) (1.9) (1.0) (16.2)
EBITDA 0.8 15.1 42.8 63.0 80.8 88.8 92.0 92.9 554.9 1,031.1
Depreciation (0.0) (0.6) (2.0) (6.2) (10.9) (15.0) (18.3) (21.8) (236.7) (311.4)
Transaction Costs (2.0) - - - - - - - - (2.0)
Income Tax - - - (2.9) (13.7) (19.1) (20.2) (19.7) (138.1) (213.7)
PTU - - (0.1) (0.2) (0.2) (0.2) (0.2) (0.2) (1.2) (2.2)
Net income (1.2) 14.5 40.6 53.7 56.0 54.6 53.4 51.2 178.9 501.8
Depreciation 0.0 0.6 2.0 6.2 10.9 15.0 18.3 21.8 236.7 311.4
Capex (5.1) (19.4) (41.6) (38.6) (35.0) (25.2) (24.8) (27.3) (94.4) (311.4)
Acquisition Payments (2.0) - - (2.0) (2.0) (2.0) (2.0) (2.0) - (12.0)
Carry BH (3.4) (5.6) 1.6 2.5 4.6 0.3 - - - -
Change in Working Capital 2.1 0.8 (0.6) (4.1) 8.5 4.4 0.8 3.1 (15.0) -
Cash Flow to NSE (9.6) (9.2) 2.0 17.8 42.9 47.2 45.7 46.8 306.1 489.8

16. 16Soledad: Operating Netbacks
(1)(2)
WorkoversNew Wells (Horizontal)
$5.00
$1.36
$17.60
$4.74
$33.43
$6.37
Royalties
Irreducible Costs
Netback
WTI Differential
Discount (Gas Lower
Price)
Income Tax
Special Taxes
$11.50
Brent Price $80.00
Royalties
Irreducible Costs
WTI Differential
Discount (Gas Lower
Price)
OPEX
Special Taxes
$5.00
$2.18
$17.60
$5.30
$32.18
$6.37
Royalties
Irreducible Costs
Netback
WTI Differential
Discount (Gas Lower
Price)
Income Tax
Special Taxes
$11.37
Brent Price $80.00
Royalties
Irreducible Costs
WTI Differential
Discount (Gas Lower
Price)
OPEX
Special Taxes
FED $39.80 FED $38.55
FED is split between
OPS and Pemex. From
its share, OPS has to
pay income tax and
100% of opex and
capex.
FED is split between
OPS and Pemex. From
its share, OPS has to
pay income tax and
100% of opex and
capex.
EUR: 813 kboe
IP30: 627 boepd
Cost: USD 4.2 MM
Income Tax: $9.03
Capex: $6.06
Pemex Share: $4.69
EUR: 116 kboe
IP30: 92 boepd
Cost: USD 0.6 MM
Income Tax: $9.28
Capex: $4.05
Pemex Share: $4.55
Vertical Well
EUR: 160 kboe
IP30: 107 boepd
Cost: USD 1.8 MM
(1) Assumes Brent pricing of US$80 per bbl, natural gas sales pricing of US$4.75 per mcf, and gas represents approximately 20% of total production.
(2) See Oil and Gas Information and Non-GAAP Measures, on page 2.

17. 17Soledad: Netbacks Sensitivity to Brent Price
WorkoversNew WellsBrent PriceNetback
USD / bblUSD / bbl
40 13.75
45 16.24
50 18.73
55 21.22
60 23.71
65 26.20
70 28.68
75 31.07
80 33.43
85 35.80
90 38.15
95 40.48
100 42.80
105 45.10
110 47.39
115 49.67
120 51.93 Brent PriceNetback
USD / bblUSD / bbl
40 12.46
45 14.97
50 17.47
55 19.92
60 22.42
65 24.92
70 27.41
75 29.80
80 32.18
85 34.55
90 36.91
95 39.25
100 41.47
105 43.88
110 46.18
115 48.46
120 50.73
Gas represents c. 20% of total production.
Assumes gas sales price flat at USD 4.75 per Mscf.

18. 18Summary Fiscal Terms
▪Working interest: PDVSA 60% – Goldpillar 40%.
▪Royalties:
▪Oil: 20% of revenues, with additional royalty of 3.33%.
▪Associated gas: Base oil royalty, at a price of USD 0.94 per MMBTU.
▪Windfall tax: 14 – 66.5%, depending on oil price.
▪Special taxes:
▪Surface tax: USD 2 per km
2
of unproductive land.
▪Self-consumption tax: 10% of the value of hydrocarbons consumed
in operations.
▪Extraction tax: 20% of the value of all liquid hydrocarbons extracted
from an oil field. Price capped at USD 70 per barrel. Royalties are
deductible.
▪Export registry tax: 0.1% of the value of all hydrocarbons exported
from a national port. Price capped at USD 70 per barrel.
▪Contributions: (a) National Anti-Drug Fund, 1% over the annual profit; (b)
National Fund for the Development of Sport, Physical Activity, and
Physical Education, 1% over the annual profit; and (c) National Fund for
Science, Technology, and Innovation, 1% over the monthly gross income.
▪Income tax: 50%.
▪Shadow tax: Ensures government take is at least 50% of oil and gas
revenues.
Goldpillar (Vencupet E&P, Venezuela)
▪Profit-sharing contract:
▪Base case: 88% Operator – 12% Pemex.
▪Adjustment of profit-sharing percentages based on oil price.
▪Royalties:
▪On production: Varies depending on the different components
present in the hydrocarbon produced.
▪Oil: Range between 7.50% and 9.25% + USD 1.50 per barrel.
▪Gas: Ranges between 1.60% and 5.00%.
▪On area: USD 440 per km
2
per month.
▪Special Taxes:
▪Share profit rights (DUC): 54% of “Monthly gross revenue” less
“Deductions”. Deductions comprises a portion of Capex, Royalties,
and 100% Opex and Pemex labor costs, and cannot exceed 60% of
“Monthly gross revenues”.
▪Land use (UYOS): Between 0.50% and 2.00% of “Monthly gross
revenue” less “Royalties” and DUC.
▪Income tax: 30% (unlimited carry forward).
▪Employee participation in profits(PTU):10%.
Soledad (Mexico)

19. 19Compelling Valuation
▪F.D. NAV of CAD 3.85 per share represents a 542% ROI on May
13, 2024, share price of CAD 0.60.
▪Operated profit-sharing contracts with large NOC’s create an
exceptional opportunity for investors to participate in unique
resource development.
▪Initial operated profit-sharing agreements already resulting in
advanced discussions on additional resource development
opportunities.
Net Present Value USD CAD
NPV10 – Goldpillar $223.4m $301.9m
NPV10 – Soledad $199.4m $269.5m
Total NPV10 $422.8m $571.4
Basic NAV / Share $3.39 $4.58
F.D. NAV / Share $2.85 $3.85
Capital Structure – 2024 Net Asset Value
(1)(3)
Highlights Additional Upside
(1)Based on a currency exchange rate of 0.74 USD/CAD.
(2)ITM Dilutives include 12.2m warrants with an exercise price of $0.45 and 11.5m options with an average exercise price of $0.51.
(3)See Oil and Gas Information and Non-GAAP Measures, on page 2.
Capital Structure
(1)(2)
USD CAD
Share Price ($/share)$0.44 $0.60
Basic Shares O/S (mm) 124.7 124.7
ITM Dilutives (mm) 23.8 23.8
Fully Diluted Shares O/S(mm) 148.5 148.5
Market Capitalization ($mm) $55.4 $74.8
(+) Net Debt (Cash) ($mm) ($24.5) ($33.1)
Enterprise Value ($mm) $30.9 $41.7