Rubellite Energy : September 11, 2023

Rubellite Energy Inc.

Corporate Overview

September 11, 2023

Corporate Profile

High growth-focused, pure play Clearwater E&P company (TSX:RBY)

Since 2018, Perpetual / Rubellite has executed 50+ separate transactions to assemble access to

315 net sections across the Clearwater fairway

• 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 Arrangement closed on September 3rd
  • Equity Financings closed / released from Escrow on Oct 5, 2021
• $83.5 MM in Equity Financings (October 5, 2021):
• • $30.0 MM Brokered Sub-Receipts Financing (closed into escrow July 13th)
  • $20.0 MM Non-Brokered Private Placement
  • $33.5 MM Arrangement Warrant ("rights offering") Financing for Perpetual shareholders fully backstopped by Sue Riddell Rose, President & CEO
  • All components of the financings priced at $2.00/share
• $38.7 MM in Equity Financings (March 30, 2022):
• • $25.3 MM Brokered Financing; $13.4 MM Non-Brokered Private Placement
  • Both financings priced at $3.55/share
• $20.0 MM Flow-Through Equity Financing (March 28, 2023):
• • Non-BrokeredPrivate Placement priced at $2.85/share

TSX	RBY
Shares Outstanding(1)	61.8 MM
Market Capitalization(2)	$139.1 MM
Net Debt (June 30, 2023)	$20.7 MM
Enterprise Value	$159.8 MM
Insider Ownership	~37.8%

1. 68.5 MM fully diluted including 4.0 MM Share Purchase Warrants (owned by Perpetual)
2. TSX:RBY September 7, 2023 closing price of $2.25/share

Assets

assembled over

four years

through third

party and

crown land acquisitions, farm-ins and freehold mineral leasing

Captured strategic

road

infrastructure

required for future

development

Spin-out of

Rubellite assets, public listing and equity financings

Significant delineation through Perpetual and competitor activity provided confidence in drilling inventory

Refer to Slide Notes and Advisories

1

Investment Highlights

Robust growth opportunity in the prolific Clearwater play

Expanding

Pure Play

Clearwater

Asset Base

Robust Organic

Production

Growth Profile

Fully Funded

Development

Unlocking Free

Funds Flow

Conservative

Capitalization

and Risk

Mitigation

Management

Alignment and

ESG Excellence

• High growth-focused, pure play Clearwater E&P company
• ~315 net sections of prospective Clearwater lands and ~200 Development / Step-out drilling locations
• Multiple exploration prospects captured with material location inventory potential if successful
• Line of sight to additional exploratory land capture and M&A opportunities
• Rubellite controls and operates 100% of its Clearwater asset base
• Organic production growth from initial 350 bbl/d in September 2021 to ~3,285 bbl/d for the second half of August 2023 (based on field estimates)
• Highly profitable, full cycle IRRs with attractive payout periods at current strip prices
• Development / Step-out drilling ongoing to validate and refine type curves
• Evaluation of exploration prospect inventory to inform sustainable target production level
• Rapid, organic growth plan financed through equity, adjusted funds flow and available credit facilities
• Total cash costs of ~$19.50 to $21.00/bbl drives attractive netbacks at strip pricing
• Extensive infrastructure in core operating areas drives attractive capital efficiencies
• Future waterflood and EOR potential to mitigate production declines and increase recovery
• $40 MM bank credit facility
• Risk management with hedging to protect capital investment plans and returns during growth ramp
• Line of sight to sustainable free funds flow; timing dependent on commodity prices, delineation results, exploration success and chosen pace of growth
• Free funds flow could be directed to accelerated organic growth, additional exploration activities, acquisitions and returns to shareholders
• Strong management alignment with insider ownership of ~37.8%
• Majority independent board members ensures solid governance
• Unstimulated, multi-lateral drilling technology from multi-well pads supports environmentally responsible development with limited surface footprint and negligible use of freshwater

Refer to Slide Notes and Advisories

2

Clearwater Play Landscape

Amongst the best single well economics of any play in North America

Clearwater Play Evolution

Clearwater Play

• Since 2017, > 1,250 wells have been drilled, growing play production from nil to ~121,000 bbl/d by Q2 2023
• • ~75% of production at Marten Hills and Nipisi
  • Additional pools proven to the north at Peavine, Seal, Utikuma & Golden; and to the south at Jarvie, Newbrook, Ukalta & Figure Lake
• Primary recovery heavy oil utilizing horizontal multi-lateral drilling
• Secondary recovery waterfloods initiated in multiple areas

ROR (%)	ROR Oil (%)	Payout (yrs)
450%	2.0
400%	ROR Gas (%)	1.8
Average ROR (162%)
350%		1.6
300%		1.4
250%		1.2
	1.0
200%
	0.8
150%		0.6
100%		0.4
50%		0.2
0%		0.0

Source: Peters & Co. Limited estimates based on US$75/B WTI and C$3.75/Mcf AECO prices

Rate of Return (ROR) calculated as NPV10 / Initial Capital Spend

Early development of Clearwater Play focused on Marten Hills and Nipisi

Numerous new areas within the Clearwater fairway proving to be highly economic

Refer to Slide Notes and Advisories

3

Rubellite Asset Profile

315 net sections of prospective land; ~200 development / step-out Clearwater locations

Asset Map

Asset Summary:

Land	Well Count	Production
Area		Q2 2023
(net sections)(1)	(net producing)(3)	(bbl/d)(4)

Cadotte

Dawson

Peavine

Figure Lake

Ukalta

Marten Hills(3)(5)

Northern Exploration(2)(3) Other Exploration(7)

TOTAL

122

34.5

0.9

70

88

315.4(2)(5)

34.01,798

26.0677

3.3	368
0.0	0
3.0	-
66.3(3)(5)	2,844

Marten Hills

Figure Lake

Ukalta

Source: geoScout and competitor disclosures

1. 318.4 net sections at Before Payout Working Interest (315.4 net sections After Payout)
2. Includes Peavine, Dawson and Cadotte exploratory lands at after payout working interest where drilling/work commitments are required for earning
3. Well count contributing to production during Q2 2023 was 69 gross (61.3 net APO). Producing well counts at Sept 11, 2023 is 71 gross (66.3 net APO), including 5 additional wells at Figure Lake,
   and continued shut in of 3 gross (1.55 net APO) Northern Exploration wells due to winter only access.
4. 100% conventional heavy crude
5. Production at Marten Hills is reported at the After Payout Working Interest. Project Payout occurred in January 2023 and was effective May 1, 2023
6. Total Proved Plus Probable (TPP) reserves as per Year End 2022 McDaniel Reserve Report
7. Other Exploration volumes at Alpen and Skeleton included in Figure Lake total production

Production:

• Q2 2023 2,844 bbl/d
• Current production 3,285 bbl/d (second half August based on field estimates)

Reserves(6): Total proved plus probable of 10.2 MMbbl

Property Status:

Marten Hills - Developed on primary; Secondary recovery potential Ukalta - Development ongoing

Figure Lake - Development and Step-out/extension ongoing Northern Exploration - De-risking prospects at Dawson

Other Exploration - Various stages of land capture & assessment

Refer to Slide Notes and Advisories

4