Ann: Investor Presentation, page-18

Good money after bad OR a reasonable proposition

Conclusion from Independent Expert:
The Wizard Lake Rex Oil Pool was discovered in 2019 by exploratory drilling based on interpretation ofwell logs from the Leduc drilling largely in the 1950’s. While the exact areal distribution, especially on theWestern margin is not completely defined the existing well control including the 3 three recent horizontalwells (Rex -1 to Rex - 3) show a thick; (12-15m), porous (15-20%), lithic channel with significant potentialreservoir volume and upside. Further information including additional drilling, modern log suites, core,and seismic control will further define what is already a significant discovery.

EV/EBITDA multiple by my calc is something like 3.7X, compares to industry average in the 4x to 8x range.

I hold and my sentiment is a buy - but I'm already behind on this one - keen to hear other considered / quantitative views. Lets see how good this forum can be.