Ann: Investor Presentation May 2022, page-46

I will jump in here and say it was good management with a stroke of luck. Good managment that they had riden through the low and have not only delivered Jewell but accelerated the HBP program and a 20 well program. Its what management do in the lows as well as the highs that matter, be it accumulting quality acreage or stock in a low commodity environment or producing and divesting acreage in a higher commodity market!

When Jewell was announced and metrics for profitability I recall management being over the moon with $60 pricing. They undoubtedly would be doing the jig with the current pricing. What was our development break even price again per barrel?

A 'collapse' for a harsher word as Dan has put it still remains within the metrics that gave the green light. Remembering its not only O&G that is at the whim of strip commodity prices, Uranium, Iron Ore, Copper etc.

While I find the current commodity pricing an enormous opportunity, i always remind myself that all commodities are volatile and focus on the 5 year mean and consider that with the above.

Current 5 year averages for WTI 2017-2021 $55.99, 2018-2022 $64.71 to date so even in a pricing pull back will be sitting pretty. It's what management do then at that point, acquire acreage again from FCF derived capital




$60 oil is not a bad thing for my mind but sure are happy right now.

Keep well cheers Paul