POU: Q1/26 Results Ahead of Street; Guide Moves Up

Research evidence excerpt

POU: Q1/26 Results Ahead of Street; Guide Moves Up

and undrawn facilities totalling $750mm, leading to a total liquidity position of ~$1,422mm.

• Construction of the Alhambra Plant Phase 2 is substantially complete, and commissioning activities are underway. Start-up is

now expected in June (one month earlier than its original forecast).

• POU now expects its Willesden Green asset has the potential to support plateau production levels of 70,000 boe/d that can be

sustained for +20 years. This represents a 40% increase over the prior plateau production target of approximately 50,000 boe/

d. The increase is largely related to its expanded land position and stronger-than-expected well and operating performance.

• On April 27, 2026, POU announced that it had agreed to sell its Fox Drilling subsidiary to AKITA Drilling in exchange for 19.3mm

common shares of AKITA. Closing of the transaction is expected to occur in June 2026.

Guidance

• Guide for 2026 shifts upwards to a 50,000 boe/d (midpoint; previously 48,500 boe/d) on a slightly lower capital spend of

$1,050mm (midpoint; previously $1,100mm). The increase in volume guidance is related to outperformance of results on POU's

Willesden Green Duvernay property and an earlier-than-expected start-up of Alhambra Phase 2.

• The 2027 outlook was also updated, with the total capital budget shifting to $1,000mm (previously $1,100mm). Targeted

volumes remain unchanged at 60,000-65,000 boe/d on a liquids cut of 50%. POU continues to forecast a 2027 exit rate of over

100,000 boe/d (35% liquids).

All values in CAD unless otherwise noted. Priced as of prior trading day's market close, EST (unless otherwise noted).

Disseminated: May 12, 2026 08:15EDT; Produced: May 12, 2026 08:15EDT

For Required Non-U.S.