RBC Canadian E&P

Research evidence excerpt

RBC Canadian E&P

June 8, 2026 RBC Dominion Securities Inc.

Michael Harvey, P. Eng.

RBC Canadian E&P (Analyst) (403) 299-6998

Weekly Review and Valuation Tables michael.harvey@rbccm.com

Our company estimates based on WTI, Henry Hub, and AECO futures in Exhibits 6–10. RBC pricing in Exhibits 11–15.

Greg Pardy, CFA

News items this week (Head of Global Energy Research)

(416) 842-7848• 2026 RBC Capital Markets Global Energy, Power & Infrastructure Conference. This report is a compilation of analyst takeaways from Day 1/2 of the RBC

greg.pardy@rbccm.com

Capital Markets Global Energy, Power & Infrastructure Conference, which took place on June 3/4, 2026, in New York. See our most notable takeaways from

the day and the body of the report for more comprehensive takeaways on each presenting name (Day 1/Day 2).

• Obsidian Energy Ltd. (TSX: OBE) - Announces Bolt-On Belly River Acquisition. Obsidian Energy announced the acquisition of approximately 2,500 boe/d Recent RBC Energy

(76% oil) of Belly River light oil production and 35 net sections of land in the Wilson Creek area of Willesden Green from Highwood Asset Management Ltd. Thematic Reports:

(TSXV: HAM, not covered by RBC Capital Markets) for $96 million (net of closing adjustments), funded through existing cash and credit facilities. The • Top Wells – April 2026

• In-Situ Monitor – April 2026

transaction has an effective date of April 1, 2026, and is expected to close on or about June 30, 2026. Following closing, the company expects to provide

• TMX Tracker – April 2026

updated 2026 guidance pro-forma the transaction (more here). • LNGC Tracker – May 2026

• Peyto Exploration & Development Corp. (TSX: PEY) - Enters a 10-Year Gas Supply Agreement with Centrica. Peyto announced a new agreement with • Think Carrots Not Sticks