RBC Canadian E&P

Research evidence excerpt

RBC Canadian E&P

June 22, 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

• Advantage Energy Ltd. (TSX: AAV) - Mike Belenkie departs as CEO; John Festival now acting as interim CEO. Advantage announced the greg.pardy@rbccm.com

immediate departure of CEO Michael Belenkie this morning, with the current Chair John Festival stepping in as interim CEO. A formal process

has been kicked off to identify a new CEO. Mr. Belenkie's departure follows the completion of a strategic process which concluded in Recent RBC Energy

February 2026 with a "status quo" result (more here). Thematic Reports:

Licensing Trends – May 2026• Freehold Royalties Ltd. (TSX: FRU) - Brad Monaco Appointed Chief Financial Officer. Freehold announced the appointment of Brad Monaco •

• Top Wells – April 2026

as its Chief Financial Officer, to be effective June 22, 2026. Mr. Monaco most recently served as CFO of Parkland Corporation and prior to • In-Situ Monitor – April 2026

that held various leadership roles at Parkland, also holding roles in upstream energy and buy-side investment management early in his • Think Carrots Not Sticks

career. We view Mr. Monaco's appointment as neutral to the share price, filling the void created by the recent departure of Shaina Morihira • Insider Transactions – YTD

• By the Numbers

(more here). • Q1/26 Price Deck Update

• International Petroleum Corporation (TSX: IPCO) - Blackrod Phase 1 Achieves First Oil.