RBC Canadian E&P

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RBC Canadian E&P

May 19, 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• Canadian E&P Perspectives - Insider Transactions – YTD Metrics. We summarize YTD insider stock purchases and sales within our coverage, which we

greg.pardy@rbccm.com

broadly view as a strong signal of management support. With our coverage group we observe net outflows of ~$17.6mm with the top 3 buyers including

TVE (~$3.3mm), PSK (~$0.7mm), and WCP (~$0.4mm); the top 3 sellers consist of HWX (~$10.3mm), TOU (~$5.5mm), and PEY (~$3.4mm). We generally

see management teams buying with the "net" negative figure driven by a few select (and larger) transactions (more here). Recent RBC Energy

• Canadian E&P Earnings Review: BIR, FRU, POU, PEY. BIR, FRU, POU and PEY reported Q1/26 results this week (more here). Thematic Reports:

• Obsidian Energy Ltd. (TSX: OBE) - Investment Set to Climb. Obsidian executed an active first-quarter development drilling program at both Peace River (7 •• LicensingBy the NumbersTrends – April 2026

wells across the Clearwater and Bluesky formations) and Willesden Green (5 wells in the Belly River) alongside continued progress on its waterflood • Top Wells – March 2026

initiatives in the Dawson/Nampa areas (more here). • In-Situ Monitor – March 2026

• Parex Resources Inc. (TSX: PXT) - 1Q First Glance - Transaction Activity Reshapes 2026 Guidance. As largely pre-released by Parex on April 30 , the company •• TMXLNG TankerTrackerTracker– March– April2026 2026