GFR

1. Recapitalization Plan: Intend to fully repay outstanding senior secured notes via a combination of cash on balance sheet and a $300 million equity rights offering backstopped by Waterous Energy Fund. Secured an upsized $275 million revolving credit facility with a syndicate of Canadian banks, which is a conventional reserve-based loan with a 2-year term and lower cost of capital. 2. Current Year Operations: Expect to hit top end of 2025 production guidance (15,000 to 16,000 barrels a day) following strong base well performance at Hangingstone facilities. Reaffirm 2025 capital guidance target of $130 million. Boiler outage: Successfully restored failed boiler ahead of schedule, proactively refurbishing second boiler, expecting full steam capacity at expansion asset by year-end 2025. Sulfur emissions: Engaged with Alberta energy regulator, commenced installation of sulfur removal facilities at expansion asset, expected operational in November 2025 to restore compliance. 3. Longer-Term Development Plans: 2026 capital budget approved at $180 million with anticipated annual bitumen production of 15,500 to 16,500 barrels per day. Production relatively flat in 2026 due to growth capital projects at expansion asset not reaching first oil until late Q4 2026 and planned major turnaround in May 2026. Commencing drilling operations at Pad 7 in November 2025, with first oil anticipated Q4 2026. At Demo Asset, intend to pursue redevelopment of existing shut-in well pairs in Q4 2025, with incremental production online H1 2026, focus on base production optimization.

1. Recapitalization: Plan to fully repay senior secured notes via cash and $300 million equity rights offering backstopped by Waterous Energy Fund, and secure $275 million revolving credit facility. 2. 2025 Production: Expect to hit top end of 15,000-16,000 barrels a day production guidance. 2025 capital guidance set at $130 million. 3. 2026: Capital budget of $180 million with anticipated production of 15,500-16,500 barrels per day. Growth capital projects at expansion asset not reaching first oil until late Q4 2026, and major turnaround in May 2026 causing full plant outage.

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