Reserve Information

Summary of 2025 Reserves

Reserves as of December 31, 2025

	Company Share (GROSS) Reserves
Description	Light & Medium Oil (MMbbl)	Tight Crude Oil (MMbbl)	Conventional Natural Gas (Bcf)	Shale Gas (Bcf)	Natural Gas Liquids (MMbbl)	Total (MMboe)
Proved developed producing Proved developed non-producing Proved undeveloped	253 3 108	43 4 83	368 12 164	1,075 133 1,831	148 16 208	685 47 732
Total Proved Probable	365 141	130 85	544 228	3,039 1,834	372 191	1,464 761
Total Proved plus Probable	506	215	772	4,873	563	2,225

Net Present Values

Summary of Before Tax Net Present Values OF FUTURE NET REVENUE (Forecast Pricing)
As at December 31, 2025

	Before Tax Net Present Value ($MM) ⁽¹⁾ Discount Rate
Description	0%	5%	10%	15%	20%
Proved developed producing Proved developed non-producing Proved Undeveloped	12,281 984 10,331	11,028 770 6,687	9,443 631 4,439	8,249 533 2,973	7,361 460 1,973
Total proved Probable	23,597 18,093	18,484 10,714	14,513 7,167	11,755 5,185	9,794 3,964
Total proved plus probable	41,690	29,199	21,679	16,940	13,758

⁽¹⁾ Includes abandonment and reclamation costs as defined in NI 51-101 for all of our facilities, pipelines and wells including those without reserves assigned. Abandonment and reclamation costs associated with facilities, pipelines and wells without associated reserves would not be considered material in the determination of the Company's future net revenue.

Profitably Converting PDP Reserves to Cashflow

RECYCLE RATIO is a key measure of profitability in the oil and gas industry. The ratio is calculated by dividing the profit per barrel of oil by the cost of finding and developing the barrel of oil. Whitecap focuses on PDP recycle ratio as this reflects whether we are generating sufficient cashflow to replace the barrels we are producing, and therefore can grow economically through internally generated cashflow.