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BIG SKY INDUSTRIAL BIG SKY INDUSTRIAL INC . INVESTOR PRESENTATION August 2026 Building America's Energy & Carbon Management Platform
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#F5F5F5 #000000 #116AF8 #0030AE /// 2 Forward-Looking Statements Information set forth in this communication constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other securities laws. All statements other than historical facts are forward-looking statements future financial position and operating results of Big Sky Industrial Inc. (“BSIN”), business strategy, projected revenues, earnings, costs, capital expenditures and plans, objectives and intentions of management for the future. Words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. Such forward-looking statements are based upon the current beliefs and expectations of the management of BSIN and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, projected in, or implied by, such statements. Although BSIN believes the expectations and forecasts reflected in these forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond BSIN’s control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause BSIN’s actual results to be materially different from those described in the forward-looking statements include: (i) transaction costs, (ii) unknown liabilities, (iii) the risk that any announcements could have adverse effects on the market price of BSIN’s common stock, (iv) the ability to successfully integrate the businesses, (v) the ability to achieve projected operational and capital synergies or it may take longer than expected to achieve those synergies, (vi) risks related to financial community and rating agency perceptions of BSIN or its business, operations, financial condition and the industry in which it operates, (vii) risks related to the potential impact of general economic, political and market factors on BSIN, and (viii) those expressed in BSIN’s other forward-looking statements including those factors discussed in Risk Factors in BSIN’s Annual Report on Form 10-K and its other filings with the U.S. Securities and Exchange Commission (the “SEC”) available at bigskyindustrialinc.com. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors, and other documents filed by BSIN from time to time with the SEC. BSIN cautions you not to place undue reliance on forward-looking statements contained in this communication, which speak only as of the date hereof, and BSIN is under no obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise. This communication may also contain information from third-party sources. This data may involve a number of assumptions and limitations, and BSIN has not independently verified them and does not warrant the accuracy or completeness of such third-party information. Non-GAAP Financial Measures This presentation contains certain financial measures that are not prepared in accordance with generally accepted accounting principles (“GAAP”). These measures include but are not limited to adjusted EBITDAX, PV- 10, Leverage Ratio, Net Debt, Liquidity, Net Cash Provided by Operating Activities Before Net Changes in Operating Assets and Liabilities, Free Cash Flow Before Net Changes in Operating Assets and Liabilities and Free Cash Flow. For all historical non-GAAP financial measures please see the Earnings Releases or Investor Relations pages at bigskyindustrialinc.com and for a reconciliation to the nearest GAAP equivalent and other additional information. Industry and Market Data This presentation has been prepared by BSIN and includes market data and other statistical information from sources it believes to be reliable, including independent industry publications, governmental publications or other published independent sources. Some data is also based on our good faith estimates, which are derived from BSIN’s review of internal sources as well as the independent sources described above. Although BSIN believes these sources are reliable, it has not independently verified the information and cannot guarantee its accuracy and completeness. BSIN owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its business. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. BSIN’s use or display of third parties’ trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with BSIN or an endorsement or sponsorship by or of BSIN.
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#F5F5F5 #000000 #116AF8 #0030AE 1. Reserves effective 7/1/2026 at 2q2026 SEC pricing of $71.90/BO and $3.64/MCF. 2. Industrial Gas volumetric resource report on Phase 1 industrial gas asset as prepared by Ryder Scott. 3. Industrial Gas present value per Company forecasted Phase 1 of the Big Sky Carbon Hub. OVERVIEW Developing a diversified industrial platform focused on helium production, carbon management and energy infrastructure. 27% owned by insiders. LEGACY OIL RESERVES Proved Reserves, 2Q 2026 (1) 1.3 MBOE Proved PV-10 (1) $19.8 million INDUSTRIAL GAS RESOURCE – PHASE 1 Helium (2) 1.3 BCF CO2 (2) 444 BCF Industrial Gas PV-10 (3) $90.0 million CARBON MANAGEMENT Annual CO2 Removal 125,000 metric tons Equivalent Passenger Vehicles 25,000 vehicles VALUATION FRAMING (4) EV/ 2027E EBITDA 4.8x Discount to Phase 1 NAV 42% 50+ YEAR PRODUCING ASSET. 1.3 BCF of helium, 444 BCF of CO₂ resource, large proven oil basin — fully owned, fully operated, minimal third-party dependencies. 4. Company management estimates. Big Sky Industrial At A Glance /// 3 ~$130MM PHASE 1 45Q TAX CREDIT VALUE – 12 YEARS First moving U.S. CCUS project — eligible for $85/ton in federal sequestration credits under Section 45Q. Q1 2027 FIRST HELIUM SALES. CARBON MANAGEMENT LAUNCHES. Construction began Q2 2026. Helium offtake signed. MRVs filed. Timeline de-risked and sequenced.
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#F5F5F5 #000000 #116AF8 #0030AE CONTROL ONE OF THE LARGEST INDUSTRIAL GAS STRUCTURES IN THE U.S. OWNED PIPELINE TRANSPORT HELIUM AND CO2 OWN THE ONLY GAS PROCESSING IN THE NORTHERN ROCKIES REGION PROVEN OIL FIELD PERMITTED FOR CO2 ENHANCED RECOVERY CONTRACTED, LONG-LIFE, MULTI-STREAM CASH FLOWS TO SUPPORT A RE-RATING TOWARD INDUSTRIAL GAS VALUATION BENCHMARKS C O M PETITIVE M O ATS STRATEGIC A LLY M O N ETIZ ED N O N - C O RE A S S ETS W ITH PRO C EED S RED EPLO YED IN TO TH E BIG S KY C A RBO N PLATFO RM REPO S ITIO N ED TO WA RD S LO N G- LIFE, LO W - D EC LIN E A S S ETS W ITH STREA M M O N ETIZ ATIO N , LO W ERIN G TH E O VERA LL C O RRELATIO N PRIC E O F O IL A N D GA S BUILD IN G 45Q - EN A BLED C A RBO N M GM T. BUS IN ES S WITH C O N TRAC TED , PO LIC Y- D RIVEN C A S H FLO WS , C O UPLED W ITH A STRATEGIC D O M ESTIC H ELIUM RES O URC E, TO BE PA RTN ERED W ITH A LEA D IN G IN D USTRIA L GA S D ISTRIBUTO R LEVERAGIN G LEGAC Y O IL A S S ET A S FO UN D ATIO N FO R C O ₂- EO R The Deliberate Strategic Pivot /// 4 From Legacy E&P to an Integrated Industrial Gas and Carbon Management Platform
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#F5F5F5 #000000 #116AF8 #0030AE /// 5 50% Oil Production $75/bbl 35% Carbon Management $85/ton – policy backed 15% Helium sales $285/mcf – long-term offtake 2027E Revenue Mix The Flywheel in Action Monetize Helium + EOR + Carbon Management Reinvest Expand Capacity Through Self-Funding 45Q Monetization Pull Forward Process Purify Helium & Capture/ Liquefy CO2 Produce Extract Low-Cost Industrial Gas at Kevin Dome One Gas Stream. Three Profit Centers. Shared Infrastructure Drives Margin at Every Step.
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#F5F5F5 #000000 #116AF8 #0030AE $4.9 $11.5 Cash Aug-26(1) Credit Facility Availability(1) /// 6 Phase 1 Capital Finding is Secured $38M deployed across plant construction, acquisitions, permitting, & production $15M completes Phase 1 infrastructure and delivers first revenue by 1Q27E. Remaining Phase 1 Capital(1) Phase 1 Capital - Committed Capital in Place Phase 1 Capex ▪ $38mm deployed through acquisitions, site development, permitting, and production ▪ $15mm remaining CapEx expected to be covered without incremental equity dilution Economics ▪ Targeting a 40% unlevered return on capital employed at the project level ▪ Opportunity to further enhance ROE with term debt upon completion of the project Funding Sources ▪ Remaining capex funded by cash on hand + covenant-light debt facility ▪ Recently secured expanded debt facility, providing ample runway to complete Phase 1 ▪ Suspending use of Roth Equity Line of Credit for the future Balance Sheet ▪ Est. 1.0x net leverage on run-rate EBITDA by Q1 2027 ▪ $16.4mm of liquidity as of August 2026 Sources of Capital Phase 1 Capital Structure. First Revenue Target: Q1 2027E. 1. As of August 4, 2026.
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#F5F5F5 #000000 #116AF8 #0030AE Helium Carbon Management Oil Production ▪ Contracted offtake agreement closed April 2026, providing revenue visibility from Day 1. ▪ 1.3 BCF long-life resource; 50+ year reserve life. ▪ Shared infrastructure with CO2 operations reduces unit cost vs. standalone peers. ▪ Modular plant design enables capital-efficient throughput expansion. ▪ Uniquely positioned to capitalize on tightening helium supply driven by Middle East disruptions. ▪ First-mover as an emerging Western U.S. carbon hub – only 20 operational U.S. projects exist today. ▪ Two MRV applications submitted to the EPA; approvals expected in the coming months. ▪ ~$130mm in expected 45Q credits over first 12 years of operations from Phase 1. ▪ Unique feedstock advantage: CO2 capture as extraction byproduct with no combustion or energy-intensive capture. ▪ Liquid multi-billion-dollar market allows for the forward selling of tax credits. ▪ 170+ Class II injection wells permitted for CO2 EOR driving low incremental CapEx. ▪ Wholly-owned Cut Bank oilfield; large position with stable, predictable OpEx. ▪ Low-cost CO2 feedstock from Big Sky Carbon Hub eliminates third-party supply risk. ▪ ~70 MMbbl of recovery potential through phased CO2-EOR using Big Sky Carbon Hub operations sourced feedstock. Supply Constrained $6-8Bn Global Market 45Q Federal Credit $85/ton Steady 8% Decline Rate vs. 25-40% for Shale BSIN Advantage /// 7 One Platform. Three Streams. No Redundancy Each Revenue Line is Independent, Contracted, or Supported by Federal Policy.
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#F5F5F5 #000000 #116AF8 #0030AE BASE PRICE $285/MCF EX-WORKS plant, CPI escalation effective March, 2028+ ANNUAL HELIUM COMMITMENT 14.4 MMCF/YEAR Monthly max of 1,200 MCF aligns with plant capacity Buyer Profile Investment-grade industrial gas company with global distribution infrastructure and established market relationships CONTRACT TERM 5 YEARS Commencement Q1 2027; grace period to July, 2027 VOLUME OBLIGATION 100% TAKE-OR-PAY Annual adjustment effective March, 2028+ ✓ Revenue certainty. 100% take-or-pay obligation; day-one cash flow ✓ Inflation protection. CPI escalation locks in margin expansion through 2032 ✓ Investment-grade counterparty. Purchaser with a global footprint provides strong counterparty credit quality /// 8 Long-Term Helium Offtake Agreement Contracted revenue de-risks supply and underpins predictable, financeable cash flows from commencement.
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#F5F5F5 #000000 #116AF8 #0030AE /// 9 Big Sky Carbon Hub One of the Largest Industrial Gas Structures in the United States – Permitted, De-Risked, and Ready to Scale. Big Sky Carbon Hub Helium Resource 1.3 BCF CO2 Resource 444 BCF Gas Concentration 0.5% Helium | 87.5% CO2 Existing Cut Bank Field Oil Reserves 1.3 MBOE PDP PV-10 $19.8 million Current Production 240 BOPD Cut Bank EOR Field Big Sky Carbon Hub BNSF Rail Interstate 15 Big Sky Carbon Hub Positioned For Regional Impact ▪ The Big Sky Carbon Hub sits atop the renowned Kevin Dome geologic structure, one of the largest of its kind in the Western United States. ▪ High rate and low-cost industrial gas development wells allow for rapid expansion. Carbon Capture, Utilization, and Sequestration ▪ 125,000 MT annually at beginning of Phase 1. ▪ Equates to 25,000 of passenger vehicles removed. ▪ Max amount from initial two MRV’s expected to be 300,000 MT annually. Economic Transportation Infrastructure ▪ Major rail access along the Port of Northern Montana in Shelby, MT. ▪ Trucking access along the I-15 and I-90 corridor. Permitted Development Program ▪ BSIN has more than 170 Class II disposal wells permitted for enhanced oil recovery. ▪ Two Monitoring Verification and Reporting (“MRV”) have been filed with the EPA with approvals expected summer 2026.
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#F5F5F5 #000000 #116AF8 #0030AE $0 $25 $50 $75 $100 2027 2028 2029 2030 2031 2032 2033 Oil Helium Carbon EBITDA Oil Production Low-decline, established production. Supporting the platform buildout. Carbon Management $85/ton federal 45Q credit. Policy-backed, commodity independent. Helium Expected long-term contracted industrial gas exposure within a vertically integrated platform. 2nd Plant Online ($60mm Capex) BIG SKY INDUSTRIAL’S OPERATIONS COVER ALL STAGES OF THE VALUE CHAIN /// 10 Diversified Revenue Streams Project Economics Inflect Sharply in 2028 to include our base case plus illustrative Phase 2 expansion case 1. Pricing Assumptions: Oil $70/bbl, Helium $285/MCF, CO₂ $85/MT with 3% annual inflation adjustment. 2. Throughput of 8,000 mcf/d for Phase 1 and 16,000 mcf/d for Phase 2 plant for a combined 24,000 mcf/d. 3. Plant 1 online March 1, 2027 and Plant 2 online March 1, 2028. Source: Company financial model, July 2026 Projected Project Revenues and EBITDA ($MM) (1)(2)
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#F5F5F5 #000000 #116AF8 #0030AE /// 11 Infrastructure & Market Access Strategic Infrastructure Position with Direct Access to Premium Markets. Infrastructure Groundwork in Place ▪ BSIN finished its drilling & completions operations in August 2025, capping off three successfully drilled wells and acquiring two others. ▪ Two Class II permitted injection wells are operational. ▪ Gathering infrastructure is actively being installed as of August 2026. ▪ Processing Plant design is complete, with FID having been announced in 2Q 2026. CO2 and Helium Production Wells CO2 Injection Wells Existing Infrastructure Infrastructure in Process Processing Plant Gathering Pipeline Geographic Position on Major Rail and Highway Network ▪ Rail spur in Shelby, MT located 17 miles south of BSIN facility with direct route to West Coast Markets. ▪ Highway intersections with Interstate 15 (N-S) and US Route 2 (E-W) provide reliable roadways. Infrastructure Map for Big Sky Carbon Hub U.S. Rail Map and Travel Time From Big Sky Carbon Hub
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# F5F5F5 # 000000 # 116A F8 # 0030A E /// 12 Milestones Achieved. Catalysts Ahead The foundation is complete. What remains is a sequence of identifiable, independent de-risking events 3Q 2026 MRV approvals – Big Rose and Cut Bank ~$130MM Submissions in active EPA review. Approval unlocks the Section 45Q framework. 45Q value, 12 yrs 3Q-4Q 2026 Gathering system and EOR facilities complete Installation underway, scheduled across the summer and fall of 2026 4Q 2026 Phase 1 facility commissioning 8 MMcf/d Plant handover under the fixed-scope CANUSA EPC contract. Inlet Capacity 1Q 2027 First gas · first helium sales · first revenue $285/Mcf midstream Contracted from day one. 100% take-or-pay, no or delivery deductions. Plant gate 2026-2027 source 45Q monetization Credits are transferable under the 45Q legislation. A of non-dilutive financing 2027 Phase 2 – final investment decision 2 – 3x Second plant with existing acreage, permits and infrastructure Phase 1 capacity Catalysts Ahead 2022 - 2024 A ssets a ssem b led C ut Bank oil field with 170+ perm itted C lass II injection wells; initial Kevin D om e acreag e acquired 2025 Resource p roven Three wells drilled and two acquired; two C lass II injection wells operational; both M RV applications filed 1Q 2026 Project sanctioned FID on Phase 1 processing facility; fixed - scope EPC ag reem ent with C A N US A ; underwritten equity offering 2Q 2026 C om m ercialized and fund ed Five - year, 100% take - or - pay helium offtake; borrowing base doubled to $20M M ; rebrand to Big S ky Industrial Base case Exclud ed from base caseFoundation Complete
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#F5F5F5 #000000 #116AF8 #0030AE Execution $27MM invested. Wells drilled. MRVs filed. Plant FID 2Q2026. First revenue 1Q2027. Why Now Trading at a significant discount to net asset value ahead of multiple near-term catalysts. MRV approvals, offtake execution, and project financing each represent independent de-risking events before initial Phase 1 revenue. /// 13 The Investment Case 1 Differentiated Asset The only integrated helium + CCUS hub in the Northwest U.S. 1.3 Bcf Helium. 444 BCF CO2. 100% owned and operated. 50-year reserve life. 2 Economics Three independent revenue streams. $130M in 45Q federal credits over 12 years. 4.8x EV/2027E EBITDA vs 7-10x for peers. Underpinned by oil producing field with ~70 MMbbl of incremental EOR recovery potential at an 8% decline rate. 3 4
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Ryan Smith CEO 20+ years of experience CEO since 2019; served as CFO from 2017–2023. Previously CFO and VP of Capital Markets at Emerald Oil (2013–2017), VP in Canaccord Genuity's Investment Banking Group focused on energy , and Analyst at Wells Fargo Energy Group. BBA in Finance from Texas A&M University . Mark Zajac CFO 30+ years of experience Former KPMG partner and national energy industry leader specializing in SEC reporting, PCAOB compliance, IPOs, and M&A transactions across the full energy value chain. Licensed CPA with BBA and MBA from Texas Tech University . Tug Eiden VP, Commercial Development 25+ years of experience Operational and engineering leader spanning CCS, E&P, and major independents including Anadarko, EOG Resources, and BP. Brings deep expertise in commercial development across conventional and emerging energy segments. B.S. in Petroleum Engineering from Montana Technological University and MBA from Southern Methodist University . /// 1 Kip Ferguson VP, Business Development 30+ years of experience Over 35 years of technical and executive leadership across drilling, completions, A&D, and project development at public and private E&P companies. Former EVP and President of Eagle Ford division at Magnum Hunter Resources. B.S. in Geology from the University of Texas at Austin. Mason McGuire VP, Finance and Strategy 8 years of experience Oversees corporate finance, capital markets, investor relations, and M&A strategy . Previously a restructuring and financial reporting consultant at Opportune LLP, advising on complex transactions across the energy sector . B.A. in Finance and Energy Management from the University of Oklahoma. Management Team Executives with decades of combined experience in energy finance, carbon management, and E&P operations John Weinzierl Chairman 30+ years of experience Led two public listings as Co-founder and CEO of Memorial Resource Development, including Memorial Resource Development Corp., and Memorial Production Partners LP. Previously Managing Director and Operating Partner at Natural Gas Partners (NGP). B.S. in Petroleum Engineering and MBA from University of Texas at Austin.
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Appendix
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#F5F5F5 #000000 #116AF8 #0030AE /// 16 Helium Market – Global Supply C oncentrated reserves, and a g rowing share of them unavailable to Western buyers GLOBAL PROVED HELIUM RESERVES — 190 BCF 43% United States 81 BCF 33% Qatar 63 BCF 9% Russia 18 BCF 15% Other 28 BCF 42% sanctioned, disrupted or export-banned MEANINGFUL MARKET CONSTRAINTS Qatar Ras Laffan struck during the Iran conflict — roughly one third of global supply disrupted. Three to five years to resume pre-conflict production; cryogenic heat exchanger lead times run 18–24 months. Russia Exports sanctioned by the U.S. and E.U. following the conflict in Ukraine, with a Russian export ban in place through 2027. RECENT DATAPOINTS ARE BULLISH China Ministry of Commerce instituted a helium export ban in July 2026 Japan Nippon Sanso raised domestic prices over 30% in July 2026 Taiwan Broad-based pivot in sourcing from Qatar to the United States United States Holds 43% of global proved reserves — the largest national position A domestic, wholly owned helium resource in a market where 42% of global reserves are impaired Source: Reserves per USGS M ineral C om m odity Sum m aries 2026. Supply and policy datapoints per press reports, M arch –July 2026.
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#F5F5F5 #000000 #116AF8 #0030AE /// 17 U.S. helium demand outlook BCF 0 1 2 3 4 5 2025 2026 2027 2028 2029 2030 2031E Over 1.3 BCF +44% BY END MARKET Aerospace 0.65 BCF by 2031 · 16.4% CAGR Semiconductors 0.99 BCF by 2031 · 12.3% CAGR Analytical, engineering & lab 0.74 BCF by 2031 · 2.5% CAGR MRI / healthcare 0.63 BCF by 2031 · 4.1% CAGR Other industrial & lifting 1.18 BCF by 2031 · 2.5% CAGR WHAT IS DRIVING IT +0.49 BCF Semiconductors Leading-edge fab additions from Intel, TSMC, Micron and Samsung under the CHIPS Act imply 98–143 MMcf per year of incremental demand. +0.39 BCF Aerospace Launch cadence across SpaceX, Blue Origin, Rocket Lab and NASA. One Falcon 9 launch consumes ~18 Mcf. 42% Domestic sourcing Of global reserves now sanctioned, disrupted or export-banned — pushing Taiwanese and Japanese buyers toward U.S. supply. Source: 2025 and 2031E end points per USGS and internal forecasts; intervening years interpolated at each seg m ent's im plied six - year g rowth rate. Helium Market – Domestic Demand 2.9 BC F per year today, $1Bn+ , g rowing to 4.2 BC F by 2031 — led by sem iconductors and aerospace
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#F5F5F5 #000000 #116AF8 #0030AE /// 18 Reserves Versus Listed Helium Peers The Largest U.S.-based proved helium reserve in the junior peer group, at the lowest enterprise value per Mcf. Source: Peer data per company disclosures. Fab - year equivalents assum e 500 M cf p.a.; launch equivalents assum e 18 M cf per Falcon 9 launch. PROVED HELIUM RESERVES (BCF) ENTERPRISE VALUE PER MCF Competitor 4 South Africa 7.20 Big Sky Industrial USA 1.30 Competitor 3 USA 0.643 Competitor 2 USA 0.355 Competitor 1 † USA 0.00002 Big Sky Industrial $40 Competitor 4 $49 Competitor 3 $70 Competitor 2 $262 † Competitor 1 excluded due to different reserve classification. 1.3 BCF Proved helium reserves, wholly owned 2,600 Leading-edge fab-years of supply 72,000 Falcon 9 launch equivalents Largest U.S.-based proved helium reserve in the peer group — at the lowest enterprise value per Mcf Lower is better
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#F5F5F5 #000000 #116AF8 #0030AE - 0.5 1.0 1.5 Active Project Overview 7.0 5.0 3.0 7.3 0.25 Labarge Natural gas BSIN’s Facility by the Numbers ▪ 0.125 MMtpa of CO2 injected. ▪ 17th largest CCS project today. ▪ First U.S. project not reliant on natural gas, ethanol, ammonia, power generation or direct air capture. Century Plant Natural gas Synfuels Plant Coal Gasification 16 other plants $130MM Expected 45Q value over first 12 years of operations. #17 Ranked among active U.S. CCUS projects by capacity at 125,000 MMtpa > 145X CCUS Market Growth from 2023A captured CO2 to 2050A forecast. Unlike other top-20 U.S. CCUS projects, BSIN's CO₂ feedstock is a byproduct of helium extraction — a process with no combustion, no ethanol fermentation, no direct air capture energy cost. /// 19 BSIN: A Different CCUS Platform A scalable U.S. CCUS project sourced from industrial gas – not fossil fuels, ethanol, or DAC. 1. 2023A as per IEA. 2025E based on IEA’s Net Zero Emissions by 2050 Scenario. 2. 2024A current capacity as per Global CCS Institute Source: Global CCS Institute. IEA 2024 World Energy Outlook
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#F5F5F5 #000000 #116AF8 #0030AE Phase 3 EOR Uplift Currently Producing Oil Field (PDP) Phase 1 EOR Uplift Phase 2 EOR Uplift Established Operations ▪ Operated by BSIN since January 2022 with experienced local field team. ▪ ~29,000 net acres with long production history. ▪ Low-decline profile with stable, predictable operating costs. ▪ Existing infrastructure and 170+ permitted Class II injection wells. Large Incremental Oil Potential ▪ Reservoir characteristics consistent with successful U.S. CO2-EOR projects. ▪ ~70 MMbbl of incremental recovery potential, supported by internal and third-party engineering analysis. ▪ ~6,400 bbl/d average production potential over a multi-year time horizon. ▪ Significant remaining oil in place across mature field footprint. Phased Development Approach ▪ Phase 1: Target development supported by 3D seismic and petrophysical analysis confirming recoverable oil in place ▪ Phase 2: 2-3x scale-up leveraging existing injection capacity and shared facilities. ▪ Phase 3: Expansion across established operational footprint with incremental capacity. /// 20 Exposure to Long-Term Oil Upside ~70 MMbbls of Incremental Recovery Potential from a Fully Permitted, Operating Field. Cut Bank EOR Field Map
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#F5F5F5 #000000 #116AF8 #0030AE N A S D A Q : B S I N