SEDAR Interim Financial Statements

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 RUBELLITE ENERGY CORP. Condensed Interim Consolidated Statements of Financial Position As at September 30, 2025 December 31, 2024 (Cdn$ thousands, unaudited) Assets Current assets Cash $ — $ 2,555 Accounts receivable 20,407 26,349 Prepaid expenses, deposits and other 2,729 2,752 Product inventory 3,805 3,275 Risk management contracts (note 15) 4,690 9,783 31,631 44,714 Property, plant and equipment (note 3) 477,747 461,996 Exploration and evaluation (note 4) 32,570 29,106 Right-of-use asset (note 5) 4,602 4,930 Deferred tax asset (note 13) 11,847 21,437 Risk management contracts (note 15) 312 429 Total assets $ 558,709 $ 562,612 Liabilities Current liabilities Accounts payable and accrued liabilities $ 54,656 $ 60,451 Risk management contracts (note 15) 812 2,765 Lease liabilities (note 6) 387 357 Share-based compensation liability (note 9) 5,346 5,357 Decommissioning obligations (note 7a) 1,415 2,000 Other provision (note 7b) 3,750 3,750 66,366 74,680 Bank debt (note 11) 90,639 108,500 Term loan (note 12) 19,128 19,027 Lease liabilities (note 6) 4,432 4,608 Risk management contracts (note 15) — 225 Share-based compensation liability (note 9) 1,626 914 Decommissioning obligations (note 7a) 31,051 29,817 Other provision (note 7b) 11,440 14,824 Total liabilities 224,682 252,595 Equity Share capital (note 8) 207,466 206,313 Contributed surplus 2,863 2,863 Retained earnings 123,698 100,841 Total equity 334,027 310,017 Total liabilities and equity $ 558,709 $ 562,612 Commitments (note 3) See accompanying notes to the condensed interim consolidated financial statements. RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 2 RUBELLITE ENERGY CORP. Condensed Interim Consolidated Statements of Income and Comprehensive Income Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 (Cdn$ thousands, except per share amounts, unaudited) Revenue Oil and natural gas (note 10) $ 58,290 $ 43,682 $ 185,439 $ 109,303 Royalties (8,003) (5,259) (25,083) (12,529) 50,287 38,423 160,356 96,774 Realized gain (loss) on risk management contracts (note 15) 3,966 168 8,601 (578) Unrealized gain (loss) on risk management contracts (note 15) (7,444) 11,418 (3,032) 1,096 Other income 75 — 580 — 46,884 50,009 166,505 97,292 Expenses Production and operating 7,281 4,634 22,830 9,978 Transportation 5,201 4,202 18,139 10,581 General and administrative 3,615 2,668 12,044 7,094 Share based payments (note 9) 2,257 824 4,607 2,203 Exploration and evaluation (note 4) — 13 3,316 288 Gain on disposition (note 3c) (5,500) — (5,500) — Depletion and depreciation (note 3, 5) 23,614 13,118 69,950 30,759 Transaction costs — 2,010 132 2,010 10,416 22,540 40,987 34,379 Finance expense (note 14) (3,008) (2,134) (8,669) (4,354) Income before income tax 7,408 20,406 32,318 30,025 Taxes Deferred expense (note 13) (1,762) (5,396) (9,461) (6,800) Net income and comprehensive income $ 5,646 $ 15,010 $ 22,857 $ 23,225 Net income per share (note 8c) Basic $ 0.06 $ 0.23 $ 0.25 $ 0.37 Diluted $ 0.06 $ 0.23 $ 0.24 $ 0.36 See accompanying notes to the condensed interim consolidated financial statements. RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 3 RUBELLITE ENERGY CORP. Condensed Interim Consolidated Statements of Changes in Equity Share Capital Contributed surplus Retained earnings Total Equity (thousands) ($thousands) (Cdn$ th --- ousands, except share amounts, unaudited) Balance at December 31, 2024 93,044 $ 206,313 $ 2,863 $ 100,841 $ 310,017 Net income — — — 22,857 22,857 Common shares issued, net of issue costs (note 8) — (129) — — (129) Common shares issued, share-based payment plan (note 9) 626 1,282 — — 1,282 Balance at September 30, 2025 93,670 $ 207,466 $ 2,863 $ 123,698 $ 334,027 Share Capital Share purchase warrants Contributed surplus Retained earnings Total Equity (thousands) ($thousands) (Cdn$ thousands, except share amounts, unaudited) Balance at December 31, 2023 62,456 $ 143,033 $ 2,000 $ 3,410 $ 50,868 $ 199,311 Net income — — — — 23,225 23,225 Common shares issued, net of issue costs (note 8) 5,000 10,350 — — — 10,350 Common shares issued, share-based payment plan (note 9) 137 472 — (1,379) — (907) Share-based payments (note 9) — — — 2,203 — 2,203 Balance at September 30, 2024 67,593 $ 153,855 $ 2,000 $ 4,234 $ 74,093 $ 234,182 See accompanying notes to the condensed interim consolidated financial statements. RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 4 RUBELLITE ENERGY CORP. Condensed Interim Consolidated Statements of Cash Flows Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 (Cdn$ thousands, unaudited) Cash flows from operating activities Net income $ 5,646 $ 15,010 $ 22,857 $ 23,225 Adjustments to add (deduct): Depletion and depreciation (note 3, 5) 23,614 13,118 69,950 30,759 Share-based payments (note 9) 2,257 824 4,607 2,203 Deferred tax expense (note 13) 1,762 5,396 9,461 6,800 Unrealized loss (gain) on risk management contracts (note 15) 7,444 (11,418) 3,032 (1,096) Non-cash finance expense (note 14) 440 99 1,303 232 Gain on dispositions (note 3c) (5,500) — (5,500) — Non-cash exploration and evaluation expense (note 4) — — 3,198 22 Payment for share-based compensation (note 9) (1,539) — (2,624) — Payment for other provision (note 7b) — — (3,750) — Decommissioning obligations settled (note 7a) (394) (122) (1,286) (270) Change in non-cash working capital 1,223 (2,934) (3,352) (5,489) Net cash flows from operating activities 34,953 19,973 97,896 56,386 Cash flows from (used in) financing activities Payment for share-based compensation (note 9) — — — (574) Term loan, net of issue costs (note 12) — 18,964 — 18,964 Payment lease liabilities (note 6) (89) — (286) — Repayment of acquired bank debt (note 3c) — (14,215) — (14,215) Change in bank debt (note 11) (15,573) 61,322 (17,861) 62,836 Net cash flows from (used in) financing activities (15,662) 66,071 (18,147) 67,011 Cash flows used in investing activities Development and production expenditures (note 3) (34,854) (28,348) (84,407) (58,115) Corporate expenditures (note 3) (199) (52) (396) (2,969) Exploration and evaluation expenditures (note 4) (312) (8,250) (6,662) (12,285) Acquisitions (note 3c) — (62,732) — (62,732) Proceeds from dispositions (note 3c) 5,500 — 5,500 — Change in non-cash working capital 10,574 13,338 3,661 12,704 Net cash flows used in investing activities (19,291) (86,044) (82,304) (123,397) Change in cash — — (2,555) — Cash, beginning of period — — 2,555 — Cash, end of period $ — $ — $ — $ — See accompanying notes to the condensed interim consolidated financial statements. RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 5 RUBELLITE ENERGY CORP. Notes to the Condensed Interim Consolidated Financial Statements (unaudited) For the three and nine months ended September 30, 2025 (All tabular amounts --- are in Cdn$ thousands, except where otherwise noted) 1. REPORTING ENTITY Rubellite Energy Corp. ("Rubellite" or the “Company”) is an oil and natural gas exploration and production company headquartered in Calgary, Alberta. The address of the Company’s registered office is 3200, 605 – 5 Avenue S.W., Calgary, Alberta, T2P 3H5. The condensed interim consolidated financial statements of the Company are comprised of the accounts of Rubellite Energy Corp. and its wholly owned subsidiaries: Rubellite Energy Inc., Ukalta GP Inc., Ukalta Limited Partnership, Perpetual Operating Corp. and Perpetual Energy Partnership. 2. BASIS OF PREPARATION These condensed interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and do not include all of the information required for full annual financial statements. These condensed interim consolidated financial statements should be read in conjunction with the Company's consolidated financial statements as at and for the year ended December 31, 2024 which were prepared in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board. The accounting policies, basis of measurement, critical accounting judgments and significant estimates used to prepare the annual consolidated financial statements as at and for the year ended December 31, 2024 have been applied in the preparation of these condensed interim consolidated financial statements. These financial statements were approved and authorized for issue by the Board of Directors on November 5, 2025. 3. PROPERTY, PLANT AND EQUIPMENT a) Property, Plant And Equipment Development and Production Assets Corporate Assets Total Cost December 31, 2023 $ 245,156 $ — $ 245,156 Additions 90,680 3,097 93,777 Transfer from exploration and evaluation (note 4) 20,796 — 20,796 Acquisitions (note 3c) 173,818 2,737 176,555 Change in decommissioning obligations related to PP&E (note 7a) 19,532 — 19,532 December 31, 2024 $ 549,982 $ 5,834 $ 555,816 Additions 84,407 396 84,803 Change in decommissioning obligations related to PP&E (note 7a) 1,124 — 1,124 September 30, 2025 $ 635,513 $ 6,230 $ 641,743 Accumulated depletion and depreciation December 31, 2023 $ (42,953) $ — $ (42,953) Depletion and depreciation (50,317) (550) (50,867) December 31, 2024 $ (93,270) $ (550) $ (93,820) Depletion and depreciation(1) (69,115) (1,061) (70,176) September 30, 2025 $ (162,385) $ (1,611) $ (163,996) Carrying amount December 31, 2024 $ 456,712 $ 5,284 $ 461,996 September 30, 2025 $ 473,128 $ 4,619 $ 477,747 (1) During the period ended September 30, 2025, depletion, as presented in the table, excludes $0.7 million which has been capitalized to inventory (September 30, 2024 - $0.1 million). As at September 30, 2025, future development costs of $387.5 million (December 31, 2024 – $436.3 million) associated with proved and probable oil and gas reserves were included in the depletion calculation and an estimated $9.2 million (December 31, 2024 – $8.7 million) of salvage value for production equipment. Depletion expense was $69.1 million (December 31, 2024 - $50.3 million) on development and production assets for the nine months ended September 30, 2025. During the nine months ended September 30, 2025, the Company added $0.4 million of corporate assets (December 31, 2024 - $5.8 million) and recorded depreciation expense of $1.1 million (December 31, 2024 - $0.6 million). The Company has a drilling commitment on --- certain gross overriding royalty ("GORR") lands that must be fulfilled by June 30, 2026 (the "Commitment Date"). In the event the Company fails to fulfill the drilling commitment, the Company is required to pay $0.1 million per well not spud by the Commitment Date. As at September 30, 2025, the Company has drilled twenty four (24.0 net) of the fifty nine (59.0 net) wells that are required to meet the drilling commitment. Subsequent to September 30, 2025, the Company has drilled an additional three (3.0 net) for a total of twenty seven (27.0 net) wells required to meet the drilling commitment. RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 6 b) Impairment There were no indicators of impairment related to the Company's cash generating units ("CGU"s) as at September 30, 2025 and December 31, 2024, and the Company did not transfer E&E to PP&E during the first nine months of 2025; therefore, no impairment test was required. The Company transferred $20.8 million of E&E to PP&E during 2024 and performed the required impairment test to estimate the recoverable amount of the CGU. It was determined that the recoverable amount of the CGU exceeded its carrying value, resulting in no impairment. c) Acquisitions and Dispositions During the third quarter of 2025, the Company disposed of undeveloped land for proceeds of $5.5 million and recorded a corresponding gain on disposition. Perpetual Energy Inc. ("Perpetual") Effective October 31, 2024, Rubellite Energy Inc. and Perpetual effected a Recombination Transaction by way of an arrangement resulting in the recombination of the two entities into a new entity being Rubellite Energy Corp. In accordance with the Recombination Transaction, (i) holders of common shares of Rubellite Energy Inc. received (1) common share of the Company for every (1) common share of Rubellite Energy Inc. held, (ii) holders of common shares of Perpetual received (1) common share of the Company for every (5) Perpetual shares held, and (iii) Perpetual's outstanding senior notes ($26.2 million in face value) were converted into 11.6 million common shares of the Company at a conversion price of $2.25 per common share (note 8b). The Recombination Transaction resulted in the issuance of 25.4 million common shares issued at Rubellite's closing share price on October 31, 2024, of $2.04 per share and the settlement of a pre-existing relationship for a total purchase price of $47.7 million. The conventional natural gas assets acquired in this transaction are included in the West Central CGU. Buffalo Mission Energy Corp. ("Buffalo Mission") Effective August 2, 2024, Rubellite Energy Inc. acquired all of the issued and outstanding common shares of Buffalo Mission for a total purchase price of $96.6 million, inclusive of $23.5 million of Buffalo Mission's assumed net debt, which consisted of $62.7 million in cash and the issuance of 5.0 million of common shares (note 8b) of Rubellite to certain shareholders of Buffalo Mission valued at $10.4 million using Rubellite Energy Inc.'s closing share price on August 2, 2024 of $2.07 per share (the "BMEC Acquisition"). As part of the transaction, Rubellite repaid $14.2 million of acquired debt in the third quarter of 2024. All assets acquired are included in the Company's Eastern Heavy Oil CGU. 4. EXPLORATION AND EVALUATION September 30, 2025 December 31, 2024 Balance, beginning of period $ 29,106 $ 32,301 Acquisitions (note 3c) — 2,692 Additions 6,662 15,129 Transfer to property, --- plant, and equipment (note 3a) — (20,796) Exploration and evaluation expense (3,198) (220) Balance, end of period $ 32,570 $ 29,106 Exploration and evaluation ("E&E") expense was $3.3 million (December 31, 2024 - $0.5 million) for the nine months ended September 30, 2025, which included $3.2 million related to two (2.0 net) exploration wells and associated lands that were previously recorded as E&E and $0.1 million of costs directly charged to E&E expense. Impairment of E&E assets E&E assets are tested for impairment when internal or external indicators of impairment exist as well as upon reclassification to oil and gas interests in PP&E. At September 30, 2025, the Company conducted an assessment of the indicators of impairment for the Company's E&E assets. In performing the assessment, management has determined that there were no indicators of impairment. RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 7 5. RIGHT-OF-USE ASSETS The Company leases several assets including office space, vehicles, and other leases. Information about lease obligations for which the Company is a lessee is presented below: Head office Vehicles Other leases Total Cost December 31, 2024 $ 4,782 $ 190 $ 64 $ 5,036 Additions — 140 — 140 September 30, 2025 $ 4,782 $ 330 $ 64 $ 5,176 Accumulated depreciation December 31, 2024 $ (77) $ (23) $ (6) $ (106) Depreciation (344) (95) (29) (468) September 30, 2025 $ (421) $ (118) $ (35) $ (574) Carrying amount December 31, 2024 $ 4,705 $ 167 $ 58 $ 4,930 September 30, 2025 $ 4,361 $ 212 $ 29 $ 4,602 6. LEASE LIABILITIES September 30, 2025 December 31, 2024 Balance, beginning of year $ 4,965 $ — Additions (note 5) 140 — Acquisition (note 3c) — 5,036 Interest on lease liabilities (note 14) 239 55 Payments (525) (126) Total lease liabilities $ 4,819 $ 4,965 Current $ 387 $ 357 Non-current 4,432 4,608 Total lease liabilities $ 4,819 $ 4,965 Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions. Incremental borrowing rates used to measure the present value of the future lease payments at September 30, 2025 were between 4.3% and 6.6% (December 31, 2024 - 4.3% and 6.6%). 7. PROVISIONS a) Decommissioning obligations September 30, 2025 December 31, 2024 Balance, beginning of period $ 31,817 $ 8,593 Liabilities settled (1,286) (451) Obligations incurred 2,104 3,535 Obligations acquired (note 3c) — 3,827 Change in rate on acquisition (note 3c) — 13,586 Revisions to estimates (980) 2,411 Accretion (note 14) 811 316 Total decommissioning obligations, end of period $ 32,466 $ 31,817 Decommissioning obligations - current $ 1,415 $ 2,000 Decommissioning obligations - non-current 31,051 29,817 Total decommissioning obligations $ 32,466 $ 31,817 Decommissioning obligations are estimated based on the Company’s net ownership interest in all wells and facilities, estimated costs to reclaim and abandon these wells and facilities, and the estimated timing of the costs to be incurred in future periods. The increase in the provision due to the passage of time, which is referred to as accretion, is recognized as non-cash finance expense in the consolidated statements of income and comprehensive income. Decommissioning obligations are further adjusted at each period end date for changes in the risk-free interest rate, after considering additions and dispositions of PP&E. Decommissioning obligations are also adjusted for revisions to future cost estimates and the estimated timing of costs --- to be incurred in future periods. RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 8 The following significant assumptions were used to estimate the Company’s decommissioning obligations: September 30, 2025 December 31, 2024 Undiscounted obligations $ 43,596 $ 42,085 Average risk-free rate 3.6 % 3.3 % Inflation rate 2.0 % 1.8 % Expected timing of settling obligations 1 to 25 years 1 to 25 years b) Other provision September 30, 2025 December 31, 2024 Balance, beginning of period $ 18,574 $ — Provision acquired (note 3c) — 18,481 Payments (3,750) — Accretion (note 14) 366 93 Total Other provision, end of period $ 15,190 $ 18,574 Other provision - current $ 3,750 $ 3,750 Other provision - non-current 11,440 14,824 Total other provision $ 15,190 $ 18,574 The Other provision was assumed as part of the Recombination Transaction and relates to a "Settlement Agreement" Perpetual entered into to resolve litigation by providing amounts to settle asset retirement obligations without any party admitting liability, wrongdoing or violation of laws, regulations, public policy or fiduciary duties. The Company will make annual installment payments of $3.75 million until the total amount of the Settlement Principal is paid. The annual scheduled payment was made on March 28, 2025 and all scheduled payments made prior to March 28, 2026 will have the interest forgiven. As of March 28, 2026, interest will accrue and be payable on the outstanding Settlement Principal annually at an interest rate equal to the applicable Bank of Canada prime rate on the date of payment. The Company is able to pre- pay all, or any portion, of the outstanding balance of the Settlement Principal at any time without bonus or penalty. The Other provision is a second-lien obligation of the Company. The following assumptions were used to estimate the Company’s Other provision: September 30, 2025 December 31, 2024 Undiscounted obligation $ 16,191 $ 19,941 Average risk-free rate 3.0% 3.0% Expected timing of settling obligation 4.5 years 5.3 years 8. SHARE CAPITAL a) Authorized Authorized capital consists of an unlimited number of common shares. b) Issued and outstanding September 30, 2025 December 31, 2024 Shares (thousands) Amount ($thousands) Shares (thousands) Amount ($thousands) Balance, beginning of period 93,044 $ 206,313 62,456 $ 143,033 Common shares issued, net of issue costs (note 3c) — (129) 30,359 62,082 Issued pursuant to share-based plans 626 1,282 229 1,567 Share issue costs — — — (369) Balance, end of period 93,670 $ 207,466 93,044 $ 206,313 During the period ended September 30, 2025, the Company issued 0.6 million common shares (December 31, 2024 - 0.2 million common shares) pursuant to share-based compensation plans. On October 31, 2024, in conjunction with the closing of the Recombination Transaction, Rubellite issued 25.4 million common shares which were valued at $51.7 million using the Company's share price on the closing date of the transaction of $2.04 per share. On August 2, 2024, in conjunction with the closing of the acquisition of Buffalo Mission, Rubellite issued 5.0 million common shares to certain shareholders of Buffalo Mission, which were valued at $10.4 million using the Company's share price on the closing date of the transaction of $2.07 per share. RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 9 c) Per share information Three months ended September 30, Nine months ended September 30, (thousands, except per share amo --- unts) 2025 2024 2025 2024 Net income $ 5,646 15,010 $ 22,857 $ 23,225 Weighted average shares Issued common shares 93,670 67,593 93,670 67,593 Effect of shares held in trust(1) (82) — (82) — Issued common shares, net of shares held in trust(2) 93,588 67,593 93,588 67,593 Weighted average common shares outstanding – basic 93,700 65,834 93,211 63,592 Weighted average common shares outstanding – diluted 96,311 66,571 95,838 64,599 Net income per share – basic $ 0.06 $ 0.23 $ 0.25 $ 0.37 Net income per share – diluted $ 0.06 $ 0.23 $ 0.24 $ 0.36 (1) As result of the Recombination Transaction, the Company has compensation agreements in place with employees whereby they may be entitled to receive shares of the Company purchased on the open market by a trustee (note 9). (2) Share capital is presented net of the shares held by the Trustee that have not been issued to employees. As at September 30, 2025 there were 0.1 million shares held in trust (December 31, 2024 - 0.2 million). Per share amounts have been calculated using the weighted average number of common shares outstanding. For the three and nine months ended September 30, 2025, 8.2 million common shares and 8.2 million common shares, respectively (three and nine months ended September 30, 2024 - 7.1 million common shares and 6.8 million common shares, respectively) issuable upon the exercise and/or settlement of share options, restricted share units and performance share units were excluded from the diluted weighted average number of common shares outstanding as they were anti-dilutive. 9. SHARE-BASED PAYMENTS The following table summarizes the changes in the share-based compensation liability: September 30, 2025 December 31, 2024 Balance, beginning of period $ 6,271 $ — Reclassified from contributed surplus(1) — 3,696 Share-based compensation liability acquired — 2,925 Share-based payment expense 4,852 — Fair value adjustment (245) 282 Cash settlement (2,624) (632) Equity settlement (1,282) — Balance, end of period(2) $ 6,972 $ 6,271 Share-based compensation liability - current $ 5,346 $ 5,357 Share-based compensation liability - non-current 1,626 914 Total share-based compensation liabilities $ 6,972 $ 6,271 (1) During 2024, the Company modified its share options, performance share units and restricted share units from equity-settled to cash-settled share-based compensation awards. The fair values of the awards previously expensed have been reclassified from contributed surplus to a share-based compensation liability. (2) The Company's share-based payment liability can be settled through the issuance of cash or shares. The components of share-based compensation expense are as follows: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Share-based payment expense $ 1,764 $ 824 $ 4,852 $ 2,203 Fair value adjustment 493 — (245) — Share-based payment expense $ 2,257 $ 824 $ 4,607 $ 2,203 RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 10 The following tables summarize information about options, rights and awards outstanding: Compensation awards (number of awards, thousands) Share options Performance share units Restricted share units Total December 31, 2024 3,052 605 2,526 6,183 Granted — 1,620 1,892 3,512 Exercised for common shares (41) (562) (390) (993) Exercised for cash — — (525) (525) Performance adjustment — 281 — 281 Forfeited (34) — (124) (158) September 30, 2025 2,977 1,944 3,379 8,300 Compensation awards - Recombination Transac --- tion(1)(2) (number of awards, thousands) Deferred Options Deferred Shares Share options Performance share rights Total December 31, 2024(3) 1,189 568 902 532 3,191 Exercised for common shares — — (53) — (53) Exercised for shares held in trust (90) (39) — — (129) Exercised for cash (163) (7) (60) (111) (341) Performance adjustment — — — (111) (111) Forfeited — (15) — — (15) September 30, 2025(3) 936 507 789 310 2,542 (1) Recognized as part of the Recombination Transaction. (2) Awards previously issued by Perpetual, which were acquired through the Recombination Transaction, were adjusted at the equity conversion ratio of 5:1. (3) Total awards outstanding include 1.4 million legacy awards that can be settled for cash or from shares in the trust as opposed to treasury. Shares in the trust as at September 30, 2025 were 0.1 million (December 31, 2024 - 0.2 million) (note 10c). During the nine months ended September 30, 2025, the Company granted 3.5 million share-based compensation awards, comprised of performance share units and restricted share units under the Company's share-based compensation plans. a) Deferred options As a result of the Recombination Transaction, the Company has a deferred option plan which includes agreements with certain employees whereby they may be entitled to receive cash or shares of the Company purchased on the open market by an independent trustee if they remain employees of the Company and exercise their deferred options. Deferred options generally vest over four years, one quarter on each year of the term, with expiry occurring five years after issuance. The shares purchased by the independent trustee are reported as shares held in trust (note 8c). The Company uses the Black-Scholes pricing model to calculate the estimated fair value of the deferred options and performance based long- term incentive awards. The following assumptions were used to arrive at the estimate of fair value as at September 30, 2025: September 30, 2025 December 31, 2024 Dividend yield (%) — — Forfeiture rate (%) 5.00 5.00 Expected volatility (%) 44.70 48.61 Risk-free interest rate (%) 2.46 2.89 Contractual life (years) 5.0 5.0 Weighted average share price at grant date $ 0.98 $ 0.81 Closing share price $ 2.26 $ 2.12 b) Share options Rubellite’s share option plan provides a long-term incentive to directors, executive officers, employees or consultants associated with the Company’s long-term performance. The Board of Directors administers the share option plan and determines participants, number of share options and terms of vesting. The exercise price of the share options granted shall not be less than the value of the weighted average trading price for the Company’s common shares for the five trading days immediately preceding the date of grant. Share options granted vest evenly over four years, commencing on the first anniversary, with expiry occurring five years after issuance. Share options include legacy Perpetual share options from the Recombination Transaction, adjusted for the share exchange ratio of 5:1 and were awarded under the same terms. RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 11 The Company uses the Black-Scholes pricing model to calculate the estimated fair value of the share option awards. The following assumptions were used to arrive at the estimate of fair value as at September 30, 2025: September 30, 2025 December 31, 2024 Dividend yield (%) — — Forfeiture rate (%) 5.00 5.00 Expected volatility ( --- %) 45.00 48.61 Risk-free interest rate (%) 2.47 2.89 Contractual life (years) 5.0 5.0 Weighted average share price at grant date $ 2.50 $ 0.81 Closing share price $ 2.26 $ 2.12 c) Deferred shares As a result of the Recombination Transaction, the Company has a deferred share plan which includes agreements in place with directors and certain employees. In the case of directors, the deferred shares granted vest upon retirement from the Board of Directors and for employees, the deferred shares vest over a two year period if they remain employees of the Company during such time. Upon vesting, directors and employees may be entitled to receive, at the discretion of the Board of Directors, cash, a grant of restricted rights (note 9e), or shares of the Company purchased on the open market by an independent trustee. The shares purchased by the independent trustee are reported as shares held in trust (note 8c). The Company accounts for the deferred shares using the cash-settled method under IFRS 2 and uses an intrinsic pricing model to calculate the estimated fair value of the deferred shares at the end of each reporting period. The share-based compensation liability is reduced by an estimated forfeiture rate of 5% for outstanding awards and the Company's closing share price. The deferred shares were revalued at September 30, 2025 using Rubellite's closing share price of $2.26 per share. d) Performance share units and performance share rights The Company has a performance share unit plan for the Company’s executive officers. Performance share units granted under the performance share unit plan vest two years after the date upon which the performance units were granted for awards issued in 2023 and 2024 and over three years for awards granted in 2025. The performance share units that vest and become redeemable for equivalent common shares are a multiple of the performance share units granted, dependent upon the achievement of certain performance metrics over the vesting period. Vested performance share units can be settled in cash or in common shares of the Company at the discretion of the Board of Directors. Performance share units are forfeited if participants of the performance share unit plan leave the organization other than through retirement or termination without cause prior to the vesting date. Performance share rights, which were acquired from Perpetual in the Recombination Transaction, were awarded under the same terms and were adjusted for the exchange ratio of 5:1 through the Recombination Transaction. The fair value of a performance share unit award is determined at the date of grant by using the closing price of common shares multiplied by the estimated performance multiplier. A performance factor of 2.0 was applied to performance share units which vested in the first quarter of 2025. As at September 30, 2025, performance factors of 1.3 and 0.9 has been assumed for unvested performance share units granted in 2024 and 2025, respectively. Fluctuations in share-based payments may occur due to changes in estimates of performance outcomes. The fair value of the legacy Perpetual performance share right awards is determined at the date of grant by using the closing price of common shares multiplied by the estimated performance multiplier. A performance factor of 0.5 was applied to performance share rights which vested in the first quarter of 2025 for awards granted by Perpetual in 2023. As at September 30, 2025, a performance factor of 0.6 --- has been assumed for unvested performance share rights granted in 2024 which were acquired through the Recombination Transaction. Fluctuations in share-based payments may occur due to changes in estimates of performance outcomes. The Company accounts for the performance share units and performance share rights using the cash-settled method under IFRS 2 and uses an intrinsic pricing model to calculate the estimated fair value at the end of each reporting period. The share-based compensation liability is reduced by an estimated forfeiture rate of 5% for outstanding awards and the Company's closing share price. The performance share units were revalued at September 30, 2025 using Rubellite's closing share price of $2.26 per share. e) Restricted share units The Company has a restricted share unit plan for directors, officers, employees or consultants. The restricted share units ("RSUs") vest proportionately annually over a two year period for units granted prior to November 1, 2024 and vest proportionately annually over a three year period for units granted after November 1, 2024. The restricted share units that vest can be settled in cash or in common shares, at the discretion of the Company. The Company accounts for the restricted share units using the cash-settled method under IFRS 2 and uses an intrinsic pricing model to calculate the estimated fair value at the end of each reporting period. The share-based compensation liability is reduced by an estimated forfeiture rate of 5% for outstanding awards and the Company's closing share price on September 30, 2025 of $2.26 per share. 10. OIL AND GAS REVENUE The Company sells its production pursuant to fixed or variable price contracts. The transaction price for variable priced contracts is based on the commodity price, adjusted for quality, location or other factors, whereby each component of the pricing formula can be either fixed or variable, depending on the contract terms. Under the contracts, the Company is required to deliver fixed or variable volumes of heavy crude oil, natural gas or NGL as may be applicable to the contract counterparty. Revenue is recognized when a unit of production is delivered to the contract counterparty. The amount of revenue recognized is based on the agreed transaction price, whereby any variability in revenue relates specifically to the Company’s efforts to transfer production, therefore the resulting revenue is allocated to the sales production delivered in the period during which the variability occurs. As a result, none of the variable revenue is considered constrained. The Company’s properties currently produce heavy crude oil, natural gas and NGL volumes which are mostly sold under floating contracts of varying price and volume terms of up to one year with established creditworthy counterparties. Revenues are typically collected on the 25th day of the month following production and delivery to sales points. Included in accounts receivable at September 30, 2025 is $16.9 million of RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 12 revenue related to September 2025 sales production (December 31, 2024 - $22.0 million of revenue related to December 2024 sales production). Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Oil $ 55,536 $ 43,682 $ 170,599 $ 109,303 Natural gas 1,268 — 9,156 — NGL 1,486 — 5,684 — Total oil and natural gas revenue $ 58,290 $ 43,682 $ 185,439 $ 109,303 11. BANK DEBT As at Septe --- mber 30, 2025, the Company's first lien credit facility had a borrowing limit of $140.0 million (December 31, 2024 - $140.0 million). The initial term is to May 31, 2026 and may be extended for a further twelve months to May 31, 2027 subject to lender approval. If not extended by May 31, 2026, all outstanding advances would be repayable on May 31, 2027. The next semi-annual borrowing base redetermination is scheduled on or before November 30, 2025. As at September 30, 2025, $90.6 million was drawn against the credit facility (December 31, 2024 - $108.5 million) and $1.4 million (December 31, 2024 - $3.6 million) of letters of credit have been issued. Borrowings under the credit facility bear interest at the lenders' prime rate or CORRA rates, plus applicable margins and standby fees. The applicable CORRA margins range between 2.8% and 6.3%. The effective aggregate interest rate on the credit facility at September 30, 2025 was 6.2% per annum. For the period ended September 30, 2025, if interest rates changed by 1% with all other variables held constant, the impact on cash finance expense and net income and comprehensive income would be $0.7 million. The credit facility is secured by general first lien security agreements covering all present and future property of the Company. At September 30, 2025, the credit facility was not subject to any financial covenants and the Company was in compliance with all customary non-financial covenants. 12. TERM LOAN September 30, 2025 December 31, 2024 Maturity date Interest rate Principal Carrying Amount Principal Carrying amount Term loan August 2, 2029 11.5 % $ 20,000 $ 19,128 $ 20,000 $ 19,027 On August 2, 2024, Rubellite entered into a senior secured second-lien term loan which was placed, directly or indirectly, with certain directors and officers, and their affiliates, of Rubellite and the Company's significant shareholder for $20.0 million. The term loan bears interest at 11.5% annually with interest payments to be paid quarterly, matures in five years from the date of issue, and can be repaid by the Company without penalty at any time. In conjunction with the closing of the Recombination Transaction, the term loan was converted to a third-lien obligation of the Company without any other modifications. During the period ended September 30, 2025, Rubellite paid $1.7 million in cash interest payments to the holders of the term loan (September 30, 2024 - $0.3 million). At September 30, 2025, the term loan has been recorded at the present value of future cash flows, net of $0.9 million (December 31, 2024 - $1.0 million) in issue and discount costs which are amortized over the remaining term using a weighted average effective interest rate of 13.0%. The term loan is not subject to any financial covenants and the Company was in compliance with all customary non-financial covenants. At September 30, 2025 and December 31, 2024, entities controlled or directed by the Company's Chief Executive Officer ("CEO") hold $18.4 million of the outstanding term loan. 13. DEFERRED TAXES The following table summarizes the continuity of the net deferred tax asset of the Company: December 31, 2024 Recognized in earnings Recognized in equity September 30, 2025 Assets (liabilities): Property, plant and equipment $ (30,903) $ (4,627) $ — $ (35,530) Decommissioning obligations 7,318 149 — 7,467 Fair value of derivatives (1,661) 697 — (964) Other liabilities 4,049 (1,315) — 2,734 Share and debt issue costs 669 (56) (129) 4 --- 84 Non-capital losses 41,965 (4,309) — 37,656 Total deferred tax assets $ 21,437 $ (9,461) $ (129) $ 11,847 RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 13 14. FINANCE EXPENSE Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Interest on bank debt (note 11) $ 1,909 $ 1,663 $ 5,406 $ 3,750 Interest on term loan (note 12) 580 372 1,721 372 Interest on lease liabilities (note 6) 79 — 239 — Total cash finance expense 2,568 2,035 7,366 4,122 Amortization of debt issue costs (note 12) 44 24 126 24 Accretion on decommissioning obligations (note 7a) 282 75 811 208 Accretion on other provision (note 7b) 114 — 366 — Total non-cash finance expense 440 99 1,303 232 Finance expense $ 3,008 $ 2,134 $ 8,669 $ 4,354 15. FINANCIAL RISK MANAGEMENT The following table summarizes the mark to market value of outstanding risk management contract assets (liabilities): September 30, 2025 December 31, 2024 Financial oil contracts $ 2,592 $ 3,332 Financial natural gas contracts 1,407 6,625 Financial foreign exchange contracts 191 (2,735) Risk management contracts $ 4,190 $ 7,222 Risk management contracts – current asset $ 4,690 $ 9,783 Risk management contracts – non-current asset 312 429 Risk management contracts – current liability (812) (2,765) Risk management contracts – non-current liability — (225) Risk management contracts $ 4,190 $ 7,222 The following table details the gains (losses) on risk management contracts: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Unrealized gain (loss) on oil contracts $ (1,848) $ 11,169 $ (740) $ 2,190 Unrealized loss on natural gas contracts (1,998) — (5,218) — Unrealized gain (loss) on foreign exchange contracts (3,598) 249 2,926 (1,094) Unrealized gain (loss) on risk management contracts (7,444) 11,418 $ (3,032) $ 1,096 Realized gain (loss) on oil contracts 1,864 156 3,861 (668) Realized gain on natural gas contracts 2,149 — 5,867 — Realized gain (loss) on foreign exchange contracts (47) 12 (1,127) 90 Realized gain (loss) on risk management contracts 3,966 168 $ 8,601 $ (578) Gain (loss) on risk management contracts $ (3,478) $ 11,586 $ 5,569 $ 518 RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 14 Oil risk management contracts At September 30, 2025, the Company had in place the following oil commodity risk management contracts: Commodity Volumes Sold (bbl/d) Term Reference/Index Contract Traded Bought/Sold Average Price ($/bbl) Crude Oil 1,900 bbl/d Oct 2025 - Dec 2025 WTI (US$/bbl) Swap - sold $67.15 Crude Oil 1,500 bbl/d Jan 2026 - Mar 2026 WTI (US$/bbl) Swap - sold $65.13 Crude Oil 500 bbl/d Apr 2026 - Dec 2026 WTI (US$/bbl) Swap - sold $65.00 Crude Oil 250 bbl/d Nov 2025 - Dec 2025 WTI (CAD$/bbl) Swap - sold $90.03 Crude Oil 1,900 bbl/d Oct 2025 - Dec 2025 WCS Differential (US$/bbl) Swap - sold ($14.71) Crude Oil 250 bbl/d Nov 2025 - Dec 2025 WCS Differential (CAD$/bbl) Swap - sold ($16.28) Crude Oil 200 bbl/d Oct 2025 WCS (CAD$/bbl) Swap - sold $80.00 Crude Oil 950 bbl/d Nov 2025 - Dec 2025 WCS (CAD$/bbl) Swap - sold $74.47 Subsequent to September 30, 2025, the Company entered into the following oil commodity risk management contracts: Commodity Volumes Sold (bbl/d) Term Reference/Index Contract Traded Bought/Sold Average Price ($/bbl) Crude Oil 1,000 bbl/d Oct 2025 - Dec 2025 WCS Differential (US$/bbl) Swap - sold ($11.50) Crude Oil 1,000 bbl/d Jan 2026 - Dec 2026 WCS Differential (US$/bbl) Swap - sold ($1 --- 2.50) As at September 30, 2025, if future WTI and WCS oil prices changed by $5.00 per bbl with all other variables held constant, net income and comprehensive income for the period would change by $2.4 million due to changes in the fair value of risk management contracts. Natural gas risk management contracts At September 30, 2025, the Company had in place the following natural gas commodity risk management contracts: Commodity Volumes Sold Term Reference/Index Contract Traded Bought/Sold Average Price ($/GJ) Natural gas (1) 2,500 GJ/d Oct 2025 AECO 5A (CAD$/GJ) Swap - sold $9.01 (1) Inclusive of 15,000 GJ/d sold at $3.19/GJ and a $5.82/GJ realized gain on 12,500 GJ/d of contracted volumes closed out during the period. As at September 30, 2025, if future AECO gas prices changed by $0.25 per GJ with all other variables held constant, net income and comprehensive income for the year would change by $1.7 million due to changes in the fair value of risk management contracts. Foreign exchange risk management contracts At September 30, 2025, the Company had in place the following CAD/USD foreign exchange risk management contracts: Fixed Contract Notional amount Term Price (CAD$/US$) Average rate forward (CAD$/US$) $2,050,000 US$/month Oct - Dec 2025 1.3763 Average rate forward (CAD$/US$) $2,500,000 US$/month Jan - Dec 2026 1.4066 Average rate forward (CAD$/US$)(1) $5,000,000 US$/month Jan - Dec 2026 1.3890 (1) At expiry on December 31, 2026 if the calendar 2027 forward strip is above 1.3890 CAD$/US$, Rubellite knocks into a $5.0 million US$/month contract at 1.3890 CAD$/US$ for the 2027 calendar year. Variable Contract(1) Notional amount Term Floor Price (CAD$/US$) Ceiling Price (CAD$/US$) Reset Price (CAD$/US$) Knock-in Collar (CAD$/US$) $500,000 US$/month Oct - Dec 2025 1.3700 1.4375 1.3875 Knock-in Collar (CAD$/US$) $500,000 US$/month Oct - Dec 2025 1.3700 1.4300 1.4000 As at September 30, 2025, if future CAD$/US$ exchange rate changed by $0.05 with all other variables held constant, net income and comprehensive income for the year would change by $0.6 million due to changes in the fair value of risk management contracts. Fair value of financial assets and liabilities The Company’s fair value measurements are classified into one of the following levels of the fair value hierarchy: Level 1 – inputs represent unadjusted quoted prices in active markets for identical assets and liabilities. An active market is characterized by a high volume of transactions that provides pricing information on an ongoing basis. Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These valuations are based on inputs that can be observed or corroborated in the marketplace, such as market interest rates or forecasted commodity prices. Level 3 – inputs for the asset or liability are not based on observable market data. The Company aims to maximize the use of observable inputs when preparing calculations of fair value. Classification of each measurement into the fair value hierarchy is based on the lowest level of input that is significant to the fair value calculation. RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 15 The fair value of cash, accounts receivable, and accounts payable and accrued liabilities approximate their carrying amounts due to their short terms to maturity. They are classified at amortized cost, level 1. The fair value of risk management c --- ontracts are classified as fair value through profit or loss ("FVTPL"), level 2. The fair value of financial assets and liabilities, excluding working capital, is attributable to the following fair value hierarchy levels: Carrying Amount Fair value As of September 30, 2025 Gross Netting(1) Level 1 Level 2 Level 3 Financial assets Fair value through profit and loss Risk management contracts $ 6,301 $ (1,299) $ 5,002 $ — $ 5,002 $ — Financial liabilities Financial liabilities at amortized cost Bank debt (90,639) — (90,639) (90,639) — — Term loan (19,128) — (19,128) (19,128) — — Fair value through profit and loss Risk management contracts (2,111) 1,299 (812) — (812) — (1) Risk management contract assets and liabilities presented in the consolidated statement of financial position are shown net of offsetting assets or liabilities where the arrangement provides for the legal right and intention for net settlement exists. RUBELLITE ENERGY CORP. Q3 2025 Interim Financial Statements Page 16