SEDAR Interim Financial Statements

Condensed Interim Statements of Financial Position Stated in thousands of Canadian dollars (Unaudited) As at September 30, December 31, 2025 2024 Assets Current assets Cash $ 20,494 $ 7,594 Accounts receivable 52,305 58,327 Fair value of financial contracts (note 5) 5,387 6,460 Prepaid expenses and deposits 4,572 3,233 82,758 75,614 Non-current assets Fair value of financial contracts (note 5) 237 20 Property, plant and equipment (note 4) 1,204,144 1,206,279 Deferred income taxes 70,569 84,236 1,274,950 1,290,535 $ 1,357,708 $ 1,366,149 Liabilities Current liabilities Accounts payable and accrued liabilities $ 72,373 $ 95,433 Dividends payable (note 9) 4,289 4,350 Fair value of financial contracts (note 5) 36 4,111 Current portion of term debt (note 6) 2,381 715 Current portion of lease and other obligations 5,339 4,092 Current portion of decommissioning obligations (note 8) 10,000 10,000 94,418 118,701 Non-current liabilities Senior unsecured notes (note 6) 171,526 170,872 Term debt (note 6) 3,491 5,509 Convertible debentures (note 7) 40,704 39,401 Decommissioning obligations (note 8) 286,030 281,624 Lease and other obligations 18,644 11,534 520,395 508,940 Shareholders' equity Share capital 1,742,938 1,767,739 Equity component of convertible debentures (note 7) 6,375 6,375 Contributed surplus 109,535 88,970 Deficit (1,115,953) (1,124,576) 742,895 738,508 $ 1,357,708 $ 1,366,149 The accompanying notes are an integral part of these condensed interim financial statements. 2025 Third Quarter Condensed Interim Financial Statements 1 Condensed Interim Statements of Income (Loss) and Comprehensive Income (Loss) Stated in thousands of Canadian dollars, except per share amounts (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue Petroleum and natural gas revenue (note 10) $ 143,301 $ 162,191 $ 445,238 $ 493,531 Processing income (note 10) 1,905 2,054 5,967 6,812 Royalties (25,212) (32,581) (77,808) (90,226) Unrealized gain (loss) on financial contracts (note 5) (9,492) 12,339 3,924 6,872 Realized gain (loss) on financial contracts (note 5) 3,701 (217) 11,194 (3,229) 114,203 143,786 388,515 413,760 Expenses Operating 40,340 43,242 120,909 141,075 Transportation 2,045 3,035 6,658 8,328 General and administrative 5,344 5,154 16,539 15,437 Stock-based compensation (note 9) 1,789 2,758 6,938 6,344 Depletion and depreciation (note 4) 45,992 46,786 143,662 138,454 Impairment — — — 96,495 Finance expense 9,375 11,862 32,383 35,562 (Gain) loss on disposals — — (312) 29,764 Transaction and other costs 198 5,655 349 7,132 105,083 118,492 327,126 478,591 Income (loss) before income taxes 9,120 25,294 61,389 (64,831) Deferred income tax expense (recovery) 1,921 8,031 14,037 (13,771) Net income (loss) and comprehensive income (loss) $ 7,199 $ 17,263 $ 47,352 $ (51,060) Income (loss) per share (note 9) Basic $ 0.07 $ 0.17 $ 0.48 $ (0.51) Diluted $ 0.07 $ 0.17 $ 0.47 $ (0.51) The accompanying notes are an integral part of these condensed interim financial statements. 2025 Third Quarter Condensed Interim Financial Statements 2 Condensed Interim Statements of Changes in Shareholders' Equity Stated in thousands of Canadian dollars, except share amounts (Unaudited) Number of common shares Share capital Equity component of convertible debentures Contributed surplus Deficit Total equity Balance at December 31, 2023 100,314,111 $ 1,790,559 $ 6,375 $ 67,546 $ (1,020,503) $ 843,977 Net loss — — — — (51,060) (51,060) --- Repurchase of common shares for cancellation, including tax (note 9) (764,800) (13,607) — 8,619 — (4,988) Transfer on exercise of RSAs and PSAs (1) (note 9) 1,876,267 9,835 — (13,675) — (3,840) Stock-based compensation, net of tax recovery of $0.3 million (note 9) — — — 9,704 — 9,704 Dividends (note 9) — — — — (37,252) (37,252) Balance at September 30, 2024 101,425,578 $ 1,786,787 $ 6,375 $ 72,194 $ (1,108,815) $ 756,541 Balance at December 31, 2024 100,381,957 $ 1,767,739 $ 6,375 $ 88,970 $ (1,124,576) $ 738,508 Net income — — — — 47,352 47,352 Repurchase of common shares for cancellation, including tax (note 9) (1,397,900) (24,801) — 16,886 — (7,915) Transfer on exercise of RSAs and PSAs (1) (note 9) — — — (6,940) — (6,940) Stock-based compensation, net of tax recovery of $0.4 million (note 9) — — — 10,619 — 10,619 Dividends (note 9) — — — — (38,729) (38,729) Balance at September 30, 2025 98,984,057 $ 1,742,938 $ 6,375 $ 109,535 $ (1,115,953) $ 742,895 (1) RSA and PSA defined as restricted share and performance share awards. The accompanying notes are an integral part of these condensed interim financial statements. 2025 Third Quarter Condensed Interim Financial Statements 3 Condensed Interim Statements of Cash Flows Stated in thousands of Canadian dollars (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Cash provided by (used in) Operating Net income (loss) $ 7,199 $ 17,263 $ 47,352 $ (51,060) (Gain) loss on disposals — — (312) 29,764 Unrealized (gain) loss on financial contracts (note 5) 9,492 (12,339) (3,924) (6,872) Finance expense 9,375 11,862 32,383 35,562 Interest expense (5,916) (7,306) (17,572) (24,046) Depletion and depreciation (note 4) 45,992 46,786 143,662 138,454 Impairment — — — 96,495 Decommissioning expenditures (note 8) (4,025) (4,016) (9,636) (9,640) Transaction and other costs 124 24 436 85 Stock-based compensation (note 9) 1,789 2,758 6,938 6,344 Deferred income tax expense (recovery) 1,921 8,031 14,037 (13,771) Change in non-cash working capital (note 11) 441 10,357 (7,158) 12,494 Cash flow from operating activities 66,392 73,420 206,206 213,809 Financing Bank debt (note 6) — (33,010) — (42,797) Senior unsecured notes (note 6) — 170,595 — 170,595 Term debt (note 6) — (124,187) (715) (173,222) Dividends paid (note 9) (12,878) (12,741) (38,790) (36,870) Purchase of common shares for cancellation (note 9) (545) (3,990) (7,915) (4,988) Payments on lease and other obligations (1,391) (679) (3,907) (3,352) Cash-settled stock-based compensation (note 9) — (3,840) (6,940) (3,840) Cash flow used in financing activities (14,814) (7,852) (58,267) (94,474) Investing Expenditures on property, plant and equipment (note 4) (32,805) (51,361) (118,034) (136,826) Proceeds from dispositions — 20 116 37,056 Expenditures on acquisitions (note 4) (5,677) — (5,777) (3,535) Change in non-cash working capital (note 11) (1,036) (2,727) (11,344) (4,530) Cash flow used in investing activities (39,518) (54,068) (135,039) (107,835) Change in cash 12,060 11,500 12,900 11,500 Cash, beginning of the period 8,434 — 7,594 — Cash, end of the period $ 20,494 $ 11,500 $ 20,494 $ 11,500 The accompanying notes are an integral part of these condensed interim financial statements. 2025 Third Quarter Condensed Interim Financial Statements 4 NOTES TO FINANCIAL STATEMENTS Tabular amounts are in thousands of Canadian dollars, except share and per share data 1. REPORTING ENTITY Surge Energy Inc. (the “Corporati --- on” or “Surge”) is a corporation existing under the laws of Alberta. Surge's business consists of the exploration, development and production of oil and gas from properties in western Canada. Surge's common shares are traded on the Toronto Stock Exchange (“TSX”) under the symbol SGY. The address of Surge’s registered office is 1200, 520-3rd Avenue SW, Calgary, Alberta, Canada, T2P 0R3. 2. BASIS OF PREPARATION Statement of compliance These condensed interim financial statements have been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting" as issued by the International Accounting Standard Board ("IASB") and using the accounting policies outlined by the Corporation in its annual financial statements for the year ended December 31, 2024. These condensed interim financial statements do not include all of the information required for full annual financial statements. These condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2024. The condensed interim financial statements were authorized for issuance by the board of directors (the "Board") on November 5, 2025. Use of estimates and judgments The preparation of financial statements in conformity with IFRS Accounting Standards ("IFRS") requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, income and expenses. Actual results may differ materially from these estimates. The significant estimates and judgments made by management in the preparation of these condensed interim financial statements were consistent with those applied to the annual financial statements for the year ended December 31, 2024. Estimates and their underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and for any future periods affected. 3. MATERIAL ACCOUNTING POLICIES These condensed interim financial statements at September 30, 2025 have been prepared following the same accounting policies as the annual financial statements as at December 31, 2024. 2025 Third Quarter Condensed Interim Financial Statements Notes to the Financial Statements 5 4. PROPERTY, PLANT AND EQUIPMENT Total Cost Balance at December 31, 2023 $ 3,337,325 Acquisitions 3,560 Dispositions (945,814) Additions 195,103 Right-of-use assets (668) Change in decommissioning obligations (note 8) 61,378 Capitalized stock-based compensation (note 9) 4,098 Balance at December 31, 2024 $ 2,654,982 Acquisitions 14,677 Dispositions (116) Additions 118,034 Right-of-use assets and other 8,125 Change in decommissioning obligations (note 8) (2,505) Capitalized stock-based compensation (note 9) 3,312 Balance at September 30, 2025 $ 2,796,509 Total Accumulated depletion, depreciation and impairment Balance at December 31, 2023 $ (1,987,067) Depletion and depreciation expense (184,998) Impairment (96,495) Dispositions 823,339 Change in decommissioning obligations (3,482) Balance at December 31, 2024 $ (1,448,703) Depletion and depreciation expense (146,238) Change in decommissioning obligations 2,576 Balance at September 30, 2025 $ (1,592,365) Total Carrying amounts At December 31, 2024 $ 1,206,279 At September 30, 2025 $ 1,204,144 The calculation of depletion and depreciation expense as at September 30, 2025 included an estimated $674.3 millio --- n (December 31, 2024 - $724.6 million) for future development costs associated with proved plus probable reserves. As at September 30, 2025, the Corporation determined that there were no indicators of impairment or historical impairment reversals on any of its cash-generating units ("CGU" or "CGUs") and, therefore, impairment tests were not performed. 2025 Acquisitions Effective July 2, 2025, the Corporation acquired certain assets in Southeast Alberta and Central Alberta for total cash consideration of $5.7 million. 2025 Third Quarter Condensed Interim Financial Statements Notes to the Financial Statements 6 5. RISK MANAGEMENT At September 30, 2025, the following risk management contracts were outstanding with a net asset fair market value of $5.6 million (December 31, 2024 – asset of $6.5 million and liability of $4.1 million): West Texas Intermediate Crude Oil Derivative Contracts (WTI) Swaps Period Volumes (bbls/d) Average Price (CAD/bbl) (1) Qtr. 4 2025 3,500 $94.88 Qtr. 1 2026 3,000 $94.02 (1) The implied CAD Average Price per bbl was calculated using the September 30, 2025 exchange rate of USD $1.00 = CAD $1.3931. Western Canadian Select Differential Derivative Contracts (WCS) Swaps Period Volumes (bbls/d) Average Price (CAD/bbl) (1) Qtr. 4 2025 5,000 $(18.93) Qtr. 1 2026 4,000 $(18.39) Qtr. 2 2026 1,500 $(18.18) Qtr. 3 2026 1,500 $(18.18) (1) The implied CAD Average Price per bbl was calculated using the September 30, 2025 exchange rate of USD $1.00 = CAD $1.3931. Mixed Sweet Blend Differential Derivative Contracts (MSW) Swaps Period Volumes (bbls/d) Average Price (CAD/bbl) (1) Qtr. 4 2025 2,000 $(5.47) (1) The implied CAD Average Price per bbl was calculated using the September 30, 2025 exchange rate of USD $1.00 = CAD $1.3931. Natural Gas Derivative Contracts AECO Swaps NYMEX Collars NYMEX - AECO Basis Swaps Period Volumes (GJ/d) Average Price (CAD/GJ) (1) Volumes (MMBtu/d) Average Bought Put (CAD/MMBtu) (1) Average Sold Call (CAD/MMBtu) (1) Volumes (MMBtu/d) Average Price (CAD/MMBtu) (1) Qtr. 4 2025 3,888 $3.38 1,112 $4.18 $4.88 1,685 $(1.46) Qtr. 1 2026 5,000 $3.18 — — — — — (1) The implied CAD Average Price per GJ and MMBtu, as applicable, was calculated using the September 30, 2025 exchange rate of USD $1.00 = CAD $1.3931. 2025 Third Quarter Condensed Interim Financial Statements Notes to the Financial Statements 7 Foreign Currency Exchange Derivative Contracts Type Term Notional Amount (USD) Floor Ceiling Average Rate Collar Jan 2025 - Dec 2025 $5,000,000 1.3300 1.4050 Average Rate Collar Jan 2025 - Jun 2026 $5,000,000 1.3850 1.4610 Average Rate Collar Jul 2025 - Dec 2025 $5,000,000 1.3900 1.4650 Average Rate Collar Jan 2026 - Dec 2026 $5,000,000 1.3800 1.4450 The following table summarizes the sensitivity of the fair value of the Corporation’s market risk management positions to fluctuations in natural gas prices, crude oil prices and foreign exchange rates. All such fluctuations were evaluated independently, with all other variables held constant. Fluctuations in the following on the respective derivative contracts would have had the following impact on net income: Net income impact for the nine months ended September 30, 2025 Increase Decrease Crude Oil - Change of +/- $1.00 per bbl $ (1,422) $ 1,422 Natural Gas - Change of +/- $0.10 per mcf $ (69) $ 69 Foreign Exchange - Change of +/- $0.01 $ 152 $ (152) A reconciliation of the financial contracts gain (loss) reflected within these condensed interim financial statemen --- ts is provided below: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Financial contracts gain (loss) Unrealized gain (loss) on financial contracts $ (9,492) $ 12,339 $ 3,924 $ 6,872 Realized gain (loss) on financial contracts 3,701 (217) 11,194 (3,229) Total financial contracts gain (loss) $ (5,791) $ 12,122 $ 15,118 $ 3,643 As at September 30, 2025, the Corporation's net fair value of financial contracts is as follows: Financial contracts Foreign exchange contracts Total Net financial contracts asset, December 31, 2024 $ 6,025 $ (3,656) $ 2,369 Unrealized change in fair value (2,358) 5,577 3,219 Net financial contracts asset, September 30, 2025 $ 3,667 $ 1,921 $ 5,588 6. DEBT Bank Debt As at September 30, 2025, the Corporation had a total commitment of $250 million, being the aggregate of a committed revolving first-lien term facility of $200 million and an operating loan facility of $50 million (the "Facilities"), with a syndicate of banks. A review and redetermination of the borrowing base is scheduled to occur semi-annually on or before May 31 and November 30 of each year. The Facilities are available on a revolving basis until May 31, 2026. On May 31, 2026, at the Corporation's discretion, the Facilities are available on a non-revolving basis for a one-year period, at the end of which time the Facilities would be due and payable. Alternatively, the Facilities may be extended for a further 364-day period at the request of the Corporation and subject to the approval of the syndicate. As at September 30, 2025, the Corporation had $3.4 million of outstanding letters of credit (December 31, 2024 - $2.6 million), which are included within the $50 million operating loan facility and reduces the lending capacity available. 2025 Third Quarter Condensed Interim Financial Statements Notes to the Financial Statements 8 Senior Unsecured Notes As at September 30, 2025, the Corporation had $175.0 million of senior unsecured notes (the "Notes") outstanding. The Notes bear interest at a fixed rate of 8.500% per annum, payable semi-annually, with a due date of September 5, 2029, and rank equally with all other present unsecured and subordinated debt of the Corporation. The Notes were priced at 100% of par to yield 8.500% per annum. The Notes are non-callable by the Corporation prior to September 5, 2026. On or after September 5, 2026, the Corporation may redeem all or part of the Notes at the redemption prices set forth below, plus any accrued and unpaid interest, for the twelve month period beginning on: i. September 5, 2026: 104.250% ii. September 5, 2027: 102.125% iii. September 5, 2028 and thereafter: 100.000% Emissions Reduction Fund As at September 30, 2025, the Corporation had a $5.9 million (December 31, 2024 - $6.2 million) loan repayable relating to the Government of Canada Emissions Reduction Fund (“ERF”), which is included as term debt within the condensed interim financial statements. As at September 30, 2025, the Corporation had received $10.9 million (December 31, 2024 – $10.9 million) of funds from the ERF for the Corporation's planned gas emissions reduction program, of which a total of $2.4 million (December 31, 2024 - $1.7 million) has been repaid. The next repayment of 33.3 percent of the repayable portion is due on March 31, 2026. As a result, $2.4 million (December 31, 2024 - $0.7 million) of the loan repayable has been reflected as current term debt. A summary of outstanding debt is as fol --- lows: Bank debt Senior unsecured notes Term debt Total Balance at December 31, 2023 $ 42,797 $ — $ 178,731 $ 221,528 Proceeds — 175,000 — 175,000 Issue costs — (4,405) — (4,405) Repayment (42,797) — (175,921) (218,718) Accretion — 277 3,972 4,249 Other (non-repayable portion) — — (558) (558) Balance at December 31, 2024 $ — $ 170,872 $ 6,224 $ 177,096 Repayment — — (715) (715) Accretion — 654 363 1,017 Balance at September 30, 2025 $ — $ 171,526 $ 5,872 $ 177,398 Current liabilities $ — $ — $ 2,381 $ 2,381 Non-current liabilities $ — $ 171,526 $ 3,491 $ 175,017 2025 Third Quarter Condensed Interim Financial Statements Notes to the Financial Statements 9 7. CONVERTIBLE DEBENTURES Number of convertible debentures Liability component Equity component Balance at December 31, 2023 48,300 $ 37,848 $ 6,375 Accretion of discount — 1,553 — Balance at December 31, 2024 48,300 39,401 6,375 Accretion of discount — 1,303 — Balance at September 30, 2025 48,300 $ 40,704 $ 6,375 The fair value of the convertible debentures at September 30, 2025 was $50.8 million using quoted market prices on the TSX (level 1 fair value). 8. DECOMMISSIONING OBLIGATIONS The Corporation’s decommissioning obligations result from net ownership interests in petroleum and natural gas assets including well sites, gathering systems and processing facilities. The Corporation estimates the total uninflated and undiscounted amount of cash flows required to settle its decommissioning obligations is approximately $442.4 million (December 31, 2024 – $425.8 million). These payments are expected to be made between 2025 and 2081. A risk free rate of 3.61 percent (December 31, 2024 – 3.33 percent) and an implied inflation rate of 1.95 percent (December 31, 2024 – 1.82 percent) was used to calculate the decommissioning obligations. A reconciliation of the decommissioning obligations is provided below: September 30, 2025 December 31, 2024 Balance, beginning of year $ 291,624 $ 262,944 Liabilities related to acquisitions 8,900 25 Liabilities related to dispositions — (25,959) Change in estimate (1) (3,694) 52,784 Liabilities incurred 1,189 8,593 Accretion expense 7,647 8,412 Decommissioning expenditures (9,636) (15,175) Balance, end of period $ 296,030 $ 291,624 Expected to be incurred within one year 10,000 10,000 Expected to be incurred beyond one year $ 286,030 $ 281,624 (1) The change in estimate was primarily the result of the change in discount and inflation rates. 9. SHARE CAPITAL (a) Restricted and Performance Share Award Incentive Plan The Corporation has a Stock Incentive Plan which authorizes the Board to grant restricted share awards (“RSAs”) and performance share awards (“PSAs”) to directors, officers, employees and certain consultants of Surge. 2025 Third Quarter Condensed Interim Financial Statements Notes to the Financial Statements 10 The number of restricted and performance share awards outstanding are as follows: Number of restricted share awards Number of performance share awards Balance at December 31, 2024 1,487,375 2,001,340 Granted 1,201,581 1,330,737 Reinvested 116,591 157,710 Exercised (739,053) (748,869) Forfeited (43,098) — Balance at September 30, 2025 2,023,396 2,740,918 The weighted average fair value of awards granted for the nine months ended September 30, 2025 is $4.80 (September 30, 2024 - $6.78) per PSA and $4.82 (September 30, 2024 - $6.77) per RSA. In the case of PSAs, the award value is adjusted for a payout multiplier which can range from 0.0 to 2.0 a --- nd is dependent on the performance of the Corporation relative to pre- defined corporate performance measures for a particular period. On the vesting dates, the Corporation has the option of settling the award value in cash or common shares of the Corporation. For purposes of stock-based compensation, a payout multiple of 1.0 was assumed for the PSAs granted during the period. During the period ended September 30, 2025, the Corporation settled certain exercised awards amounting to 748,869 PSAs and 739,053 RSAs (September 30, 2024 - 342,723 PSAs and 232,971 RSAs) for $6.9 million in cash. (b) Normal Course Issuer Bid ("NCIB") Share Repurchases On June 16, 2025, the Toronto Stock Exchange ("TSX") approved the renewal of the Corporation's NCIB. Pursuant to the NCIB, the Corporation will purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 9,597,280 common shares of the Corporation. The NCIB became effective on June 19, 2025, and will terminate on June 18, 2026 or such earlier time as the NCIB is completed or terminated at the option of the Corporation. For the three months ended September 30, 2025, the Corporation repurchased for cancellation 108,000 common shares under its NCIB at a weighted average price of $6.92 per share for a total cost of $0.7 million. For the nine months ended September 30, 2025, the Corporation repurchased for cancellation 1,397,900 common shares under its NCIB at a weighted average price of $5.70 per share and a total cost of $8.0 million. For the nine months ended September 30, 2025, share capital was further reduced by $16.9 million, reflecting the average carrying value of $17.73 per share. Contributed surplus was increased by the same amount for the repurchase price of shares below the carrying value. Effective January 1, 2024, the Government of Canada introduced a 2% federal tax on equity repurchases. During the nine months ended September 30, 2025, the Corporation recorded a $0.2 million liability, charged to share capital, related to the federal tax on equity repurchases. (c) Stock-based compensation A reconciliation of the stock-based compensation expense is provided below: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Stock-based compensation on PSAs and RSAs $ 2,692 $ 3,909 $ 10,250 $ 9,140 Capitalized stock-based compensation (note 4) (903) (1,151) (3,312) (2,796) Total stock-based compensation expense $ 1,789 $ 2,758 $ 6,938 $ 6,344 2025 Third Quarter Condensed Interim Financial Statements Notes to the Financial Statements 11 (d) Per share amounts The following table summarizes the shares used in calculating income (loss) per share: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Weighted average number of shares - basic 99,054,424 101,066,498 99,447,617 100,727,609 Effect of dilutive instruments 2,105,261 1,471,234 1,288,766 — Weighted average number of shares - basic and diluted 101,159,685 102,537,732 100,736,383 100,727,609 In computing diluted per share amounts for the three months ended September 30, 2025, nil PSAs and RSAs (September 30, 2024 - 785,319 PSAs and nil RSAs) were excluded from the calculation as their effect was anti-dilutive. In computing diluted per share amounts for the nine months ended September 30, 2025, nil PSAs and RSAs (September 30, 2024 - all PSAs and RSAs) were excluded from the calculation as their effect was anti-dilutive. The common shares potentially iss --- uable on the conversion of the convertible debentures were also excluded as they were determined to be anti-dilutive. (e) Dividend The Board declared a dividend of $0.043333 per share for the months of January through September 2025 (January - June 2024 - $0.04 per share, July 2024 - $0.043 per share, and August - September 2024 - $0.043333 per share). Dividends of $0.043333 per share were declared and outstanding at September 30, 2025 and were paid in October 2025. Dividends of $4.3 million for the month of October 2025 have been declared at $0.043333 per share. 10. REVENUE The following table presents the Corporation's petroleum and natural gas revenues disaggregated by revenue source: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Oil $ 140,788 $ 158,463 $ 435,139 $ 477,213 Natural gas liquids 2,238 3,333 5,549 10,840 Natural gas 275 395 4,550 5,478 Total petroleum and natural gas revenue $ 143,301 $ 162,191 $ 445,238 $ 493,531 Processing 1,905 2,054 5,967 6,812 Total petroleum, natural gas and processing revenue $ 145,206 $ 164,245 $ 451,205 $ 500,343 The Corporation's revenue was generated entirely in the provinces of Alberta, Saskatchewan, and Manitoba. The majority of revenue resulted from sales whereby the transaction price was based on the index prices. 2025 Third Quarter Condensed Interim Financial Statements Notes to the Financial Statements 12 11. SUPPLEMENTARY CASH FLOW INFORMATION Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Accounts receivable $ (2,860) $ 3,743 $ 5,586 $ 76 Prepaid expenses and deposits 777 1,588 (1,339) 1,140 Accounts payable and accrued liabilities 1,489 2,303 (23,060) 7,705 Working capital on disposals and other (1) (4) 311 (957) Change in non-cash working capital $ (595) $ 7,630 $ (18,502) $ 7,964 These changes relate to the following activities: Operating $ 441 $ 10,357 $ (7,158) $ 12,494 Investing (1,036) (2,727) (11,344) (4,530) $ (595) $ 7,630 $ (18,502) $ 7,964 2025 Third Quarter Condensed Interim Financial Statements Notes to the Financial Statements 13