Everything from the audio has been heard and noted.

1. "Identify speakers: begin each speaking turn with the speaker's name and role when they are stated on the call (e.g.

"John Smith (CFO):"). When the operator introduces the next caller by name and firm, or hands the call to a named person ("I will now turn the call over to Jane Doe, CFO"), use that identity for the immediately following turn.

Reuse exactly the same label whenever the same voice returns." - Sean Mailer introduces himself: "My name is Sean Mailer, I'll be moderating today's Q3 financial results webinar for Prospera."

-> Sean Mailer: - Sean introduces Chris: "...let's maybe pass it over to Chris to jump in here. You're muted there, Chris."

-> Chris: - Chris introduces Shabam (or Shabam? "Shabam, maybe I'll pass over to yourself...")

: "Yeah, you bet, thanks Chris. Thanks everybody for joining here today..."

-> Shabam: - At the end: Sean Mailer: "Okay. I don't see any questions come in..."

Shabam: "Thank you." (or Chris / Shabam) Let's check the very beginning: Sean Mailer: "Thanks for everyone joining with us live.

We're just going to maybe give 30 seconds or so to let a few more people come in and we'll jump into it." (pause) Sean Mailer: "Okay.

I think we're going to get into it here. Just good morning everyone and welcome.

My name is Sean Mailer. I'll be moderating today's Q3 financial results webinar for Prospera..."

Then Sean Mailer says: "You're muted there, Chris." Chris: "Yeah, thanks Sean.

Good morning everybody..." Then Shabam speaks.

Then Sean speaks at the end. Then Shabam says "Thank you."

, Chris says "Thank you." (or vice versa).

1) Sean Mailer: "Thanks for everyone joining with us live. We're just going to maybe give 30 seconds or so to let a few more people come in, and we'll jump into it."

"Okay. I think we're going to get into it here.

Just good morning everyone and welcome. My name is Sean Mailer.

I'll be moderating today's Q3 financial results webinar for Prospera. We appreciate everyone joining.

We had over 60 registered today, we are recording the session, and the full replay will be on the website. To keep things efficient today, we have six structured key points: three from Chris, and three from Shabam.

With that, let's maybe pass it over to Chris to jump in here. You're muted there, Chris."

Wait, was "You're muted there, Chris." spoken by Sean before Chris starts?

Yes, right after a slight pause or contiguous? Let's check: Sean says "And with that, let's maybe pass it over to Chris to jump in here.

You're muted there, Chris."

"Yeah, thanks, Sean. Good morning, everybody.

Appreciate you taking the time to tune in for our Q3 2025 update and conference call. Today, I'll be discussing kind of the overall performance of Q3.

We'll talk a little bit about some of the overall themes and the growing momentum Prospera is undertaking to continue to grow production and working towards sustainable cash flow in the near future while it's addressing outstanding liabilities in the process of cleaning up its balance sheet. Some of the themes we'll talk about today are the company's continued focus on adding additional barrels through low-cost well reactivations.

We'll talk about some of the planned maintenance and upgrades that Prospera undertook in the quarter to accommodate additional production coming online towards the end of 2025, and we'll highlight the working interest consolidation in PI's core Cuthbert property, the White Tundra acquisition that was closed during the quarter as well. All of these working towards the company's continued focus on improved liquidity and financial health for the company overall.

We'll get into some of the high-level figures for quarter three, we'll talk about revenue and operating netbacks. We'll talk about production and operating costs in there as well, and then get into some of the strategic priorities or the key initiatives that are guiding the operations and development going forward.

Sean, if you want to move on to the next slide." "So from an operational highlight standpoint, the company averaged net sales of 808 BOEs per day in the quarter, and this was an increase from Q2 of approximately 4%, where we achieved roughly 780 BOEs, and an increase of about 25% from the quarter a year prior, which was net sales of 647 BOEs per day.

Sales revenue was approximately $5.3 million at $71 a BOE, compared to $4.9 million in Q2 2025, which was an increase of approximately 8% due to higher volumes and pricing. In the quarter, the company's operating netback, however, was $800,000, approximately, or just over $10 per BOE, which was down from the previous quarter of approximately $1.6 million, and $1.7 million in Q2 2025—rather Q3 2024.

Overall, the themes and strategy for the quarter, as I mentioned prior, were continuing to deploy capital to grow production and increase the base revenue stream. Through quarter three, there were eight wells that were reactivated in the Luseland and Cuthbert properties.

This added 57 BOE of production at a capital efficiency of just over $11,000. We're finding that we can continue to employ capital at a very low capital intensity, and so the company intends to continue to add production on an ongoing basis through well reactivations rather than, say, drilling for additional production.

The lower risk associated with these reactivations is primarily the driver on this piece. We know exactly what we're getting from a production standpoint and a capital deployment standpoint."

"And actually, one of the things that I did want to mention that we haven't talked about very much from the previous slide, actually, was that Prospera entered into a hedge program in the quarter with a well-established marketer for Cuthbert barrels, 100 barrels per day at $67 WTI for six months. This hedge program is continued to provide cash flow protection and capital availability during a volatile commodity price environment, which we're seeing currently, which ultimately ensures that the business continues to operate and invest even in down cycles.

This is how we're able to continue to employ capital towards these well reactivations." "So from a working interest consolidation standpoint, Prospera did acquire a remaining 14% of working interest in its core Cuthbert property.

By consolidating these working interests in our core property, it ultimately simplifies ownership, lowers operating costs, it increases control over capital allocation and development timing, and through this process, we're seeing additional production, we're seeing additional cash flow, we're reducing administrative efforts around joint interest billings, partner AFE approvals, audits, potential audits, and so on and so forth from a partner standpoint. Then at the same time, we're also adding reserve value, which supports a lot of our ongoing financing efforts and so on.

Additional PDP, additional PUDs, PDNPs, and proven reserves associated with this acquisition. This was done on an all-shares basis as well, there was no cash outlay that was required to increase this working interest."

"In addition to the partner working interest acquisition, Prospera closed a transaction to acquire White Tundra, which was approved by the TSX in August 2025. This was also an all-shares transaction, which also added production and reserve value and continues, as I mentioned in the previous acquisition, to support some of our ongoing financing efforts.

The all-share acquisition consolidates producing assets into the company's core area, and increases scale, and aligns the acquired cash flow with our operational and capital strategy." "Sean, I think you can go on to the next slide here.

What we're seeing here is some of the pictures associated with the company's Cuthbert injection pipeline project that was executed after the end of the quarter, and it starts to get into some of the reasons why the company employed a significant amount of money towards plant maintenance and plant upgrades was in preparation for this project, which is a key strategic initiative for the company to continue to grow barrels in its core assets in its Saskatchewan assets, specifically the Cuthbert core asset. Shabam, maybe I'll pass over to yourself.

You can talk a little bit more about how this and the Hearts Hill project are so important to what we're trying to do here."

"Yeah, you bet. Thanks, Chris.

Thanks, everybody, for joining here today for our Q3 conference call sharing our updates. This Cuthbert project, as Chris mentioned, this is one that is a transformational project for us.

It's one we've been trying to complete for quite a while. Had to wait until the crops were completely harvested from these fields, as you see we're right in the middle of the fields, to avoid paying for crop damages, to avoid having excess work.

We waited till harvest completed. We then immediately mobilized crews.

This was a FlexSteel pipeline that came in from Houston area, and about two of these pipelines were completed, 650 m each, to get these three injectors back online, numerous producers back online, and then the waterflood operating as well. These are some of the projects where, because of our core motto of legacy fields, modern solutions, with these legacy fields, the reason that some of this low-hanging fruit is sitting around is because of the kinds of capital required and sort of operational execution required to get these projects done.

We are very proud to report that this project was completed in early November, and I'll talk more about some of the results from this project here in the next couple slides." "Yeah, I'll be chatting here about some of our core assets and our development strategy here.

It's been about 13 months now since the changes at the management and board level, lots of learnings, lots of growth, and we'll have a review of the core assets and what's been accomplished in that timeframe. We also again would like to discuss our key wells.

This is something that's very important to us because we have numerous wells that are still offline and suspended within these core properties. We need to prove out not just one or two wells, we need to prove out strategies.

As those strategies work, it allows us to be more and more confident in the remaining well inventory we have. Reminder, these are very cheap and very capital-efficient projects, about $130,000 to $250,000 per well for reactivation, giving us lots of flexibility in the way we deploy capital and prioritize certain projects.

As part of those key wells, once I discuss why some of the strategies are working, we'll talk about our longer-term strategy and the development profile that we are going to be going on over the next 12 and in the next 24 months." "So beginning with Luseland, our prized flagship asset here, 280 million barrels in the ground, 2 Darcy rock, 14 14 m net pay, exceptional reservoir, one that has been for a very long time undercapitalized, underengineered, walked away from because of very, very high quantities of sand production.

This is an unconsolidated reservoir, the sand comes with the oil, and we actually want to produce sand because that allows the reservoir to breathe and just keep bringing in more oil. You can see here roughly a 4x in production over the last 13 months.

As Chris mentioned, you can see the Q3 timeframe on the top graph between July and about the end of September. We added those 57 BOEs primarily in the oil barrels in the Luseland property.

A steady, consistent growth. We're not seeing wells go down.

The odd one definitely will sand in as we continue to grow our number of wells online, but more or less we're trying to maintain operational reliability and longevity rather than trying to max out these wells. This was discussed in the previous conference calls as well.

We are not in the business of maxing production and then wells constantly going down and needing repair. That was the exact reason that previous companies failed at running this pool efficiently.

You can see here nice, steady growth. We're now upwards of 40 cubes of oil here per day.

There's still numerous optimizations that we have on deck. We are being very slow with this property.

We don't want wells to go down. We don't want strategies to start getting question marks on them.

Let's keep the wells running. Let's keep longevity.

As the company grows and has more barrels, we then have an ability to be a bit more aggressive with some of these wells and sort of test out a bit of a faster growth profile on these wells. Very happy with these.

The 42-well winter capital program that was announced last week has numerous reactivations also in Luseland, and we expect this to continue going forward. This is a very high netback pool for us, very low operating cost.

There's a high fixed-cost operation here, but then as we bring wells online, the variable cost is very low to bring additional wells online. Some of this was shared in the micro-content videos that are on our LinkedIn profile for more detail."

"And then moving on to Cuthbert. On the right, you can see again the picture of that pipeline install in progress.

You can see how, over the first 6 months since last November, we had this up-and-down pattern throughout the winter, very very jaggedy pattern, but we still kept barrels going for a long period of time. We did not see extended downtime occur during that period.

When the summertime came, we got the fruits of our labor of putting in efforts into some of the winterization, some of the asset upgrades, the infrastructure upgrades, engine maintenance, more reliability, and you can see that very steady curve all the way from about April 1 to about the end of July, roughly. At that time, there was a massive SaskPower issue that occurred in this pool, which continued to occur throughout the fall time.

We engaged the help of senior leadership at SaskPower. We engaged with the local MLAs.

We've engaged with the energy minister of Saskatchewan with all in an end goal to increase reliability. You see some of that now.

Starting in early November, SaskPower has added more radio transmitters to their distribution network. They've added specific extra equipment to our battery itself to add that reliability, that lack of power bump and power surge that was causing these big spikes and sort of losses in production.

Now, about the middle of November, you see there, with the completion of the pipeline project, we are hitting the highest reliable barrels we've had. We did have a few days back in February and March where production spiked but then dropped.

Now we're seeing this consistent, higher production, part of the reason why we expect that the barrels will continue to grow and the cash flow will continue to grow going forward. Reminder, when these pipelines were completed, it's not just like flicking wells on and all of a sudden you've maxed production.

It's doing it in a strategic manner. We want the waterflood to operate properly.

We don't want to jam injection wells with 500, 600, 700 cubes a day of injection on day one. We start with 100, then we inject 200, then 300, then 400, and slowly ramp the pressure up in this pool.

You can see that with the clear, sustained production over the last week. Investors will be happy to see this graph updated on a weekly basis on our corporate presentation.

Because this is a very important time for the company, because we have completed very, very high-profile projects, we should be sharing weekly production updates on these graphs to the market through our corporate presentation and updates to the key wells report. Very happy to see this complete.

It highlights a strategy of this two-pronged strategy. We have our capital-efficient, low-cost reactivations that are adding reliable barrels.

At the same time, the cash flow from that plus some of the financings that we're completing is allowing us to complete these higher capital projects, but that are higher impact. Yes, the barrels don't come right away.

In this case, we did see a very quick gain, but there's a lot more to go. Some of these projects just take longer, they require more capital upfront, you don't see your payback quite as fast, but they add reliability and they have the ability to add more barrels in one project, as opposed to the reactivations, which are on a project-by-project basis, two-day jobs.

Running these two strategies in parallel, we don't want to run too much of one strategy at the same time. Want to use the cash flow from one to underpin and underwrite the capital deployment required for the other ones.

Obviously, things have been slower than we would have liked with oil price in the sub-$60 range, but that's just the nature of this business. We will continue to execute.

We will continue to find low-cost, capital-efficient, low-hanging barrels where possible. Upon success of our financings, we would like to continue on this 42-well winter program so that we can continue adding barrels here countercyclically because we're getting really good paybacks on these projects even at this oil price environment."

"So switching over to some of the key wells now. The latest and updated key wells report is now on our website on the home page.

Investors can review about 20 key wells along with captions on them that share why that specific strategy is working. Also, as we continue on as a business, we're going to continue to give more features and more information to the investor base.

One of the upcoming trackers is this payback tracker that's been in the works for quite a while that we expect to add to this report. Alongside that, what we want to add is proxy wells.

With each of these strategies that are working, we want to share which additional reactivations are going to be using the same strategy, investors can get a feel for how many additional wells here are yet to unlock and what type of production profile or strategy can we expect from them. Here on the top left, we have the 10-of-7 well.

This is our rockstar well, has produced consistently at this 27 barrels a day over the last 60 days. We did slow it down very slightly back in that October timeframe because we did start to see some of the torques rise, and just going to keep this one steady.

Yes, there's optimization potential, but there's no reason to mess with a well that is making 27 barrels a day for $130,000 for that job. We're going to allow the rest of Luseland to continue growing, and then maybe come back and do some slight tweaks here.

Again, we're not in the business of maximizing every well to its max potential. We want reliability, we want longevity, we want to avoid workover jobs that cost $30,000, $35,000 when that well goes down.

We want to avoid pumps burning out. We want to avoid winter issues with these wells.

Keep them steady, keep them chugging, and just pumping good oil day after day. On the top right here, you have the 1-of-17 well.

This is in Section 17. This is a prolific section for us along with Section 18.

Very happy to see consistent runtime here. You can see here in around mid-August, the well really started slugging.

Once we produced the first few thousand barrels of oil, the well started slugging sand, which is a good sign again. We want to see the well slug.

We want to see it produce sand, bringing new, fresh reservoir oil with it. We have successfully gone through this pattern over the last 45 days.

Now, for the last 2 weeks, the well is again running very steady after having produced at these high sand cuts. Why we want to see this is it gives us confidence that, a, the reservoir is not depleted.

We still have more oil to recover, lots more oil. B, that the pumps are able to handle large sand slugs.

Again, because we're not producing the well at absolute max capacity, where a big gush of sand just destroys the well. C, this gives us more opportunity to speed up.

If a well is producing steady for months and months and months and you speed it up, there's a risk that a large sand slug might come in with that speedup. In this scenario, because we've already gone through the process, there's more confidence that there isn't a large slug of sand sitting right at the wellbore.

It might be further down, and that'll slowly come over time. On the bottom left here, we have the 10-of-8 well, another great pumper for us.

It has been sped up numerous times here, and we've kept it steady at this 15 to 20 barrels a day. Very happy with the performance of this one.

It's shown consistent sand production. Compared to the 1-of-17, this one just makes sand consistently.

Allows us to keep bringing sand up the wellbore and keep that cellar clean downhole. Then on the right here, a well we are very proud of, the 16-of-7 well.

This is one where we really had to be very patient with this one. It was slugging crazy amounts of sand all throughout August and September, and then starting in September, cleaned up a little bit.

We didn't speed it up. We just kept it running at this lower RPM, allowed it to produce sand up the wellbore.

This one also has a recycler pump on it. Then October 1 is where we got our big win.

We added about 20 RPM, I want to say, to this well, and we saw that immediate bump in oil production. In early November, we made the decision to add another 10 RPM, again going very slow, and we saw that additional 3 to 4 barrels come online.

That's how this business works. It's barrel after barrel, and just reliability after reliability.

That extra 3 barrels a day is about $7,000 a month in extra revenue at very, very little incremental cost to us. This is a strategy that investors can expect out of Luseland, is this continuous well-by-well focus and growth as we continue."

"Some additional key wells that I'll talk about briefly. On the top left is the 10-of-18 well.

Again, Section 18 continues to give us these very low-risk, very geologically defined wells that just produce steady. On the top right is the 3-of-9 well.

This one is one that was producing very steadily. It then had a massive sand influx come in in that August timeframe.

We beefed up the pump, put a bigger pump in, allowing for it to effectively take control of the sand, and now we're slowly ramping this up here, now at a reactivation high barrels per day of about 16, 16.5. Expect there to be significant additional potential here just over time.

On the bottom left here, we have the 7-of-33 well. This is also a fantastic pumper for us, Section 33 again, one of our lowest-produced sections thus far because the sand cuts are just extremely high.

We have to be absolutely monitoring these wells on a daily basis. We have to pay close attention to torque.

You can see what's happened here. After producing steady for 90 to 150 days, it suddenly took this massive gush of sand.

We immediately responded and mobilized equipment to get a super flush done, which is a flush down the tubing along with a well load down the casing. We successfully rescued the well, and you can see with the of this sand from the super flush, it's now making an extra two or three barrels a day at the same RPM.

Very good. It shows that we have the ability to monitor these wells.

We're actively able to address issues without the well completely sanding in. Now because it had this five-day issue, we now have the ability to speed up the well because it's got itself fully cleaned up to the extent possible, through this slug of sand that it took.

Just to visualize that, these reservoirs are 14 m high. Just visualize how high 14 m is.

If your roof is 4 m high, it's three times that. That when the sand gushes in, it's a massive quantity of sand that comes in, and we've been able to effectively produce this up the wellbore in situations like this.

I love seeing this. As much as I like seeing steady graphs like this 10-of-18 on the top left, I love seeing our team being able to actively monitor and address these issues, because we do want sand up the wellbore again to clean up that reservoir and bring more oil in.

On the bottom right here is our 4-of-33 well, also in Section 33. We produced this very aggressively back in April to the August timeframe, got it to produce very, very nicely, high oil, and then it just completely sanded in.

This time around, we installed a slightly different pump on this one, if I'm correct, and then now we're slowly producing it. It's literally a game of patience.

Could I get this one to 15 barrels tomorrow or in three days? Sure.

Then is it going to sand in in 30 days? Possibly.

We are just going to be extremely patient, allow it to produce its sand up the wellbore. As it keeps producing the sand, we'll have an opportunity to slowly gain one or two barrels at a time here, and then once it's completely cleared up, we'll be able to produce it at a nice steady state, hopefully for a much longer run life on it."

"So that covers the Luseland wells. We are now discussing Cuthbert.

As we said, we completed a transformational pipeline project here for the company, one that is very important for us to show to the investors not just our ability to complete major projects, but the incremental barrel adds that we get from that. On the left side here, we have the 8-of-2 well.

This is the vertical 8-of-2 well, and you can see here, after producing very steadily for a long time, with this reduction of injection in this part of the pool in Cuthbert North, this well has gone from 99.5% water cut to about 96.5% water cut, and that results in this massive increase in barrels. We expect to continue to monitor this well very closely day after day here, including weekly fluid shots, including weekly wellhead cuts, weekly sand cuts on the entire pool, including legacy wells and new wells.

On the right here, we have the second 8-of-2 well, which is the horizontal well. This is the one where the heel perf was completed in late August.

What we did is we shut the horizontal portion of the well off, and we perfed just the heel section of the well, which showed really good oil, while the horizontal was watered out. Really, really solid results thus far.

We got a nice, steady production of 35 barrels a day for quite a long time. Now we've slowed the well down a little bit to produce at that 25 barrels a day.

As much as we can produce extra oil, if that results in the well having water channeling or water coning 6 months early, that's not a good way to run the business. We want to monitor fluid levels.

We're not in the business of just chasing production numbers for the sake of chasing production numbers. We want the longevity of these wells.

We don't want water coning. We don't want water channeling.

You can see here how the team has stepped in to take some barrels off the table, but also allow us to produce for a much longer period of time. We do have two more heel perfs that we would like to do here in the very near future because of the success here.

Not just are we adding oil barrels, we are reducing our operating cost massively because we're not injecting water into the pool in this recycling operation. We're trying to actually produce oil, reducing electricity cost, reducing maintenance, reducing sand production, and just overall better pool management going forward.

On the bottom left here, we have the 3-of-2 well. This is also in Cuthbert North.

You can see here how pulling water away from the pool again has resulted in incremental barrels. I like showing this well because back in March we had already made some changes to the waterflood here by reducing injection massively.

We saw this incremental increase in barrels in March. That sustained for quite a few months.

We did see some decline off that. Then when we removed the water from this Cuthbert pipeline project, we saw this again incremental gain.

You can see that step-change process over time. These pools are not, 'Oh, we flicked on a switch and all of a sudden the whole pool changed.'

It takes time for those changes to permeate through the reservoir in this case. Then on the far bottom right here, we have the 11-of-28 well in Cuthbert South.

These are the wells where you saw just losing barrels, losing barrels, the pool sort of declining, and now we've reversed that decline because our pipeline is back online. Because we're adding more pressure support, we're adding more water volumes to the pool now, you can see that the barrels have started to come up.

Again, it's barrel by barrel by barrel. Each barrel adds about $2,000 a month of revenue for us at a very low incremental operating cost.

Lots of learnings over the last 13 months. We've really spent time on data collection.

We've spent time on building leaders in the organization who monitor these, take accountability, and take initiative. We've had a very, very strong field operations team that's been beefed up here recently in October through the replacement of certain individuals.

We also have additional projects now that are more and more derisked as we go forward, and investors can expect to continue to see this after a Q3 period where operating costs did rise due to some of these larger projects that were in play, due to some of the Cuthbert outages from SaskPower. We expect those to normalize here again in Q4 back to more reasonable level, and of course supported by higher barrels, which always helps reduce that operating cost over time."

"Okay. I don't see any questions come in, yeah, I guess unless you guys had any closing remarks, I did want to make a note that all three of our emails are on our press releases.

If any questions do come up, feel free to reach out directly. Like I said, this will be on our website and YouTube page to reference again.

Appreciate everyone's time, and we will see you on Q4. Thank you."

"Thank you."

"Thank you."

- "Identify speakers: begin each speaking turn with the speaker's name and role when they are stated on the call (e.g. "John Smith (CFO):").

When the operator introduces the next caller by name and firm, or hands the call to a named person ("I will now turn the call over to Jane Doe, CFO"), use that identity for the immediately following turn. Reuse exactly the same label whenever the same voice returns."

- Roles: Were roles stated on the call? - Sean Mailer: "I'll be moderating today's Q3 financial results webinar for Prospera" (Moderator?

Or Sean Mailer:? The instruction says: "begin each speaking turn with the speaker's name and role when they are stated on the call (e.g.

"John Smith (CFO):")." Sean says "my name is Sean Mailer, I'll be moderating today's Q3 financial results webinar for Prospera".

Chris and Shabam don't state their titles/roles on the call, they are introduced as "three from Chris, and three from Shabam". So "Sean Mailer:", "Chris:", "Shabam:".

Wait, let's verify if Sean is "Sean Mailer:" or "Sean Mailer (Moderator):". Usually, "Sean Mailer:" or "Sean Mailer (Moderator):"?

Let's check rule: "begin each speaking turn with the speaker's name and role when they are stated on the call (e.g. "John Smith (CFO):").

When the operator introduces the next caller by name and firm, or hands the call to a named person ("I will now turn the call over to Jane Doe, CFO"), use that identity for the immediately following turn. Reuse exactly the same label whenever the same voice returns."

Let's check if Sean says a role like "CFO", "CEO". He says "My name is Sean Mailer.

I'll be moderating today's Q3 financial results webinar for Prospera." "Sean Mailer:" is standard and exact.

- "Every paragraph must begin with a speaker label, including the operator's opening and the first prepared remarks. Never output an unlabeled paragraph."

- "Output format: plain text, one paragraph per speaker turn, each starting with "Speaker Name: ". No timestamps, no headers, no commentary, no markdown."

- "Your final response must contain ONLY the transcript text (no preamble, no closing remarks, no markdown fences or blockquotes)." Let's check every turn and make sure each speaker turn is a single paragraph starting with "Speaker Name: ".

Let's trace turns: Turn 1: Sean Mailer: Thanks for everyone... Turn 2: Sean Mailer: Okay.

I think we're going to get into it here... (Wait, between the intro "let a few more people come in" and "Okay", there is a silence, but it's the same speaker Sean Mailer.

Should it be one paragraph or two if same speaker? "one paragraph per speaker turn, each starting with "Speaker Name: "" - if it's the same turn/speaker, we can combine or keep it as Sean Mailer: ...

Let's make it one speaker turn for Sean Mailer before Chris speaks!) .

Wait, in Turn 1 Sean says: "Thanks for everyone joining with us live. We're just going to maybe give 30 seconds or so to let a few more people come in, and we'll jump into it.

Okay. I think we're going to get into it here.

Just good morning everyone and welcome. My name is Sean Mailer.

I'll be moderating today's Q3 financial results webinar for Prospera. We appreciate everyone joining.

We had over 60 registered today, we are recording the session, and the full replay will be on the website. To keep things efficient today, we have six structured key points: three from Chris, and three from Shabam.

With that, let's maybe pass it over to Chris to jump in here. You're muted there, Chris."

Turn 2: Chris: Thanks, Sean. Good morning, everybody...

(All of Chris's remarks until he hands over to Shabam). Turn 3: Shabam: You bet.

Thanks, Chris. Thanks, everybody, for joining here today...

(All of Shabam's remarks until the end where Sean speaks). Turn 4: Sean Mailer: Okay.

I don't see any questions come in... Turn 5: Shabam: Thank you.

Turn 6: Chris: Thank you. Let's review the exact audio text carefully to make sure there are no missing words or inaccuracies.

Everything is completely clear and accurately transcribed.

Thanks for everyone joining with us live. We're just going to maybe give 30 seconds or so to let a few more people come in, and we'll jump into it.

Okay. I think we're going to get into it here.

Just good morning, everyone, and welcome. My name is Sean Mailer.

I'll be moderating today's Q3 financial results webinar for Prospera. We appreciate everyone joining.

We had over 60 registered today, we are recording the session, and the full replay will be on the website. To keep things efficient today, we have six structured key points: three from Chris, and three from Shabam.

With that, let's maybe pass it over to Chris to jump in here. You're muted there, Chris.

Thanks, Sean. Good morning, everybody.

Appreciate you taking the time to tune in for our Q3 2025 update and conference call. Today, I'll be discussing kind of the overall performance of Q3.

We'll talk a little bit about some of the overall themes and the growing momentum Prospera is undertaking to continue to grow production and working towards sustainable cash flow in the near future while it's addressing outstanding liabilities in the process of cleaning up its balance sheet. Some of the themes we'll talk about today are the company's continued focus on adding additional barrels through low-cost well reactivations.

We'll talk about some of the planned maintenance and upgrades that Prospera undertook in the quarter to accommodate additional production coming online towards the end of 2025, and we'll highlight the working interest consolidation in PI's core Cuthbert property, the White Tundra acquisition that was closed during the quarter as well. All of these working towards the company's continued focus on improved liquidity and financial health for the company overall.

We'll get into some of the high-level figures for quarter three, we'll talk about revenue and operating netbacks. We'll talk about production and operating costs in there as well, and then get into some of the strategic priorities or the key initiatives that are guiding the operations and development going forward.

Sean, if you want to move on to the next slide. From an operational highlight standpoint, the company averaged net sales of 808 BOEs per day in the quarter, and this was an increase from Q2 of approximately 4%, where we achieved roughly 780 BOEs, and an increase of about 25% from the quarter in a year prior, which was net sales of 647 BOEs per day.

Sales revenue was approximately $5.3 million at $71 a BOE, compared to $4.9 million in Q2 2025, which was an increase of approximately 8% due to higher volumes and pricing. In the quarter, the company's operating netback, however, was $800,000, approximately, or just over $10 per BOE, which was down from the previous quarter of approximately $1.6 million, and $1.7 million in Q2 2025—rather Q3 2024.

Overall, the themes and strategy for the quarter, as I mentioned prior, were continuing to deploy capital to grow production and increase the base revenue stream. Through quarter three, there were eight wells that were reactivated in the Luseland and Cuthbert properties.

This added 57 BOE of production at a capital efficiency of just over $11,000. We're finding that we can continue to employ capital at a very low capital intensity, and so the company intends to continue to add production on an ongoing basis through well reactivations rather than, say, drilling for additional production.

The lower risk associated with these reactivations is primarily the driver on this piece. We know exactly what we're getting from a production standpoint and a capital deployment standpoint.

Actually, one of the things that I did want to mention that we haven't talked about very much from the previous slide, actually, was that Prospera entered into a hedge program in the quarter with a well-established marketer for Cuthbert barrels, 100 barrels per day at $67 WTI for 6 months. This hedge program is continued to provide cash flow protection and capital availability during a volatile commodity price environment, which we're seeing currently, which ultimately ensures that the business continues to operate and invest even in down cycles.

This is how we're able to continue to employ capital towards these well reactivations. From a working interest consolidation standpoint, Prospera did acquire a remaining 14% of working interest in its core Cuthbert property.

By consolidating these working interests in our core property, it ultimately simplifies ownership, lowers operating costs, it increases control over capital allocation and development timing, and through this process, we're seeing additional production, we're seeing additional cash flow, we're reducing administrative efforts around joint interest billings, partner AFE approvals, audits, potential audits, and so on and so forth from a partner standpoint. Then at the same time, we're also adding reserve value, which supports a lot of our ongoing financing efforts and so on.

Additional PDP, additional PUDs, PDNPs, and proven reserves associated with this acquisition. This was done on an all-shares basis as well, there was no cash outlay that was required to increase this working interest.

In addition to the partner working interest acquisition, Prospera closed a transaction to acquire White Tundra, which was approved by the TSX in August 2025. This was also an all-shares transaction, which also added production and reserve value and continues, as I mentioned in the previous acquisition, to support some of our ongoing financing efforts.

The all-share acquisition consolidates producing assets into the company's core area, and increases scale, and aligns the acquired cash flow with our operational and capital strategy. Sean, I think you can go on to the next slide here.

What we're seeing here is some of the pictures associated with the company's Cuthbert injection pipeline project that was executed after the end of the quarter, and it starts to get into some of the reasons why the company employed a significant amount of money towards plant maintenance and plant upgrades was in preparation for this project, which is a key strategic initiative for the company to continue to grow barrels in its Saskatchewan assets, specifically the Cuthbert core asset. Shabam, maybe I'll pass over to yourself.

You can talk a little bit more about how this and the Hearts Hill project are so important to what we're trying to do here.

You bet. Thanks, Chris.

Thanks, everybody, for joining here today for our Q3 conference call sharing our updates. This Cuthbert project, as Chris mentioned, this is one that is a transformational project for us.

It's one we've been trying to complete for quite a while. Had to wait until the crops were completely harvested from these fields, as you see we're right in the middle of the fields, to avoid paying for crop damages, to avoid having excess work.

We waited till harvest completed. We then immediately mobilized crews.

This was a FlexSteel pipeline that came in from Houston area, and about two of these pipelines were completed, 650 m each, to get these three injectors back online, numerous producers back online, and then the waterflood operating as well. These are some of the projects where, because of our core motto of legacy fields, modern solutions, with these legacy fields, the reason that some of this low-hanging fruit is sitting around is because of the kinds of capital required and sort of operational execution required to get these projects done.

We are very proud to report that this project was completed in early November, and I'll talk more about some of the results from this project here in the next couple slides. I'll be chatting here about some of our core assets and our development strategy here.

It's been about 13 months now since the changes at the management and board level, lots of learnings, lots of growth, and we'll have a review of the core assets and what's been accomplished in that timeframe. We also again would like to discuss our key wells.

This is something that's very important to us because we have numerous wells that are still offline and suspended within these core properties. We need to prove out not just one or two wells, we need to prove out strategies.

As those strategies work, it allows us to be more and more confident in the remaining well inventory we have. Reminder, these are very cheap and very capital-efficient projects, about $130,000 to $250,000 per well for reactivation, giving us lots of flexibility in the way we deploy capital and prioritize certain projects.

As part of those key wells, once I discuss why some of the strategies are working, we'll talk about our longer-term strategy and the development profile that we are going to be going on over the next 12 and in the next 24 months. Beginning with Luseland, our prized flagship asset here, 280 million barrels in the ground, 2 Darcy rock, 14 14 m net pay, exceptional reservoir, one that has been for a very long time undercapitalized, underengineered, walked away from because of very, very high quantities of sand production.

This is an unconsolidated reservoir, the sand comes with the oil, and we actually want to produce sand because that allows the reservoir to breathe and just keep bringing in more oil. You can see here roughly a 4x in production over the last 13 months.

As Chris mentioned, you can see the Q3 timeframe on the top graph between July and about the end of September. We added those 57 BOEs primarily in the oil barrels in the Luseland property.

A steady, consistent growth. We're not seeing wells go down.

The odd one definitely will sand in as we continue to grow our number of wells online, but more or less we're trying to maintain operational reliability and longevity rather than trying to max out these wells. This was discussed in the previous conference calls as well.

We are not in the business of maxing production and then wells constantly going down and needing repair. That was the exact reason that previous companies failed at running this pool efficiently.

You can see here nice, steady growth. We're now upwards of 40 cubes of oil here per day.

There's still numerous optimizations that we have on deck. We are being very slow with this property.

We don't want wells to go down. We don't want strategies to start getting question marks on them.

Let's keep the wells running. Let's keep longevity.

As the company grows and has more barrels, we then have an ability to be a bit more aggressive with some of these wells and sort of test out a bit of a faster growth profile on these wells. Very happy with these.

The 42-well winter capital program that was announced last week has numerous reactivations also in Luseland, and we expect this to continue going forward. This is a very high netback pool for us, very low operating cost.

There's a high fixed-cost operation here, but then as we bring wells online, the variable cost is very low to bring additional wells online. Some of this was shared in the micro-content videos that are on our LinkedIn profile for more detail.

Then moving on to Cuthbert. On the right, you can see again the picture of that pipeline install in progress.

You can see how, over the first 6 months since last November, we had this up-and-down pattern throughout the winter, very very jaggedy pattern, but we still kept barrels going for a long period of time. We did not see extended downtime occur during that period.

When the summertime came, we got the fruits of our labor of putting in efforts into some of the winterization, some of the asset upgrades, the infrastructure upgrades, engine maintenance, more reliability, and you can see that very steady curve all the way from about April 1 to about the end of July, roughly. At that time, there was a massive SaskPower issue that occurred in this pool, which continued to occur throughout the fall time.

We engaged the help of senior leadership at SaskPower. We engaged with the local MLAs.

We've engaged with the energy minister of Saskatchewan with all in an end goal to increase reliability. You see some of that now.

Starting in early November, SaskPower has added more radio transmitters to their distribution network. They've added specific extra equipment to our battery itself to add that reliability, that lack of power bump and power surge that was causing these big spikes and sort of losses in production.

Now, about the middle of November, you see there, with the completion of the pipeline project, we are hitting the highest reliable barrels we've had. We did have a few days back in February and March where production spiked but then dropped.

Now we're seeing this consistent, higher production, part of the reason why we expect that the barrels will continue to grow and the cash flow will continue to grow going forward. Reminder, when these pipelines were completed, it's not just like flicking wells on and all of a sudden you've maxed production.

It's doing it in a strategic manner. We want the waterflood to operate properly.

We don't want to jam injection wells with 500, 600, 700 cubes a day of injection on day one. We start with 100, then we inject 200, then 300, then 400, and slowly ramp the pressure up in this pool.

You can see that with the clear, sustained production over the last week. Investors will be happy to see this graph updated on a weekly basis on our corporate presentation.

Because this is a very important time for the company, because we have completed very, very high-profile projects, we should be sharing weekly production updates on these graphs to the market through our corporate presentation and updates to the key wells report. Very happy to see this complete.

It highlights a strategy of this two-pronged strategy. We have our capital-efficient, low-cost reactivations that are adding reliable barrels.

At the same time, the cash flow from that plus some of the financings that we're completing is allowing us to complete these higher capital projects, but that are higher impact. Yes, the barrels don't come right away.

In this case, we did see a very quick gain, but there's a lot more to go. Some of these projects just take longer, they require more capital upfront, you don't see your payback quite as fast, but they add reliability and they have the ability to add more barrels in one project, as opposed to the reactivations, which are on a project-by-project basis, two-day jobs.

Running these two strategies in parallel, we don't want to run too much of one strategy at the same time. Want to use the cash flow from one to underpin and underwrite the capital deployment required for the other ones.

Obviously, things have been slower than we would have liked with oil price in the sub-$60 range, but that's just the nature of this business. We will continue to execute.

We will continue to find a low-cost, capital-efficient, low-hanging barrels where possible. Upon success of our financings, we would like to continue on this 42-well winter program so that we can continue adding barrels here countercyclically because we're getting really good paybacks on these projects even at this oil price environment.

Switching over to some of the key wells now. The latest and updated key wells report is now on our website on the home page.

Investors can review about 20 key wells along with captions on them that share why that specific strategy is working. Also, as we continue on as a business, we're going to continue to give more features and more information to the investor base.

One of the upcoming trackers is this payback tracker that's been in the works for quite a while that we expect to add to this report. Alongside that, what we want to add is proxy wells.

With each of these strategies that are working, we want to share which additional reactivations are going to be using the same strategy, investors can get a feel for how many additional wells here are yet to unlock and what type of production profile or strategy can we expect from them. Here on the top left, we have the 10-of-7 well.

This is our rockstar well, has produced consistently at this 27 barrels a day over the last 60 days. We did slow it down very slightly back in that October timeframe because we did start to see some of the torques rise, and just going to keep this one steady.

Yes, there's optimization potential, but there's no reason to mess with a well that is making 27 barrels a day for $130,000 for that job. We're going to allow the rest of Luseland to continue growing, and then maybe come back and do some slight tweaks here.

Again, we're not in the business of maximizing every well to its max potential. We want reliability, we want longevity, we want to avoid workover jobs that cost $30,000, $35,000 when that well goes down.

We want to avoid pumps burning out. We want to avoid winter issues with these wells.

Keep them steady, keep them chugging, and just pumping good oil day after day. On the top right here, you have the 1-of-17 well.

This is in Section 17. This is a prolific section for us along with Section 18.

Very happy to see consistent runtime here. You can see here in around mid-August, the well really started slugging.

Once we produced the first few thousand barrels of oil, the well started slugging sand, which is a good sign again. We want to see the well slug.

We want to see it produce sand, bringing new, fresh reservoir oil with it. We have successfully gone through this pattern over the last 45 days.

Now, for the last 2 weeks, the well is again running very steady after having produced at these high sand cuts. Why we want to see this is it gives us confidence that, a, the reservoir is not depleted.

We still have more oil to recover, lots more oil. B, that the pumps are able to handle large sand slugs.

Again, because we're not producing the well at absolute max capacity, where a big gush of sand just destroys the well. C, this gives us more opportunity to speed up.

If a well is producing steady for months and months and months and you speed it up, there's a risk that a large sand slug might come in with that speedup. In this scenario, because we've already gone through the process, there's more confidence that there isn't a large slug of sand sitting right at the wellbore.

It might be further down, and that'll slowly come over time. On the bottom left here, we have the 10-of-8 well, another great pumper for us.

It has been sped up numerous times here, and we've kept it steady at this 15 to 20 barrels a day. Very happy with the performance of this one.

It's shown consistent sand production. Compared to the 1-of-17, this one just makes sand consistently.

Allows us to keep bringing sand up the wellbore and keep that cellar clean downhole. Then on the right here, a well we are very proud of, the 16-of-7 well.

This is one where we really had to be very patient with this one. It was slugging crazy amounts of sand all throughout August and September, and then starting in September, cleaned up a little bit.

We didn't speed it up. We just kept it running at this lower RPM, allowed it to produce sand up the wellbore.

This one also has a recycler pump on it. Then October 1 is where we got our big win.

We added about 20 RPM, I want to say, to this well, and we saw that immediate bump in oil production. In early November, we made the decision to add another 10 RPM, again going very slow, and we saw that additional 3 to 4 barrels come online.

That's how this business works. It's barrel after barrel, and just reliability after reliability.

That extra 3 barrels a day is about $7,000 a month in extra revenue at very, very little incremental cost to us. This is a strategy that investors can expect out of Luseland, is this continuous well-by-well focus and growth as we continue.

Some additional key wells that I'll talk about briefly. On the top left is the 10-of-18 well.

Again, Section 18 continues to give us these very low-risk, very geologically defined wells that just produce steady. On the top right is the 3-of-9 well.

This one is one that was producing very steadily. It then had a massive sand influx come in in that August timeframe.

We beefed up the pump, put a bigger pump in, allowing for it to effectively take control of the sand, and now we're slowly ramping this up here, now at a reactivation high barrels per day of about 16, 16.5. Expect there to be significant additional potential here just over time.

On the bottom left here, we have the 7-of-33 well. This is also a fantastic pumper for us, Section 33 again, one of our lowest-produce sections thus far because the sand cuts are just extremely high.

We have to be absolutely monitoring these wells on a daily basis. We have to pay close attention to torque.

You can see what's happened here. After producing steady for 90 to 150 days, it suddenly took this massive gush of sand.

We immediately responded and mobilized equipment to get a super flush done, which is a flush down the tubing along with a well load down the casing. We successfully rescued the well, and you can see with the of this sand from the super flush, it's now making an extra two or three barrels a day at the same RPM.

Very good. It shows that we have the ability to monitor these wells.

We're actively able to address issues without the well completely sanding in. Now because it had this five-day issue, we now have the ability to speed up the well because it's got itself fully cleaned up, to the extent possible, through this slug of sand that it took.

Just to visualize that, these reservoirs are 14 m high. Just visualize how high 14 m is.

If your roof is 4 m high, it's three times that. That when the sand gushes in, it's a massive quantity of sand that comes in, and we've been able to effectively produce this up the wellbore in situations like this.

I love seeing this. As much as I like seeing steady graphs like this 10-of-18 on the top left, I love seeing our team being able to actively monitor and address these issues, because we do want sand up the wellbore again to clean up that reservoir and bring more oil in.

On the bottom right here is our 4-of-33 well, also in Section 33. We produced this very aggressively back in April to the August timeframe, got it to produce very, very nicely, high oil, and then it just completely got sanded in.

This time around, we installed a slightly different pump on this one, if I'm correct, and then now we're slowly producing it. It's literally a game of patience.

Could I get this one to 15 barrels tomorrow or in three days? Sure.

Then is it going to sand in in 30 days? Possibly.

We are just going to be extremely patient, allow it to produce its sand up the wellbore. As it keeps producing the sand, we'll have an opportunity to slowly gain one or two barrels at a time here, and then once it's completely cleared up, we'll be able to produce it at a nice steady state, hopefully for a much longer run life on it.

That covers the Luseland wells. We are now discussing Cuthbert.

As we said, we completed a transformational pipeline project here for the company, one that is very important for us to show to the investors not just our ability to complete major projects, but the incremental barrel adds that we get from that. On the left side here, we have the 8-of-2 well.

This is the vertical 8-of-2 well, and you can see here, after producing very steadily for a long time, with this reduction of injection in this part of the pool in Cuthbert North, this well has gone from 99.5% water cut to about 96.5% water cut, and that results in this massive increase in barrels. We expect to continue to monitor this well very closely day after day here, including weekly fluid shots, including weekly wellhead cuts, weekly sand cuts on the entire pool, including legacy wells and new wells.

On the right here, we have the second 8-of-2 well, which is the horizontal well. This is the one where the heel perf was completed in late August.

What we did is we shut the horizontal portion of the well off, and we perfed just the heel section of the well, which showed really good oil, while the horizontal was watered out. Really, really solid results thus far.

We got a nice, steady production of 35 barrels a day for quite a long time. Now we've slowed the well down a little bit to produce at that 25 barrels a day.

As much as we can produce extra oil, if that results in the well having water channeling or water coning 6 months early, that's not a good way to run the business. We want to monitor fluid levels.

We're not in the business of just chasing production numbers for the sake of chasing production numbers. We want the longevity of these wells.

We don't want water coning. We don't want water channeling.

You can see here how the team has stepped in to take some barrels off the table, but also allow us to produce for a much longer period of time. We do have two more heel perfs that we would like to do here in the very near future because of the success here.

Not just are we adding oil barrels, we are reducing our operating cost massively because we're not injecting water into the pool in this recycling operation. We're trying to actually produce oil, reducing electricity cost, reducing maintenance, reducing sand production, and just overall better pool management going forward.

On the bottom left here, we have the 3-of-2 well. This is also in Cuthbert North.

You can see here how pulling water away from the pool again has resulted in incremental barrels. I like showing this well because back in March we had already made some changes to the waterflood here by reducing injection massively.

We saw this incremental increase in barrels in March. That sustained for quite a few months.

We did see some decline off that. Then when we removed the water from this Cuthbert pipeline project, we saw this again incremental gain.

You can see that step-change process over time. These pools are not, "Oh, we flicked on a switch and all of a sudden the whole pool changed."

It takes time for those changes to permeate through the reservoir in this case. Then on the far bottom right here, we have the 11-of-28 well in Cuthbert South.

These are the wells where you saw just losing barrels, the pool sort of declining, and now we've reversed that decline because our pipeline is back online. Because we're adding more pressure support, we're adding more water volumes to the pool now, you can see that the barrels have started to come up.

Again, it's barrel by barrel by barrel. Each barrel adds about $2,000 a month of revenue for us at a very low incremental operating cost.

Lots of learnings over the last 13 months. We've really spent time on data collection.

We've spent time on building leaders in the organization who monitor these, take accountability, and take initiative. We've had a very, very strong field operations team that's been beefed up here recently in October through the replacement of certain individuals.

We also have additional projects now that are more and more derisked as we go forward, and investors can expect to continue to see this after a Q3 period where operating costs did rise due to some of these larger projects that were in play, due to some of the Cuthbert outages from SaskPower. We expect those to normalize here again in Q4 back to more reasonable level, and of course supported by higher barrels, which always helps reduce that operating cost over time.

Okay. I don't see any questions come in, yeah, I guess unless you guys had any closing remarks, I did want to make a note that all three of our emails are on our press releases.

If any questions do come up, feel free to reach out directly. Like I said, this will be on our website and YouTube page to reference again.

Appreciate everyone's time, and we will see you on Q4. Thank you.

Thank you.

Thank you.