Background Enverus Intelligence Research, Inc. (“Enverus Research” or the “Firm”) is a Canadian corporation headquartered in Calgary, Alberta and has been in business for over 20 years. We are an operating subsidiary of Enverus, Inc., formerly Drilling Info, Inc., a U.S. based information services and business process software provider to the energy industry. Our Canada based team works with Enverus to offer our research products and services to institutional and corporate clients globally. The Firm is privately held indirectly by Edition Holdings, Inc., who became our parent company by acquisition on February 11, 2020. The intermediate subsidiaries in our organizational structure, starting with the Firm’s direct parent, are RS Energy Group U.S., Inc., RS Energy Group Midco, Inc., RS Energy Group Topco, Inc., Enverus, Inc., Enverus Holdings, Inc., and Edition Holdings, Inc. Advisory Business We publish energy-sector research that focuses on the oil and natural gas industries and broader energy topics. Clients obtain our research on a subscription. Our clients include asset managers, pension managers, and corporations. Our research topics include publicly traded and privately held oil, gas, midstream and other energy industry companies, energy transition and emerging energy technology, basin studies (including characteristics, activity, infrastructure, etc.), commodity pricing forecasts, global macroeconomics and geopolitical matters. Some of our clients are also the subjects of our research. Our goal is to provide timely and accurate information to our clients. We do not exercise investment discretion over any securities, make investment decisions for clients, manage client portfolios, or execute investments on behalf of clients. We do not tailor our published research for any client. Enverus and Affiliates We are an operating subsidiary of Enverus, but our research team performs its work independently. We and our affiliates contribute to and utilize shared information and databases. We follow policies and procedures to prevent the disclosure of confidential or material non- public information in our research publications or through the services we provide clients. Our affiliates employ subject matter experts who can serve as resources for information and insights, but our research team is ultimately responsible for all analysis and conclusions published or provided, without direction or influence from outside our Firm. - 2 - We share business resources with our affiliates such as sales, technology infrastructure and support, human resources, marketing, legal and accounting. If an Enverus employee outside of the Firm has access to our unpublished research or client work product, then that employee is considered a supervised person under the Enverus Research Code of Ethics and is subject to our compliance oversight and monitoring. Under our code, all covered persons are restricted from transacting in energy industry securities without prior approval by a compliance officer. Enverus’ ultimate parent company, Edition Holdings, Inc., includes among its shareholders one or more private investment funds. These private investment funds and their managers may make investments in, or otherwise seek to do business with, a company or companies covered in

research reports we publish. We have adopted and implemented policies and procedures reasonably designed to maintain the independence of our research coverage and to mitigate potential conflicts of interest. Research Process We identify new research subjects from client feedback, analysts’ original ideas, company presentations/announcements, government analyses, technical reports, conferences and media reports. We generally incorporate technical analysis of geology, engineering and finance into our analysis of a subject company. We believe our specialized technical analysis distinguishes us from our competitors. Our research process involves leveraging both internal, proprietary data generated over the last two decades, as well as public data sources. We may also utilize proprietary data generated by our affiliates in their provision of information services and business process software. This proprietary data is only made available to us in aggregate form and is not identifiable to any issuer or company. In order to translate the complexity of billions of rows of information, leading artificial intelligence, machine learning and data science processes are utilized. This technology empowers our analysts to layer geology, financial, economic and technical data sets together to deliver intelligence to energy participants across the value chain. - 3 - Our research leverages a proprietary document management system that requires all published research to have approval from a managing or executive director as well as a compliance officer or their designate. These approvals are recorded for posterity and can be audited. The platform also ensures that all clients on distribution receive notification of published research as close to concurrently as possible. Members of the research team may interact directly with clients and contribute to custom advisory engagements which activities may deliver different depths of analysis and information outside of published research. Organization of the Research Team On our research team, analysts are generally arranged into regional teams with intended overlap to allow for the free flow of ideas and information across the Firm. Analysts on our energy transition research team are generally arranged by focus areas such as power markets and ESG. The teams are organized with a member of senior management, either a Managing Director or experienced Director, who meets with analysts to discuss a possible new report, map, or presentation. Authors and data technicians support the analyst teams in the development, drafting and publication of completed research reports. General Qualifications Our analysts are expected to have a degree from an accredited university, though we also utilize interns who may be working toward a degree. Members of our research team hold degrees in economics, geology, engineering, finance, mathematics, physics and others. Our engineers are typically members of the Association of Professional Engineers and Geoscientists of Alberta. Professionals with finance degrees typically are members of, or working to become members of, the Chartered Financial Analyst Society. We ensure all analysts have received proper training and supervision prior to serving as lead author of a research report.