Climate Change Data

Environmental Metrics

ESG Focus Areas

• environmental, social and governance ("ESG")

Environmental Achievements

• zero reportable spills, zero employee injuries, 1 contractor injury and 1 vehicle incident in 2023
• development of the Clearwater formation utilizing multi-lateral drilling technology without water-intensive fracture stimulations
• use of oil-based mud drilling systems which eliminates fresh water in the majority of the drilling process
• multi-well pad development to reduce the surface footprint of our operations
• pro-active emissions management through a low emissions pad site battery design and the advancement of associated gas tie-in solutions

Social Achievements

• established partnerships with Indigenous communities proximal to our field operations, including a purposeful Indigenous contractor engagement strategy
• listening-centric community relations approach grounded in mutual respect with the desire to build Indigenous community capacity
• extensive leadership and volunteer involvement in industry, community and charitable organizations

Governance Achievements

• a well-established corporate culture which embraces diversity and is grounded by inclusive leadership practices that embed accountability, flexibility and an entrepreneurial spirit throughout the organization
• The Corporation remains committed to ensuring that its governance structure is appropriate and reflects best ethical practices consistent with Rubellite’s size and stage of development.

Climate Goals & Targets

Environmental Challenges

• intense competition with other entities, many of which have greater technical, operational and/or financial resources
• access to new prospects is becoming more competitive and complex
• commodity price volatility
• transportation constraints and market access
• environmental regulations
• climate change regulation
• Indigenous rights
• inflation and rising interest rates
• seasonal weather conditions
• variations in foreign exchange rates and interest rates
• substantial capital requirements
• reputational risk
• changing investor sentiment
• reliance on third parties
• abandonment and reclamation costs
• geopolitical risks
• credit risk
• conflicts of interest
• dependence on skilled workforce
• information technology systems and cyber-security
• expansion into new activities
• forced or child labour in supply chains
• pandemics

Mitigation Strategies

• actively manages its portfolio of assets to capture and capitalize on opportunities, manage commodity price risk, and crystallize value as appropriate
• operating in areas where it believes its technical personnel are able to reduce some of the risks associated with exploration, production and marketing
• commodity price risk management strategy is focused on managing downside risk and increasing certainty in adjusted funds flow from operating and acquisition activities
• physical forward sales and financial derivatives are used to manage the balance sheet, to lock in economics on capital programs and acquisitions, and to take advantage of perceived anomalies in commodity markets
• foreign exchange swaps and physical or financial swaps related to the oil basis differentials between WTI and Western Canadian Select ("WCS")
• environmental, health and safety policies consistent with industry best practices
• proactive strategies that minimize our impact associated with full cycle environmental alteration and reclamation
• internal and external inspection and audits of worksites and offices
• EH&S performance and identifies action for improvement through measurement and analysis
• hazard reporting and corrective actions
• emergency response plans
• continuous improvement in policies and practices which drive accountability for EH&S by the Corporation and its employees
• environmental and risk assessments for new projects or acquisitions
• take-in-kind provisions in royalty agreements
• monitoring geopolitical events and proactively managing the situation

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• extreme hot and cold weather, heavy snowfall, heavy rainfall, and wildfires

Transition Risks

• changes in government policy or regulations
• changes in environmental regulations
• increased stakeholder consultation
• carbon taxes and carbon pricing schemes
• climate-related litigation

Environmental Metrics

ESG Focus Areas

• Environmental, social and governance (“ESG”) excellence

Environmental Achievements

• Construction and installation of natural gas compression, dehydration, and associated facilities at Figure Lake to reduce emissions and deliver an attractive rate of return in excess of 75%.

Social Achievements

• Entered into an agreement with the Buffalo Lake Métis Settlement (“BLMS”) to acquire additional land, building on a positive relationship.

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed