Kaybob

The Company’s Kaybob properties are located in the greater Kaybob area near Fox Creek, Alberta and
include the Kaybob North Duvernay development and other natural gas and oil producing properties.
Paramount’s Kaybob land holdings include approximately 110,000 net acres of Duvernay rights and
approximately 180,000 net acres of Montney rights.

The Kaybob properties had average sales volumes of 20,387 Boe/d in the fourth quarter of 2025 (38.1 MMcf/d of shale gas, 33.8 MMcf/d of conventional natural gas, 7,301 Bbl/d of NGLs, 1,044 Bbl/d of light and medium crude oil and 60 Bbl/d of tight oil).