Forward Looking Statements

Any "financial outlook" or "future oriented financial information, as such terms are defined by applicable securities legislation, contained on this website, has been approved by management of Veren. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Visitors to this website are cautioned that reliance on such information may not be appropriate for other purposes.

This website includes certain statements that constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, section 21E of the Securities Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" for the purposes of Canadian securities regulation (collectively, "forward-looking statements"). All forward-looking statements are based on our beliefs and assumptions based on information available at the time the assumption was made. Veren has tried to identify such forward-looking statements by use of such words as "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "intend", "projected", "sustain", "continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well-positioned" and similar expressions, but these words are not the exclusive means of identifying such statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Veren believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date specified in the statements.

In particular, this website contains forward-looking statements pertaining, among other things, to the following:

corporate strategy and anticipated financial and operational performance;
business prospects;
the performance characteristics of Veren's oil and natural gas properties, including but not limited to oil and natural gas production levels;
anticipated future cash flows and oil and natural gas production levels;
projected returns and exploration potential of our assets;
key value drivers;
realizing additional shareholder value;
expected net debt, capital expenditures, production, and excess cash flow;
our future direction, its key value drivers and portfolio
the potential of Veren’s plays;
future development plans;
capital expenditure programs and how they will be funded;
corporate and asset acquisition opportunities;
drilling programs;
expected cost savings and efficiencies;
the future cost to drill wells, including anticipated cost savings associated therewith;
the quantity of the oil and natural gas reserves;
projections of commodity prices and costs;
our future waterflood programs;
the impact of the use of closable sliding sleeve completion technology;
ongoing efforts to reduce or eliminate fresh water usage in Viewfield Bakken and Shaunavon completions;
future downspacing;
expected decommissioning, abandonment, remediation and reclamation costs;
our tax horizon;
expected trends in environmental regulation;
payment of monthly dividends;
supply and demand for oil and natural gas;
expectations regarding the ability to raise capital and to continually add to reserves through acquisitions and development; and
treatment under governmental regulatory regimes.

By their nature, such forward-looking statements are subject to a number of risks, uncertainties and assumptions, which could cause actual results or other expectations to differ materially from those anticipated, expressed or implied by such statements, including those material risks and assumptions discussed in our most recently filed annual Management’s Discussion & Analysis and Annual Information Form.

This information contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond Veren's control. Such risks and uncertainties include, but are not limited to: financial risk of marketing reserves at an acceptable price given market conditions; volatility in market prices for oil and natural gas; delays in business operations, pipeline restrictions, blowouts; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations and the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; uncertainties associated with estimating oil and natural gas reserves; risks and uncertainties related to oil and gas interests and operations on tribal lands; economic risk of finding and producing reserves at a reasonable cost; uncertainties associated with partner plans and approvals; operational matters related to non-operated properties; increased competition for, among other things, capital, acquisitions of reserves and undeveloped lands; competition for and availability of qualified personnel or management; incorrect assessments of the value of acquisitions and exploration and development programs; unexpected geological, technical, drilling, construction and processing problems; availability of insurance; fluctuations in foreign exchange and interest rates; stock market volatility; failure to realize the anticipated benefits of acquisitions; general economic, market and business conditions; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities and counterparty credit risk; changes in income tax laws, tax laws, crown royalty rates and incentive programs relating to the oil and gas industry; and other factors, many of which are outside the control of Veren. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as each of these are interdependent and Veren’s future course of action depends on management’s assessment of all information available at the relevant time.

Statements relating to "reserves" and "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. Actual reserve values may be greater than or less than the estimates provided herein.

There are numerous uncertainties inherent in estimating quantities of crude oil, natural gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth herein are estimates only. In general, estimates of economically recoverable crude oil, natural gas and natural gas liquids reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For these reasons, estimates of the economically recoverable crude oil, natural gas liquids and natural gas reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. Veren's actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. In addition, the discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value; and the estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. Therefore, Veren's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking estimates and if such actual results, performance or achievements transpire or occur, or if any of them do so, there can be no certainty as to what benefits Veren will derive therefrom.

Barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

The aggregate of the exploration and development costs incurred in the most recent financial year and the change during the year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for the year.

Additional information on these and other factors that could affect Veren’s operations or financial results are included in Veren’s reports on file with Canadian and U.S. securities regulatory authorities (including our Annual Information Form, Annual Report on Form 40-F and Management’s Discussion and Analysis). Users of this website are cautioned not to place undue reliance on the forward-looking information, which is given as of the date it is expressed in this website or otherwise. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities laws. All subsequent forward-looking statements, whether written or oral, attributable to Veren or persons acting on the Company’s behalf are expressly qualified in their entirety by these cautionary statements.

Presentation of our Reserve and Resource Information

Current SEC reporting requirements permit oil and gas companies to disclose Probable reserves (as defined herein), in addition to the required disclosure of Proved Reserves. Under current SEC requirements, net quantities of reserves are required to be disclosed, which requires disclosure on an after royalties basis and does not include reserves relating to the interests of others. For a description of these and additional differences between Canadian and US standards of reporting reserves, see our most recently filed Annual Information Form.

Non-GAAP Measures

Throughout this website, Veren uses the terms “funds flow from operations”, “funds flow from operations per share”, “funds flow from operations per share - diluted”, “adjusted net earnings from operations”, “adjusted net earnings from operations per share”, “adjusted net earnings from operations per share - diluted”, “net debt”, “netback”, “market capitalization” and “enterprise value”.

These terms do not have any standardized meaning as prescribed by IFRS and, therefore, may not be comparable with the calculation of similar measures presented by other issuers.

Funds flow from operations is calculated based on cash flow from operating activities before changes in non-cash working capital, transaction costs and decommissioning expenditures. Funds flow from operations per share and funds flow from operations per share - diluted are calculated as funds flow from operations divided by the number of weighted average basic and diluted shares outstanding, respectively. Management utilizes funds flow from operations as a key measure to assess the ability of Veren to finance dividends, operating activities, capital expenditures and debt repayments. Funds flow from operations as presented is not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS.

Adjusted net earnings from operations is calculated based on net income before amortization of exploration and evaluation undeveloped land, impairment to property, plant and equipment, unrealized derivative gains or losses, unrealized foreign exchange gain or loss on translation of hedged US dollar long-term debt, unrealized gains or losses on long-term investments and gains or losses on capital acquisitions and dispositions. Adjusted net earnings from operations per share and adjusted net earnings from operations per share - diluted are calculated as adjusted net earnings from operations divided by the number of weighted average basic and diluted shares outstanding, respectively. Management utilizes adjusted net earnings from operations to present a measure of financial performance that is more comparable between periods. Adjusted net earnings from operations as presented is not intended to represent net earnings or other measures of financial performance calculated in accordance with IFRS. Veren has previously referred to adjusted net earnings from operations as "operating income".

Net debt is calculated as long-term debt plus accounts payable and accrued liabilities and dividends payable, less cash, accounts receivable, prepaids and deposits and long-term investments, excluding the equity settled component of dividends payable and unrealized foreign exchange on translation of hedged US dollar long-term debt. Management utilizes net debt as a key measure to assess the liquidity of Veren.

Netback is calculated on a per boe basis as oil and gas sales, less royalties, operating and transportation expenses and realized derivative gains and losses. Netback is used by management to measure operating results on a per boe basis to better analyze performance against prior periods on a comparable basis.

Market capitalization is calculated by applying the period end closing share trading price to the number of shares outstanding. Market capitalization is an indication of enterprise value.

Enterprise value is calculated as market capitalization plus net debt. Management uses enterprise value to assess the valuation of Veren. Veren has previously referred to enterprise value as "total capitalization".

Management believes the presentation of the Non-GAAP measures above provide useful information to investors and shareholders as the measures provide increased transparency and the ability to better analyze performance against prior periods on a comparable basis.

Regulatory Filings

You may view and download these filings from the SEDAR and EDGAR online databases by following the links we provide below. Note, by making a selection below you will be leaving the Veren website. We are not responsible for websites maintained by SEDAR, EDGAR or any other third party.

Click here to access Veren Inc. on SEDAR

Click here to access Veren Inc. on EDGAR

Industry Notices

Terms & Conditions

Terms of Legal and Privacy Notice Binding

Your access and use of this website constitutes your agreement to be governed by the terms and conditions of use set out in this Legal and Privacy Notice. If you do not agree with these terms and conditions, immediately cease all use of this website.

Reference to Veren inc.

For convenience, references in this website to “Veren”, the “Company”, “us”, “we” and similar references, may, where applicable, refer only to or include any relevant direct and indirect subsidiary corporations and partnerships of Veren Inc. and the assets, activities and initiatives thereof.

Legal Disclaimer

Information contained in this Veren Inc. website is for information purposes only and may only be used for your personal, non-commercial use. The website and the information (including changes to the terms herein) may be changed or updated from time to time without notice and any such changes or updates will be effective immediately. In consideration for using our website, you agree to hold Veren Inc. and its affiliates and subsidiaries, and their respective directors, officers, employees and agents harmless against any claims for damages or costs or any loss of any kind arising out of the access to or use of this website or any information contained in or obtained through this website.

Legal Disclaimers, Copyright and Trademarks

All material found in the pages of this website is protected under the copyright laws of Canada and of other countries. Certain names, words, titles, phrases, logos, icons, graphics or designs in the pages of this website may constitute trade names, trademarks or service marks of Veren Inc. or its subsidiaries, or the use of which may have been licensed to them. The display of trademarks, trade names or service marks on pages at this website does not imply that a license of any kind has been granted to anyone else.

You are responsible for obeying all applicable copyright laws. We permit you to make copies and downloads of information on this website during your viewing of it and you may print so much of the site as is reasonable for your private and personal use. All other use is strictly prohibited.

Any unauthorized downloading, re-transmission, re-publication or other copying or modification of material posted on this website, including trade-marks, trade-names and service marks, may violate federal, common or civil law, trade-mark law and copyright law, and may result in legal action.

You may not frame this website nor link to a page other than the home page without our express permission. We reserve the right to remove our permission for you to link this website, including to link to this website’s home page.

Investment Decisions

MATERIAL CONTAINED IN THIS WEBSITE IS FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED TO CONSTITUTE AN OFFERING OF SECURITIES IN ANY JURISDICTION.

Information disclosed under the corporate and securities laws of those Canadian jurisdictions applicable to Veren Inc. is not intended to be in any way qualified, amended, modified or supplemented by the information otherwise available in, through or on this website. Due to the technical and security risks inherent in the Internet, and because the document you access may differ from the original depending on your browser software, the information set out in this website should not be used for the purpose of making investment decisions with respect to Veren Inc. common shares. If you are contemplating trading in our securities, you should contact Investor Relations to obtain printed copies of the documents you wish to review.

In addition, the information and materials available on this website are not intended to provide specific legal, accounting, financial, investing or tax advice to any user, and any decisions you make based on information contained in this website are your sole responsibility. The documents and information available on this website are provided as a convenience only, and where any documents on this website have been filed in accordance with applicable securities laws, such documents are not the official versions of Veren’s securities laws disclosure documents and the user is directed to obtain official copies either from applicable securities regulators or from the Company. No information contained in this website constitutes or should be deemed to constitute an invitation to invest or otherwise deal in the securities of Veren Inc. or an invitation by or on behalf of Veren to enter into an agreement with you.

Disclaimer of Warranties

Veren Inc. endeavours to provide accurate and current information at this website. However, all such information and software algorithms are provided on an “as is”, “as available” and “without any liability” basis, without any representations, warranties or endorsements whatsoever. The website content may not always be the most current source for corporate information. To the maximum extent permitted by law, Veren disclaims and excludes all representations, conditions and warranties, express or implied, with respect to this website and the information provided herein, including without limitation, representations or claims as to the validity, correctness, currency, timeliness, or completeness of the information provided at this website.

No warranty of any kind, implied, expressed or statutory, including but not limited to warranties as to non-infringement of intellectual property rights or third party rights, title, latent defects, uninterrupted service, merchantability, fitness for a particular purpose and freedom from computer viruses, is given in conjunction with the information, materials and software algorithms included at this website.

Exclusion of Liability

In no event will Veren be liable for any damages whatsoever, including without limitation, direct or indirect, special, incidental, exemplary, punitive, moral or consequential damages, loss of profits, opportunities or information or for expenses arising in connection with this website, with any software algorithms available thereon nor with any hyperlinked website or for use thereof or inability to use by interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if the Company is advised of the possibility of such damages, losses or expenses or could reasonably have foreseen such damages occurring. Software algorithms made available and hyperlinks to other Internet resources are at your own risk. The content, accuracy, opinions expressed, and other links provided by these software algorithms and resources are not investigated, verified, monitored, or endorsed by Veren Inc. In the event of any problem with this website, you agree that your sole remedy is to cease using the website.

Links to Third Party Websites

Veren Inc. does not control any third party website and is therefore not responsible for the content of any linked website or any link contained in a linked website. We provide such links only as a convenience and the inclusion of any link does not imply endorsement, investigation or verification by Veren of the linked website or information contained therein. We do not accept and expressly disclaim and exclude any liability in connection with any such sites or links. You are responsible for viewing and abiding by the privacy statements and the terms of use posted on any linked site.

Internet and Email

The Internet is not a fully secure medium and, therefore, confidentiality and privacy cannot be ensured. Veren Inc. will not be liable for any damages resulting from the transmission, interception or corruption of communications to or from this website.

Privacy

Any visitor to this website providing information to Veren Inc. agrees that Veren shall have no obligation with respect to such information and shall be free to use, distribute, disclose and reproduce the information to others and shall be free to use any ideas, concepts, know-how or techniques contained in the information for any purpose whatsoever. Any information provided by a visitor to the Veren Inc. website shall be non-proprietary and deemed to be non-confidential and must be truthful, legal and not violate the rights of others.

Accuracy, Completeness and Timeliness of Information on this Site

Veren is not responsible if information made available on this site is not accurate, complete or current. The material on this site is provided for general information only and should not be relied upon or used as the sole basis for making decisions without consulting primary, more accurate, more complete or more timely sources of information. Any reliance on the material on this site is at your own risk. This site may contain certain historical information. Historical information necessarily is not current and is provided for your reference only. We reserve the right to modify the contents of this site at any time, but we have no obligation to update any information on the site. You agree that it is your responsibility to monitor changes to the site.

Governing Law

As visitors access the website on a server in Alberta, Canada, your use of this website and downloads from it, and the operation of these terms and conditions, shall be governed in accordance with the laws of Alberta and the laws of Canada applicable therein, Canada. The Alberta, Canada courts shall have exclusive jurisdiction over any dispute arising out of your use of this website. If you access this website from outside of Canada, you do so at your own risk and are responsible for compliance with local, national or international law including, without limitation, securities laws and import and export laws.

In the event that any or any part of the terms and conditions contained in this Legal and Privacy Notice shall be determined by any component authority to be invalid, unlawful or unenforceable to any extent, such term shall, to that extent, be severed from the remaining terms which shall continue to be valid and enforceable to the full extent permitted by law.