In particular, this press release contains forward-looking statements pertaining, among other things, to the following: depth and quality of asset base, capital program generating significant excess cash flow and returns for shareholders; RLI; NPV estimates at the forecast pricing assumptions mentioned; unbooked premium drilling locations; timing to file Veren's AIF for the year-ended December 31, 2024; 2025 annual average production guidance, portion of oil and liquids and development capital expenditures; weighting of capital program to the first half of 2025; weighting of production to the second half of 2025; planned facilities downtime in early 2025; and 2025 excess cash flow (at the commodity prices specified) and expected timing for realization.

Statements relating to "reserves" are also 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.

Unless otherwise noted, reserves referenced herein are given as at December 31, 2024. Also, estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates and future net revenue for all properties due to the effect of aggregation. All required reserve information for the Company is contained in its Annual Information Form for the year ended December 31, 2023, which is accessible at www.sedarplus.ca. Additional reserves disclosure as required under NI 51-101 will be included in Veren's Annual Information Form which is expected to be filed on SEDAR+ on February 27, 2025.

All forward-looking statements are based on Veren's beliefs and assumptions based on information available at the time the assumption was made. Veren believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. 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 discussed in the Company's Annual Information Form for the year ended December 31, 2023 under "Risk Factors" and our Management's Discussion and Analysis for the year ended December 31, 2023, under the headings "Risk Factors" and "Forward-Looking Information" and for the three and nine months ended September 30, 2024, under the headings "Risk Factors" and "Forward-Looking Information". The material assumptions are disclosed in the Management's Discussion and Analysis for the year ended December 31, 2023, under the headings "Capital Expenditures", "Liquidity and Capital Resources", "Critical Accounting Estimates", "Risk Factors" and "Changes in Accounting Policies" and in the Management's Discussion and Analysis for the three and nine months ended September 30, 2024, under the headings "Overview", "Commodity Derivatives", "Liquidity and Capital Resources", "Guidance", "Royalties" and "Operating Expenses". In addition, risk factors include: financial risk of marketing reserves at an acceptable price given market conditions; volatility in market prices for oil and natural gas, decisions or actions of OPEC and non-OPEC countries in respect of supplies of oil and gas; delays in business operations or delivery of services due to pipeline restrictions, rail blockades, outbreaks, pandemics, and blowouts; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations including 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 Indigenous 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 and likelihood of acquisitions and dispositions, and exploration and development programs; unexpected geological, technical, drilling, construction, processing and transportation problems; the impacts of drought, wildfires and severe weather events; availability of insurance; fluctuations in foreign exchange and interest rates; stock market volatility; general economic, market and business conditions, including uncertainty in the demand for oil and gas and economic activity in general; changes in interest rates and inflation; uncertainties associated with regulatory approvals; geopolitical conflicts, including the Russian invasion of Ukraine and conflict in the Middle East; uncertainty of government policy changes; the potential impact of tariffs and Canada-U.S. trade negotiations; uncertainty regarding the benefits and costs of dispositions; failure to complete acquisitions and dispositions; uncertainties associated with credit facilities and counterparty credit risk; and 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 the Company. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Veren's future course of action depends on management's assessment of all information available at the relevant time.

Included in this press release are Veren's 2025 guidance in respect of capital expenditures and average annual production which is based on various assumptions as to production levels, commodity prices and other assumptions and are subject to a variety of contingencies. The Company's return of capital framework is based on certain facts, expectations and assumptions that may change and, therefore, this framework may be amended as circumstances necessitate or require. To the extent such estimates constitute a "financial outlook" or "future oriented financial information" in this press release, as defined by applicable securities legislation, such information 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. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

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. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed herein. Veren undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so pursuant to applicable law. 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.

Product Type Production Information

The Company's annual aggregate production for 2024 and the aggregate average production for fourth quarter of 2024, and the references to "natural gas", "crude oil" and "condensate" reported in this Press Release consist of the following product types, as defined in NI 51-101 and using a conversion ratio of 6 mcf : 1 bbl where applicable:

 
                    Three months ended December 31    Year ended December 31 
                    2024             2023             2024         2023 
Light & Medium 
 Crude Oil (bbl/d)            6,439           12,198        8,637       12,665 
Heavy Crude Oil 
 (bbl/d)                          -            3,795        1,612        3,818 
Tight Oil (bbl/d)            67,177           56,657       69,944       49,779 
Total Crude Oil 
 (bbl/d)                     73,616           72,650       80,193       66,262 
 
NGLs (bbl/d)                 47,434           39,517       44,881       36,851 
 
Shale Gas (mcf/d)           403,412          236,926      392,539      200,514 
Conventional 
 Natural Gas 
 (mcf/d)                      2,615           11,380        3,995       10,761 
Total Natural Gas 
 (mcf/d)                    406,027          248,306      396,534      211,275 
 
Total production 
 from continuing 
 operations 
 (boe/d)                    188,721          153,551      191,163      138,326 
 
                      Three months ended December 31    Year ended December 31 
                               2024             2023         2024         2023 
Light & Medium 
 Crude Oil (bbl/d)            6,439           12,198        8,637       12,665 
Heavy Crude Oil 
 (bbl/d)                          -            3,795        1,612        3,818 
Tight Oil (bbl/d)            67,177           62,512       69,944       63,906 
Total Crude Oil 
 (bbl/d)                     73,616           78,505       80,193       80,389 
 
NGLs (bbl/d)                 47,434           41,373       44,881       41,534 
 
Shale Gas (mcf/d)           403,412          242,965      392,539      214,165 
Conventional 
 Natural Gas 
 (mcf/d)                      2,615           11,380        3,995       10,761 
Total Natural Gas 
 (mcf/d)                    406,027          254,345      396,534      224,926 

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