AI & IoT intelligence for oil & gas quality, logistics & trading optimization. 1
Meet Validere The only solution that empowers O&G companies to know true product quality and optimize logistics and trading . Powered by AI & IoT + deep industry expertise . 2
What We’re Fixing 1 2 Unreliable Unoptimized product quality. logistics & trading. Smart operational, logistics, and Product quality constantly changes, trading decisions can’t be made upstream and throughout the supply chain, without reliable, real-time quality data and the industry often has limited visibility into true product quality in real-time Preventable quality gaps lead to large bottom line losses 3 3
Our Journey Barrels per day Building the Team Client Success using Validere (000’s/day) ✓ Graduation from Creative ✓ Fulfilled long-term deployment of Destruction Lab (CDL) & Y Combinator Validere 360 with several major 1,000 accelerator. Canadian O&G players ✓ Raised seed and angel rounds from ✓ Built Validere Edge marketplace Canadian & Silicon Valley investors 600 ✓ Expanded to Houston ✓ Built a team of industry experts, top scientists and devs 300 2018 2016 2017 2019 2015 Harvard Spinoff Successful Pilots Accelerated Impact ✓ Incorporated after winning ✓ Buit Validere 360 platform ✓ Achieved one million barrels DOT contract for classification per day under management that of crude-by-rail. are being measured and ✓ Deployments with major Canadian optimized with Validere software O&G players ✓ Launched Validere Edge marketplace and began deployments with several North American O&G companies ✓ Rapid expansion within the US 4 O&G market
More About Us OFFICES ACROSS NORTH AMERICA IN GOOD HANDS WITH VALIDERE EXPERTS Oil & Gas industry experts Toronto 87 Scollard St, Toronto, ON M5R 1G4 Calgary Harvard data scientists and mathematicians CALGARY 150 9th Ave. SW, Suite 2030, Calgary, AB T2P 3H9 Houston TORONTO 708 Main Houston TX 77002 Trading and commodities experts HOUSTON IN THE NEWS BACKED BY LEADING ENERGY AND TECH INVESTORS 5
VALIDERE’S LEADERSHIP TEAM Scientists, AI experts, industry veterans on a mission to innovate oil & gas Dr. Ian Burgess ● Expert in analytical technologies ● Harvard PhD in Applied Physics CTO ● 15 patents, 31 publications, R&D 100 Award 10+ years experience in operations, sales and advisory Nouman Ahmad ● ● Previously, VP Operations APEXA Corp (exited to RGAx) CEO 7 years M&A, financings experience at TD investment banking ● 13 years of engineering & commercial roles in Oil & Gas (midstream and upstream) Jon DeCoste ● ● Built and led Petroleum Quality group at Pembina Pipeline Corp. Director Business Development Mark Le Dain ● Significant experience advising energy and infrastructure companies with Barclays ● Successfully completed over $18 bn of M&A and $5 bn of capital markets transactions VP, Strategy 12+ years experience building highly scalable, fault tolerant, distributed applications Raja Bhatia ● ● Grew an online dating service from a team of 1 to 110+, growing revenue from $5.5M to VP, Engineering $80M in 18 months 6
VALIDERE ADVISORS Energy industry entrepreneurs, renowned scientists, and leading investors. Former CEO of El Paso Corporation, sold to Kinder Morgan for $38b Doug Foshee ● ● Coordinated the restructuring of El Paso, creating a 359% return for shareholders Owner, Founded Sallyport Investments in 2012 to provide capital and leadership to companies ● Sallyport Investments in the Energy Industry Pierre Magnan ● Board Chairman of Validere ● President, Parkland International and CEO of SOL President, Parkland International ● Previously Partner, Gowling Canada and Osler CEO of SOL Dr. George Whitesides ● Founder of Genzyme, GelTex, Theravance, Nanoterra, and others (combined market cap over $20b) Professor, Harvard University ● One of the top 5 most cited chemists in the world Founder: Genzyme Dr. David A. Weitz ● World leader in fluid mechanics ● Founder of Calyxia, Capsum, HiFiBio, and others Professor, Harvard University ● Science Area Leader for complex fluids at Exxon-Mobil 1978-1995 Founder: Capsum, Calyxia 7
The Importance of Product Quality and Validere Solutions 8
Why Does Quality Matter Why Now 1 Supply additions have come primarily from shale, Quality underpins everything , including how much is with higher declines, causing infrastructure assets to paid/received for product and where it can be delivered be filled with new product qualities more frequently 2 New completion techniques, and enhanced recovery methods, have increased product quality variability Quality is a key lever for margin enhancement and and the associated risks increased efficiencies across the entire supply chain 3 End product markets are shifting due to changing industrial demands and new environmental rules, creating changes in preferred crude qualities Buyers are increasingly targeting counterparties that make product quality measurement a focus 4 Increased quality volatility has caused purchasers to push for the implementation of new quality rules to drive transparency and liquidity The market is rewarding entities that focus on quality 9 9
We help our clients improve efficiencies and margins, enhancing the entire supply chain. E & P R E F I N E R Y M I D S T R E A M B E N E F I T S B E N E F I T S B E N E F I T S Know your true product quality to avoid Improve operational efficiency by Know true product quality data to avoid quality shut-ins and resolve custody disputes optimizing your measurement program specific operational and financial risks Get more value for your product by Capture maximum quality arbitrage with Improve your margins by optimizing your crude available product streams optimizing your quality, logistics & trading slate for the specific quality to achieve desired end market products Make quality dependent decisions such as Outsource your quality operations to batching and product allocations more Validere to lower costs and save time Optimize existing infrastructure with enhanced efficiently quality data (i.e. storage decisions based on line of sight to certain product qualities) 10
Our Safety Culture Validere’s connection to the field is a distinct advantage in implementing our technology solutions. Employee and site safety is more than just a priority at Validere - it’s ingrained in our culture. Below are some of our policies, certifications, and practices that have helped us maintain 0 workplace incidents . P O L I C I E S C E R T I F I C A T I O N S P R A C T I C E S Protective equipment must be worn at all H2S alive training is required of all Safety orientation walk-throughs are times in the field and in the lab personnel visiting sites done with all new employees Laboratory policies are outlined in detail Standard first aid is required for site visits Share learnings from site visits and best and the team is required to review the practices with team members to be better hazards and precautions Transportation of dangerous goods must prepared for future visits be completed by personnel visiting sites Emergency procedures are discussed with A culture of transparency is emphasized all employees to ensure efficiency when where employees are encouraged to responding to unexpected events speak up about risks (i.e. if an employee feels too tired to drive) 11
Products 12
Validere 360 Enhance operations from the field to HQ with data you can trust. Validere’s IoT platform consolidates, automates, and validates all quality data onto a single platform. Real-time, reliable insights empower your teams to proactively pinpoint issues and make better, faster decisions. F E A T U R E S ▸ intuitive sampling, testing workflow management & compliance tools ▸ alerting on off-spec results and when on-lines drift ▸ multi-source trending & predictive property analysis A D V A N T A G E S The most comprehensive validation of client and third party Cutting edge AI innovation & foremost quality quality data leveraging real-time internal data, external market expert support on your side for optimal sampling & data, and proprietary statistical and physical modelling. testing methods, calibration, and resource allocation. 13
VALIDERE 360 Third Party Labs Desktop Lab Devices Manage third party lab data View data across all with ease your devices, in real-time VALIDERE 360 Trust your data The IoT platform that automates & consolidates all your quality data. Validere Devices In-Line Analyzers Eliminate data integrity gaps Never doubt your with Validere’s BS&W and in-lines again vapor devices 14
TODAY’S WORLD operational inefficiencies & lost value CHALLENGES X ✘ Low confidence data ACCOUNTING FIELD DEVICES Lack of real-time data review ✘ X Operational risks/costs ✘ 3RD PARTY LABS FIELD OPS Restricted information flow ✘ X ✘ Unoptimized decision making IN-LINES Missed opportunities ✘ MANAGEMENT WITH VALIDERE BENEFITS FIELD DEVICES Trust your data & ✓ ACCOUNTING know true product quality VALIDERE 360 SOFTWARE 3RD PARTY LABS Consolidated, verified quality data. Optimize operational and ✓ Empower the entire organization financial decisions with AI FIELD OPS with real-time insights. IN-LINES Capture significantly more ✓ value for the same barrel MANAGEMENT VALIDERE DEVICES 15 15 (if required)
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