Hillcrest Energy Technologies Ltd. — Management Reports 2022

Apr 29, 2022

REPORT OF MANAGEMENT AND DIRECTORS ON RESERVES DATA AND OTHER INFORMATION (FORM 51-101F3)

Terms to which a meaning is ascribed in National Instrument 51-101 have the same meaning herein.

Management of Hillcrest Petroleum Ltd. (the "Company") are responsible for the preparation and disclosure, or arranging for the preparation and disclosure of information with respect to the Company's oil and gas activities in accordance with securities regulatory requirements. This information includes reserves data, which consist of the following:

• (a) (i) proved and proved plus probable oil and gas reserves estimated as at December 31, 2020; using forecast prices and costs; and

  • (ii) the related estimated future net revenue; and

Independent qualified reserves evaluators have evaluated and reviewed the Company's reserves data. The report of the independent qualified reserves evaluators will be filed with securities regulatory authorities concurrently with this report.

The Board of Directors of the Company has:

• (a) reviewed the Company's procedures for providing information to the independent qualified reserves evaluators;

• (b) met with the independent qualified reserves evaluators to determine whether any restrictions affected the ability of the independent qualified reserves evaluators to report without reservation; and

• (c) reviewed the reserves data with management and the independent qualified reserves evaluators.

The Board of Directors has reviewed the Company's procedures for assembling and reporting other information associated with oil and gas activities and has reviewed that information with management.

The Board of Directors has approved:

• (a) the content and filing with securities regulatory authorities of the reserves data and other oil and gas information;

• (b) the filing of the report of the independent qualified reserves evaluators on the reserves data; and

• (c) the content and filing of this report.

Because the reserves data are based on judgments regarding future events, actual results will vary and the variations may be material.

“Signed”

Don Currie, CEO and Director

“Signed” Aaron Triplett, CFO

“Signed” Michael Krzus – Director

“Signed”

David Stone – Director

“Signed”

Tom Milne – Director

“Signed”

Robert Lambert – Director

“Signed” Kylie Dickson – Director

April 28, 2021