Jaguar Resources Inc. — Management Reports 2021

Aug 20, 2021

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

Management of Jaguar Resources Inc. (the “Company”) is responsible 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 are estimates of proved reserves and probable reserves and related future net revenue as at December 31, 2020, estimated using forecast prices and costs.

An independent qualified reserves evaluator has evaluated the Company’s reserves data. The report of the independent qualified reserves evaluator is presented below.

The Reserves Committee of the board of directors of the Company has

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

• (b) met with the independent qualified reserves evaluator to determine whether any restrictions affected the ability of the independent qualified reserves evaluator to report without reservation and, in the event of a proposal to change the independent qualified reserves evaluator, to inquire whether there had been disputes between the previous independent qualified reserves evaluator and management; and

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

The Reserves Committee of 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, on the recommendation of the Reserves Committee, approved

• (a) the content and filing with securities regulatory authorities of Form 51-101F1 containing reserves data and other oil and gas information;

• (b) the filing of Form 51-101F2 which is the report of the independent qualified reserves evaluator 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. However, any variations should be consistent with the fact that reserves are categorized according to the probability of their recovery.

Signed “ Corbin Blume ”_____ Signed “ Grant Henschel ”_____ Corbin Blume Grant Henschel Director and CEO Executive Vice President – Business Development Signed “ Murray Swanson” _____ Signed “ Donald Cameron ”_____ Murray Swanson Donald Cameron Director Director

August 20, 2021