Levitee Labs Inc. — Audit Report / Information 2021

Jul 22, 2021

ZENITH ENERGY LTD. STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION (Form 51-101F1)

Part 1 – Date of Statement

This statement of reserves data and other oil and gas information is dated July 21, 2021.

The effective date is March 31, 2021.

The preparation date is July 21, 2021.

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Part 2 – Disclosure of Reserves Data

The following is a summary of the oil and natural gas reserves and the value of future net revenue of Zenith Energy Ltd. (the "Company") as evaluated by Chapman Petroleum Engineering Ltd. (“Chapman”) as at March 31, 2021, and dated May 31, 2021 (the "Chapman Report"). Chapman is an independent qualified reserves evaluator and auditor.

All evaluations of future revenue are after the deduction of future income tax expenses, unless otherwise noted in the tables, royalties, development costs, production costs and well abandonment costs but before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. The estimated future net revenue contained in the following tables does not necessarily represent the fair market value of the Company's reserves. There is no assurance that the forecast price and cost assumptions contained in the Chapman Report will be attained and variances could be material. Other assumptions and qualifications relating to costs and other matters are included in the Chapman Report. The recovery and reserves estimates on the Company's properties described herein are estimates only. The actual reserves on the Company's properties may be greater or less than those calculated.

All monetary values presented in this document are expressed in terms of US dollars.

SUMMARY OF OIL AND GAS RESERVES BASED ON FORECAST PRICES AND COSTS AS AT MARCH 31, 2021

		Company Reserves(1)	Company Reserves(1)
ITALY Reserves Category	Light and Medium Oil	Heavy Oil	Conventional Natural Gas(9)	Natural Gas Liquids
	Gross Net MSTB MSTB	Gross Net MSTB MSTB	Gross Net MMscf MMscf	Gross Net Mbbl Mbbl
PROVED Developed Producing(2)(6) Developed Non-Producing(2)(7) Undeveloped(2)(8) TOTAL PROVED(2) TOTAL PROBABLE(3) TOTAL PROVED + PROBABLE(2)(3)	- - - - - -	- - - - - -	876 876 115 115 - -	11 11 - - - -
	- - - -	- - - -	991 991 14,921 14,921	11 11 241 241
	- -	- -	15,912 15,912	252 252

• 2 -

		Company Reserves(1)	Company Reserves(1)
TUNISIA Reserves Category	Light and Medium Oil	Heavy Oil	Conventional Natural Gas(9)	Natural Gas Liquids
	Gross Net MSTB MSTB	Gross Net MSTB MSTB	Gross Net MMscf MMscf	Gross Net Mbbl Mbbl
PROVED Developed Producing(2)(6) Developed Non-Producing(2)(7) Undeveloped(2)(8) TOTAL PROVED(2) TOTAL PROBABLE(3) TOTAL PROVED + PROBABLE(2)(3)	260 242 -- --	- - - - - -	- - - - - -	- - - - - -
	260 242 3,110 2,593	- - - -	- - - -	- - - -
	3,370 2,835	- -	- -	- -

SUMMARY OF NET PRESENT VALUES BASED ON FORECAST PRICES AND COSTS AS AT MARCH 31, 2021

	Before Income Tax	Before Income Tax	Before Income Tax	Before Income Tax	Before Income Tax	After Income Tax	After Income Tax	After Income Tax	After Income Tax	After Income Tax
ITALY	Discounted at					Discounted at
	0%/yr	5%/yr.	10%/yr.	15%/yr.	20%/yr.	0%/yr	5%/yr.	10%/yr.	15%/yr.	20%/yr.
Reserves Category	M$	M$	M$	M$	M$	M$	M$	M$	M$	M$
PROVED
Developed Producing(2)(6)	2,280	2,006	1,777	1,587	1,430	2,280	2,006	1,777	1,587	1,430
Developed Non-Producing(2)(7)	243	207	179	156	138	243	207	179	156	138
Undeveloped(2)(8)	-	-	-	-	-	-	-	-	-	-
TOTAL PROVED(2)	2,523	2,214	1,956	1,744	1,567	2,523	2,214	1,956	1,744	1,567
TOTAL PROBABLE(3)	58,754	21,173	10,953	6,839	4,712	58,754	21,173	10,953	6,839	4,712
TOTAL PROVED + PROBABLE(2)(3)	61,277	23,287	12,910	8,582	6,280	61,277	23,287	12,910	8,582	6,280

	Before Income Tax	Before Income Tax	Before Income Tax	Before Income Tax	Before Income Tax		After Income Tax	After Income Tax	After Income Tax
TUNISIA	Discounted at						Discounted at
	0%/yr	5%/yr.	10%/yr.	15%/yr.	20%/yr.	0%/yr	5%/yr.	10%/yr.	15%/yr.	20%/yr.
Reserves Category	M$	M$	M$	M$	M$	M$	M$	M$	M$	M$
PROVED
Developed Producing(2)(6)	52	486	817	1,071	1,266	26	247	408	524	609
Developed Non-Producing(2)(7)	-	-	-	-	-	-	-	-	-	-
Undeveloped(2)(8)	-	-	-	-	-	-	-	-	-	-
TOTAL PROVED(2)	52	486	817	1,071	1,266	26	247	408	524	609
TOTAL PROBABLE(3)	116,392	84,147	63,303	49,218	39,321	4,712	4,712	4,712	4,712	4,712
TOTAL PROVED + PROBABLE(2)(3)	116,444	84,633	64,120	50,289	40,587	4,738	4,959	5,120	5,236	5,321

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TOTAL FUTURE NET REVENUE (UNDISCOUNTED) BASED ON FORECAST PRICES AND COSTS AS AT MARCH 31, 2021

ITALY	Revenue	Royalties	Operating Costs	Development Costs	Abandonmen t and Reclamation Costs	Future Net Revenue Before Income Taxes	Income Taxes	Future Net Revenue After Income Taxes
	(M$)	(M$)	(M$)	(M$)	(M$)	(M$)	(M$)	(M$)
Total Proved(2)	4,771	-	2,123	-	125	2,523	-	2,523
Total Proved Plus Probable(2)(3)	97,167	-	34,146	1,530	214	61,277	-	61,277

TUNISIA	Revenue	Royalties	Operating Costs	Development Costs	Abandonmen t and Reclamation Costs	Future Net Revenue Before Income Taxes	Income Taxes	Future Net Revenue After Income Taxes
	(M$)	(M$)	(M$)	(M$)	(M$)	(M$)	(M$)	(M$)
Total Proved(2)	15,515	1,086	10,777	-	3,600	52	26	26
Total Proved Plus Probable(2)(3)	219,460	20,570	2,194	64,708	15,545	116,443	58,222	58,222

FUTURE NET REVENUE BY PRODUCT TYPE BASED ON FORECAST PRICES AND COSTS AS AT MARCH 31, 2021

Reserve Category	Product Type	Future Net Revenue Before Income Taxes (Discounted at 10%/Year)
		(M$)
ITALY
Total Proved(2)	Light and Medium Oil (including solution gas and other by- products)	0
	Heavy Oil (including solution gas and other by-products)	0
	Conventional Natural Gas (including by-products but not solutiongas)	1,956
Total Proved Plus Probable(2)(3)	Light and Medium Oil (including solution gas and other by- products)	0
	Heavy Oil (including solution gas and other by-products)	0
	Conventional Natural Gas (including by-products but not solutiongas)	10,953

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Reserve Category	Product Type	Future Net Revenue Before Income Taxes (Discounted at 10%/Year)
		(M$)
TUNISIA
Total Proved(2)	Light and Medium Oil (including solution gas and other by-products)	242
	Heavy Oil (including solution gas and other by- products)	0
	Conventional Natural Gas (including by-products but not solutiongas)	0
Total Proved Plus Probable(2)(3)	Light and Medium Oil (including solution gas and other by-products)	2,593
	Heavy Oil (including solution gas and other by- products)	0
	Conventional Natural Gas (including by-products but not solutiongas)	0

OIL AND GAS RESERVES AND NET PRESENT VALUES BY PRODUCT TYPE BASED ON FORECAST PRICES AND COSTS AS AT MARCH 31, 2021

	BASED ON FORECAST PRICES AND COSTS AS AT MARCH 31, 2021	BASED ON FORECAST PRICES AND COSTS AS AT MARCH 31, 2021	BASED ON FORECAST PRICES AND COSTS AS AT MARCH 31, 2021	BASED ON FORECAST PRICES AND COSTS AS AT MARCH 31, 2021	BASED ON FORECAST PRICES AND COSTS AS AT MARCH 31, 2021	BASED ON FORECAST PRICES AND COSTS AS AT MARCH 31, 2021
ITALY	Reserves						Net Present	Unit Values
	Oil		Gas(9)		NGL		Value (BIT)	@ 10%/yr
Product Type by Reserve	Gross	Net	Gross	Net	Gross	Net	10%
Category	MSTB	MSTB	MMscf	MMscf	Mbbl	Mbbl	M$	$/Mscf
Conventional Natural Gas (Assoc & Non-Assoc)
Proved
Developed Producing	0	0	876	876	11	11	1,777	2.03
Developed Non-Producing	0	0	115	115	-	-	179	1.56
Undeveloped	0	0	-	-	-	-	-	N/A
Total Proved	0	0	991	991	11	11	1,956	1.97
Probable	0	0	14,921	14,921	241	241	10,953	0.73
Proved Plus Probable	0	0	15,912	15,912	252	252	12,909	0.81

TUNISIA	Reserves	Reserves	Reserves	Reserves	Reserves	Reserves	Net Present	Unit Values
	Oil		Gas(9)		NGL		Value (BIT)	@ 10%/yr
Product Type by Reserve	Gross	Net	Gross	Net	Gross	Net	10%
Category	MSTB	MSTB	MMscf	MMscf	Mbbl	Mbbl	M$	$/bbl
Conventional Natural Gas (Assoc & Non-Assoc)
Proved
Developed Producing	260	242	-	-	-	-	817	3.38
Developed Non-Producing	-	-	-	-	-	-	-	-
Undeveloped	-	-	-	-	-	-	-	-
Total Proved	260	242	-	-	-	-	817	3.38
Probable	3,110	2,593	-	-	-	-	63,303	24.41
Proved Plus Probable	3,370	2,835	-	-	-	-	64,120	22.62

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Notes:

1. "Gross Reserves" are the Company's working interest (operating or non-operating) share before deducting of royalties and without including any royalty interests of the Company. "Net Reserves" are the Company's working interest (operating or nonoperating) share after deduction of royalty obligations, plus the Company's royalty interests in reserves.

2. "Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

3. "Probable" reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

4. "Possible" reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.

5. "Developed" reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (e.g. when compared to the cost of drilling a well) to put the reserves on production.

6. "Developed Producing" reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

7. "Developed Non-Producing" reserves are those reserves that either have not been on production, or have previously been on production, but are shut in, and the date of resumption of production is unknown.

8. "Undeveloped" reserves are those reserves expected to be recovered from know accumulations where a significant expenditure (for example, when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable, possible) to which they are assigned.

9. Includes associated, non-associated and solution gas where applicable.

10. 6 -

Part 3 - Pricing Assumptions

The following tables detail the benchmark reference prices for the regions in which the Company operated, as at March 31, 2021, reflected in the reserves data disclosed above under “Part 2 – Disclosure of Reserves Data”. The forecast price assumptions assume the continuance of current laws and regulations and take into account inflation with respect to future operating and capital costs. There will be adjustments to field prices from the benchmarks below:

ITALY

April 1, 2021

==> picture [440 x 566] intentionally omitted <==

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TUNISIA

April 1, 2021

==> picture [495 x 610] intentionally omitted <==

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The Company’s weighted average prices received this fiscal year are: 5.50$/Mscf for natural gas.

Part 4 – Reconciliation of Changes in Reserves

The following table sets forth a reconciliation of the changes in the Company's gross reserves as at March 31, 2021 against such reserves as at March 31, 2020 based on the forecast price and cost assumptions:

RECONCILIATION OF COMPANY GROSS RESERVES BY PRINCIPAL PRODUCT TYPE BASED ON FORECAST PRICES AND COSTS AS AT MARCH 31, 2021

ITALY	Light and Medium Oil	Light and Medium Oil	Light and Medium Oil	Heavy Oil	Heavy Oil	Heavy Oil	Associated and Non-Associated Gas	Associated and Non-Associated Gas	Associated and Non-Associated Gas
	Proved	Probable	Proved Plus Probable	Proved	Probable	Proved Plus Probable	Proved	Probable	Proved Plus Probable
	(Mbbl)	(Mbbl)	(Mbbl)	(Mbbl)	(Mbbl)	(Mbbl)	(MMscf)	(MMscf)	(MMscf)
At Mar. 31, 2020	-	-	-	-	-	-	1,001	14,632	15,633
Production(Sales)	-	-	-	-	-	-	- 58	-	- 58
Acquisitions	-	-	-	-	-	-	-	-	-
Dispositions	-	-	-	-	-	-	-	-	-
Discoveries	-	-	-	-	-	-	-	-	-
Extensions & Improved	-	-	-	-	-	-	-	-	-
Recovery
Economic Factors	-	-	-	-	-	-	-	-	-
Technical Revisions	-	-	-	-	-	-	48	289	337
At Mar. 31, 2021	-	-	-	-	-	-	991	14,921	15,912

Note: Columns may not add precisely due to accumulative rounding of values.

Part 5 – Additional Information Relating to Reserves Data

Undeveloped Reserves

PROVED

The following tables set forth the volumes of proved undeveloped net reserves that were first attributed for each of the Company’s product types for the most recent three financial years and in the aggregate before that time, and the subsequent discussions generally describe the basis on which the Company attributes proved undeveloped reserves and its plans for developing those undeveloped reserves:

The Company had no proved undeveloped reserves in Italy and Tunisia and as at March 31, 2021 or in prior years.

PROBABLE

The following tables set forth the volumes of probable undeveloped net reserves that were first attributed for each of the Company’s product types for the most recent three financial years and in the aggregate before that time and the subsequent discussions generally describe the basis on which the Company attributes probable undeveloped reserves and its plans for developing those undeveloped reserves:

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ITALY Aggregate prior to 2018 2019 2020 2021	Light and Medium Oil (Mbbl) 0 0 0 0	Heavy Oil (Mbbl) 0 0 0 0	Natural Gas (MMscf) 13,413 0 0 0	Natural Gas Liquids (Mbbl)
				220 0 0 0

The Company’s probable undeveloped non-associated gas reserves in Italy are located in the Torrente Cigno Concession. These reserves will be developed by a horizontal well, offsetting a producing well, scheduled to be drilled in late 2022.

TUNISIA 2021	Light and Medium Oil (Mbbl) 2,374	Heavy Oil (Mbbl) 0	Natural Gas (MMscf) 0	Natural Gas Liquids (Mbbl)
				0

Significant Factors or Uncertainties

The estimation of reserves requires significant judgment and decisions based on available geological, geophysical, engineering and economic data. These estimates can change substantially as additional information from ongoing development activities and production performance becomes available and as economic and political conditions impact oil and gas prices and costs change. The Company’s estimates are based on current production forecast, prices and economic conditions. All of the Company’s reserves are evaluated by Chapman Petroleum Engineering Ltd., an independent engineering firm.

As circumstances change and additional data becomes available, reserve estimates also change. Based on new information, reserves estimates are reviewed and revised, either upward or downward, as warranted. Although every reasonable effort has been made by the Company to ensure that reserves estimate is accurate, revisions may arise as new information becomes available. As new geological, production and economic data is incorporated into the process of estimating reserves the accuracy of the reserve estimate improves.

On 2 March 2020, the Company announced that, in view of Zenith's strategic focus on pursuing largescale oil production and development opportunities in Africa, it will hand over the Contract Rehabilitation Area to SOCAR. Zenith continued to operate the Contract Rehabilitation Area until the handover of the Contract Rehabilitation Area which was completed during the month of June 2020.

In the year 2020 Zenith entered the markets of Africa. Terminating the activities of the Company in Azerbaijan had set free financial and operative resources to develop the activities in the new markets in Africa.

On March 15, 2021, the Company announced that Zenith Energy Africa Limited ("ZEAL"), its newly incorporated fully owned subsidiary, has entered into a share purchase agreement ("SPA") with Candax Energy Limited ("Candax") for the acquisition of a 100 percent interest in Candax's fully owned subsidiary in Barbados, Ecumed Petroleum Zarzis Ltd ("EPZ") (the "Acquisition"), which holds a 45% interest in the Ezzaouia Concession ("Ezzaouia").

Pursuant to the terms of the SPA, ZEAL has agreed to acquire 100% of the issued share capital of EPZ for the aggregate amount of US$150,000, paid by the Company at completion, as well an additional US$100,000 to be satisfied by the issue of ordinary shares in the share capital of Zenith to be issued within sixty days of completion ("Consideration Shares") and a royalty payable and calculated as US$0.35 per each barrel of hydrocarbons produced from the Ezzaouia oilfield and allocable to EPZ, with the royalty not being less than an amount of US$50,000 per annum for a period of ten years.

Acquisition Highlights

• Ezzaouia is located in onshore Tunisia on the Zarzis peninsula, south of the island of Djerba in the southern Gulf of Gabes.

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• First discovered by Marathon Petroleum Corporation in 1986, with production activities starting in 1990 with a peak production being achieved of 35,000 barrels of oil per day in 1991.

• Ezzaouia produces an average of 40 API gravity oil from the Zebbag (Lower Cretaceous) and Mrabatine (Upper Jurassic) formations.

• It is operated by MARETAP, a joint operating company owned in partnership with the national oil company of Tunisia, ETAP (Entreprise Tunisienne d'Activités Pétrolières) on a 50:50 basis, which holds a 55 percent interest in Ezzaouia.

• It produced at a rate of approximately of 551 bopd (approximately 248 bopd net to Zenith) during March 2021

• Approximately 25,000 barrels of oil were held in storage at the acquisition date, with a commercial value of approximately US$1,250,000.

• Planned field production optimisation and workover activities are expected to increase Ezzaouia gross production to 1,000 bopd (potentially resulting in a production of 450 bopd net to Zenith).

• The Acquisition has certain development obligations during the course of the new 20-year concession including the drilling of a side-track, the drilling of a replacement well and that of a development well.

• On April 19, 2019, the Tunisian State represented by the Ministry of Industry and Small & Medium Enterprises informed ETAP and EPZ that the Comité Consultatif des Hydrocarbures ("CCH") had provided a favourable opinion to the application submitted by ETAP and EPZ for a new 20-year concession to be called "Ezzaouia" (the "New Concession").

• A Convention for the New Concession (the agreed work programme between ETAP and EPZ) has been signed by both parties.

• The New Concession is currently awaiting parliamentary approval.

• Ezzaouia has modern oil treatment and storage facilities with a total field storage capacity of approximately 20,000 barrels of oil.

• MARETAP, the joint operating company, operates an oil storage terminal, connected to Ezzaouia by way of two pipelines (one for gas and one for oil respectively), at the port of Zarzis, with a storage capacity of approximately 200,000 barrels of oil, from which all oil production from Ezzaouia is exported to the international markets.

Future Development Costs

The following tables show the gross development costs anticipated in the next five years, which have been deducted in the estimation of the future net revenues of the proved and probable reserves.

ITALY 2021 2022 2023 2024 2025 Total for five years Remainder Total for all years	Total Proved Estimated Using Forecast Prices and Costs (Undiscounted) (M$) 11 0 0 0 0 11 0 11	Total Proved Plus Probable Estimated Using Forecast Prices and Costs (Undiscounted) (M$)
		11 1,530
		1,541 0
		1,541

TUNISIA 2021 2022 2023 2024	Total Proved Estimated Using Forecast Prices and Costs (Undiscounted) (M$) 1,000 0 0 0	Total Proved Plus Probable Estimated Using Forecast Prices and Costs (Undiscounted) (M$)
		1,000 0 0 0

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TUNISIA 2025 Total for five years Remainder Total for all years	Total Proved Estimated Using Forecast Prices and Costs (Undiscounted) (M$) 0 1,000 0 1,000	Total Proved Plus Probable Estimated Using Forecast Prices and Costs (Undiscounted) (M$)
		0
		1,000 0
		1,000

The Company has been successful in raising its required capital through equity financings and plans to continue to do so for the development costs specified above. The effect of the costs of the expected funding would have no impact on the revenues or reserves currently being reported.

Part 6 – Other Oil and Gas Information

Oil and Gas Properties and Wells

The following table sets forth the number of wells in which the Company held a working interest as at March 31, 2020:

ch 31, 2020:
ITALY Producing Non-producing	Oil Gross(1) Net(1) 0 0 0 0	Natural Gas
	Gross(1) 0 0	Gross(1) 2 3	Net(1)
			1.45 0.45

All of the Company’s gas wells are located onshore in four concessions of Italy: Lucera, Misano Adriatico, San Mauro, and Torrente Cigno. Misano, San Mauro and Torrente Cigno concessions have one producing well. Lucera concession had some problems with gas treatment plant and the production is temporarily suspended. Production in Lucera is expected to resume in 2022. There is an additional horizontal location in Torrente Cigno concession, which is expected to be drilled in 2022.

TUNISIA Producing Non-producing	Oil Gross(1) Net(1) 4 4 9 9	Natural Gas	Natural Gas
	Gross(1) 4 9	Gross(1) 0 0	Net(1)
			0 0

Properties with No Attributed Reserves

The Company holds five additional concessions in Italy to which no reserves have been assigned. There are no current plans for any capital expenditures on these properties. The Company also has interests in two exploration permits and two exploration applications in Italy to which no reserves have been assigned.

Forward Contracts

Currently, the Company has no forward contracts.

Tax Horizon

The Company is not expected to become taxable under the proved or the proved plus probable cash flows forecast in this report.

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The existing income tax pools in the properties are expected to exceed any tax that may become payable.

Costs Incurred

The following tables summarize the capital expenditures made by the Company on oil and natural gas properties for the year ended March 31, 2021.

ITALY

Property Acquisition Costs (M$) Proved Properties Unproved Properties 0 0	Exploration Costs (M$) 0	Development Costs (M$)
Proved Properties 0		46

Exploration and Development Activities

The following tables set forth the number of exploratory and development wells which the Company completed during its 2021 financial year:

TUNISIA Oil Wells Gas Wells Service Wells Dry Holes Total Completed Wells ITALY Oil Wells Gas Wells Service Wells Dry Holes Total Completed Wells	Exploratory Wells Gross(1) Net(1) 0 0 0 0 0 0 0 0 0 0 Exploratory Wells Gross(1) Net(1) 0 0 0 0 0 0 0 0 0 0	Development Wells	Development Wells
		Gross(1) Net(1) 0 0 0 0 0 0 0 0 0 0 Development Wells	Net(1)
			0 0 0 0
			0
	Gross(1) 0 0 0 0 0	Gross(1) 0 0 0 0 0	Net(1)
			0 0 0 0
			0

[1] Total number of wells in which the Company has a working interest.

[2] Total number of wells in which the Company has a working interest multiplied by the Company working interest in each well.

Production Estimates

The following table sets forth the volume of production estimated by Chapman for 2021 (9 mos.):

TOTAL PROVED RESERVES

AREA	Light and Medium Oil (Mbbl)	Heavy Oil (Mbbl)	Natural Gas (MMscf)	Natural Gas Liquids (Mbbl)
Italy	0	0	129	1
Tunisia	113	0	0	0
Total for all areas	113	0	129	1

TOTAL PROVED PLUS PROBABLE RESERVES

AREA	Light and Medium Oil (Mbbl)	Light and Medium Oil (Mbbl)	Heavy Oil (Mbbl)	Natural Gas (MMscf)	Natural Gas Liquids (Mbbl)
Italy		0	0	129	1
Tunisia		113	0	0	0
Total for all areas		113	0	129	1

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These values are gross to Company’s working interest before the deduction of royalties payable to others.

Production History

The following table sets forth certain information in respect of production, product prices received, royalties, production costs and netbacks received by the Company for each quarter of its most recently completed financial year:

completed financial year:
	Three Months		Three Months	Three Months	Three Months
	Ended June	30,	Ended September	Ended December	Ended March
	2020		30, 2020	31, 2020	31, 2021
Average Daily Production
Light and Medium Oil (Bbl/d)		175	-	-	-
Natural Gas (Mscf/d)		46	4	4	44
Average Daily Sales
Light and Medium Oil (Bbl/d)		175	-	-	-
Natural Gas (Mscf/d)		46	4	4	44
Average Net Prices Received
Light and Medium Oil ($/Bbl)		41.84
Natural Gas ($/boe)		6.88	6.55	6.31	6.00
Royalties
Light and Medium Oil ($/Bbl)		-	-	-	-
Natural Gas ($/boe)		-	-	-	-
Production Costs
Light and Medium Oil ($/Bbl)		22.26	-	-	-
Natural Gas ($/boe)		3.25	3.18	3.95	2.88
Netback Received
Light and Medium Oil ($/Bbl)		19.58	-	-	-
Natural Gas ($/boe)		3.63	3.37	2.36	3.12

PRODUCTION VOLUMES IN 2020

AREA Azerbaijan Tunisia Italy Total for all areas	Light and Medium Oil (Mbbl) 16 0 0 16	Heavy Oil (Mbbl) 0 0 0 0	Conventional Natural Gas (MMscf) 0 0 58 58	Natural Gas Liquids (Mbbl)
				0 0 0
				0

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ABBREVIATIONS AND CONVERSION

In this document, the abbreviations set forth below have the following meanings:

Oil and Natural Gas Liquids Natural Gas

Bbl	barrel	Mscf	thousand standard cubic feet
Bbls	barrels	MMscf	million standard cubic feet
Mbbls	thousand barrels	Mscf/d	thousand standard cubic feet per day
MMbbls	million barrels	MMscf/d	million standard cubic feet per day
MSTB	1,000 stock tank barrels	MMBTU	million British Thermal Units
Bbls/d	barrels per day	Bscf	billion standard cubic feet
NGLs	natural gas liquids	GJ	gigajoule
STB	stock tank barrels of oil
STB/d	stock tank barrels of oil per day

Other AECO Niska Gas Storage’s natural gas storage facility located at Suffield, Alberta. BIT Before Income Tax AIT After Income Tax BOE barrel of oil equivalent on the basis of 1 BOE to 6 Mscf of natural gas. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 1 BOE for 6 Mscf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

BOE/d barrel of oil equivalent per day m[3] cubic metres $M thousands of dollars WTI West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for crude oil of standard grade

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