Marksmen Energy Inc. — Management Reports 2021

Apr 30, 2021

FORM 51-101F3 REPORT OF MANAGEMENT AND DIRECTORS ON OIL AND GAS DISCLOSURE

Management of Marksmen Energy Inc. (the " Corporation ") is responsible for the preparation and disclosure of information with respect to the Corporation'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 Corporation's reserves data. The report of the independent qualified reserves evaluator will be filed with securities regulatory authorities concurrently with this report.

The Board of Directors of the Corporation has:

• (a) reviewed the Corporation'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

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

The Board of Directors has reviewed the Corporation'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 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.

DATED as of the 8[th] day of April 2021.

Signed “Archibald Nesbitt”

Signed “John McIntyre”

Archie Nesbitt President Chief Executive Officer

John McIntyre Chief Financial Officer

Signed “John Niedermaier”

Signed “Martin Shumway”

John Niedermaier Director and Chairman of Reserves Committee

Marty Shumway Director and member of Reserves Committee

Signed “Chris Maxwell”

Chris Maxwell Director and member of Reserves Committee