Oregen Energy Corp. — Audit Report / Information 2020

May 14, 2021

Supernova Metals Corp.

AMENDED FORM 51-101F1 For the Year Ended December 31, 2020

STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION

PART 1 DATE OF STATEMENT

The effective date of the information being provided in this statement is as at December 31, 2020, and for the year ended December 31, 2020. The preparation date of the information being provided in this statement is May 13, 2021.

For a glossary of terminology and definitions relating to the information included within this statement (including the aforementioned dates) readers are referred to National Instrument 51-101 (“NI 51-101”).

All dollar figures are in Canadian Dollars, unless otherwise specified.

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 Supernova Metals Corp. (the "Company") as evaluated by McDaniel & Associates Consultants Ltd. (“McDaniel”) as at December 31, 2020, and dated May 13, 2021 (the "McDaniel Report"). McDaniel 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 McDaniel Report will be attained and variances could be material. Other assumptions and qualifications relating to costs and other matters are included in the McDaniel 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 Canadian dollars.

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Item 2.1 Reserves Data (Forecast Prices and Costs)

1. Breakdown of Reserves (Forecast Case) - The following summarizes the aggregate proved reserves of the Company:

Supernova Metals Corp. Summary of Oil and Gas Reserves As of December 31, 2020 Forecast Prices and Costs - CDN Dollars

Reserves

Supernova Metals Corp. Summary of Oil and Gas Reserves As of December 31, 2020 Forecast Prices and Costs - CDN Dollars	Supernova Metals Corp. Summary of Oil and Gas Reserves As of December 31, 2020 Forecast Prices and Costs - CDN Dollars
Reserves
Reserve Category	Light and Medium Oil HeavyOil Natural Gas (Non-associated and Associated Natural Gas Liquids
	Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
Proved Developed Producing Non-Producing Undeveloped Total Proved Total Probable Total Proved & Probable	10.5 9.9 - - - - - - - - - - - - - - - - - - - - - - 10.5 9.9 - - - - - - 2.9 2.7 - - - - - - 13.4 12.6 - - - - - -

1. Net Present Value of Future Net Revenue (Forecast Case) – The following summarizes the future net revenue attributable to the Company’s proved reserves disclosed in section 1, estimated using forecast prices and costs before deducting future income tax expenses, if any, calculated without discount and using discounts as presented:

2. Net Present Value of Future Net Revenue (Forecast Case)– The following summarizes the future net revenue attributable to the Company’s proved reserves disclosed in section 1, estimated using forecast prices and costs before deducting future income tax expenses, if any, calculated without discount and using discounts as presented:	2. Net Present Value of Future Net Revenue (Forecast Case)– The following summarizes the future net revenue attributable to the Company’s proved reserves disclosed in section 1, estimated using forecast prices and costs before deducting future income tax expenses, if any, calculated without discount and using discounts as presented:	2. Net Present Value of Future Net Revenue (Forecast Case)– The following summarizes the future net revenue attributable to the Company’s proved reserves disclosed in section 1, estimated using forecast prices and costs before deducting future income tax expenses, if any, calculated without discount and using discounts as presented:	2. Net Present Value of Future Net Revenue (Forecast Case)– The following summarizes the future net revenue attributable to the Company’s proved reserves disclosed in section 1, estimated using forecast prices and costs before deducting future income tax expenses, if any, calculated without discount and using discounts as presented:	2. Net Present Value of Future Net Revenue (Forecast Case)– The following summarizes the future net revenue attributable to the Company’s proved reserves disclosed in section 1, estimated using forecast prices and costs before deducting future income tax expenses, if any, calculated without discount and using discounts as presented:	2. Net Present Value of Future Net Revenue (Forecast Case)– The following summarizes the future net revenue attributable to the Company’s proved reserves disclosed in section 1, estimated using forecast prices and costs before deducting future income tax expenses, if any, calculated without discount and using discounts as presented:	2. Net Present Value of Future Net Revenue (Forecast Case)– The following summarizes the future net revenue attributable to the Company’s proved reserves disclosed in section 1, estimated using forecast prices and costs before deducting future income tax expenses, if any, calculated without discount and using discounts as presented:	2. Net Present Value of Future Net Revenue (Forecast Case)– The following summarizes the future net revenue attributable to the Company’s proved reserves disclosed in section 1, estimated using forecast prices and costs before deducting future income tax expenses, if any, calculated without discount and using discounts as presented:	2. Net Present Value of Future Net Revenue (Forecast Case)– The following summarizes the future net revenue attributable to the Company’s proved reserves disclosed in section 1, estimated using forecast prices and costs before deducting future income tax expenses, if any, calculated without discount and using discounts as presented:	2. Net Present Value of Future Net Revenue (Forecast Case)– The following summarizes the future net revenue attributable to the Company’s proved reserves disclosed in section 1, estimated using forecast prices and costs before deducting future income tax expenses, if any, calculated without discount and using discounts as presented:	2. Net Present Value of Future Net Revenue (Forecast Case)– The following summarizes the future net revenue attributable to the Company’s proved reserves disclosed in section 1, estimated using forecast prices and costs before deducting future income tax expenses, if any, calculated without discount and using discounts as presented:
Supernova Metals Corp. Summary of Net Present Values of Future Net Revenue As of December 31, 2020 Forecast Prices and Costs - CDN Dollars
Net Present Values of Future Net Revenue
Before Income Taxes Discounted at(%/Year)						After\ Income Taxes Discounted at(%/Year)
Reserve Category	0 (M$)	5 (M$)	10 (M$)	15 (M$)	20 (M$)	0 (M$)	5 (M$)	10 (M$)	15 (M$)	20 (M$)
Proved Developed Producing 246.3 207.4 178.1 155.8 138.6 246.3 207.4 178.1 155.8 138.6 Non-Producing - - - - - - - - - - Undeveloped - - - - - - - - - - Total Proved 246.3 207.4 178.1 155.8 138.6 246.3 207.4 178.1 155.8 138.6 Total Probable 87.0 56.6 38.8 28.0 21.2 87.0 56.6 38.8 28.0 21.2 Total Proved & Probable 333.3 264.0 216.9 183.8 159.8 333.3 264.0 216.9 183.8 159.8

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1. Additional Information Concerning Undiscounted Future Net Revenue (Forecast Case) – The following summarizes by reserve category (Proved, Probable or Possible) the elements using forecast pricing and costs of the undiscounted future net revenue and the per unit value of future net revenue before income tax:

Supernova Metals Corp. Total Future Net Revenue (Undiscounted) As of December 31, 2020 Forecast Prices and Costs - CDN Dollars

								Future
						Future Net		Net Revenue
			Operating	Development	ARO	Revenue Before		After
	Revenue	Royalties	Costs	Costs	Costs	Income Taxes	Income Taxes	Income Taxes
Reserve Category	(M$)	(M$)	(M$)	(M$)	(M$)	(M$)	(M$)	(M$)
Total Proved Reserves	644	47	305	-	45	246	-	246
Total Proved and Probable Reserves	846	62	405	-	46	333	-	333

Supernova Metals Corp. Future Net Revenue By Product Type (Undiscounted) As of December 31, 2020 Forecast Prices and Costs - CDN Dollars
Reserve Category	Product Type	Future Net Revenue Before Income Taxes (M$)	Unit Value $/Bbl
Total Proved Reserves 178 18.05 Total Proved and Probable Reserves 217 17.28 Light and Medium Oil Light and Medium Oil

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Item 2.2 Supplemental Disclosure (Constant Prices and Costs)

Optional – not presented.

Item 2.3 Reserves Disclosure Varies With Accounting

In determining reserves to be disclosed, the Company prepares consolidated financial statements and includes 100% of the reserves attributable to the Company and its wholly-owned subsidiary. There are no minority interests related to any subsidiaries of the Company.

Item 2.4 Future Net Revenue Disclosure Varies With Accounting

As discussed in Item 2.3, the Company prepares consolidated financial statements and no portion of future net revenue related to the Company’s oil and gas reserves is attributable to a minority interest in a subsidiary held by non-affiliates.

PART 3 PRICING ASSUMPTIONS

Item 3.1 Constant Prices Used In Supplemental Disclosure

Optional - Not Presente d

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Item 3.2 Forecast Prices Used In Estimates

1. The following summarizes the pricing assumptions by product used in estimating reserves data disclosed in Item 2.1:

Supernova Metals Corp. Summary of Pricing and Inflation Rate Assumptions As of December 31, 2020 Forecast Prices and Costs - CDN Dollars
Year	WTI Crude Oil US$/BBL	Brent Crude Oil $US/BBL	Edmonton Light Crude Oil $CDN/BBL	Alberta Bow River Hardlaty Crude Oil $CDN/BBL	Western Canadian Select Crude Oil $CDN/BBL	Alberta Heavy Crude Oil $CDN/BBL	Sask Cromer Medium Crude Oil $CDN/BBL	Inflation Rate %/Yr	Exchange Rate US$/Cdn$
2021	47.17	49.42	55.76	45.36	44.63	39.87	53.77	-	0.768
2022	50.17	52.85	59.89	48.96	48.18	43.20	57.31	1.30	0.765
2023	53.17	56.04	63.48	52.91	52.10	46.86	60.68	2.00	0.763
2024	54.97	57.87	65.76	54.95	54.10	48.67	62.90	2.00	0.763
2025	56.07	59.00	67.13	56.05	55.19	49.65	64.22	2.00	0.763
2026	57.19	60.15	68.53	57.16	56.29	50.65	65.57	2.00	0.763
2027	58.34	61.33	69.95	58.30	57.42	51.67	66.94	2.00	0.763
2028	59.50	62.53	71.40	59.47	58.57	52.71	68.35	2.00	0.763
2029	60.69	63.75	72.88	60.66	59.74	53.76	69.78	2.00	0.763
2030	61.91	65.03	74.34	61.87	60.93	54.84	71.19	2.00	0.763
2031	63.15	66.33	75.83	63.10	62.15	55.94	72.61	2.00	0.763
2032	64.41	67.66	77.34	64.37	63.40	57.05	74.06	2.00	0.763
2033	65.70	69.01	78.89	65.65	64.66	58.20	75.55	2.00	0.763
2034	67.01	70.39	80.47	66.97	65.96	59.36	77.06	2.00	0.763
2035	68.35	71.80	82.08	68.31	67.28	60.55	78.60	2.00	0.763
Thereafter	esc 2.0%	esc 2.0%	esc 2.0%	esc 2.0%	esc 2.0%	esc 2.0%	esc 2.0%	2.00	0.763

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PART 4 RECONCILIATION OF CHANGES IN RESERVES

Item 4.1 Reserves Reconciliation

The following is a reconciliation of gross reserves by product of the Company since January 1, 2020 through December 31, 2020:

Category Light & Medium Oil Gross Proved Mstb Light & Medium Oil Gross Probable Mstb Supernova Metals Corp. Reconciliation of Company Gross Reserves Total Proved As of December 31, 2020 Forecast Prices and Costs - CDN Dollars						Light & Medium Oil Gross Proved and Probable Mstb
Beginning Gross Reserves, January 1, 2020 Acquisitions Drilling Extensions (Infill Drilling) Improved Recovery Technical Revisions Exploration Discoveries Dispositions Economic Factors Production Ending Gross Reserves, December 31, 2020		- 13.0 - - - - - - (2.5) 10.5		- 2.9 - - - - - - - 2.9		- 15.8 - - - - - - (2.5) 13.4

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PART 5. ADDITIONAL INFORMATION RELATING TO RESERVES DATA

Item 5.1 Undeveloped Reserves

The Company has reported no undeveloped reserves for the year ended December 31, 2020, within the meaning of that term under NI 51-101, either proved, probable and possible reserves.

Item 5.2 Significant Factors or Uncertainties Affecting Reserves Data

See notes to the Company’s financial statements for the year ended December 31, 2020, for a discussion of some of the important economic factors and significant uncertainties likely to affect the components of oil and gas information and the reserves data disclosed herein. In addition, such components may be affected by material fluctuations in commodity prices, material changes in current taxation or royalty rates and/or state and federal regulations governing the conduct of oil and gas activities.

Item 5.3 Future Development Costs

None as of December 31, 2020.

PART 6. OTHER OIL AND GAS INFORMATION

Item 6.1 Oil and Gas Properties and Wells

The following summarizes wells, capable of producing, which have reserves attributed to them.

Oil Wells Producing	Oil Wells Producing	Gas Wells Producing	Gas Wells Producing
Gross	Net	Gross	Net
3.0	0.69	-	-

All of the Company’s wells are located in Kingsford, Saskatchewan.

Item 6.2 Properties with No Attributed Reserves

The Company has two shut-in wells which has no attributed reserves.

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Item 6.2.1 Significant Factors or Uncertainties Relevant to Properties with No Attributed Reserves

There are numerous uncertainties inherent in estimating quantities in crude oil reserves and cash flows to be derived therefrom, including many factors beyond the company’s control. In general, estimates of economically recoverable crude oil and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of crude oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary from actual results. For those reasons, estimates of the economically recoverable crude oil and natural gas reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues expected therefrom prepared by different engineers, or by the same engineers at different times, may vary.

Item 6.3 Forward Contracts

None in place as of December 31, 2020.

Item 6.4 Additional Information Concerning Abandonment and Reclamation Costs

Repealed (July 1, 2015).

Item 6.5 Tax Horizon

During the financial year ended December 31, 2020, the Company did not pay any income taxes in Canada. The Company will not be required to pay income taxes until the Company has taxable income.

Item 6.6 Costs Incurred

In the year ending December 31, 2020, the Company made no capital expenditures (whether capitalized or charged to expense):

Item 6.7 Exploration and Development Activities

During the financial year ended December 31, 2020, the Company did not conduct any exploratory or development activities.

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Item 6.8 Production Estimates

For the Year ended Dec 31, 2021 Total Proved Total Proved Plus Probable	Light and Medium Oil (bbl/d)
	5.2 5.3

Item 6.9 Production History

Supernova Metals Corp. Gross 2020 Production Volumes(Company Working Interest Before Royalties)
Total Proved Total Probable Total Proved Plus Probable Total Possible Total Proved Plus Probable Plus Possible * Barrel of oil equivalent, 6 Mcf:1 barrel	Total (BOE) (2,469.5) -	Light and Medium Oil (Barrels) Natural Gas (Mcf) Natural Gas Liquids (Barrels) Non-Conv. Gas (MMCF) (2,469.5) - - - - - - -
	(2,469.5) -	(2,469.5) - - - - - - -
	(2,469.5)	(2,469.5) - - -

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Supernova Metals Corp.
Gross 2020 Production Volumes (Company Working Interest Before Royalties)
Three Months Ended Year Ended
31-Dec-20 30-Sep-20 30-Jun-20 31-Mar-20 31-Dec-20
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Average Sales Volume
Light & Medium Oil (bbl/d)	5.9	7.0	7.0	7.1	6.7
Price Received
Light & Medium Oil ($/bbl)	48.33	46.28	25.38	45.47	41.19
Royalties
Light & Medium Oil ($/bbl)	5.49	6.50	2.47	8.85	5.88
Opearting Expenses
Light & Medium Oil ($/bbl)	20.58	23.66	3.21	17.11	16.05
Netback
Light & Medium Oil ($/bbl)	22.26	16.12	19.70	19.51	19.26

PART 7. OPTIONAL DISCLOSURE OF CONTINGENT RESOURCES DATA AND PROSPECTIVE RESOURCES DATA

Not applicable

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