Petrolympic Ltd. — Audit Report / Information 2020

May 1, 2021

FORM 51-101 F1 STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION PETROLYMPIC LTD.

For Fiscal Year Ended December 31, 2020

Terms for which a meaning is given in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities have the same meaning in this form.

Part 1: Date of Statement

1. This statement is dated April 30, 2021;

2. The effective date of the information being provided in this statement is December 31, 2020; and

3. The presentation date of the information being provided is April 30, 2021.

Part 2 to Part 5: Disclosure of Reserves Data

At December 31, 2020, Petrolympic Ltd. (“Petrolympic” or the “Company”) does not have any production or related revenue and has not established any material oil and gas reserves. Consequently, the Company did not engage an independent evaluator to review its reserves or associated future net revenues for the year ended December 31, 2020.

With further work the Company’s properties may be shown to contain commercial reserves of oil and gas. The Company has not reported any reserves for its properties in the past.

Part 6: Other Oil and Gas Information

Item 6.1 Oil and Gas Properties and Wells

• The Company does not currently have any properties, plants, facilities or installations, other than oil and gas / underground storage exploration permits in the Province of Québec.

Item 6.2 Properties With No Attributed Reserves

A) Properties in Québec:

Petrolympic holds an interest in a total of 753,058 hectares (1,860,839 acres) of oil and gas exploration permits (now termed “exploration licenses”) in the Province of Québec, Canada, that include holdings in the St. Lawrence Lowlands and Gaspe Peninsula. The Company's holdings in the St. Lawrence Lowlands consist of a 30% interest in 216,933 hectares (536,051 acres) through a joint venture with Ressources et Energie Squatex (“Squatex”), a 12% interest in 8,000 hectares (19,768 acres) through the Farmout Agreement with Canbriam Energy Inc. (now Pacific Canbriam Energy Ltd.), and a 100% interest in 55,951 hectares (138,247 acres). Petrolympic also maintains holdings in the Gaspe and Lower St. Lawrence regions, including a 30% interest in 431,160 hectares (1,065,415 acres) through a joint venture with Squatex and a 100% interest in a block of exploration licenses referred to as the Mitis and the Matapedia properties and totaling 41,014 hectares (101,347 acres).

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During the autumn 2018, the Ministry of Energy and Natural Resources of Québec has informed Petrolympic that it has modified its map projection system, resulting in a slight adjustment to the area of some of its explorations licenses but without any impact on their physical limits. The consequence is an increase of 125 hectares (309 acres) of the total acreage in which Petrolympic holds an interest. The acreages summarized above and detailed in the tables below correspond to the revised numbers.

Gaspé Permits 100% Ownership:

Permit Number	Renewal Date	Area(Hectares)
2009PG573	September 1,2021	18,861
2009RS305	September 1, 2021	22,153
Subtotal		41,014

St. Lawrence Lowlands Permits 100% Ownership:

Permit Number	Renewal Date	Area(Hectares)
2009RS302	September 1,2021	21,847
2009RS303	September 1,2021	14,080
2009RS304	September 1, 2021	20,024
Subtotal		55,951

St. Lawrence Lowlands Permits 30% Ownership:

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Permit Number Renewal Date Area (Hectares)
2009RS287 September 1, 2021 20,871
2009RS288 September 1, 2021 17,990
2009RS289 September 1, 2021 20,909
2009RS290 September 1, 2021 7,248
2009RS291 September 1, 2021 22,447
2009RS292 September 1, 2021 18,827
2009RS293 September 1, 2021 14,580
2009RS294 September 1, 2021 21,664
2009RS295 September 1, 2021 19,316
2009RS296 (part) September 1, 2021 20,339
2009RS297 September 1, 2021 16,342
2009RS298 (part) September 1, 2021 24,400
Subtotal 224,933
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• An 18% interest in over 8,000 hectares was transferred from Petrolympic to Canbriam from these two permits between surface and the top of the Trenton Formation only.

Gaspé Permits 30% Ownership:

Permit Number	Renewal Date	Area(Hectares)
2009PG554	September 1,2021	15,150
2009PG556	September 1, 2021	23,666
Subtotal		38,816

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Lower St. Lawrence 30% Ownership:

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Permit Number Renewal Date Area (Hectares)
2009RS299 September 1, 2021 18,975
2009RS300 September 1, 2021 20,704
2009RS301 September 1, 2021 17,136
2009PG552 September 1, 2021 10,267
2009PG553 September 1, 2021 23,068
2009PG555 September 1, 2021 16,438
2009PG557 September 1, 2021 9,894
2009PG558 September 1, 2021 19,420
2009PG559 September 1, 2021 18,737
2009PG560 September 1, 2021 19,817
2009PG561 September 1, 2021 24,435
2009PG562 September 1, 2021 19,847
2009PG563 September 1, 2021 22,573
2009PG564 September 1, 2021 14,377
2009PG565 September 1, 2021 15,370
2009PG566 September 1, 2021 21,454
2009PG567 September 1, 2021 20,631
2009PG568 September 1, 2021 20,668
2009PG569 September 1, 2021 13,497
2009PG570 September 1, 2021 7,608
2009PG571 September 1, 2021 20,951
2009PG572 September 1, 2021 16,477
Subtotal 392,344
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St. Lawrence Lowlands Permits 12% Ownership:

Permit Number	Renewal Date	Area(Hectares)
2009RS296(part)	September 1,2021	20,339
2009RS298 (part)	September 1, 2021	24,400
Subtotal		44,739

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Map

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Operations

Gaspé Peninsula

No additional work was performed on these permits during the year ended December 31, 2020. The Company has enough exploration credits from its past exploration activities to cover the minimum work obligation to keep the Gaspe licenses in good standing until September 1, 2021, and with Bill 18, the licenses are in good standing until further notice as long as annual rents are paid by Petrolympic.

St. Lawrence Lowlands

No additional work was performed on these permits during the year ended December 31, 2020. The Company has enough exploration credits from its past exploration activities to cover the minimum work obligation to keep the St. Lawrence Lowlands permits in good standing until September 1, 2021, and with Bill 18, the permits are in good standing until further notice as long as annual rents are paid by Petrolympic.

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Lower St. Lawrence – Gaspé Joint Permits

No additional work was performed on these permits during the year ended December 31, 2020. The Company has enough exploration credits from its past exploration activities to cover the minimum work obligation to keep the St. Lawrence Lowlands permits in good standing until September 1, 2021, and with Bill 18, the permits are in good standing until further notice as long as annual rents are paid by Squatex.

St. Lawrence Lowlands Joint Permits

No additional work was performed on these permits during the year ended December 31, 2020. The operator has enough exploration credits from its past exploration activities to cover the minimum work obligation to keep the St. Lawrence Lowlands joint permits in good standing until September 1, 2021, and with Bill 18, the permits are in good standing until further notice as long as annual rents are paid by Squatex.

Item 6.3 Forward Contracts

The Company has no forward contracts in place as of the effective date.

Item 6.4 Abandonment and Reclamation

The Company has no abandonment and reclamation costs as there has been no activity to warrant these costs.

Item 6.5 Tax Horizon

The Company was not required to pay income taxes during 2020. Given that the Company is in the exploration stage and does not currently have reserves, no reasonable estimate can be made as to when it will be required to pay income taxes in the future.

Item 6.6 Costs Incurred by Country

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December 31, 2020 December 31, 2019
Costs ($) ($)
USA 2,438 1,955
Canada
Quebec (20,323) 153,075
Ontario 25,000 $nil
Total Canada 4,677 153,075
Total Costs 7,115 155,030
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Total net costs incurred by the Company on the Quebec assets for 2020 were $34,091, not including recoveries of $84,414, and acquisition cost of non oil and gas properties of $30,000. There were no development or exploration costs incurred during the period.

Total net costs incurred by the Company on the Ontario assets for 2020 were $25,000 related to the acquisition cost of non oil and gas properties. There were no development or exploration costs incurred during the period.

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Total net costs incurred by the Company on Texas assets for 2020 were $2,438. There were no development or exploration costs incurred during the period.

The Company has ceased all operations at Chittim (Texas asset).

Item 6.7 Exploration and Development Activities

(a) Exploration

Please see the “Operations” section above, in Part 6: Other Oil and Gas Information, Item 6.2 Properties with No Attributed Reserves, A) Properties in Quebec.

(b) Development Activities

There were no development activity related to the years ended December 31, 2020 and 2019.

(c) Expenditures

There were no exploration expenditures related to the years ended December 31, 2020, and 2019.

Item 6.8 Production Estimate

The Company has no production estimates in place as of the effective date.

Item 6.9 Production History

The following table summarizes, by product type, the Company’s share of average daily production volume, before deduction of royalties, for each quarter of its financial year ended December 31, 2020:

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|---|---|---|---|---|
|Three Months|Three Months|Three Months|Three Months|
|Ended|Ended|Ended|Ended|
|March 31,|June 30,|September|December 31,|
|2020|2020|30, 2020|2020|
|Light/Medium/Heavy Oil (Bbls/d)|
|Average Daily Production|-|-|-|-|

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The following table summarizes, by product type, the Company’s share of production, as an average per unit of volume, for each quarter of its financial year ended December 31, 2020:

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|---|---|---|---|---|
|Three Months|Three Months|Three Months|Three Months|
|Ended|Ended|Ended|Ended|
|March 31,|June 30,|September 30,|December 31,|
|2020|2020|2020|2020|
|Light/Medium/Heavy ($/Bbl)|
|Total proceeds|-|-|-|-|
|Partner interest|-|-|-|-|
|Royalties|-|-|-|-|
|Net|-|-|-|-|

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Abbreviations and conversions

Bbl Barrel Bbls Barrels Bbls/d Barrels of oil per day

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FORM 51-101 F2 REPORT ON RESERVES DATA BY INDEPENDENT QUALIFIED RESERVES EVALUATOR OR AUDITOR PETROLYMPIC LTD. For Fiscal Year Ended December 31, 2020

Terms for which a meaning is given in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities have the same meaning in this form.

Information in this form is as of April 30, 2021.

Petrolympic Ltd. (the “Company”) is an exploratory stage enterprise. The Company did not retain an independent qualified reserves evaluator to evaluate reserves as the Company has not established any oil and gas reserves as at December 31, 2020.

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FORM 51-101 F3 REPORT OF MANAGEMENT AND DIRECTORS ON OIL & GAS DISCLOSURE PETROLYMPIC LTD. For Fiscal Year Ended December 31, 2020

Terms for which a meaning is given in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities have the same meaning in this form.

Management of Petrolympic Ltd. (the “Company”) is responsible for the preparation and disclosure of information about 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 the last day of the Company's most recently completed financial year, estimated using forecast prices and costs.

The Company is a reporting issuer involved in oil and gas activities pursuant to NI 51-101; however, as of December 31, 2020, the Company does not have significant production or related revenue and has not established any oil and gas reserves. As a result, no reserves data for the Company has been disclosed as of December 31, 2020.

There is no report of an independent qualified reserves evaluator or auditor on reserves data as the Company had no proved or probable reserves as at December 31, 2020.

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 Form 51-101F1 containing the other oil and gas information; and

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

DATED this April 30, 2021

“Mendel Ekstein” Mendel Ekstein President and Chief Executive Officer

“Alain Fleury” Alain Fleury Director

“Carmelo Marrelli” Carmelo Marrelli Chief Financial Officer “Miles Pittman” Miles Pittman Director

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