Petrus Resources Ltd. — AGM Information 2021

May 14, 2021

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Notice of Annual and Special Meeting of Shareholders to be held on June 15, 2021

Notice is hereby given that the annual and special meeting (the " Meeting ") of the holders (" Shareholders ") of common shares (" Common Shares ") of Petrus Resources Ltd. (the " Corporation ") will be held at Suite #2400, 240 – 4th Avenue SW, Calgary, Alberta on Tuesday, June 15, 2021 at 2:00 p.m. (Calgary time) to:

1. receive the financial statements of the Corporation for the year ended December 31, 2020, together with the auditor's report thereon;

2. fix the number of directors of the Corporation to be elected at the Meeting at four (4) directors;

3. elect four (4) directors of the Corporation for the ensuing year;

4. appoint the auditors of the Corporation for the ensuing year and to authorize the directors to fix their remuneration as such;

5. approve the unallocated stock options under the Corporation's option plan;

6. approve the unallocated deferred share units under the Corporation's deferred share unit plan;

7. approve the unallocated restricted share units under the Corporation's restricted share unit award plan; and

8. transact such other business as may properly be brought before the Meeting or any adjournment or adjournments thereof.

The Corporation currently intends to hold the Meeting in person at Suite #2400, 240 – 4th Avenue SW, Calgary, Alberta on Tuesday, June 15, 2021 at 2:00 p.m. (Calgary time). However, in view of the current and rapidly evolving COVID-19 pandemic, the Corporation asks that, in considering whether to attend the Meeting in person, Shareholders consider the advice of the Public Health Agency of Canada (PHAC) (www.canada.ca/en/public-health.html) and Alberta Health Services (www.albertahealthservices.ca). Access to the Meeting may be limited to essential personnel and registered shareholders and proxyholders entitled to attend and vote at the Meeting. Depending upon the status of the outbreak at the time, the Corporation encourages Shareholders and proxyholders not to attend the meeting in person, particularly if they are experiencing any of the described COVID-19 symptoms. Shareholders can listen to the Meeting via teleconference at 1-888-433-2192 (participant code 9350829) however will not be permitted to vote their Common Shares via teleconference. As always, the Corporation encourages Shareholders to vote their Common Shares prior to the Meeting following the instructions set out in the form of proxy or voting instruction form received by such Shareholders.

The Corporation may take additional precautionary measures in relation to the meeting in response to further developments with the COVID-19 pandemic. In the event it is not possible or advisable to hold the Meeting in person, the Corporation will announce alternative arrangements for the Meeting as promptly as practicable, which may include holding the Meeting entirely by electronic means, telephone or other communication facilities.

Registered Shareholders are requested to date and sign the form of proxy and deposit it with the Corporation's transfer agent, Odyssey Trust Company at 1230 300 5[th] Avenue SW Calgary AB T2P 3C4. Alternatively, you may vote by telephone at 1-888-290-1175 (toll free within North America) or 1-587-885-0960 (outside North America) or by internet using the 12 digit control number located at the bottom of your proxy at www.investorvote.com. All instructions are listed in the enclosed form of proxy. Your proxy or voting

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instructions must be received, in each case, no later than 2:00 p.m. (Calgary time) on June 11, 2021 or, if the Meeting is adjourned, 48 hours (excluding Saturdays and holidays) before the beginning of any adjournment of the Meeting. Shareholders are cautioned that the use of mail to transmit proxies is at each Shareholder's risk.

Only Shareholders of record at the close of business on April 30, 2021 (the " Record Date "), are entitled to receive notice of the Meeting and to vote those Common Shares included in the list of Shareholders entitled to vote at the Meeting prepared as at the Record Date, unless any such Shareholder transfers Common Shares after the Record Date and the transferee of those Common Shares, having produced properly endorsed certificates evidencing such Common Shares or having otherwise established that he, she or it owns such Common Shares, demands, not later than ten (10) days before the Meeting, that the transferee's name be included in the list of Shareholders entitled to vote at the Meeting, in which case such transferee shall be entitled to vote such Common Shares at the Meeting.

The Information Circular relating to the business to be conducted at the Meeting accompanies this Notice of Annual and Special Meeting of Shareholders.

DATED at Calgary, Alberta this 30th day of April, 2021.

BY ORDER OF THE BOARD OF DIRECTORS

(signed) " Ken Gray " Ken Gray President, Chief Executive Officer and Director