Record Resources Inc. — Audit Report / Information 2021

Jan 27, 2022

Chapman Petroleum Engineering Ltd.

1122 - 4th Street S.W., Suite 700, Calgary, Alberta T2R 1M1 . Phone: (403) 266-4141 . Fax: (403) 266-4259 . www.chapeng.ab.ca

January 5, 2022

Silk Road Energy Inc. P.O. Box 3498. Station Main Sherwood Park, AB T8H 2T3

Attention: Board of Directors

Re: Report on Reserves Data ("F2") by Chapman Petroleum Engineering Ltd. ("Chapman") Qualified Reserves Evaluators

To the board of directors of Silk Road Energy Inc. (the "Company"):

• 1. We have evaluated the Company's reserves data as at September 30, 2021. The reserves data are estimates of proved reserves and probable reserves and related future net revenue as at September 30, 2021, estimated using forecast prices and costs.
• 1. The reserves data are the responsibility of the Company's management. Our responsibility is to express an opinion on the reserves data based on our evaluation.
• 1. We carried out our evaluation in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook as amended from time to time (the "COGE Handbook') maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter).
• 1. Those standards require that we plan and perform an evaluation to obtain reasonable assurance as to whether the reserves data are free of material misstatement. An evaluation also includes assessing whether the reserves data are in accordance with principles and definitions presented in the COGE Handbook.
• 1. The following table shows the net present value of future net revenue (before deduction of income taxes) attributed to proved plus probable reserves, estimated using forecast prices and costs and calculated using a discount of 10 percent, included in the reserves data of the Company evaluated for the year ended September 30, 2021, and identifies the respective portions thereof that we have evaluated and reported on to the Company's management and board of directors:

Independent Qualified					Net Present Value of Future Net Revenue (before income taxes, 10% discount rate) - M\$
Reserves Evaluator	Effective Date of Evaluation Report	Location of Reserves	Audited	Evaluated	Reviewed	Total
Chapman Petroleum Engineering Ltd.	September 30, 2021	Bashaw Area Alberta, Canada		19		19
Totals				19		19

• 1. In our opinion, the reserves data respectively evaluated by us have, in all material respects, been determined and are in accordance with the COGE Handbook, consistently applied. We express no opinion on the reserves data that we reviewed but did not audit or evaluate.
• 1. We have no responsibility to update our reports referred to in paragraph 4 for events and circumstances occurring after September 30, 2021.
• 1. Because the reserves data are based on judgements regarding future events, actual results will vary and the variations may be material.

Executed as to our report referred to above:

Chapman, Calgary, Alberta, Canada, December 30, 2021

[Original Signed By:] [Signature], [Licensed Professional's Stamp] [Membership ID Number] January 5, 2022 C. W. Chapman, P. Eng., President

PERMIT TO PRACTICE
CHAPMAN PETROLEUM ENGINEERING LTD.
	[Original Signed By:]
Signature	C.W. Chapman
Date	January 5, 2022
PERMIT NUMBER: P 4201
The Association of Professional Engineers
	and Geoscientists of Alberta

[APEGA ID Number]

cwc/kk/6797