Record Resources Inc. — Audit Report / Information 2023

Feb 27, 2024

RECORD RESOURCES INC. STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION (Form 51-101F1)

Part 1 – Date of Statement

This statement of reserves data and other oil and gas information is dated February 23, 2024.

The effective date is September 30, 2023.

The preparation date is February 22, 2024.

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Part 4 – Reconciliation of Changes in Reserves

The following table sets forth a reconciliation of the changes in the Company's gross reserves as at September 30, 2023 against such reserves as at September 30, 2021 based on the forecast price and cost assumptions:

RECONCILIATION OF COMPANY GROSS RESERVES BY PRINCIPAL PRODUCT TYPE BASED ON FORECAST PRICES AND COSTS AS AT SEPTEMBER 30, 2023

At Sept. 30, 2022 Production(Sales) Acquisitions Dispositions Discoveries Extensions & Improved Recovery Economic Factors Technical Revisions At Sept. 30, 2023	Light and Medium Oil	Light and Medium Oil	Light and Medium Oil		Heavy Oil		Conventional Natural Gas (Associated and Non- Associated)	Conventional Natural Gas (Associated and Non- Associated)	Conventional Natural Gas (Associated and Non- Associated)
	Proved (Mbbl)	Probable (Mbbl)	Proved Plus Probable (Mbbl)	Proved (Mbbl)	Probable (Mbbl)	Proved Plus Probable (Mbbl)	Proved (MMscf)	Probable (MMscf)	Proved Plus Probable (MMscf)
	- - - - - - - -	- - - - - - - -	- - - - - - - -	- - - - - - - -	- - - - - - - -	- - - - - - - -	0 - - - - - - -	0 - - - - - - -	0 - - - - - - -
	-	-	-	-	-	-	0	0	0

Part 6 – Other Oil and Gas Information

Oil and Gas Properties and Wells

The Company disposed of its working interest in all oil and gas properties on January 27, 2022 and has zero such properties and wells as at September 30, 2023.

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ABBREVIATIONS AND CONVERSION

In this document, the abbreviations set forth below have the following meanings:

Oil and Natural Gas Liquids Natural Gas

Bbl	barrel	Mscf	thousand standard cubic feet
Bbls	barrels	MMscf	million standard cubic feet
Mbbls	thousand barrels	Mscf/d	thousand standard cubic feet per day
MMbbls	million barrels	MMscf/d	million standard cubic feet per day
MSTB	1,000 stock tank barrels	MMBTU	million British Thermal Units
Bbls/d	barrels per day	Bscf	billion standard cubic feet
NGLs	natural gas liquids	GJ	gigajoule
STB	stock tank barrels of oil
STB/d	stock tank barrels of oil per day

Other

AECO Niska Gas Storage’s natural gas storage facility located at Suffield, Alberta. BIT Before Income Tax AIT After Income Tax BOE barrel of oil equivalent on the basis of 1 BOE to 6 Mscf of natural gas. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 1 BOE for 6 Mscf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

BOE/d barrel of oil equivalent per day m[3] cubic metres $M thousands of dollars WTI West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for crude oil of standard grade

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