Ann: Corporate Reserves Update, page-2

Whitebark net 1P Reserves as at 30 June 2020 increased more than 250% from 30 June 2019 to 2.8MMBOE
(1.3MM bbls oil and 7.8 MMcf gas).
• Contingent Resources (2C) at Wizard Lake Oilfield add a further 3.8 MMBOE (1.9 MM bbls oil and 9.9 MMcf
gas).
• Combined 2P and 2C presents a significant opportunity for Whitebark, totalling 9.4MMBOE.
• Whitebark will seek to continue to increase its reserves through a combination of low risk exploration,
development and acquisition.
• Following the sale of certain assets in December 2019 the Wizard Lake Oilfield in Alberta accounts for 100%
of the reserves of the company.
• The average working interest in the Wizard Lake Oilfield is now 84% (up from 30% WI) following completion
of a number of successful work programs and acquisitions since 30 June 2019.
• During the last 12 months the company has successfully drilled two wells, significantly expanded the original
facilities and acquired and built additional gas pipelines.
Whitebark Energy Ltd (ASX: WBE) (“Whitebark” or “the Company” is pleased to provide an update on its
reserve and resources position for its Canadian operations at Wizard Lake as at 30 June 2020.
The Reserves update at 30 June 2020 shows over a 300% increase in 1P oil Reserves (305Mbbls to 1342Mbbls)
after the production of over 83,000 barrels of oil during the period. The 2P oil reserves have increased over
400% from 520Mbbls to 2687Mbbls. Gas Reserves and associated liquids have also increased by
approximately 2-fold during the same period (Refer to Tables 1 and 2). These increases were achieved even
though the company sold its other non-core producing assets during the period and are substantially a result
of:
• the success of the appraisal drilling programme
• the acquisition of new leases over the oilfield area
• an increase in average ownership percentage in the oilfield
In addition to the Proven reserves the Wizard Lake Oilfield, the 1C and 2C oil Contingent Resources categories
add a further 748 Mbbls and 1944 Mbbls respectively to total resources.
The appraisal programme greatly extended the proven(1P) and probable(2P) field areas and established the
depth of an oil-down-to structural contour. These outcomes were responsible for upgrading most of the 3P
and prospective resources previously identified, into 2P and 2C reserve and resource categories described
herein. While further 3P and prospective resources are likely to exist at the periphery of the field they have
not been assessed in the current analysis.
Whitebark Energy Managing Director David Messina said: “Whitebark is very pleased with the success at the
Wizard Lake Oilfield where a 250% increase in the Company’s Reserves has been achieved even with severely
discounted pricing assumptions. With the active work program over the last 12 months we have upgraded all
key reserve categories and we still have 3P and prospective categories to further quantify over the next 12
months.