Ann: Thorsby Leo wells Production Commenced, page-14

There is a zero percent chance Calima exit 2022 with 5600 boepd. Management have always maintained that an accurate plan for 2022 will be announced once they can assess the production numbers of the Leo wells (Prior to year end 2021, the company intends to provide updated guidance for 2022).

If we focus on the $35m Capex for 2022 alone, this would net a conservative 3500boepd plus 4500boepd on hand and accounting for a natural decline would leave a conservative 6800boepd.

In my opinion, I anticipate a further updated guidance once the Montney sale is achieved, Capital return and share buy back is complete and the company has a significant cash holding.

Oil prices are at record levels, there is a global energy crisis, OPEC leaders have publicly stated that they want oil around $75bbl into the future. Management are top tier who are consistently delivering and are heavily invested in the company, they have identified some 248 locations for drilling from the combined 117,039 acre Thorsby and Brooks asset.

The next 3 months will be quite significant and I have no doubt there is a queue down the road and around the corner bidding on the Montney.

Good luck all, exciting times!