Mr. Roger Braugh reports

PALEO RESOURCES, INC. ANNOUNCES BOARD AND MANAGEMENT CHANGES, AND APPOINTS NEW AUDITOR

Paleo Resources Inc. has made changes to its board of directors and officers.

Roger S. Braugh Jr. has resigned as chief executive officer, Thomas M. Crain Jr. has resigned as secretary and Jeff Harder has resigned as a director of the corporation. Mr. Crain and Mr. Braugh will remain as directors of the corporation. Paleo would like to thank Mr. Harder, Mr. Crain and Mr. Braugh for their service and dedication to the corporation.

Garrett Glass has been appointed as a director of the corporation to fill the vacancy created by Mr. Harder's resignation.

Laura Pommer Fidler, the chief executive officer of Paleo's wholly owned subsidiary EF Resources Inc. and its indirect subsidiary EnergyFunders LLC, has been appointed chief executive officer of Paleo.

Virginia Urban Light, the secretary and vice-president of reservoir engineering and regulatory affairs of both EF Resources and EnergyFunders, has been appointed secretary and vice-president of reservoir engineering and regulatory affairs of Paleo.

Mr. Glass -- director

Mr. Glass is currently the managing partner and co-founder of a real estate development company with 20 years of business and financial management experience. Previously, as the chief financial officer, Mr. Glass spent the last 14 years building businesses alongside the founder and chief executive officer of a multibillion-dollar investment enterprise, focused primarily on ranching and energy investments. He has led and promoted multiple process improvement initiatives, system integrations, automation projects and artificial intelligence endeavours. Prior to his energy stint, he worked in assurance and advisory consulting services for Ernst & Young. He earned a bachelor of science in business administration with concentrations in finance and accounting from Trinity University. He is a certified public accountant and also holds a master of science in accounting from Trinity University.

Ms. Pommer Fidler -- chief executive officer

Ms. Pommer Fidler previously served as the CEO and lead geologist of Century Natural Resources. Ms. Pommer Fidler, along with her partners, founded Century in October, 2018, with $75-million (U.S.) in private equity sponsorship from Juniper Capital. In her role as CEO, she guided the company's development and management of approximately 150,000 acres in the Powder River basin. Before leading Century Natural Resources, she worked in operations and development for Anadarko Petroleum's U.S. onshore assets. She has also worked for various private equity-backed companies on regional- and asset-level mapping, log interpretation, risk analysis and deal evaluation. She is a geologist by training -- earning her master in geology from the University of Texas at Austin and her bachelor in geology from the University of Colorado.

Ms. Light -- secretary and vice-president, reservoir engineering and regulatory affairs

Ms. Light previously served as vice-president of reservoir engineering and evaluations at Gaedeke Energy, where she continues to assist with internal reserves management and A&D efforts. She began her petroleum engineering career at DeGolyer and MacNaughton, specializing in the estimation and appraisal of reserves in Russia and the countries of the former Soviet Union. While at D&M, Ms. Light evaluated the oil reserves of several major water flood projects in Russia and estimated the future deliverability of numerous gas fields important to the gas supply of the Russian Federation. Before joining D&M, she practised law as an oil and gas title attorney, with a focus on title work in the Barnett shale. She holds a bachelor of science degree in petroleum engineering, as well as a minor in dance from Texas A&M University, where she was a president's endowed scholar. Ms. Light received her juris doctorate degree from St. Mary's University school of law, where she served on the editorial board of the St. Mary's Law Journal. She is a licensed attorney admitted to the State Bar of Texas.

Appointment of new auditor

Paleo also announced today that it has appointed Fruci & Associates II PLLC as auditor of Paleo, effective Jan. 13, 2022. The resignation of Paleo's former auditor, MaloneBailey LLP, was accepted by the company, effective Jan. 13, 2022.

Paleo is an oil, natural gas and mineral exploration company headquartered in Calgary, Alta., with executive offices in San Antonio, Tex. The corporation's common shares are listed on the TSX Venture Exchange under the trading symbol PRE and on the OTCQB as PRIEF.