The company will offer to shareholders of record on Dec. 15, 2023, rights to purchase common shares of the company. One-fifth of one right will be issued for each share held. One whole right and four cents are required to purchase one share. The expiry date for the rights offering is Jan. 12, 2024. As at Dec. 7, 2023, the company had 519,554,714 shares issued and outstanding.

Effective at the opening, Thursday, Dec. 14, 2023, the shares of the company will trade ex rights. The company is classified as an oil and gas exploration and development company. The rights will not be listed for trading.

Summary

Basis of offering:  one whole right exercisable for one share at four cents per share

Record date:  Dec. 15, 2023

Shares trade ex rights:  Dec. 14, 2023

Rights called for trading:  not applicable

Rights trade for cash:  not applicable

Rights expire:  Jan. 12, 2024, at 2 p.m. PST

Subscription agent and trustee:  Computershare Investor Services Inc.

Authorized jurisdictions:  all provinces and territories in Canada and in all jurisdictions outside Canada, excluding any jurisdiction that does not provide a prospectus exemption

Standby commitments are associated with this rights offering for up to $3.92-million.

For further details, please refer to the company's news release and rights offering circular, both dated Dec. 7, 2023.

The company's rights offering circular has been filed with and accepted by the TSX Venture Exchange.