Mr. Rodney Stevens reports

UNITED HUNTER OIL & GAS CORP. PROVIDES AN UPDATE TO THE PROPOSED AMALGAMATION WITH BOCANA RESOURCES LTD.

United Hunter Oil & Gas Corp. is updating the status of the financials and geophysical work being done on the previously announced amalgamation agreement with Bocana Resources Ltd.

Further to the news release announcing the closing of the non-brokered offering on April 12, 2021, Bocana has largely completed its required audited statements for the purposes of the transaction. This includes the audits of both Bolivian entities (Huiracocha International Service, SRL and Inversiones Bocana S.A.), along with Bocana and UHO, and the consolidated financials of the resulting issuer. Additionally, this week, Bocana and UHO submitted the initial documents for the purposes of the transaction, together with a draft joint information circular to the TSX Venture Exchange for their initial review of the proposed transaction.

The draft joint information circular entitled "Notice of Annual and Special Meeting of the Shareholders and Joint Information Circular with Respect to a Proposed Amalgamation involving United Hunter Oil & Gas Corp. and Bocana Resources Ltd." and the accompanying supporting documentation will be reviewed by the exchange over the next several weeks and the exchange will provide any comments back to the parties for further review and consideration prior to filing the joint information circular on SEDAR, which will contain details regarding the transaction, the amalgamation, the private placement, UHO, Bocana and the resulting issuer.

Completion of the proposed transaction is subject to a number of conditions precedent, including, but not limited to, (i) shareholder approval from both Bocana and UHO shareholders; and (ii) acceptance by the exchange and receipt of other applicable regulatory approvals. There can be no assurance that the transaction will be completed as proposed or at all.

Shareholder approval is required with respect to the transaction under the rules of the exchange and applicable corporate statutes. In the event any of the conditions set forth above are not completed or the transaction does not proceed, the corporation will notify shareholders. Trading in the common shares of the corporation will remain halted and is not expected to resume trading until the transaction is completed or until the exchange receives the requisite documentation to resume trading.

Additionally, Bocana has commenced an induced polarization (IP) geophysical survey on the Escala project in south-west Bolivia. The Escala project consists of four concessions covering 4,000 hectares with known near-surface porphyry-style gold/silver and vein-hosted silver/lead/zinc. Historic IP surveys were limited in areal extent but did indicate the presence of extensive sulphide mineralization associated with an intrusive complex. Bocana's IP survey will entail approximately 88 line kilometres and will cover all known areas of mineralization with the purpose of the survey to determine the extent of the sulphide mineralization and spatial relationship of the various known zones to each other. The survey is being undertaken by Fractal Services De Ingenieria of Santa Cruz, Bolivia, and is anticipated to take two months to complete.

While the audits that were overseen and reviewed, included two languages, three different currencies and four entities, Bocana and United Hunter are aware that it has taken much longer than the management of both entities originally anticipated. However, Bocana is very pleased to report the progress made to date and looks forward to seeing the results of the on-site geophysical work for the Escala area concessions and the comments back from the exchange in the coming weeks.

Qualified person

Lorne Warner, PGeo, of the company is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical disclosure in this news release.

We seek Safe Harbor.