Mr. Ross Ewaniuk reports

WASKAHIGAN OIL & GAS CORP. PROVIDES CORPORATE UPDATE

Waskahigan Oil & Gas Corp. has appointed Ross Ewaniuk as interim chief executive officer and a director of the company. Gregory Leia, former chief executive officer, continues to serve as a director of the company, along with Tracy Zimmerman, chief financial officer and director, and Gerald Roe, director. The company continues to consider opportunities for strategic acquisitions and financing transactions and to evaluate new business opportunities.

The following news release disclosure is being disseminated as required by National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, in connection with the filing of early warning reports regarding the acquisition of securities of the company by each of Mr. Ewaniuk and Jamil Kassam.

Pursuant to a share purchase agreement between Mr. Kassam and certain shareholders of the company dated March 12, 2026, Mr. Kassam agreed to purchase 953,100 common shares of the company at a price of 20 cents per common share. On March 23, 2026, 953,100 common shares were transferred to Mr. Kassam. Prior to the share purchase, Mr. Kassam held no securities of the company. Upon completion of the share purchase, Mr. Kassam holds control or direction over a total of 953,100 common shares, representing 27.84 per cent of the issued and outstanding common shares.

Pursuant to a share purchase agreement between Mr. Ewaniuk and certain shareholders of the company dated March 12, 2026, Mr. Ewaniuk agreed to purchase 1,391,550 common shares at a price of 20 cents per common share. On March 23, 2026, 1,391,550 common shares were transferred to Mr. Ewaniuk. Prior to the share purchase, Mr. Ewaniuk held no securities of the company. Upon completion of the share purchase, Mr. Ewaniuk holds control or direction over a total of 1,391,550 common shares, representing 40.65 per cent of the issued and outstanding common shares.

The common shares were obtained by each of Mr. Ewaniuk and Mr. Kassam for investment purposes. In the future, each of Mr. Ewaniuk and Mr. Kassam may directly or indirectly, acquire additional common shares or dispose of such common shares subject to a number of factors, including, without limitation, general market and economic conditions and other investment and business opportunities available. Mr. Ewaniuk and Mr. Kassam do not act jointly or in concert and are arm's length to one another.

A copy of the early warning report to be filed by each of Mr. Kassam and Mr. Ewaniuk will be available on SEDAR+ under the company's profile on SEDAR+. For more information or to obtain a copy of the early warning report, please contact Mr. Ewaniuk or Mr. Kassam, as applicable, at care of Suite 2700, 1133 Melville St., Vancouver, B.C., V6E 4E5.

This early warning news release is issued under the early warning provisions of Canadian securities legislation, including NI 62-104, Take-Over Bids and Issuer Bids, and NI 62-103.