Mr. Jim Evaskevich reports

YANGARRA ANNOUNCES OPERATIONS AND BANKING UPDATE

Yangarra Resources Ltd. has provided an operations and banking update.

Operations update

Yangarra commenced drilling operations at Chedderville in early May, with six wells planned. Completions activity is expected to restart in late May at West Ferrier with an onstream target of early June on five wells.

Following the successful completion of the three initial wells at Chambers, Yangarra expects to drill six wells at Chambers this summer.

Wildfire update

Third party facility impacts resulted in approximately 500 barrels of oil equivalent per day of shut-in production for approximately seven days. All shut-in production is back onstream; Yangarra will continue to monitor wildfire activity in the area and shut-in production when and if required for safety purposes.

Credit facility update

Yangarra has completed its borrowing base review and the company's syndicated senior credit facility has been set at $145-million with a banking syndicate of ATB Financial (lead) and Canadian Imperial Bank of Commerce. The credit facility will reduce by $5-million per quarter starting Sept. 30, 2023, through to Sept. 30, 2024, at which point the facility will remain at $120-million. The termout date has been extended to May 31, 2024, and the maturity date has been extended to May 31, 2025.

We seek Safe Harbor.