Mr. Tim Coupland reports

ARCTIC HUNTER ANNOUNCES $50,000 NON-BROKERED PRIVATE PLACEMENT

Arctic Hunter Energy Inc. has arranged a non-brokered private placement financing of one million units at a price of five cents per unit to raise gross proceeds of up to $50,000. Each unit will consist of one common share and one common share purchase warrant, each warrant exercisable at a price of 10 cents per share for a period of two years from the date of issuance. The private placement is subject to approval from the TSX Venture Exchange and all of the securities issued pursuant to the private placement will be subject to a four-month hold period from the date of issue in accordance with applicable securities laws.

The company has agreed to pay a finder's fee to arm's-length parties for services rendered in respect of the offering. The finder's fee will consist of a cash fee equal to 6 per cent of the gross proceeds of the offering and finders' warrants equal in number to 6 per cent of the units sold under the offering. Each finder's warrant will entitle the holder to acquire one common share of the company at a price of 10 cents per share for a period of two years from the date of issuance.

The company intends to use the proceeds of the offering for any new costs associated with due diligence with respect to the acquisition of new exploration assets, outstanding legal, accounting costs and general working capital while it has been carefully monitoring the impacts, and general public health impacts and financial impacts, of COVID-19 on its assets and partners in industry.

In addition to other prospectus exemptions commonly relied on in private placements, the offering will be available to existing shareholders of the company who, as of the close of business on July 9, 2020, held common shares of the company (and who continue to hold such common shares as of the closing date), pursuant to the prospectus exemption set out in British Columbia Instrument 45-534 -- Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders and in similar instruments in other jurisdictions in Canada. The existing shareholder exemption limits a shareholder to a maximum investment of $15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the company receives subscriptions from investors relying on the existing shareholder exemption exceeding the maximum offering, the company may adjust the subscriptions received on a pro rata basis.

The company will also make the offering available to certain subscribers pursuant to B.C. Instrument 45-536 -- Exemption from Prospectus Requirement for Certain Distributions Through an Investment Dealer. In accordance with the requirements of the investment dealer exemption, the company confirms that there is no material fact or material change about the company that has not been generally disclosed.

About Arctic Hunter Energy Inc.

The company is a Canadian oil and gas exploration and mining resource development company that is focused on developing its production capabilities, obtaining potential future oil production revenues, and discovering and acquiring advanced gold, silver and copper mineral concessions.