Mr. David Ross reports

SHAYMAR LIMITED - EARLY WARNING DISCLOSURE WITH RESPECT TO ORCA ENERGY GROUP INC.

Shaymar Ltd. has disposed of certain Class B subordinate voting shares of Orca Energy Group Inc. pursuant to the substantial issuer bid recently completed by Orca.

Orca commenced the offer on Dec. 14, 2020, and the expiration date of the offer was Jan. 20, 2021. On Jan. 21, 2021, Orca announced the results of the offer and indicated that it has acquired an aggregate of 6,153,846 Class B shares at a price of $6.50 per share.

Shaymar tendered its entire holding of Class B shares, being 4,694,870 Class B shares, to the offer. As a result of prorationing pursuant to the terms of the offer, Orca has acquired 1,513,779 Class B shares tendered by Shaymar for total consideration payable to Shaymar of $9,839,561. Shaymar's beneficial ownership and control of Class B shares have thereby decreased to 3,181,091 Class B shares, which represents approximately 17.4 per cent of the outstanding number of Class B shares after completion of the offer. Before the commencement of the offer, Shaymar had beneficially owned and controlled 4,694,870 Class B shares, representing approximately 19.3 per cent of the outstanding Class B shares at that time.

Shaymar did not tender any of its Class A common shares to the offer. As of the date hereof, Shaymar beneficially owns and controls 1,741,975 Class A shares, representing approximately 99.5 per cent of the outstanding Class A shares.

Shaymar has disposed of Class B shares pursuant to the offer in order to partially realize upon its investment in Orca. In the future, Shaymar may discuss with management and/or the board of directors of Orca and/or other persons any of the transactions listed in clauses (a) to (k) of Item 5 of Form 62-103F1 of National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Further, Shaymar continually evaluates its investment in Orca and may, based upon such evaluation, market conditions and other circumstances, increase or decrease its shareholdings pursuant to market transactions, private agreements or otherwise, in each case in accordance with applicable securities laws.

The shares of Shaymar are owned by a trustee on behalf of the W. David Lyons (2008) Settlement.

The address of Orca's head office is in care of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.

Shaymar's address is in care of Vistra Trust Company (Jersey) Ltd., fourth floor, St. Pauls' Gate, 22-24 New St., St. Helier, Jersey, J31 4TR.

An early warning report will be filed by Shaymar in accordance with applicable securities laws and will be available on SEDAR. For further information or a copy of the early warning report filed by Shaymar, please contact Shaymar in care of David W. Ross at 403-260-0296.