Forza Petroleum today announced its oil reserves and resources as at December 31, 2021 as evaluated by Netherland, Sewell & Associates, Inc. ("NSAI"), an independent oil and gas consulting firm, and as set forth in a report prepared in accordance with National Instrument 51-101 by NSAI (the "2021 NSAI Report").

Highlights of the report for Forza Petroleum's gross (working interest) oil reserves and resources volumes in the Hawler license area as at December 31, 2021, as compared to the equivalent estimates prepared by NSAI as at December 31, 2020, include:

• Addition of 2.8 million barrels ("MMbbl") of proved (1P) oil reserves, which volume is net of 2021 annual (working interest) oil production of 2.9 MMbbl, primarily due to additions to the Tertiary reservoir in the Zey Gawra field and to the Cretaceous reservoirs in the Demir Dagh and Zey Gawra fields and the east fault block of the Banan field, resulting in 198% reserves replacement
• Proved plus probable (2P) oil reserves decrease to 43 MMbbl from 62 MMbbl, primarily due to revisions to the estimates of original oil-in-place for each of the Cretaceous and Tertiary reservoirs in the east fault block of the Banan field and partially offset by the addition of oil reserves to the Tertiary reservoirs in the Demir Dagh and Zey Gawra fields based on data obtained in 2021
• Best estimate (2C) unrisked contingent oil resources attributable to the Hawler license area of 154 MMbbl versus 225 MMbbl, resulting primarily from the aforementioned revisions to the estimates of the original oil-in-place in each of the Cretaceous and Tertiary reservoirs in the east fault block of the Banan field
• Best estimate (2U) unrisked prospective oil resources attributable to the Hawler license area unchanged at 94 MMbbl

Commenting today, Forza Petroleum's Chief Executive Officer, Vance Querio, stated:
"We are pleased to report our reserves and resources at year-end 2021 as evaluated by NSAI.

NSAI's year-end evaluation of our reserves and resources resulted in a 27% increase (net of production) in proved oil reserves as a result of our successful efforts to continue the development of the Demir Dagh Cretaceous and Zey Gawra Cretaceous reservoirs. We have targeted and plan to continue targeting these two reservoirs throughout 2022.

During 2021, we drilled one well in the eastern fault block of the Banan field and determined that the Tertiary reservoir in this area did not contain oil, and that the Cretaceous reservoir in this area was more compartmentalized than previously anticipated. A 31% reduction in proved plus probable oil reserves resulted primarily from the revised estimate of the original oil-in-place in the Cretaceous reservoir in the east fault block of the Banan field and the removal of all oil reserves previously attributed to the shallower Tertiary reservoir. This well was completed and placed on production immediately after drilling and has given NSAI cause to make a small addition to proved developed producing and proved undeveloped oil reserves in the east fault block of the Banan field despite the well's limited performance. The Corporation is monitoring performance of this well and plans to sidetrack it in Q4 2022.

Reductions in proved plus probable oil reserves estimates were partially offset by the first-time inclusion of oil reserves attributable to the Tertiary reservoirs in the Demir Dagh and Zey Gawra fields. Wells targeting these reservoirs were drilled for the first time during 2021 and we plan to drill additional wells in the Tertiary reservoirs of both the Demir Dagh and Zey Gawra fields in the future.

Last year represented one of the Corporation's most active with eight wells drilled or spudded before year-end. Each well contributes to an improved understanding of the formations that Forza Petroleum's subsidiary, OP Hawler Kurdistan Limited, is appraising and producing in the Hawler license area. Work continues to optimize and increase production from wells drilled by the Corporation in 2021 and before. Two recent successes in the Demir Dagh field are sidetracks of wells drilled almost a decade ago.

We are excited about our ability to increase production rates in 2022 and to promote contingent oil resources and probable and possible oil reserves into more certain classifications with wells targeting reservoirs that are already being produced. Our team looks forward to continuing our progress increasing the value of the Hawler license area."