Calgary - Leucrotta Exploration Inc. ('Leucrotta' or the 'Company') (TSXV - LXE) is pleased to announce its 2021 year-endreserves as independently evaluated by GLJ Ltd. ('GLJ') effective December 31, 2021 (the 'GLJ Report'), in accordance with National Instrument 51-101 and the Canadian Oil and Gas Evaluation Handbook.

Introduction

During 2021, Leucrotta made the strategic decision to sell its Doe property for gross proceeds of $30.0 million, raise additional equity capital for gross proceeds of $34.4 million and start the PAD development of its Mica Project. Based on successful results of its first PAD and the significant delineation already completed, Leucrotta was able to deliver strong year over year reserve growth despite the sale of Doe that had 10.7 million boe (86% undeveloped) of Proved plus Probable reserves booked to the property.

The GLJ Report incorporates Leucrotta's initial move to 2,400 metre lateral lengths and increased frac intensity used on the Mica Test PAD. The report includes 14 producing wells and 26 undeveloped locations in the Lower Montney that only cover less than 10% of Leucrotta's large contiguous land base that is greater than 250 sections of Montney rights. These minimal reserve bookings leave material upside for Leucrotta to potentially book additional reserves in the future.

Leucrotta has also delineated and proven the Upper and Basal Montney productive on its land base including 2 wells in each zone but has only booked 4 Upper locations and no Basal locations leaving reserve upside of greater than 99% of its land base for these zones. The presence of stacked zones on the property will materially reduce the environmental footprint per well and enhance economics.

Leucrotta has estimated approximately 18 billion barrels of Original Oil in Place ('OOIP') and 17 trillion cubic feet of Original Gas in Place ('OGIP') over its land base. Leucrotta's business plan is to continue to develop the property, establish the ultimate reserve recoveries and move the established recoverable resource from land to its Proved plus Probable reserve base and eventually to its Producing reserve base. With regard to this, Leucrotta has made significant strides in 2021 as noted below.

Reserve Highlights

Leucrotta is pleased to report material reserve and value increases notwithstanding the sale of the Doe property that had 10.7 million boe booked as noted above: Increased Proved Producing reserves by 71% to 7.7 million boe from 4.5 million boe

Increased Total Proved reserves by 43% to 21.1 million boe from 14.8 million boe

Increased Total Proved plus Probable reserves by 16% to 50.7 million boe from 43.6 million boe

Increased Proved Producing value by 241% to $111.2 million from $32.6 million

Increased Total Proved Reserve value by 185% to $167.8 from $58.8 million

Increased Total Proved plus Probable Reserve value by 143% to $393.9 million from $161.9 million

Doubled Net Asset Value to $528.2 million from $267.0 million (Per Share increase of 60% to $2.13 per Share)

Forward-Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words 'expect', 'anticipate', 'continue', 'estimate', 'may', 'will', 'should', 'believe', 'intends', 'forecast', 'plans', 'guidance' and similar expressions are intended to identify forward-looking statements or information.

More particularly and without limitation, this document contains forward-looking statements and information relating to the Company's oil, NGLs and natural gas production and reserves and reserves values, capital programs, and oil, NGLs, and natural gas commodity prices. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions relating to prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, the performance of existing wells, the success of drilling new wells, the availability of capital to undertake planned activities and the availability and cost of labor and services.

Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in tax, royalty and environmental legislation. The forward-looking statements and information contained in this document are made as of the date hereof for the purpose of providing the readers with the Company's expectations for the coming year. The forward-looking statements and information may not be appropriate for other purposes. The Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Unaudited Financial Information

Certain financial and operating results included in this news release such as FD&A costs, F&D costs, capital expenditures, working capital and production information are based on unaudited estimated results. These estimated results are subject to change upon completion of the audited financial statements for the year ended December 31, 2021, and changes could be material. The Company anticipates filing its audited financial statements and related management's discussion and analysis for the year ended December 31, 2021 on SEDAR at www.sedar.comon or before April 30, 2022.

Reserves Data

There are numerous uncertainties inherent in estimating quantities of light and medium oil, tight oil, shale gas, conventional natural gas and NGLs reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable light and medium oil, tight oil, shale gas, conventional natural gas and NGLs reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially.

Individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation.

This news release contains estimates of the net present value of the Company's future net revenue from its reserves. Such amounts do not represent the fair market value of the Company's reserves.

The reserves data contained in this news release has been prepared in accordance with National Instrument 51-101 ('NI 51-101'). The reserve data provided in this news release presents only a portion of the disclosure required under NI 51-101. All of the required information will be contained in the Company's Annual Information Form for the year ended December 31, 2021, to be filed on SEDAR at www.sedar.comon or before April 30, 2022.

Reserves are estimated remaining quantities of oil and natural gas and related substance anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical and engineering data; the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates as follows:

Proved Reservesare those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

Contact:

Tel: (403) 705-4525

Web: www.leucrotta.ca

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