Cuda Oil and Gas Inc. announced the results of its May 1, 2020 Oil and Gas Reserves Evaluation ("May Reserves Report") for Wyoming and Alberta. Cuda recorded significant progress in maturing its major asset at Barron Flats Shannon Secondary Recovery Unit ("SSRU") in the Powder River Basin of Wyoming. In the May Reserve Report, Ryder Scott has allocated significant increases to the Company's estimated reserves of Proven Developed Producing increasing by 50% and Total Proven plus Probable increasing by 10%, in four (4) months, since December 2019. This third-party validation of the Company's Asset confirms the positive performance of the miscible gas flood project. Production response to gas injection has been realized in 13 of the 33 total producing oil wells in the gas flood area. Despite the current challenging oil price environment, upward technical revisions are anticipated in 2020, as the rates of injection and volumes of miscible gas advances the reservoir towards fill-up conditions. Field breakeven price of USD 15/bbl WTI provides solid cashflow at current oil prices of USD 38/bbl WTI and the Company is benefiting from a $2+/bbl uplift to WTI at Guernsey for SSRU delivered crude. The phase one (1) gas flood area is now at record levels of injection volumes at 5.5 MMcf/d. The operator is targeting higher injection levels at 7-8 MMcf/d in Third Quarter 2020. Oil production continues to increase in wells proximal and adjacent to injection wells. These initial results and bookings align the SSRU project to ultimate recovery results of the adjacent analogue field, the Sand Dunes Miscible Gas Flood ("Sand Dunes"). Over the project life, Sand Dunes recovered approximately 50% of the 48 MMbbls of OOIP or 25 MMbbls. For perspective, the Company's SSRU Project is currently assigned 121 MMbbls of OOIP in the May Reserves Report, in total, 60% larger than Sand Dunes volumetrically. Current simulation modeling by a third-party expert indicates that up to 51 MMbbls to 100% Working Interest could ultimately be recovered in a full field development scenario inclusive of future development capital. Based on the updated reservoir simulation model, field performance and response to larger injection volumes, the Company anticipates higher production volumes and revenue in H2 2020. Cuda expects to put out formal guidance in third quarter 2020.