Calgary - Leucrotta Exploration Inc. LXE (the 'Corporation') announces that the Corporation's Securityholders approved the previously announced plan of arrangement (the 'Arrangement') involving the Corporation, Coelacanth Energy Inc., Vermilion Energy Inc. and the Security holders at a special meeting of the Security holders held on Friday, May 20, 2022.

The special resolution approving the Arrangement was approved by approximately: (i) 100% of the votes cast by the holders (the 'Shareholders') of common shares of the Corporation ('Shares'), the holders (the 'Warrantholders') of Share purchase warrants issued pursuant to a warrant indenture dated March 31, 2021 between the Corporation and Computershare Trust Company of Canada ('Warrants'), and the holders (the 'FT Warrantholders', and together with the Shareholders and Warrantholders, the 'Securityholders') of Share purchase warrants issued on June 22, 2021 entitling the holder to acquire Shares that on issuance constitute 'flow-through shares' as defined under the Income Tax Act (Canada) ('FT Warrants', and together with Shares and Warrants, 'Securities'), voting as a single class, present or represented by proxy at the Meeting and (ii) 100% of votes cast by Securityholders other than votes attached to Securities required to be excluded pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions.

Following the Meeting, the Corporation received final order with respect to the Arrangement from the Court of Queen's Bench of Alberta, however the Arrangement remains subject to the satisfaction or waiver of other customary conditions. The Arrangement is expected to close on or about May 31, 2022. Following completion of the Arrangement, the Shares are expected to be delisted from the TSX Venture Exchange. An application is also expected to be made for the Corporation to cease to be a reporting issuer in the applicable jurisdictions upon closing of the Arrangement.

Contact:

Tel: (403) 705-4525

Web: www.leucrotta.ca

FORWARD-LOOKING STATEMENTS

This press 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 terms of the Arrangement, the anticipated closing date of the Arrangement, and the satisfaction of the conditions precedent to the completion of the Arrangement. The forward-looking statements and information are based on certain key expectations and assumptions made by the Corporation and ExploreCo, including expectations and assumptions relating to the Corporation and ExploreCo being able to receive all required regulatory and stock exchange approvals to consummate the Arrangement and that the Arrangement will not be terminated under certain circumstances.

Although the Corporation 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 management of the Corporation's expectations for the future based on information currently available. The forward-looking statements and information may not be appropriate for other purposes. The Corporation 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.

This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities in the United States, nor shall there be any sale of securities mentioned in this press release in any state in the United States in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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