CALGARY - Rubellite Energy Inc. ('Rubellite', or the 'Company'), a pure play Clearwater oil exploration and development company, is pleased to: 1. Report fourth quarter and year-end 2021 financial and operating results; 2.	Provide a summary of the Company's year-end 2021 reserves as evaluated by the independent engineering firm McDaniel and Associates Consultants Ltd. ('McDaniel'); 3. Provide a drilling operations update; 4. Announce that Rubellite has entered into a letter of intent to execute a farm-in and option arrangement in the Peavine area of northern Alberta, capturing exposure to an additional 61 sections of land prospective for the Clearwater formation and 5. Provide 2022 guidance.

Annual financial and operating results reflect the period from September 3, 2021, which was the effective date of the completion of the Plan of Arrangement under the Business Corporations Act (Alberta) involving Perpetual Energy Inc. ('Perpetual'), the shareholders of Perpetual, and Rubellite. Select financial and operational information is outlined below, and should be read in conjunction with Rubellite's audited financial statements and related Management's Discussion and Analysis ('MD&A') for the period ended December 31, 2021.

This release contains certain specified financial measures that are not recognized by GAAP and used by management to evaluate the performance of the Company and its business. Since certain specified financial measures may not have a standardized meaning, securities regulations require that specified financial measures are clearly defined, qualified and, where required, reconciled with their nearest GAAP measure. This release also contains forward-looking information.

FORWARD-LOOKING INFORMATION

Certain information in this news release including management's assessment of future plans and operations, and including the information contained under the headings 'Fourth Quarter 2021 Highlights' and '2022 Outlook and Guidance' may constitute forward-looking information or statements (together 'forward-looking information') under applicable securities laws.

Forward-looking information is based on current expectations, estimates and projections that involve a number of known and unknown risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Rubellite and described in the forward-looking information contained in this news release. In particular and without limitation of the foregoing, material factors or assumptions on which the forward-looking information in this news release is based include: the successful operation of the Clearwater assets; forecast commodity prices and other pricing assumptions; forecast production volumes based on business and market conditions; foreign exchange and interest rates; near-term pricing and continued volatility of the market; accounting estimates and judgments; future use and development of technology and associated expected future results; the ability to obtain regulatory approvals; the successful and timely implementation of capital projects; ability to generate sufficient cash flow to meet current and future obligations; Rubellite's ability to operate under the management of Perpetual pursuant to the management services agreement; the ability of Rubellite to obtain and retain qualified staff and equipment in a timely and cost-efficient manner, as applicable; the retention of key properties; forecast inflation and other assumptions inherent in Rubellite's current guidance and estimates; the continuance of existing tax, royalty, and regulatory regimes; the accuracy of the estimates of reserves volumes; ability to access and implement technology necessary to efficiently and effectively operate assets and the ongoing and future impact of the coronavirus and Russia's military actions in Ukraine on commodity prices and the global economy, among others.

Undue reliance should not be placed on forward-looking information, which is not a guarantee of performance and is subject to a number of risks or uncertainties, including without limitation those described herein and under 'Risk Factors' in Rubellite's Annual Information Form and MD&A for the year ended December 31, 2021 and in other reports on file with Canadian securities regulatory authorities which may be accessed through the SEDAR website (www.sedar.com) and at Rubellite's website (www.rubelliteenergy.com). Readers are cautioned that the foregoing list of risk factors is not exhaustive. Forward-looking information is based on the estimates and opinions of Rubellite's management at the time the information is released, and Rubellite disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or otherwise, other than as expressly required by applicable securities law.

Contact:

Tel: 403-269-4400

Fax: 403-269-4444

Email: info@rubelliteenergy.com

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