Rubellite Energy Inc. is exclusively focused on Clearwater oil exploration and development utilizing multi-lateral horizontal drilling technology. The Clearwater is a high rate of return play with compelling economics at current forward market prices for Western Canadian Select crude oil. Rubellite's assets (the "Clearwater Assets") comprise 104.5 net sections of acreage highly prospective for conventional heavy crude oil in the Clearwater formation with over 370 identified multi-lateral drilling locations. The Clearwater Assets also include proprietary 2D and 3D seismic and an extensive road network of approximately 40 km. There are no decommissioning obligations except those associated with producing wells. Based on an independent reserve report prepared by McDaniel and Associates Consultants Ltd. effective June 1, 2021, the Clearwater Assets have booked proved and probable heavy crude oil reserves of 3.6 MMbbls with 25 booked undeveloped drilling locations. The remaining 345 identified drilling locations are unbooked. Rubellite will control and operate 100% of the Clearwater Assets. Currently, there are eleven (10.0 net) producing multi-lateral wells, including the six (6.0 net) original producing wells at Ukalta, two (1.0 net) wells at Marten Hills which were rig released in early July and three (3.0 net) producing wells at Figure Lake, two of which were just recently rig released in mid-August. Sales production at Marten Hills commenced in late August after fully recovering load oil from drilling operations and the wells on average are performing at Rubellite's Marten Hills IP30 type curve production level of approximately 120 bbl/d of 20o API crude oil each. The two new Figure Lake wells were brought onstream August 26, 2021 and are currently recovering load oil from the drilling operation. One additional exploration well over 10 miles north of the producing Figure Lake pad site has been drilled and is awaiting completion while the fourth and final well (1.0 net) in the 2021 Figure Lake drilling program is anticipated to be rig-released next week. Both Figure Lake wells on this two-well pad are expected to be equipped to begin pumping by mid-September. Rubellite's drilling program for the remainder of 2021 will consist of eight (8.0 net) multi-lateral wells at Ukalta. Plans for 2022 include a 20 net well drilling program across the three development areas while preliminary plans for 2023 include the drilling of 24 net wells. The planned drilling activity is forecast to drive rapid production growth from production levels of approximately 350 bbl/d of conventional heavy crude oil at Rubellite's inception in mid-July to estimated average production in excess of 2,000 bbl/d in 2022. In the context of current strip pricing, Rubellite's organic growth business plan is expected to be fully funded, drive material adjusted funds flow growth over the next two years and has the potential to generate significant free funds flow by 2022. Rubellite also plans to continue exploration activities to pursue additional prospective land and de- risk existing acreage, including the delineation of exploratory lands that have been secured in the West Dawson and Cadotte areas.