Rubellite Energy : Q1 2022 Interim Financial Statements

CONDENSED INTERIM FINANCIAL STATEMENTS

(UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2022

Condensed Interim Statements of Financial Position

As at

(Cdn$ thousands, unaudited )

Assets

Current assets

Cash and cash equivalents Accounts receivable

Prepaid expenses and deposits

Risk management contracts (note 12)Property, plant and equipment (note 3,4) Exploration and evaluation (note 3,5) Deferred tax asset (note 3)

Total assets

Liabilities Current liabilities

Accounts payable and accrued liabilities Risk management contracts (note 12)Decommissioning obligations (note 3, 6) Risk management contracts (note 12) Total liabilities

Equity

Share capital (note 3,7)

Share purchase warrants (note 3,7) Contributed surplus (note 8) Retained earnings (deficit)

Total equity

Total liabilities and equity

9,533 6,845

147 247

- 62

37,165 22,441

92,347 72,661

25,351 11,614

9,146 9,146

11,202 1,313

122,633 85,474

2,000 2,000

568 307

(1,570) 7,702

See accompanying notes to the condensed interim financial statements.

/s/ Holly Benson

Holly Benson Director

/s/ Bruce Shultz

Bruce Shultz DirectorMarch 31, 2022

December 31, 2021

$

27,485

$ 15,287

$

164,009

$

115,862

$

26,307

$ 17,004

37,509

2,154 715 40,378

18,317 1,976 86

20,379

123,631

95,483

$

164,009

$

115,862

Condensed Interim Statement of Loss and Comprehensive Loss

Three months ended

March 31, 2022

(Cdn$ thousands, except per share amounts, unaudited)

Revenue

Oil (note 9)	$	10,876
Royalties	(1,118)
9,758
Realized loss on risk management contracts (note 12)	(3,269)
Unrealized loss on risk management contracts (note 12)	(10,580)
(4,091)
Expenses
Production and operating	1,110
Transportation	653
General and administrative (note 3)	717
Share based payments (note 8)	261
Depletion (note 4)	2,258
(9,090)
Finance expense (note 11)	(182)
Loss before income tax	(9,272)
Taxes
Deferred income tax expense	-
Net loss and comprehensive loss	(9,272)
Net loss per share (note 7)
Basic and diluted	$	(0.21)
See accompanying notes to the condensed interim financial statements.

Condensed Interim Statement of Changes in Equity

Share Capital (thousands) ($thousands)

(Cdn$ thousands, except share amounts, unaudited)

Balance at December 31, 2021 Net loss

Common shares issued, net of issue costs (note 7) Share-based payments (note 8)

Balance at March 31, 2022

43,809 - 10,914 - 54,723

$

$ 122,633

See accompanying notes to the condensed interim financial statements.

Share purchase warrants

Retained

85,474 - 37,159 -

$ 2,000

$ 2,000 - - -

Contributed	earnings	Total
surplus	(deficit)	Equity
7,702	$ 95,483
(9,272)	(9,272)
-	37,159
-	261
$123,631
Page 4

$

307 - - 261

$

568

$

$ (1,570)

Condensed Interim Statement of Cash Flows

(Cdn$ thousands, unaudited)

Cash flows from operating activitiesThree months ended

March 31, 2022

Net loss	$	(9,272)
Adjustments to add (deduct) non-cash items:
Depletion (note 4)	2,258
Share-based payments (note 8)	261
Unrealized loss on risk management contracts	10,580
Finance - accretion on decommissioning obligations (note 6)	8
Change in non-cash working capital	(643)
Net cash flows from operating activities	3,192
Cash flows from financing activities
Common shares issued	38,744
Share issue costs	(1,585)
Change in non-cash working capital	319
Net cash flows from financing activities	37,478
Cash flows used in investing activities
Capital expenditures (note 4, 5)	(35,511)
Change in non-cash working capital	7,039
Net cash flows used in investing activities	(28,472)
Change in cash and cash equivalents	12,198
Cash and cash equivalents, beginning of period	15,287
Cash and cash equivalents, end of period	$	27,485
See accompanying notes to the condensed interim financial statements.