Whitebark Energy Limited provided an update on the drilling status of the Rex-4 development well at the Company's 100% owned Wizard Lake Oil and Gas Field ("Wizard Lake") in Alberta, Canada. The Star Valley 201 drilling rig passed through the critical Sparky Coal marker on 4 August 2022 and has reached a Measured Depth (MD) of 2,380 metres at 12.00am CST on 8 August 2022. The Company successfully ran 7" intermediate casing on 5 August 2022 to a depth of 1,629 metres MD and the wellbore has entered the Rex Sandstone reservoir target.

Whitebark has commenced drilling of the lateral section in the Rex Sandstone reservoir. To date 750 metres of the lateral section has been drilled at approximately 1,420 metres True Vertical Depth (TVD) per the drilling plan, encountering 100% reservoir sand. The lithology of the Rex Sandstone is fine to upper-medium grained, moderately sorted sandstone with good intragranular porosity.

Returned drill cuttings demonstrate dull yellow fluorescence with instant milky white slow streaming cut fluorescence, indicative of the presence of crude oil. Whitebark expects to reach Stage 1 drilling completion within 4 days. The Company then plans to complete a 50-stage hydraulic fracture stimulation as soon as practicable thereafter.

Whitebark has modelled initial post-clean up production rates of approximately 300 barrels of oil and 1,400 mscf gas per day which will lift total Wizard Lake production to approximately ~750 boepd. The Company expects ultimate recovery of approximately 155,000 barrels of oil and 1.3 Bcf gas from Rex-4.