XCD Energy Limited provided information with respect to the prospective resource that has been calculated by the Company following the re-processing and re-mapping of the initial lead identified in the Nanushuk play within the Project Peregrine lease area in the National Petroleum Reserve ­ Alaska ("NPRA"). The Net Recoverable Oil is the Company's economic interest net of royalties. Total royalties are 14%, being 12.5% payable to the United States Federal Government and a 1.5% overriding royalty payable to the original vendors of the initial leases acquired. The amount stated above is net recoverable oil with no allowance for or conversion of natural gas. The Chance of Discovery for the Merlin Lead has been calculated at 13% and the Chance of Development has been assessed at 50%. The numbers in the Table above have not been adjusted for this risk factor. Prospective resource assessments in this release were estimated using probabilistic methods in accordance with 2018 SPE-PRMS standards. The data used to compile the prospective resource includes reprocessed 2D seismic data, regional well data and other publicly available information with respect to the Willow discovery to the north and the Umiat oil accumulation to the south. The data was compiled and interpreted by XCD and the prospective resource numbers have been calculated by XCD using industry standard probabilistic input parameters. XCD has defined the Merlin Lead by using the recently reprocessed 2D seismic data mapped both in time and depth, RMS amplitude extraction and open file regional well data. Reservoir parameters (porosity, oil saturation and recovery factors) were determined from both open file well data and data gathered from publicly available information published by local operators (e.g. ConocoPhillips). XCD has also commenced its own proprietary study (the INTRO project) which includes techniques such as basin modelling and petrophysical interpretation to assist in its prospective resource estimations. These desktop studies and further detailed mapping are ongoing and are aimed at defining further leads within the Project Peregrine lease area. Additional planned exploration activities to further delineate the Merlin Lead (and other leads with the Project Peregrine leases) may include 3D seismic acquisition, the planning for which has commenced. The Company is targeting drilling an exploration well in early 2021 subject to farmout or additional fund raising. XCD estimated the chance of Technical Success for the Merlin Lead to be 13%, calculated using industry standard risk elements. Please refer to Schedule 1 for more information on the Prospective Resource Estimates.