Zephyr announced the completion of two additional non-operated portfolio acquisitions in the Williston Basin. The first acquisition purchased 72.5 net acres, resulting in an average 5.6% working interest ("WI") in four drilled but uncompleted ("DUC") wells operated by Prima Exploration Inc. ("Prima") which target production from the Middle Bakken reservoir in Richland County, Montana, U.S. The second acquisition purchased an average 3.1% WI in 11 wells (one currently being drilled and 10 DUC wells) operated by Whiting Petroleum Corporation ("Whiting"), all of which target the Middle Bakken reservoir in Mountrail County, North Dakota, U.S. All newly acquired wells are estimated by Zephyr to have rapid paybacks (within two years), high internal rates of return and a combined total 2P estimated ultimate recoveries (EURs) net to Zephyr, of 194,000 barrels of oil equivalent ("boe"). Once initial payback has been achieved, Zephyr can utilise its historical tax losses of more than $15 million to reduce the federal tax payable on the revenues received from these new acquisitions. Total consideration for the new acquisitions is $968,000, which has been paid for from the Company's existing cash resources. In addition to the acquisition price paid, Zephyr plans to fund the discretionary net capital expenditure ("CAPEX") related to the drilling and completion of the 15 wells acquired. This CAPEX total is forecast to be circa $3.9 million. CAPEX will be due in late 2021 and early 2022, and the Board expects to be able to fund this CAPEX out of its current cash resources and with additional revenues from its current production. The Company expects all 15 newly acquired wells to be in production by 31 March 2022, resulting in a forecasted additional 200-300 net boepd. Additional updates will be provided as wells come online and adequate production history is gathered.