<SEC-DOCUMENT>0001062993-21-011477.txt : 20211123
<SEC-HEADER>0001062993-21-011477.hdr.sgml : 20211123
<ACCEPTANCE-DATETIME>20211123164242
ACCESSION NUMBER:		0001062993-21-011477
CONFORMED SUBMISSION TYPE:	F-7
PUBLIC DOCUMENT COUNT:		36
FILED AS OF DATE:		20211123
EFFECTIVENESS DATE:		20211123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Kolibri Global Energy Inc.
		CENTRAL INDEX KEY:			0001477081
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-7
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-261305
		FILM NUMBER:		211439089

	BUSINESS ADDRESS:	
		STREET 1:		3623 OLD CONEJO ROAD
		STREET 2:		SUITE 207
		CITY:			NEWBURY PARK
		STATE:			CA
		ZIP:			91320
		BUSINESS PHONE:		805-484-3613

	MAIL ADDRESS:	
		STREET 1:		3623 OLD CONEJO ROAD
		STREET 2:		SUITE 207
		CITY:			NEWBURY PARK
		STATE:			CA
		ZIP:			91320

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BNK Petroleum Inc.
		DATE OF NAME CHANGE:	20091119
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-7
<SEQUENCE>1
<FILENAME>formf7.htm
<DESCRIPTION>FORM F-7
<TEXT>
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    <title>Kolibri Global Energy Inc.: Form F-7 - Filed by newsfilecorp.com</title>
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            <td style="width: 50%; padding-left: 15pt; padding-right: 15pt;"><b>As filed with the Securities and Exchange Commission on November 23, 2021</b></td>
            <td style="width: 30%; text-align: right; padding-left: 15pt; padding-right: 15pt;"><b>Registration Statement No. 333-______</b></td>
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    <br>
    <hr style="border-top-style: none; border-bottom: 4.5pt solid #000000;">
    <p style="margin-bottom: 0pt; text-align: center;"><font style="font-size: 18pt;"><b>U.S. SECURITIES AND EXCHANGE COMMISSION</b></font><br><b>Washington, D.C.&#160; 20549</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>_______________</b></p>
    <p style="margin-bottom: 0pt; text-align: center;"><font style="font-size: 18pt;"><b>FORM F-7</b></font></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><br><b>REGISTRATION STATEMENT </b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>UNDER THE</b><br><b>SECURITIES ACT OF 1933</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>_______________</b></p>
    <p style="margin-bottom: 0pt; text-align: center;"><u><font style="font-size: 18pt;"><b>Kolibri Global Energy Inc.</b></font></u></p>
    <p style="margin-top: 0pt; text-align: center;">(Exact name of Registrant as specified in its charter)</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
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            <td style="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><u><b>British Columbia</b></u><br>(Province or other jurisdiction of<br>incorporation or organization)</p>
            </td>
            <td style="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><u><b>1311</b></u><br>(Primary Standard Industrial<br>Classification Code Number<br>(if applicable))</p>
            </td>
            <td style="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><u><b>Not Applicable</b></u><br>(I.R.S. Employer<br>Identification Number<br>(if applicable))</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; text-align: center;"><b>3623 Old Conejo Road, Suite 207</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Newbury Park, CA 91320 </b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><u><b>(805) 484-3613</b></u></p>
    <p style="margin-top: 0pt; text-align: center;">(Address and telephone number of Registrant's principal executive offices)</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>Gary Johnson</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>3623 Old Conejo Road, Suite 207</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Newbury Park, CA 91320</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><u>(805) 484-3613</u></b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">________________</p>
    <p style="margin-top: 0pt; text-align: center;"><br><b>Copies to:</b></p>
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            <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><b>Christopher L. Doerksen</b><br>Dorsey &amp; Whitney LLP</p>
                <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt;">Columbia Center<br>701 Fifth Avenue, Suite 6100<br>Seattle, Washington 98104<br>(206) 903-8800</p>
            </td>
            <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><b>Jason Sutherland</b></p>
                <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">DuMoulin Black LLP</p>
                <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">10th Floor</p>
                <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">595 Howe Street</p>
                <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Vancouver, BC</p>
                <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Canada V6C 2T5</p>
                <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt;">(604) 602-6822</p>
            </td>
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    <p style="text-align: center;">_______________</p>
    <p style="text-align: justify;">Approximate date of commencement of proposed sale of the securities to the public: As soon as practicable after this registration statement becomes effective.</p>
    <p style="text-align: justify;">This registration statement and any amendment thereto shall become effective upon filing with the Commission in accordance with Rule 467(a).</p>
    <p style="text-align: justify;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus offering procedures, check the following box. &#9744;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: center;"><b>CALCULATION OF REGISTRATION FEE</b></p>
    <table style="font-size: 10pt; border-collapse: collapse; width: 100%;" cellspacing="0" cellpadding="0">
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            <td style="white-space: nowrap; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 2.25pt double #000000; padding-left: 5.4pt; padding-right: 5.4pt; border-right: 0.75pt solid #000000;"><b>Title of each class of<br>securities</b><br><b>to be registered</b></td>
            <td style="white-space: nowrap; vertical-align: bottom; text-align: center; width: 17%; border-bottom: 0.75pt solid #000000; border-top: 2.25pt double #000000; padding-left: 5.4pt; padding-right: 5.4pt; border-right: 0.75pt solid #000000;"><b>Amount to be</b><br><b>registered</b></td>
            <td style="white-space: nowrap; vertical-align: bottom; text-align: center; width: 17%; border-bottom: 0.75pt solid #000000; border-top: 2.25pt double #000000; padding-left: 5.4pt; padding-right: 5.4pt; border-right: 0.75pt solid #000000;"><b>Proposed</b><br><b>maximum offering</b><br><b>price per common<br>share</b><sup><b>(2)</b></sup></td>
            <td style="white-space: nowrap; vertical-align: bottom; text-align: center; width: 17%; border-bottom: 0.75pt solid #000000; border-top: 2.25pt double #000000; padding-left: 5.4pt; padding-right: 5.4pt; border-right: 0.75pt solid #000000;"><b>Proposed</b><br><b>maximum<br>aggregate offering<br>price </b><sup><b>(1)</b></sup><sup><b>(2)</b></sup></td>
            <td style="white-space: nowrap; vertical-align: bottom; text-align: center; width: 17%; border-bottom: 0.75pt solid #000000; border-top: 2.25pt double #000000; padding-left: 5.4pt; padding-right: 5.4pt;"><b>Amount of </b><br><b>registration fee </b><sup><b>(1)</b></sup></td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; border-right: 0.75pt solid #000000;">Common Shares</td>
            <td style="text-align: center; width: 17%; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; border-right: 0.75pt solid #000000;">126,585,714</td>
            <td style="text-align: center; width: 17%; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; border-right: 0.75pt solid #000000;">U.S.$0.056</td>
            <td style="text-align: center; width: 17%; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; border-right: 0.75pt solid #000000;">U.S.$7,035,332</td>
            <td style="text-align: center; width: 17%; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">U.S.$653</td>
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    </table>
    <p style="margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">(1)<font style="width: 6.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>Estimated solely for the purpose of calculating the registration fee pursuant to General Instruction II.F.&#160;</p>
    <p style="margin-top: 0pt; margin-left: 18pt; text-indent: -18pt; text-align: justify;">(2)<font style="width: 6.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>Based on the Canadian offering price of Cdn$8,861,000 converted using the average daily exchange rate as published by the Bank of Canada on November 17, 2021 of U.S. $1.00 = Cdn$1.2595</p>
    <p style="text-align: justify;">If, as a result of stock splits, stock dividends or similar transactions, the number of securities purported to be registered on this registration statement changes, the provisions of Rule 416 under the Securities Act of 1933, as amended, shall apply to this registration statement.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="margin-bottom: 0pt; text-align: center;"><b>PART I</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>INFORMATION REQUIRED TO BE SENT TO SHAREHOLDERS</b></p>
    <p style="text-align: justify;"><b>Item 1.&#160; Home Jurisdiction Document</b></p>
    <p style="text-indent: 36pt; text-align: justify;">Rights Offering Circular and Notice of Rights Offering attached hereto.</p>
    <p style="text-align: justify;"><b>Item 2.&#160; Informational Legends</b></p>
    <p style="text-indent: 36pt; text-align: justify;">See outside front over page of the Rights Offering Circular.</p>
    <p style="text-align: justify;"><b>Item 3. Incorporation of Certain Information by Reference</b></p>
    <p style="text-indent: 36pt; text-align: justify;">None.</p>
    <p style="text-align: justify;"><b>Item 4.&#160; List of Documents Filed with the Commission</b></p>
    <p style="text-indent: 36pt; text-align: justify;">The documents filed with the United States Securities and Exchange Commission as part of this registration statement are listed in the Rights Offering Circular under the caption "<i>Documents Filed as Part of the Registration Statement</i>".</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <p style="text-align: center;"><font style="font-size: 12pt;"><b>KOLIBRI GLOBAL ENERGY INC.</b></font></p>
    <p style="text-align: center;"><b>NOTICE OF RIGHTS OFFERING </b></p>
    <p style="text-align: center;">Notice to security holders - November 23, 2021</p>
    <p style="text-align: justify; margin-left: 5.7pt;">The purpose of this notice is to advise holders of common shares (the "<b>Common Shares</b>")<b> </b>of Kolibri Global Energy Inc. (the "<b>Company</b>") of an offering of rights (the "<b>Rights</b>") of the Company (the "<b>Rights Offering</b>").<b> </b></p>
    <p style="text-align: justify; margin-left: 5.7pt;">References in this notice to we, our, us<b> </b>and similar terms mean to the Company. References in this notice to you, your<b> </b>and similar terms mean to the Company's shareholders.</p>
    <p style="margin-left: 18pt; text-align: justify;"><b>1.</b><font style="width: 9.49pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Who can participate in the Rights Offering?</b></p>
    <p style="text-align: justify; margin-left: 5.7pt;">Rights will be issued to holders of Common Shares as at the close of business (5:00 p.m. Pacific Time) on December 1, 2021 (the "<b>Record Date</b>").</p>
    <p style="margin-left: 18pt; text-align: justify;"><b>2.</b><font style="width: 9.49pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Who is eligible to receive Rights?</b></p>
    <p style="text-align: justify; margin-left: 5.7pt; text-indent: -0.7pt;">Rights will be issued to registered shareholders (the "<b>Eligible Holders</b>") in:</p>
    <p style="text-align: justify; margin-left: 41pt; text-indent: -5pt;">(a)<font style="width: 24.06pt; text-indent: 0pt; display: inline-block;">&#160;</font>each province and territory of Canada; and</p>
    <p style="text-align: justify; margin-left: 72pt; text-indent: -36pt;">(b)<font style="width: 23.55pt; text-indent: 0pt; display: inline-block;">&#160;</font>the United States;</p>
    <p style="text-align: justify; margin-left: 36pt;">(collectively, the "<b>Eligible Jurisdictions</b>").<b> </b></p>
    <p style="text-align: justify; margin-left: 5.7pt; text-indent: -0.7pt;">You will be presumed to be resident in the place shown in our records as your registered address, unless the contrary is shown to our satisfaction.</p>
    <p style="text-align: justify; margin-left: 5pt;">This notice is not to be construed as an offering of the Rights, nor are the Common Shares issuable upon exercise of the Rights offered for sale, in any jurisdiction outside the Eligible Jurisdictions or to shareholders who are residents of any jurisdiction other than the Eligible Jurisdictions (the "<b>Ineligible Holders</b>").</p>
    <p style="text-align: justify; margin-left: 5.7pt; text-indent: -0.35pt;"><i><b>Ineligible Holders will not receive a Rights DRS Advice (as described in No. 6 below), but will be sent a letter advising them that their Rights will be held by Computershare Investor Services Inc., who will hold such rights as agent for the benefit of all such Ineligible Holders. The letter will also describe how certain Ineligible Holders may participate in the Rights Offering.</b></i></p>
    <p style="text-align: justify; margin-left: 18pt;"><b>3.</b><font style="width: 9.49pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>How many Rights are we offering?</b></p>
    <p style="text-align: justify;">We expect to issue 232,922,625 Rights entitling their holders to subscribe for an aggregate of 126,585,714 Common Shares.</p>
    <p style="text-align: justify; margin-left: 18pt; text-indent: 0pt;"><b>4.</b><font style="width: 9.49pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>How many Rights will you receive?</b></p>
    <p style="text-align: justify;">Each Eligible Holder will receive one Right for each one Common Share of the Company held as at the Record Date.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <div id="header_page_5">
        <p style="text-align: center;">2</p>
    </div>
    <p style="margin-left: 18pt; text-indent: 0pt; text-align: justify;"><b>5.</b><font style="width: 9.49pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>What does one Right entitle you to receive?</b></p>
    <p style="text-align: justify;">One Right entitles an Eligible Holder to subscribe for approximately 0.5435 Common Shares at a subscription price of $0.07 per Common Share (the "<b>Basic Subscription Privilege</b>") until 2:00 p.m. (Pacific Time) on December 29, 2021 (the "<b>Expiry Time</b>"). No fractional Common Shares will be issued. Where the exercise of Rights would appear to entitle a holder of Rights to receive fractional Common Shares, the holder's entitlement will be reduced to the next lowest whole number of Common Shares.</p>
    <p style="text-align: justify;">Any Eligible Holder who exercises all of their Rights under the Basic Subscription Privilege will also have the additional privilege of subscribing for additional Common Shares at the subscription price (the "<b>Additional Subscription Privilege</b>"). The Common Shares available under the Additional Subscription Privilege will be those Common Shares issuable under the Rights Offering that have not been subscribed and paid for under the Basic Subscription Privilege by the Expiry Time.</p>
    <p style="text-align: justify;">Any Eligible Holder who exercises their Rights must enclose payment in Canadian funds by certified cheque, bank draft or money order payable to the order of Computershare Investor Services Inc.</p>
    <p style="margin-left: 18pt; text-indent: 0pt; text-align: justify;"><b>6.</b><font style="width: 9.49pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>How will you receive your Rights?</b></p>
    <p style="text-align: justify;"><i><b>Registered Eligible Holders</b> -</i> If you are a registered Eligible Holder of Common Shares, a subscription form and a statement issued under the Depositary's direct registration system (the "<b>Rights DRS Advice</b>") representing the total number of Rights which you are entitled to as at the Record Date is enclosed with this notice.</p>
    <p style="text-align: justify;"><i><b>Beneficial Eligible Holders</b> </i>- You are a beneficial holder of Common Shares if you hold your shares through a securities broker or dealer, bank or trust company or other participant (a "<b>Participant</b>") in the book-based system administered by CDS Clearing and Depository Services Inc. ("<b>CDS</b>") or The Depository Trust Company ("<b>DTC</b>"). The total number of Rights to which all beneficial holders as at the Record Date are entitled will be issued to and deposited with CDS or DTC following the Record Date. If you are a beneficial Eligible Holder, we expect you will receive a confirmation of the number of Rights issued to you from the applicable Participant in accordance with the practices and procedures of that Participant. CDS or DTC will be responsible for establishing and maintaining book-entry accounts for Participants holding Rights.</p>
    <p style="margin-left: 18pt; text-indent: 0pt; text-align: justify;"><b>7.</b><font style="width: 9.49pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>When and how can you exercise your Rights?</b></p>
    <p style="text-align: justify;">If you are a registered Eligible Holder who receives a Rights DRS Advice, you must complete and deliver your Rights DRS Advice on or before the Expiry Time.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <div id="header_page_6">
        <p style="text-align: center;">3</p>
    </div>
    <p style="text-align: justify;">If you are a beneficial Eligible Holder, you must arrange exercises, transfers or purchases of Rights through your Participant on or before 2:00 p.m. (Pacific Time) on<b> </b>the Expiry Time or such earlier time as required by your Participant. We expect that each beneficial Eligible Holder will receive a customer confirmation of issuance or purchase, as applicable, from their Participant through which the Rights are issued in accordance with the practices and policies of such Participant.</p>
    <p style="text-align: justify;">The offer and sale of the Common Shares issuable upon exercise of the Rights within the United States is being registered under the U.S. Securities Act of 1933, as amended (the "<b>U.S. Securities Act</b>"). Notwithstanding registration under the U.S. Securities Act, the securities or blue sky laws of certain states (including Arizona, Arkansas, California, Minnesota, Ohio, Utah and Wisconsin) may restrict exercise of the Rights. The Company intends to seek an exemption from the registration requirements of Arizona, Arkansas, Minnesota, Utah and Wisconsin (the "<b>Filing States</b>") to allow the exercise of Rights by shareholders in those states. In certain states, including California, Ohio and any Filing State in which the Company is unable to obtain an exemption from state registration requirements, Rights may only be exercised by shareholders to which solicitations may be addressed without registration under the relevant state securities laws ("<b>Eligible U.S. Institutions</b>"). Shareholders resident in, or that hold their securities for the account or benefit of any person in, any such jurisdiction that wish to determine if they are Eligible U.S. Institutions should contact the Company, Attention Gary Johnson, telephone 805-484-3613. Holders in, or that hold their securities for the account or benefit of any person in, such jurisdictions that are not Eligible U.S. Institutions will not be permitted to exercise their Rights but may transfer the Rights outside of the United Sates in accordance with Regulation S under the U.S. Securities Act.</p>
    <p style="margin-left: 18pt; text-indent: 0pt; text-align: justify;"><b>8.</b><font style="width: 9.49pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>What are the next steps?</b></p>
    <p style="text-align: justify;"><i><b>This notice contains key information that you should know about the Company. You can find more details in our Rights Offering Circular, a copy of which can be obtained on the Company's profile at </b></i><font style="color: #000000;"><u><i><b>www.SEDAR.com</b></i></u><i><b> </b></i></font><i><b>or at </b></i><font style="color: #0000ff;"><u><i><b>www.kolibrienergy.com</b></i></u></font><i><b> or you can ask your dealer representative for a copy or contact Computershare Investor Services Inc. at 1-800-564-6253</b></i><b>. </b><i><b>You should read the Rights Offering Circular, along with the Company's continuous disclosure record, to make an informed decision.</b></i></p>
    <p style="text-align: justify;">DATED November 23, 2021.<br><br></p>
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            <td style="width: 100%; border-bottom: 0.75pt solid #000000;"><i>/s/ Wolf Regener</i></td>
        </tr>
        <tr>
            <td style="width: 100%;">Name: Wolf Regener</td>
        </tr>
        <tr>
            <td style="width: 100%;">Title: President and Chief Executive Officer</td>
        </tr>
        <tr>
            <td style="width: 100%;">Kolibri Global Energy Inc.</td>
        </tr>
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    <br>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
    <div><br></div>
    <p style="text-align: center;"><b>PLEASE READ THIS MATERIAL CAREFULLY AS YOU ARE REQUIRED TO MAKE A DECISION PRIOR TO 2:00 P.M.<br>(PACIFIC DAYLIGHT TIME) ON DECEMBER 29, 2021</b></p>
    <p style="text-align: justify;"><i>This rights offering circular is prepared by management. No securities regulatory authority or regulator has assessed the merits of these securities or reviewed this circular. Any representation to the contrary is an offence.</i></p>
    <p style="text-align: justify;"><i>This is the circular we referred to in the November 23, 2021 rights offering notice, which you should have already received. Your rights statement and relevant forms were enclosed with the rights offering notice. This circular should be read in conjunction with the rights offering notice and our continuous disclosure prior to making an investment decision.</i></p>
    <p style="text-align: justify;"><i>The offer of these securities is made in all provinces of Canada, in certain states in the United States, as described below, and in all jurisdictions outside Canada and the United States excluding any jurisdiction that does not provide a prospectus exemption substantially similar to the exemption provided in Canada or that otherwise requires obtaining any approvals of a regulatory authority in the such jurisdiction or the filing of any document by the Company in the such jurisdiction in connection with this offering. In addition, the offering is not being made in jurisdictions where the Company is not eligible to make such offer</i><b>.</b></p>
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        <tr>
            <td style="width: 50%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><b>Rights Offering Circular</b></p>
            </td>
            <td style="width: 50%; vertical-align: top;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">November 23, 2021</p>
            </td>
        </tr>
    </table>
    <p style="text-align: center;"><img src="formf7xm001.jpg" style="width: 239px;" height="65"></p>
    <p style="text-align: center;"><b>&#160; KOLIBRI GLOBAL ENERGY INC.</b></p>
    <p style="text-align: center;"><b>OFFERING OF RIGHTS TO SUBSCRIBE FOR 126,585,714 COMMON SHARES AT A PRICE OF $0.07 PER SHARE</b></p>
    <p style="text-align: justify;">References in this circular to <b>we, our, us</b> and similar terms mean to Kolibri Global Energy Inc. (the "<b>Company</b>"). References in this circular to <b>you, your</b> and similar terms mean to holders of the Company's common shares (the "<b>Common Shares</b>"). Unless otherwise indicated, references herein to "<b>$</b>" or "<b>dollars</b>" are to Canadian dollars.</p>
    <p style="text-align: justify;"><i><b>This rights offering is made by a Canadian issuer that is permitted, under a multijurisdictional disclosure system adopted by the United States and Canada, to prepare this rights offering circular in accordance with the disclosure requirements of Canada. Prospective investors should be aware that those requirements are different from those of the United States. Financial statements included or incorporated herein have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and are subject to Canadian auditing and auditor independence standards, and thus may not be comparable to financial statements of United States companies.</b></i></p>
    <p style="text-align: justify;"><i><b>Prospective investors should be aware that the acquisition of the securities described herein may have tax consequences both in the United States and in Canada. Such consequences for investors who are resident in, or citizens of, the United States may not be described fully herein.</b></i></p>
    <p style="text-align: justify;"><i><b>The enforcement by investors of civil liabilities under U.S. federal securities laws may be affected adversely by the fact that the issuer is organized under the laws of British Columbia, Canada, that some or all of its officers and directors may be residents of Canada, and that all or a substantial portion of the assets of the registrant and of said persons are located outside the United States. </b></i></p>
    <p style="text-align: justify;"><i><b>THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION ("SEC") OR ANY STATE SECURITIES REGULATOR NOR HAS THE SEC OR ANY STATE SECURITIES REGULATOR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS CIRCULAR. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</b></i></p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_8"></a>
    <div id="header_page_8">
        <p style="text-align: center;">- 2 -</p>
    </div>
    <p style="text-align: center;"><b>SUMMARY OF THE RIGHTS OFFERING</b></p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 28%; vertical-align: top;">
                <p style="margin-right: 21.6pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><b>Why are you reading this circular?</b></p>
            </td>
            <td style="width: 71%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">We are issuing transferable rights (the "<b>Rights</b>") to the holders of our outstanding Common Shares of record at the close of business on December 1, 2021 (the "<b>Record Date</b>"). The Rights entitle their holders to subscribe for Common Shares on the terms described in this circular. The purpose of this circular is to provide you with detailed information about your rights and obligations in respect of the offering of Rights (the "<b>Offering</b>"). This circular should be read in conjunction with the offering notice which you should have already received by mail.</p>
            </td>
        </tr>
        <tr>
            <td style="width: 28%; vertical-align: top;">&#160;</td>
            <td style="width: 71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 28%; vertical-align: top;">
                <p style="margin-right: 21.6pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><b>What is being offered?</b></p>
            </td>
            <td style="width: 71%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">The Company will issue one Right for each one Common Share held.&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="width: 28%; vertical-align: top;">&#160;</td>
            <td style="width: 71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 28%; vertical-align: top;">
                <p style="margin-right: 21.6pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><b>Who is eligible to receive</b><br><b>and exercise rights?</b></p>
            </td>
            <td style="width: 71%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt;">The Rights will be issued only to shareholders (the "<b>Eligible Holders</b>") resident in a province or territory of Canada and, the United States (subject to restrictions in certain states as set forth in the following paragraph) (collectively, the "<b>Eligible Jurisdictions</b>"). All jurisdictions other than the Eligible Jurisdictions are referred to in this circular as "<b>Ineligible Jurisdictions</b>".&#160;</p>
                <p style="text-align: justify;">This circular covers the offer and sale of the Common Shares issuable upon exercise of the Rights within the United States under the U.S. Securities Act of 1933, as amended (the "<b>U.S. Securities Act</b>"). Notwithstanding registration under the U.S. Securities Act, the securities or blue sky laws of certain states (including Arizona, Arkansas, California, Minnesota, Ohio, Utah and Wisconsin) may restrict exercise of the Rights. The Company intends to seek an exemption from the registration requirements of Arizona, Arkansas, Minnesota, Utah and Wisconsin (the "<b>Filing States</b>") to allow the exercise of Rights by shareholders in those states. In certain states, including California, Ohio and any Filing State in which the Company is unable to obtain an exemption from state registration requirements, Rights may only be exercised by shareholders to which solicitations may be addressed without registration under the relevant state securities laws ("<b>Eligible U.S. Institutions</b>"). Shareholders resident in, or that hold their securities for the account or benefit of any person in, any such jurisdiction that wish to determine if they are Eligible U.S. Institutions should contact the Company, Attention Gary Johnson, telephone 805-484-3613. Holders in, or that hold their securities for the account or benefit of any person in, such jurisdictions that are not Eligible U.S. Institutions will not be permitted to exercise their Rights ("<b>Ineligible U.S. Holders</b>") but may transfer the Rights outside of the United States in accordance with Regulation S under the U.S. Securities Act.</p>
                <p style="text-align: justify; margin-bottom: 0pt;">Shareholders will be presumed to be resident in the place shown on their registered address, unless the contrary is shown to our satisfaction. Neither the offering notice nor this circular is to be construed as an offering of the Rights, nor are the Common Shares issuable upon exercise of the Rights offered for sale in any jurisdiction outside of Eligible Jurisdictions or to shareholders who are residents of any jurisdiction other than the Eligible Jurisdictions (the "<b>Ineligible Holders</b>"). Instead, Ineligible Holders will be sent a letter advising them that their Rights will be held by Computershare Investor Services Inc. (the "<b>Rights Agent</b>"), located at 100 University Avenue, 8<sup>th</sup> Floor, Toronto, ON M5J 2Y1 (the "<b>Subscription Office</b>"), who will hold such rights as agent for the benefit of all such Ineligible Holders. The letter will also describe the conditions that must be met, and the procedure that must be followed, in order for an Ineligible Holder to particulate in the Offering. Neither the offering notice nor this circular is to be constructed as an offering of the Common Shares issuable upon exercise of the Rights to any Ineligible U.S. Holder.&#160; &#160;</p>
            </td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a>
    <div id="header_page_9">
        <p style="text-align: center;">- 3 -</p>
    </div>
    <br>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 28%; vertical-align: top;">
                <p style="margin-right: 21.6pt; margin-top: 0pt; margin-bottom: 0pt;"><b>What does one right entitle you to receive?</b></p>
            </td>
            <td style="width: 71%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt;">You are entitled to subscribe for 0.5435 Common Shares for every one Right held upon payment of the Subscription Price for each one Common Share (called the "<b>Basic Subscription Privilege</b>"). No fractional Common Shares will be issued. Where the exercise of Rights would appear to entitle a holder of Rights to receive fractional Common Shares, the holder's entitlement will be reduced to the next lowest whole number of Common Shares.</p>
                <p style="text-align: justify; margin-bottom: 0pt;">If you exercise your Basic Subscription Privilege in full, you will also be entitled to subscribe pro rata for Common Shares (the "<b>Additional Common Shares</b>") not otherwise purchased, if any, pursuant to the Basic Subscription Privilege (called the "<b>Additional Subscription Privilege</b>").</p>
            </td>
        </tr>
        <tr>
            <td style="width: 28%; vertical-align: top;">&#160;</td>
            <td style="width: 71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 28%; vertical-align: top;">
                <p style="margin-right: 21.6pt; margin-top: 0pt; margin-bottom: 0pt;"><b>What is the Subscription Price?</b></p>
            </td>
            <td style="width: 71%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">$0.07 per Common Share (the "<b>Subscription Price</b>").</p>
            </td>
        </tr>
        <tr>
            <td style="width: 28%; vertical-align: top;">&#160;</td>
            <td style="width: 71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 28%; vertical-align: top;">
                <p style="margin-right: 21.6pt; margin-top: 0pt; margin-bottom: 0pt;"><b>When does the offer expire?</b></p>
            </td>
            <td style="width: 71%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">2:00 p.m. (Pacific Daylight Time) on December 29, 2021 (the "<b>Expiry Time</b>").</p>
            </td>
        </tr>
        <tr>
            <td style="width: 28%; vertical-align: top;">&#160;</td>
            <td style="width: 71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 28%; vertical-align: top;">
                <p style="margin-right: 21.6pt; margin-top: 0pt; margin-bottom: 0pt;"><b>What are the significant attributes of the rights issued under the rights offering and the securities to be issued upon the exercise of the rights?</b></p>
            </td>
            <td style="width: 71%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt;">The Rights are transferable securities within Canada that entitle their holders to subscribe for Common Shares on the terms described in this circular.</p>
                <p style="text-align: justify;">The Rights may not be transferred to any person within the United States. Holders of Common Shares in the United States who receive Rights may transfer or resell them only in transactions outside of the United States in accordance with Regulation S under the U.S. Securities Act, which generally will permit the resale of the Rights through the facilities of the Toronto Stock Exchange (the "<b>TSX</b>") provided that the offer is not made to a person in the United States, neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States, and no "directed selling efforts", as that term is defined in Regulation S under the US Securities Act, are conducted in the United States in connection with the resale. Certain additional conditions are applicable to the Company's "affiliates", as that term is defined under the U.S. Securities Act. In order to enforce this resale restriction, holders thereof will be required to execute a declaration certifying that such sale is being made outside the United States in accordance with Regulation S under the U.S. Securities Act. Any person within the United States that acquires the Rights through the facilities of the TSX or otherwise, other than pursuant to the initial distribution of Rights by the Company, may be unable to exercise such Rights in accordance with the U.S. Securities Act or applicable securities laws of any state of the United States. The Company reserves the right to reject any such exercise of the Rights by a person within the United States that subsequently acquires the Rights and the acquisition of the Rights by such person within the United States does not constitute an offer of the underlying Common Shares to such person.</p>
                <p style="text-align: justify; margin-bottom: 0pt;">We are authorized to issue an unlimited number of Common Shares, of which 232,922,625<b> </b>are issued and outstanding as at the date hereof. Holders of Common Shares are entitled to dividends if, as and when declared by our directors, to one vote per share at meetings of our shareholders and, upon liquidation, to receive such assets of the Company as are distributable to the holders of the Common Shares.</p>
            </td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_10"></a>
    <div id="header_page_10">
        <p style="text-align: center;">- 4 -</p>
    </div>
    <br>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 28%; vertical-align: top;">
                <p style="margin-right: 21.6pt; margin-top: 0pt; margin-bottom: 0pt;"><b>What are the minimum and maximum number or amount of Common Shares that may be issued under the rights offering?</b></p>
            </td>
            <td style="width: 71%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">The Offering is not subject to a minimum subscription. The maximum number of Common Shares that may be issued pursuant to the Offering is 126,585,714 (the "<b>Maximum Offering</b>"). The Company has received a commitment from an existing shareholder to exercise its Basic Subscription Privilege in full to subscribe for an aggregate of approximately 6,493,140 Common Shares and to subscribe for 29,673,225 Additional Common Shares pursuant to the Additional Subscription Privilege (collectively, the "<b>Committed Offering</b>"). The Company has also received a stand-by guarantee to purchase any unsubscribed Common Shares issuable under the Offering, up to a maximum of 54,249,548 Common Shares.</p>
            </td>
        </tr>
        <tr>
            <td style="width: 28%; vertical-align: top;">&#160;</td>
            <td style="width: 71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 28%; vertical-align: top;">
                <p style="margin-right: 21.6pt; margin-top: 0pt; margin-bottom: 0pt;"><b>Where will the rights and the securities issuable upon the exercise of the rights be listed for trading?</b></p>
            </td>
            <td style="width: 71%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt;">The Common Shares are listed on the TSX under the trading symbol "KEI" and will commence trading "Ex Rights" on November 30, 2021.</p>
                <p style="text-align: justify; margin-bottom: 0pt;">The Rights will trade on the TSX under the trading symbol "KEI.RT" until 9:00 a.m. (Pacific Daylight Time) on December 29, 2021.</p>
            </td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_11"></a>
    <div id="header_page_11">
        <p style="text-align: center;">- 5 -</p>
    </div>
    <p style="text-align: center;"><b>FORWARD-LOOKING STATEMENTS</b></p>
    <p style="text-align: justify;">This circular contains "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" , or variations or the negative of such words and phrases, or statements that certain actions, events or results "may" , " could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Forward-looking statements in this circular include, without limitation, statements with respect to: completion of the Committed Offering and stand-by guarantee; the increase in the Company's Credit Facility (defined below); the estimated costs of the Offering; the net proceeds to be available upon completion of the Offering; the adequacy of the net proceeds of the Offering; our working capital requirements; the Company's ability to finance cash requirements through the next twelve months; the number of months required to complete the wells;&#160; and the use of proceeds from the Offering.</p>
    <p style="text-align: justify;">Forward-looking statements in this circular are subject to a number of risks and uncertainties that may cause the Company's actual results to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Risk factors that could cause actual results or events to differ materially from those expressed in the forward-looking statements include, among other things: risks related to the Committed Offering and the stand-by guarantee; uncertainties relating to the cost of completing the Offering; delays in obtaining or failure to obtain required approvals to complete the Offering; and risks that could cause the Company to allocate the proceeds of the Offering in a manner other than as disclosed in this circular, including all of the risks related to the Company's business, financial condition, results of operations and cash flows.</p>
    <p style="text-align: justify;">Please refer to our most recently filed Annual Information Form and management's discussion and analysis for the year ended December 31, 2020 and for the nine months ended September 30, 2021 in respect of material assumptions and risks related to our business financial condition, results of operations and cash flows.</p>
    <p style="text-align: justify;">The material factors and assumptions used to develop the forward-looking statements in this circular include:&#160; the assumption that the Committed Offering and stand-by guarantee will be completed; management's expectations regarding the cost of completing the Offering; that no unforeseen events will affect the Company's existing working capital; that the Company's working capital requirements over the next twelve months will be substantially as projected; and that current plans and expected metal prices and exchange rates will proceed in accordance with or remain within range of management's expectations.</p>
    <p style="text-align: justify;">Any forward-looking statements in this circular are stated as of the date of this document and the Company does not intend, and does not assume any obligation, to update such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events unless required to do so by applicable laws.</p>
    <p style="text-align: center;"><b>USE OF AVAILABLE FUNDS</b></p>
    <p style="text-align: justify;"><b>What will our available funds be upon the closing of the rights offering?</b></p>
    <p style="text-align: justify;">The Company estimates that it will have the following funds available after giving effect to the Offering:</p>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="background-color: #f2f2f2; width: 4%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 25%; vertical-align: top; background-color: #f2f2f2; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 19%; vertical-align: top; background-color: #f2f2f2; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Assuming Committed<br>Offering and Stand-By<br>Guarantee only</b><sup><b>(1)</b></sup></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 19%; vertical-align: top; background-color: #f2f2f2; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Assuming 75% of<br>Offering</b></p>
            </td>
            <td style="background-color: #f2f2f2; width: 19%; vertical-align: top; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Assuming 100% of<br>Offering</b><sup><b>(2)</b></sup></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: top; padding-left: 5.03pt; padding-right: 5.03pt;">
                <p>A</p>
            </td>
            <td style="width: 25%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">Amount to be raised by this offering</p>
            </td>
            <td style="width: 19%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$6,104,000</p>
            </td>
            <td style="width: 19%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$6,646,000</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$8,861,000</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: top; padding-left: 5.03pt; padding-right: 5.03pt;">
                <p>B</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 25%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">Selling commissions and fees</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 19%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$Nil</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 19%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$Nil</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$Nil</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; padding-left: 5.03pt; padding-right: 5.03pt;">
                <p>C</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">Estimated offering costs (e.g., legal, accounting, audit)</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$150,000</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$150,000</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 19%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$150,000</p>
            </td>
        </tr>
        <tr>
            <td style="width: 4%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">D</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">Available funds</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$5,954,000</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$6,496,000</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 19%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$8,711,000</p>
            </td>
        </tr>
        <tr>
            <td style="width: 4%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">E</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">Additional sources of funding required</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$Nil</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$Nil</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 19%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$2,532,000</p>
            </td>
        </tr>
        <tr>
            <td style="width: 4%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">F</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">Working capital deficiency<sup>(</sup><sup>3</sup><sup>)</sup></p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$Nil</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$ Nil</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 19%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$ Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 4%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><b>G</b></p>
            </td>
            <td style="width: 25%; vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><b>Total </b></p>
            </td>
            <td style="width: 19%; vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$5,954,000</p>
            </td>
            <td style="width: 19%; vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$6,496,000</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$11,243,000</p>
            </td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a>
    <div id="header_page_12">
        <p style="text-align: center;">- 6 -</p>
    </div>
    <p style="margin-bottom: 0pt; text-align: justify;">Notes:</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-bottom: 0pt;">1.<font style="width: 10.43pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company has received (i) a commitment from Livermore (as defined below) to exercise all of its Basic Subscription Privilege and a certain specified amount of its Additional Subscription Privilege (see <i>"Committed Offering"</i>&#160; below), and (ii) a Stand-By Guarantee (defined below) to purchase Common Shares issuable under the Offering which remain unsubscribed for by the holders of Rights (see<i> "Stand-By Guarantee" </i>below).</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">2.<font style="width: 10.43pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company's indirect wholly owned subsidiary BNK Petroleum (US) Inc. has a credit facility with BOK Financial with a maturity date of June 2023 (the "<b>Credit Facility</b>").&#160; BNK Petroleum (US) Inc. has received a commitment from BOK Financial to increase the borrowing base of the Company's by approximately $2,532,000 (US$2,000,000 converted to Canadian dollars at an assumed exchange rate of CAD $1 to USD $0.79) if the Company is able to raise gross proceeds at least $8,500,000 in the Offering and certain other conditions are met.&#160; The increased borrowing base would be available to be drawn to fund completion of a second well, after an initial well is drilled and completed and the second well is drilled using proceeds from the Offering.&#160; If available, the proceeds from drawing on the increased borrowing base would be in addition to the Maximum Offering amount.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">3.<font style="width: 10.43pt; text-indent: 0pt; display: inline-block;">&#160;</font>As September 30, 2021 the Company has a working capital deficiency of $2.3 million, excluding non-cash mark-to-market adjustments from commodity contracts.&#160; The working capital deficiency amount includes future principal payments on the Credit Facility of $1.6 million which are due in the next 12 months.&#160; The Company expects to use its cash flow from operating activities to fund the entire working capital deficiency. The Company does not intend to use any proceeds from the Offering towards the working capital deficiency.</p>
    <p style="text-align: justify;"><b>How will we use the available funds?</b></p>
    <p style="text-align: justify;">The following table below provides a detailed breakdown of how the Company will use its available funds, including those received pursuant to the Offering.</p>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="background-color: #f2f2f2; width: 185.89px; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Description of intended use of <br>available funds listed in order of<br>priority</b><br><b> </b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 134.61px; vertical-align: top; background-color: #f2f2f2; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Assuming Committed<br>Offering and Stand-By<br>Guarantee only</b><sup><b>(1)</b></sup></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 121.79px; vertical-align: top; background-color: #f2f2f2; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Assuming 75% of<br>Offering</b></p>
            </td>
            <td style="background-color: #f2f2f2; width: 128.2px; vertical-align: top; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Assuming 100% of<br>Offering</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 185.89px; padding-left: 5.03pt; padding-right: 5.03pt;">
                <p>Operating and Capital expenditures</p>
            </td>
            <td style="width: 134.61px; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$Nil</p>
            </td>
            <td style="width: 121.79px; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$Nil</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 128.2px; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">$Nil</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 185.89px; padding-left: 5.03pt; padding-right: 5.03pt;">
                <p>Drilling and completion of well(s)<sup>(2)</sup></p>
            </td>
            <td style="width: 134.61px; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$5,954,000</p>
            </td>
            <td style="width: 121.79px; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$6,179,000</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 128.2px; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">$11,243,000<sup>(3)</sup></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 185.89px; border-bottom: 0.75pt solid #000000; padding-left: 5.03pt; padding-right: 5.03pt;">
                <p>General working capital purposes</p>
            </td>
            <td style="width: 134.61px; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$Nil</p>
            </td>
            <td style="width: 121.79px; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$317,000</p>
            </td>
            <td style="width: 128.2px; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">$Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 185.89px; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border-right: 0.75pt solid #000000;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><b>Total </b></p>
            </td>
            <td style="width: 134.61px; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$5,954,000</p>
            </td>
            <td style="width: 121.79px; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; margin-top: 0pt; margin-bottom: 0pt;">$6,496,000</p>
            </td>
            <td style="width: 128.2px; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border-left: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">$11,243,000</p>
            </td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
    <div id="header_page_13">
        <p style="text-align: center;">- 7 -</p>
    </div>
    <p style="margin-bottom: 0pt; text-align: justify;">Notes:</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-bottom: 0pt;">1.<font style="width: 10.43pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company has received (i) a commitment from Livermore to exercise all of its Basic Subscription Privilege and a certain specified amount of its Additional Subscription Privilege, representing approximately 28.57% of the fully subscribed Offering (see <i>"Committed Offering"</i>&#160; below), and (ii) a Stand-By Guarantee (defined below) to purchase any Common Shares issuable under the Offering which remain unsubscribed for by the holders of Rights, up to a maximum of 51,030,741 Common Shares, assuming completion of the Committed Offering and Stand-By Guarantee only, and up to a maximum of 54,249,548 Common Shares assuming a fully subscribed Offering (see<i> "Stand-By Guarantee" </i>below).</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">2.<font style="width: 10.43pt; text-indent: 0pt; display: inline-block;">&#160;</font>Drilling and completion costs will be incurred in US dollars.&#160; The Company has used an exchange rate of CAD $1 to USD $0.79 to estimate its drilling and completion costs.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">3.<font style="width: 10.93pt; text-indent: 0pt; display: inline-block;">&#160;</font>Includes approximately $2,532,000 (US$2,000,000 converted to Canadian dollars at an assumed exchange rate of CAD $1 to USD $0.79) to be borrowed under the Credit Facility pursuant to the committed increase to the Credit Facility borrowing base described above.</p>
    <p style="text-align: justify;">If gross proceeds of at least $8,500,000 are raised in the Offering, the Company intends to drill and complete two wells in its Tishomingo Field, Oklahoma using proceeds from the Offering together with US$2,000,000 to be borrowed under the Credit Facility pursuant to the committed increase to the Credit Facility borrowing base described above.&#160; If the gross proceeds from the Offering are less than $8,500,000, the Credit Facility borrowing base will not be increased and the Company's intended use of proceeds will be to drill and complete one well in its Tishomingo Field, Oklahoma.&#160;</p>
    <p style="text-align: justify;">The allocation of the net proceeds of the Offering may be adjusted within the stated categories of expenditures above depending on, among other things, timing of availability of equipment and services, estimated costs being different than anticipated and general political and market conditions. Further, while the Company intends to spend the available funds as set forth above, there may be circumstances where, for sound business reasons, a reallocation of the available funds may be necessary.&#160; In any event, the available funds will be used by the Company in furtherance of its business. See <i>"Forward-Looking Information" </i>above.</p>
    <p style="text-align: justify;">We intend to spend the available funds as stated. We will reallocate funds only for sound business reasons.</p>
    <p style="text-align: justify;"><b>How long will the available funds last?</b></p>
    <p style="text-align: justify;">The Company believes that the combination of cash on hand and cash flow from operations will be sufficient to finance the Company's cash requirements through the next twelve months, excluding any drilling and completion of wells.&#160; As disclosed above, the proceeds of the Offering are intended to be used to drill and complete one or two wells in the Company's Tishomingo Field, Oklahoma.&#160; Management of the Company anticipates that assuming completion of the Committed Offering and fulfilment of the Stand-By Guarantee, the Company's available funds will be used for the drilling and completion of one well which is estimated to take at least 4 months and, if the Maximum Offering is completed, the Company's available funds will be used for the drilling and completion of two wells which is estimated to take at least 6 months from the closing of the Offering.&#160;</p>
    <p style="text-align: justify;">In the Company's management's discussion and analysis for the audited consolidated annual financial statements for the year ended December 31, 2020 and the unaudited condensed consolidated interim financial statements for the three months and nine months ended September 30, 2021, the Company reported that the Company's ability to continue as a going concern is dependent upon the lender maintaining the borrowing base limit on the credit facility, obtaining a new credit facility or extending the terms of the existing credit facility and the Company's ability to generate net cash from operating activities or raise additional financing to continue to fund its working capital deficiency, debt repayments and capital expenditures, and that these matters cause material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern.&#160;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <div id="header_page_14">
        <p style="text-align: center;">- 8 -</p>
    </div>
    <p style="text-align: justify;">See "Risk Factors" in the Company's management's discussion and analysis for the audited consolidated annual financial statements for the year ended December 31, 2020 and "Risk Factors" in the Company's management's discussion and analysis for the unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2021. See also <i>"Forward-Looking Information" </i>above.</p>
    <p style="text-align: center;"><b>INSIDER PARTICIPATION</b></p>
    <p style="text-align: justify;"><b>Will insiders be participating?</b></p>
    <p style="text-align: justify;">Livermore Partners LLC ("<b>Livermore</b>"), a shareholder of the Company controlled by David Neuhauser, the Chairman of the board of directors of the Company has agreed to exercise its Basic Subscription Privilege in full and&#160; subscribe for a certain amount under the Additional Subscription Privilege (and to cause its affiliates to do so). See <i>"Committed Offering"</i> below.</p>
    <p style="text-align: justify;">To the extent known to the Company after reasonable enquiry, Wolf Regener, Leslie O'Connor and Eric Brown, directors of the Company, have indicated an intention to exercise their rights to the extent permitted by law.</p>
    <p style="text-align: justify;"><b>Who are the holders of 10% or more of our securities before and after the rights offering? </b></p>
    <p style="text-align: justify;">To the knowledge of the directors and executive officers of the Company, there are no persons who currently hold 10% or more of the Common Shares or would own 10% or more upon completion of the Offering, except as set forth below:<b> </b></p>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="background-color: #f2f2f2; width: 29%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;" rowspan="2">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><br><b>Name of Shareholder</b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 31%; vertical-align: top; background-color: #f2f2f2; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Common Shares Held before the<br>Offering</b></p>
            </td>
            <td style="background-color: #f2f2f2; width: 32%; vertical-align: top; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Common Shares Held after the<br>Offering</b><sup>(1)</sup></p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; width: 18%; vertical-align: top; background-color: #f2f2f2; padding-right: 5.4pt; padding-left: 5.03pt; border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><u>Number</u></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 10%; vertical-align: top; background-color: #f2f2f2; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><u>%</u></p>
            </td>
            <td style="background-color: #f2f2f2; width: 19%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><u>Number</u></p>
            </td>
            <td style="background-color: #f2f2f2; width: 10%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><u>%</u></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.03pt; padding-right: 5.03pt;">
                <p>Livermore</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 18%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">11,946,900</p>
            </td>
            <td style="width: 10%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">5.13%</p>
            </td>
            <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">48,113,265</p>
            </td>
            <td style="width: 10%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">15.03%</p>
            </td>
        </tr>
        <tr>
            <td style="width: 29%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Polygon Global Partners LLP ("<b>Polygon</b>")</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 18%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">12,990,500</p>
            </td>
            <td style="width: 10%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">5.58%</p>
            </td>
            <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">64,021,241</p>
            </td>
            <td style="width: 10%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">20.00%</p>
            </td>
        </tr>
        <tr>
            <td style="width: 29%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Harrington Global Opportunities Fund Limited</p>
            </td>
            <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: top; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">40,770,500</p>
            </td>
            <td style="width: 10%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">17.50%</p>
            </td>
            <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">40,770,500<sup>(2)</sup></p>
            </td>
            <td style="width: 10%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">12.61%</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; text-align: justify;">Notes:</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-bottom: 0pt;">1.<font style="width: 10.43pt; text-indent: 0pt; display: inline-block;">&#160;</font>Assumes that (i) Livermore exercises its Basic Subscription Privilege and is issued Additional Committed Common Shares in full under the Additional Subscription Privilege, (ii) no other Rights are exercised and that the Company does not issue any Common Shares prior to completion of the Offering, (iii) fulfilment of the Stand-By Guarantee (defined below), and (iv) Livermore, Polygon or Harrington Global Opportunities Fund Limited, as applicable, do not acquire or dispose of any Common Shares prior to completion of the Offering.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">2.<font style="width: 10.43pt; text-indent: 0pt; display: inline-block;">&#160;</font>Assumes no participation in the Offering by Harrington Global Opportunities Fund Limited.</p>
    <p style="text-align: center;"><b>COMMITTED OFFERING</b></p>
    <p style="text-align: justify;">Livermore, a shareholder of the Company controlled by David Neuhauser, the Chairman of the board of directors of the Company has agreed to exercise its Basic Subscription Privilege in full and to subscribe for 29,673,225 Additional Common Shares pursuant to the Additional Subscription Privilege (the "<b>Additional Committed Common Shares</b>"), representing, collectively with its Basic Subscription Privilege, approximately 28.57% of the full subscribed Offering.</p>
    <p style="text-align: center;"><b>STAND-BY COMMITMENT</b></p>
    <p style="text-align: justify;"><b>Who is the stand-by guarantor?</b></p>
    <p style="text-align: justify;">The Company has entered into a Stand-By Commitment Agreement (the "<b>Stand-By Agreement</b>") with Polygon.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <div id="header_page_15">
        <p style="text-align: center;">- 9 -</p>
    </div>
    <p style="text-align: justify;">Subject to and in accordance with the Stand-By Agreement, Polygon will purchase and the Company will issue and sell to Polygon at the Subscription Price and on the closing of the Offering (the "<b>Closing Date</b>"), all unsubscribed Common Shares issuable under the Offering up to a maximum of 54,249,548 Common Shares (collectively, the "<b>Stand-By Guarantee</b>"), less the number of Common Shares subscribed for by Polygon or by certain third parties if Polygon will have full economic exposure pursuant to the Basic Subscription Privilege or the Additional Subscription Privilege. Polygon is not required to subscribe for Common Shares that would result in Polygon, together with any investment funds for which it acts as investment manager, owning or controlling more than 20% of the issued and outstanding Common Shares after the completion of the Offering (the "<b>20% Limitation</b>"). In the event that only the Committed Offering and Stand-By Guarantee are completed and no other Rights holders participate in the Offering, Polygon's maximum commitment will be 51,030,741, provided that Polygon continues to hold 12,990,500 Common Shares prior to the Closing Date.</p>
    <p style="text-align: justify;">Polygon is entitled to terminate its obligations under the Stand-By Agreement in certain circumstances including if:</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">(a)<font style="width: 7.15pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Common Shares or Rights are de-listed (other than in the case of the Rights on the Expiry Date in accordance with TSX practices);</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">(b)<font style="width: 6.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>there has occurred a Material Adverse Effect (as such term is defined in the Stand-By Agreement); or</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">(c)<font style="width: 7.21pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Offering is not completed by January 28, 2022.</p>
    <p style="text-align: justify;"><b>Have we confirmed that the stand-by guarantor has the financial ability to carry out its stand-by commitment?</b></p>
    <p style="text-align: justify;">The Company has confirmed that Polygon has the financial ability to carry out the Stand-By Guarantee.</p>
    <p style="text-align: justify;"><b>What are the security holdings of the stand-by guarantor before and after the rights offering?</b></p>
    <p style="text-align: justify;">The security holdings of Polygon before and after the Offering are as follows:</p>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="background-color: #f2f2f2; width: 29%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;" rowspan="2">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><br><b>Name of Guarantor</b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 31%; vertical-align: top; background-color: #f2f2f2; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000; white-space: nowrap;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Common Shares Held before the<br>Offering</b></p>
            </td>
            <td style="background-color: #f2f2f2; width: 32%; vertical-align: top; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Common Shares Held after the<br>Offering</b><sup>(1)</sup></p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; width: 18%; vertical-align: top; background-color: #f2f2f2; padding-right: 5.4pt; padding-left: 5.03pt; border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><u>Number</u></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 10%; vertical-align: top; background-color: #f2f2f2; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><u>%</u></p>
            </td>
            <td style="background-color: #f2f2f2; width: 19%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><u>Number</u></p>
            </td>
            <td style="background-color: #f2f2f2; width: 10%; vertical-align: top; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><u>%</u></p>
            </td>
        </tr>
        <tr>
            <td style="width: 29%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Polygon</p>
            </td>
            <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: top; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">12,990,500</p>
            </td>
            <td style="width: 10%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">5.58%</p>
            </td>
            <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">64,021,241</p>
            </td>
            <td style="width: 10%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">20.00%</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; text-align: justify;">Notes:</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify;">1.<font style="width: 10.43pt; text-indent: 0pt; display: inline-block;">&#160;</font>Assumes (i) Livermore exercises its Basic Subscription Privilege and is issued Additional Committed Common Shares in full under the Additional Subscription Privilege, (ii) no other Rights are exercised and that the Company does not issue any Common Shares prior to completion of the Offering, (iii) fulfilment of the Stand-By Guarantee, and (iv) Polygon does not acquire or dispose of any Common Shares prior to completion of the Offering.</p>
    <p style="text-align: center;"><b>DILUTION</b></p>
    <p style="text-align: justify;"><b>If you do not exercise your rights, by how much will your security holdings be diluted?</b></p>
    <p style="text-align: justify;">Assuming issuance of the maximum number of Common Shares under the Offering, your shareholdings will be diluted by approximately 54.35%.</p>
    <p style="text-align: center;"><b>MANAGING DEALER, SOLICITING DEALER AND UNDERWRITING CONFLICTS</b></p>
    <p style="text-align: justify;"><b>Who is the managing dealer/soliciting dealer and what are its fees?</b></p>
    <p style="text-align: justify;">The Company has not retained any party to solicit subscriptions for Common Shares pursuant to the Offering.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <div id="header_page_16">
        <p style="text-align: center;">- 10 -</p>
    </div>
    <p style="text-align: center;"><b>HOW TO EXERCISE THE RIGHTS</b></p>
    <p style="text-align: justify;"><b>How does a security holder that is a registered holder participate in the rights offering?</b></p>
    <p style="text-align: justify;">If you are a registered holder of Common Shares (a "<b>Registered Holder</b>") in an Eligible Jurisdiction, a subscription form (the "<b>Rights Subscription Form</b>") and statement issued under the&#160; Depositary's direct registration system (the "<b>Rights DRS Advice</b>") representing the total number of Rights to which you are entitled as at the Record Date has been mailed to you with a copy of the Offering notice. To exercise the Rights represented by the Rights DRS Advice, you must complete and deliver the Rights DRS Advice, together with the Subscription Price for each Right exercised, in accordance with the instructions set out below. Rights not exercised at or prior to the Expiry Time will be void and of no value. The method of delivery is at the discretion and risk of the holder of the Rights DRS Advice and delivery to the Rights Agent will only be effective when actually received by the Rights Agent at its Subscription Office set forth below under "<i>Appointment of Rights Agent</i>". Rights DRS Advices and payments received after the Expiry Time will not be accepted.</p>
    <p style="text-align: justify;">In order to exercise your rights you must:</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">1.<font style="width: 10.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Complete and sign Form 1 on the Rights Subscription Form</b>. The maximum number of Rights that you may exercise under the Basic Subscription Privilege is shown on the first page of the Rights DRS Advice. If you complete Form 1 so as to exercise some but not all of the Rights evidenced by the Rights DRS Advice, you will be deemed to have surrendered the unexercised balance of such Rights, unless you otherwise specifically advise the Rights Agent at the time the Rights DRS Advice is surrendered to the Rights Agent.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">2.<font style="width: 10.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Additional Subscription Privilege</b>. Complete and sign Form 2 on the Rights Subscription Form only if you wish to also participate in the Additional Subscription Privilege. See "<i>How to exercise the rights - What is the Additional Subscription Privilege and how can you exercise this privilege?"</i> below.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">3.<font style="width: 10.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Payment</b>. Enclose payment in Canadian funds by certified cheque, bank draft or money order payable to the order of Computershare Investor Services Inc. To exercise the Rights, you must pay the Subscription Price per Common share. In addition to the amount payable for any Common Shares you wish to purchase under the Basic Subscription Privilege, you must also pay the amount required for all of the Common Shares you subscribe for under the Additional Subscription Privilege.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">4.<font style="width: 10.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Delivery</b>. You must deliver or mail the completed Rights Subscription Form and Rights DRS Advice and payment in the enclosed return envelope addressed to the Rights Agent so that it is received by the Subscription Office of the Rights Agent set forth below before the Expiry Time. If you are mailing your documents, registered mail is recommended. Please allow sufficient time to avoid late delivery.</p>
    <p style="text-align: justify;">The signature of the Registered Holder on Form 1 and, if applicable, Form 2 of the Rights Subscription Form must correspond to every particular with the name that appears on the face of the Rights DRS Advice.</p>
    <p style="text-align: justify;">Signatures by a trustee, executor, administrator, guardian, attorney, officer of a corporation or any other person acting in a fiduciary or representative capacity should be accompanied by evidence of authority satisfactory to the Rights Agent.</p>
    <p style="text-align: justify;">All questions as to the validity, form, eligibility (including time of receipt) and acceptance of any exercise will be determined by the Company in its sole discretion, and any determination by the Company will be final and binding on the Company and its security holders. Any subscription for Common Shares will be irrevocable once submitted and subscribers will be unable to withdraw their subscriptions for Common Shares once submitted. The Company reserves the right to reject any subscription if it is not in proper form or if the acceptance thereof or the issuance of Common Shares pursuant thereto could be unlawful. The Company also reserves the right to waive any defect in respect of any particular subscription. Neither the Company nor the Rights Agent is under any duty to give any notice of any defect or irregularity in any exercise, nor will they be liable for the failure to give any such notice.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_17"></a>
    <div id="header_page_17">
        <p style="text-align: center;">- 11 -</p>
    </div>
    <p style="text-align: justify;"><b>How does a security holder that is not a registered holder participate in the rights offering?</b></p>
    <p style="text-align: justify;">You are a beneficial Eligible Holder if you hold your Common Shares through a securities broker or dealer, bank or trust company or other participant (each, a "<b>Participant</b>") in the book-based system administered by CDS Clearing and Depository Services lnc. ("<b>CDS</b>") or The Depository Trust Company ("<b>DTC</b>"). The total number of Rights to which all beneficial Eligible Holders as at the Record Date are entitled will be issued to CDS or DTC and will be deposited with CDS or DTC following the Record Date. We expect that each beneficial Eligible Holder will receive a confirmation of the number of Rights issued to it from its Participant in accordance with the practices and procedures of that Participant. CDS or DTC will be responsible for establishing and maintaining book-entry accounts for Participants holding Rights.</p>
    <p style="text-align: justify;">Neither we nor the Rights Agent will have any liability for (i) the records maintained by CDS or DTC or Participants relating to the rights or the book-entry accounts maintained by them, (ii) maintaining, supervising or reviewing any records relating to such rights, or (iii) any advice or representations made or given by CDS or DTC or Participants with respect to the rules and regulations of CDS or DTC or any action to be taken by CDS or DTC or Participants.</p>
    <p style="text-align: justify;">If you are a beneficial Eligible Holder:</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">1.<font style="width: 10.41pt; text-indent: 0pt; display: inline-block;">&#160;</font>to exercise your rights held through a Participant, you must instruct such Participant to exercise all or a specified number of such Rights, and forward to such Participant, the Subscription Price for each Common Share that you wish to subscribe for;</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">2.<font style="width: 10.41pt; text-indent: 0pt; display: inline-block;">&#160;</font>you may subscribe for Additional Common Shares pursuant to the Additional Subscription Privilege by instructing such Participant to exercise the Additional Subscription Privilege in respect of the number of Additional Common Shares you wish to subscribe for, and forwarding to such Participant the Subscription Price for such Additional Common Shares requested.</p>
    <p style="text-align: justify;">Any excess funds will be returned to the relevant Participant for the account of the beneficial holder, without interest or deduction.</p>
    <p style="text-align: justify;"><b>Who is eligible to receive the rights?</b></p>
    <p style="text-align: justify;"><i>Registered holders of Rights</i></p>
    <p style="text-align: justify;">The Rights are being offered to shareholders of the Company resident in Eligible Jurisdictions. Shareholders will be presumed to be resident in the place of their registered address, unless the contrary is shown to the satisfaction of the Company. This circular is not to be construed as an offering of the Rights, nor are the Common Shares issuable upon exercise of the Rights offered for sale, in any jurisdiction outside the Eligible Jurisdictions or to shareholders who are residents of any jurisdiction other than the Eligible Jurisdictions.</p>
    <p style="text-align: justify;">Ineligible Holders who are registered holders of their Common Shares will be sent a letter advising them that their Rights DRS Advices will be issued to, and held on their behalf by, the Rights Agent and a form of representation letter (the "<b>Representation Letter</b>"). The Representation Letter will set out the conditions required to be met, and procedures that must be followed, in order for an Ineligible Holder to participate in the Offering.</p>
    <p style="text-align: justify;">Rights DRS Advices in respect of Rights issued to registered Ineligible Holders will be issued to and held by the Rights Agent as agent for the benefit of Ineligible Holders. The Rights Agent will hold the Rights until 5:00 p.m. (Pacific Time) on December 22, 2021 (the "<b>Qualification Deadline</b>") in order to provide Ineligible Holders an opportunity to claim a Rights DRS Advice by satisfying us that the issue of Common Shares pursuant to the exercise of Rights will not be in violation of the laws of the applicable jurisdiction. Following such date, the Rights Agent, for the account of registered Ineligible Holders, will, prior to the Expiry Time, attempt to sell the Rights of such registered Ineligible Holders represented by Rights DRS Advices in the possession of the Rights Agent on such date or dates and at such price or prices as the Rights Agent determines in its sole discretion.&#160; No charge will be made for the sale of Rights by the Rights Agent except for a proportionate share of any brokerage commissions incurred by the Rights Agent and the costs of or incurred by the Rights Agent in connection with the sale of the rights. Registered Ineligible Holders will not be entitled to instruct the Rights Agent in respect of the price or the time at which the rights are to be sold. The Rights Agent will endeavor to effect sales of Rights on the open market and any proceeds received by the Rights Agent with respect to the sale of Rights net of brokerage fees and costs incurred and, if applicable, the Canadian tax required to be withheld, will be divided on a pro rata basis among such registered Ineligible Holders and delivered by mailing cheques (in Canadian funds) of the Rights Agent therefor as soon as practicable to such registered Ineligible Holders at their addresses recorded on the Company's books. Amounts of less than $10.00 will not be remitted. The Rights Agent will act in its capacity as agent of the registered Ineligible Holders on a best efforts basis only and we and the Rights Agent do not accept responsibility for the price obtained on the sale of, or the inability to sell, the Rights on behalf of any registered Ineligible Holder.&#160;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_18"></a>
    <div id="header_page_18">
        <p style="text-align: center;">- 12 -</p>
    </div>
    <p style="text-align: justify;"><i>Ineligible Holders that beneficially hold Rights </i></p>
    <p style="text-align: justify;">CDS and DTC Participants receiving Rights on behalf of Ineligible Holders are instructed not to permit the exercise of such Rights unless the holder has completed a Representation Letter. After the Qualification Deadline, CDS and DTC Participants should consider attempting to sell the Rights of Ineligible Holders for the accounts of such holders and should deliver any proceeds of sale to such holders.</p>
    <p style="text-align: justify;">Beneficial owners of Common Shares registered in the name of a resident of an Ineligible Jurisdiction, who are not themselves resident in an Ineligible Jurisdiction, who wish to receive Rights and who believe that their Rights DRS Advices may have been delivered to the Rights Agent, should contact their broker at the earliest opportunity to request to have their Rights DRS Advices mailed to them.</p>
    <p style="text-align: justify;">The Rights and the Common Shares issuable on the exercise of the Rights have not been qualified for distribution in any Ineligible Jurisdiction and, accordingly, may only be offered, sold, acquired, exercised or transferred in transactions not prohibited by applicable laws in Ineligible Jurisdictions. Notwithstanding the foregoing, persons located in certain Ineligible Jurisdictions may be able to exercise the Rights and purchase Common Shares provided that they furnish the Representation Letter satisfactory to the Company on or before the Qualification Deadline. The form of Representation Letter will be available from the Company or the Rights Agent upon request. Beneficial owners of Rights or Common Shares should contact their broker to obtain the Representation Letter. A holder of Rights in an Ineligible Jurisdiction holding on behalf of a person resident in an Eligible Jurisdiction may be able to exercise the Rights provided the holder certifies in the Representation Letter that the beneficial purchaser is resident in an Eligible Jurisdiction and satisfies the Company that such subscription is lawful and in compliance with all securities and other applicable laws.</p>
    <p style="text-align: justify;"><i>U.S. registered and beneficial holders of Rights </i></p>
    <p style="text-align: justify;">The Company has filed with the SEC in the United States a Registration Statement on Form F-7 under the U.S. Securities Act (the "<b>Registration Statement</b>") so that the Common Shares issuable upon the exercise of the Rights will not be subject to transfer restrictions.&#160; Notwithstanding registration under the U.S. Securities Act, the securities or blue sky laws of certain states (including Arizona, Arkansas, California, Minnesota, Ohio, Utah and Wisconsin) may restrict exercise of the Rights. The Company intends to seek an exemption from the registration requirements of Arizona, Arkansas, Minnesota, Utah and Wisconsin (collectively the <b>"Filing States</b>")<b> </b>to allow the exercise of Rights by shareholders in those states. In certain states, including California, Ohio and any Filing State in which the Company is unable to obtain an exemption from state registration requirements, Rights may only be exercised by shareholders to which solicitations may be addressed without registration under the relevant state securities laws ("<b>Eligible U.S. Institutions</b>"). Shareholders resident in, or that hold their securities for the account or benefit of any person in, any such jurisdiction any such jurisdiction that wish to determine if they are Eligible U.S. Institutions should contact the Company, Attention Gary Johnson, telephone 805-484-3613. Holders in, or that hold their securities for the account or benefit of any person in, any such jurisdiction that are not Eligible U.S. Institutions will not be permitted to exercise their Rights ("<b>Ineligible U.S. Holders</b>") but may transfer the Rights outside of the United Sates in accordance with Regulation S under the U.S. Securities Act.</p>
    <p style="text-align: justify;">The Rights may not be transferred to a person within the United States and may be transferred only in transactions outside of the United States in accordance with Regulation S under the U.S. Securities Act, which will permit the resale of the Rights by persons through the facilities of the TSX, provided that the offer is not made to a person in the United States, neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States, and no "directed selling efforts", as that term is defined in Regulation S under the U.S. Securities Act, are conducted in the United States in connection with the resale. Certain additional conditions are applicable to the Company's "affiliates", as that term is defined under the U.S. Securities Act. In order to enforce this resale restriction, holders thereof will be required to execute a declaration certifying that such sale is being made outside the United States in accordance with Regulation S under the U.S. Securities Act, which is included as part of Form 3. Any person within the United States that acquires the Rights through the facilities of the TSX or otherwise, other than pursuant to the initial distribution of Rights by the Company, may be unable to exercise such Rights in accordance with the U.S. Securities Act or applicable securities laws of any state of the United States. The Company reserves the right to reject any such exercise of the Rights by, or for the account or benefit of, a person within the United States that subsequently acquires the Rights and the acquisition of the Rights by such person within the United States does not constitute an offer of the underlying Common Shares to such person.</p>
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    <div id="header_page_19">
        <p style="text-align: center;">- 13 -</p>
    </div>
    <p style="text-align: justify;"><b>What is the Additional Subscription Privilege and how can you exercise this privilege?</b></p>
    <p style="text-align: justify;"><i>Registered holders of Rights</i></p>
    <p style="text-align: justify;">If you exercise all of your Rights under the Basic Subscription Privilege, you may subscribe for additional Common Shares that have not been subscribed and paid for pursuant to the Basic Subscription Privilege (the "<b>Additional Common Shares</b>") pursuant to the Additional Subscription Privilege. If you wish to exercise the Additional Subscription Privilege, you must first exercise your Basic Subscription Right in full by completing Form 1 on the Rights Subscription Form for the maximum number of Common Shares that you may subscribe for and also complete Form 2 on the Rights Subscription Form, specifying the number of Additional Common Shares desired. Send the purchase price for the Additional Common Shares under the Additional Subscription Privilege with your Rights Subscription Form and Rights DRS Advice to the Rights Agent. The purchase price is payable in Canadian funds by certified cheque, bank draft or money order payable to the order of Computershare Investor Services Inc. These funds will be placed in a segregated account pending allocation of the Additional Common Shares, with any excess funds being returned by mail without interest or deduction. Interest, if any, earned on such funds will be for our benefit.</p>
    <p style="text-align: justify;">If the aggregate number of Additional Common Shares subscribed for by those who exercise their Additional Subscription Privilege is less than the number of available Additional Common Shares, each such holder of rights will be allotted the number of Additional Common Shares subscribed for under the Additional Subscription Privilege.</p>
    <p style="text-align: justify;">If the aggregate number of Additional Common Shares subscribed for by those who exercise their Additional Subscription Privilege exceeds the number of available Additional Common Shares, each such holder of rights will be entitled to receive the number of Additional Common Shares equal to the lesser of:</p>
    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;">1.<font style="width: 19.15pt; text-indent: 0pt; display: inline-block;">&#160;</font>the number of Additional Common Shares subscribed for by the holder under the Additional Subscription Privilege; and</p>
    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;">2.<font style="width: 19.15pt; text-indent: 0pt; display: inline-block;">&#160;</font>the product (disregarding fractions) obtained by multiplying the aggregate number of Additional Common Shares available through unexercised rights by a fraction, the numerator of which is the number of rights previously exercised by the holder and the denominator of which is the aggregate number of rights previously exercised by all holders of rights who have subscribed for Additional Common Shares under the Additional Subscription Privilege.</p>
    <p style="text-align: justify;">As soon as practicable after the Expiry Time, the Rights Agent will mail to each holder of rights who completed Form 2 on the Rights Subscription Form, a statement for the Additional Common Shares which that holder has purchased and shall return to the holder any excess funds paid for the subscription of Additional Common Shares by such holder under the Additional Subscription Privilege, without interest or deduction.</p>
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    <div id="header_page_20">
        <p style="text-align: center;">- 14 -</p>
    </div>
    <p style="text-align: justify;"><i>Beneficial holders of Rights</i></p>
    <p style="text-align: justify;">If you are a beneficial holder of rights through a Participant in CDS and you wish to exercise your Additional Subscription Privilege, you must deliver your payment and instructions to the Participant sufficiently in advance of the Expiry Time to allow the Participant to properly exercise the Additional Subscription Privilege on your behalf.</p>
    <p style="text-align: justify;"><b>How does a rights holder sell or transfer rights?</b></p>
    <p style="text-align: justify;"><i>Registered Holders of Rights</i></p>
    <p style="text-align: justify;">The rights will trade on the TSX under the trading symbol "KEI.RT" until 9:00 a.m. (Pacific Daylight Time) on December 29, 2021. Holders of Rights DRS Advices not wishing to exercise their rights may sell or transfer them directly or through their securities broker or dealer at the shareholder's expense, subject to any applicable resale restrictions. Rights DRS Advices will not be issued and forwarded to Ineligible Shareholders. Holders of Rights DRS Advices may elect to exercise only a part of their rights and dispose of the remainder, or dispose of all of their rights. Any commission or other fee payable in connection with the exercise or any trade of rights is the responsibility of the holder of such rights. Depending on the number of rights a holder may wish to sell, the commission payable in connection with a sale of rights could exceed the proceeds received from such sale.</p>
    <p style="text-align: justify;">If you wish to transfer your rights, a Stock Power of Attorney form (the "<b>Transfer Form</b>") will need to be obtained from the Depositary and completed, have the signature guaranteed by an "eligible institution" to the satisfaction of the Rights Agent and deliver the Rights DRS Advice and Transfer Form to the transferee. For this purpose, eligible institution means a Canadian Schedule 1 chartered bank, a major trust company in Canada, a member of the Securities Transfer Agents Medallion Program, or a member of the Stock Exchange Medallion Program. Members of these programs are usually members of a recognized stock exchange in Canada or members of the Investment Industry Regulatory Organization of Canada.</p>
    <p style="text-align: justify;">It is not necessary for a transferee to obtain a new Rights DRS Advice to exercise the rights or the Additional Subscription Privilege, but the signature of the transferee on Forms 1 and 2 must correspond in every particular with the name of the transferee shown on the Transfer Form. If the Transfer Form is properly completed, the Company and the Rights Agent will treat the transferee as the absolute owner of the Rights DRS Advice for all purposes and will not be affected by notice to the contrary. A Rights DRS Advice so completed should be delivered to the appropriate person in ample time for the transferee to use it before the expiration of the rights.</p>
    <p style="text-align: justify;"><i>Beneficial holders of Rights</i></p>
    <p style="text-align: justify;">If you hold Common Shares through a Participant, you must arrange for the exercise, transfer or purchase of rights through that Participant.</p>
    <p style="text-align: justify;"><i>U.S. Restriction</i></p>
    <p style="text-align: justify;">The Rights may not be transferred to a person within the United States and may be transferred only in transactions outside of the United States in accordance with Regulation S under the U.S. Securities Act, which will permit the resale of the Rights by a Rights holder through the facilities of the TSX, provided that the offer is not made to a person in the United States, neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States, and no "directed selling efforts", as that term is defined in Regulation S under the U.S. Securities Act, are conducted in the United States in connection with the resale. Certain additional conditions are applicable to the Company's "affiliates", as that term is defined under the U.S. Securities Act. In order to enforce this resale restriction, a Rights holder thereof will be required to execute a declaration certifying that such sale is being made through the facilities of the TSX in accordance with Regulation S under the U.S. Securities Act.</p>
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    <div id="header_page_21">
        <p style="text-align: center;">- 15 -</p>
    </div>
    <p style="text-align: justify;"><b>When can you trade securities issuable upon the exercise of your rights?</b></p>
    <p style="text-align: justify;">The Common Shares are listed on the TSX under the trading symbol "KEI" and will be available for trading as soon as practicable after December 30, 2021.</p>
    <p style="text-align: justify;"><b>Are there restrictions on the resale of securities?</b></p>
    <p style="text-align: justify;">Common Shares offered to holders in Canada and the Common Shares issuable on exercise of such Rights may be resold without hold period restrictions under the applicable Canadian securities laws, including through the facilities of the TSX, by such holders provided that: (i) the sale is not by a "control person" of the Company; (ii) no unusual effort is made to prepare the market or create a demand for the securities being resold; (iii) no extraordinary commission or consideration is paid to a person or company in respect of the resale; and (iv) if the selling security holder is an insider or officer of the Company, the selling security holder has no reasonable grounds to believe that the Company is in default of securities legislation.</p>
    <p style="text-align: justify;">The Company has filed with the SEC in the United States the Registration Statement so that the Common Shares issuable upon the exercise of the Rights will not be subject to transfer restrictions in the United States. However, the Rights may be transferred only in transactions outside of the United States in accordance with Regulation S under the U.S. Securities Act.&#160; See "How does a rights holder sell or transfer rights? - U.S. Restriction" above.</p>
    <p style="text-align: justify;">Each holder is urged to consult their professional advisor to determine the exact conditions and restrictions applicable to the right to trade in securities.</p>
    <p style="text-align: justify;"><b>Will we issue fractional underlying securities upon exercise of the rights?</b></p>
    <p style="text-align: justify;">No. Where the exercise of Rights would appear to entitle the holder of rights to fractional Common Shares, the holder's entitlement will be reduced to the next lowest whole number of Common Shares, and no cash or other consideration will be paid in lieu thereof.</p>
    <p style="text-align: center;"><b>APPOINTMENT OF RIGHTS AGENT</b></p>
    <p style="text-align: justify;"><b>Who is the Rights Agent?</b></p>
    <p style="text-align: justify;">Computershare Investor Services Inc. is the Rights Agent for the Offering. The Rights Agent has been appointed to receive subscriptions and payments from holders of Rights and to perform the services relating to the exercise and transfer of Rights.</p>
    <p style="text-align: justify;"><b>What happens if we do not raise the Minimum Offering or if we do not receive funds from the stand-by guarantor?</b></p>
    <p style="text-align: justify;">The Offering is not subject to a minimum subscription.&#160; The Company intends to proceed with the Offering even if (i) the Committed Offering is not raised, and (ii) the Company does not receive funds pursuant to the Stand-By Guarantee.</p>
    <p style="text-align: center;"><b>ADDITIONAL INFORMATION</b></p>
    <p style="text-align: justify;"><b>Where can you find more information about us?</b></p>
    <p style="text-align: justify;">You can access our continuous disclosure documents filed with the Canadian securities regulators under our issuer profile at www.sedar.com.</p>
    <p style="text-align: center;"><b>MATERIAL FACTS AND MATERIAL CHANGES</b></p>
    <p style="text-align: justify;"><b>There is no material fact or material change about the Company that has not been generally disclosed.</b></p>
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    <div id="header_page_22">
        <p style="text-align: center;">- 16 -</p>
    </div>
    <p style="text-align: center;"><b>DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</b></p>
    <p style="text-align: justify;">The following documents have been filed with the SEC as part of the Registration Statement of which this Circular forms a part: (i) the Company's Annual Information Form for the year ended December 31, 2020; (ii) the Company's audited consolidated annual financial statements as at and for the years ended December 31, 2020 and 2019; (iii) the Company's management's discussion and analysis for the year ended December 31, 2020; (iv) the Company's unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2021 and the corresponding management's discussion and analysis; (v) the Company's management information circular dated June 22, 2021; (vi) the Company's Form 51-101F1, Form 51-101F2 and Form 51-101F3 reports, each filed on SEDAR on March 9, 2021; (vii) the consent of KPMG LLP; (viii) consent of Netherland, Sewell &amp; Associates, Inc.; (ix) the press release dated November 23, 2021 relating to the Rights; (x) the Stand-By Agreement dated November 23, 2021; and (xi) powers of attorney. Shareholders in the U.S. are encouraged to read the Registration Statement, including exhibits, carefully and in their entirety prior to making any investment decision.</p>
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    <p style="margin-bottom: 0pt; text-align: center;"><b>PART II</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>INFORMATION NOT REQUIRED TO BE SENT TO SHAREHOLDERS EXHIBIT INDEX</b></p>
    <table style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap; padding-right: 20pt;"><u>Exhibit</u></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;"><u>Description</u></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap; padding-right: 20pt;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="exhibit1-1.htm">1.1</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit1-1.htm">Stand-By Commitment Agreement, dated November 23, 2021 by and between the Registrant and Polygon Global Partners LLP on behalf of and as investment manager to Polygon European Equity Opportunity Master Fund and one or more other accounts</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="exhibit2-1.htm">2.1</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit2-1.htm">Annual Information Form for the year ended December 31, 2020</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="exhibit2-2.htm">2.2</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit2-2.htm">Audited Consolidated Annual Financial Statements for the years ended December 31, 2020 and 2019</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="exhibit2-3.htm">2.3</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit2-3.htm">Management's Discussion and Analysis for the year ended December 31, 2020</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="exhibit2-4.htm">2.4</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit2-4.htm">Unaudited Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2021</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="exhibit2-5.htm">2.5</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit2-5.htm">Management's Discussion and Analysis for the three and nine months ended September 30, 2021</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="exhibit2-6.htm">2.6</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit2-6.htm">Management Information Circular, dated June 22, 2021</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="exhibit2-7.htm">2.7</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit2-7.htm">Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information, dated March 9, 2021</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="exhibit2-8.htm">2.8</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit2-8.htm">Form 51-101F2 Statement of Reserves Data and Other Oil and Gas Information, dated March 9, 2021</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="exhibit2-9.htm">2.9</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit2-9.htm">Form 51-101F3 Statement of Reserves Data and Other Oil and Gas Information, dated March 9, 2021</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="exhibit2-10.htm">2.10</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit2-10.htm">Press Release, dated November 23, 2021</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="exhibit3-1.htm">3.1</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit3-1.htm">Consent of KPMG LLP</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="exhibit3-2.htm">3.2</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit3-2.htm">Consent of Netherland, Sewell &amp; Associates, Inc.</a></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="#page_25">4.1</a></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="#page_25">Power of Attorney (contained on the signature pages of this registration statement)</a></td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_24"></a>
    <p style="margin-bottom: 0pt; text-align: center;"><b>PART III</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>CONSENT TO SERVICE OF PROCESS</b></p>
    <p style="text-align: justify; margin-left: 36pt;">Not applicable.</p>
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    <p style="text-align: center;"><b>SIGNATURES</b></p>
    <p style="text-indent: 36pt; text-align: justify;">Pursuant to the requirements of the United States Securities Act of 1933, as amended (the "Securities Act"), the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-7 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Newbury Park, United States, on November 23, 2021.</p>
    <table style="width: 100%; font-size: 10pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td colspan="2"><b>KOLIBRI GLOBAL ENERGY INC.</b></td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td style="width: 5%;">&#160;</td>
            <td>&#160;</td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td style="padding-right: 5.4pt;">By:</td>
            <td>&#160;</td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td>&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000;">/s/ Wolf Regener</td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td>&#160;</td>
            <td>Name: Wolf Regener</td>
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    <p style="text-align: center;"><b>POWER OF ATTORNEY</b></p>
    <p style="text-align: justify; text-indent: 36pt;">The Registrant and each person whose signature appears below constitutes and appoints each of Wolf Regener and Gary Johnson as such person's true and lawful attorney-in-fact and agent with full powers of substitution and resubstitution, for such person and in such person's name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) to this registration statement and registration statements filed pursuant to Rule 429 under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as such person might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.</p>
    <p style="text-indent: 36pt; text-align: justify;">Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_26"></a>
    <p style="text-align: center;"><b>EXHIBIT INDEX</b></p>
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        <tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-right: 20pt; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit2-7.htm">Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information, dated March 9, 2021</a></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit2-8.htm">Form 51-101F2 Statement of Reserves Data and Other Oil and Gas Information, dated March 9, 2021</a></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit2-9.htm">Form 51-101F3 Statement of Reserves Data and Other Oil and Gas Information, dated March 9, 2021</a></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit2-10.htm">Press Release, dated November 23, 2021</a></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #eeeeee;"><a href="exhibit3-1.htm">3.1</a></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="exhibit3-2.htm">Consent of Netherland, Sewell &amp; Associates, Inc.</a></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; text-align: justify; background-color: #eeeeee;"><a href="#page_25">Power of Attorney (contained on the signature pages of this registration statement)</a></td>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>exhibit1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<html>

<head>
    <title>Kolibri Global Energy Inc.: Exhibit 1.1 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;"><u><b>Stand-By Commitment Agreement</b></u></p>
    <p style="text-align: justify;">This stand-by commitment agreement (this "<b>Agreement</b>"), dated as of November 23, 2021 is entered into between Kolibri Global Energy Inc., a corporation existing under the laws of British Colombia ("<b>Kolibri</b>") and Polygon Global Partners LLP on behalf of and as investment manager to Polygon European Equity Opportunity Master Fund and one or more other accounts (the "<b>Stand-By Purchaser</b>").</p>
    <p style="text-align: justify;"><b>WHEREAS</b> Kolibri has determined to proceed with the Rights Offering on the terms set out in this Agreement;</p>
    <p style="text-align: justify;"><b>AND WHEREAS</b> the Stand-By Purchaser has agreed, on the terms and subject to the conditions contained in this Agreement, to provide a Stand-By Commitment to purchase the Common Shares represented by any Rights that are not exercised under the terms of the Rights Offering.</p>
    <p style="text-align: justify;"><b>NOW</b>,<b> THEREFORE</b>, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify;">1.<font style="display: inline-block; width: 14pt;">&#160;</font><u>Definitions and Interpretation. </u></p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(a)<font style="display: inline-block; width: 10.5pt;">&#160;</font>In this Agreement (including the recitals hereto), the following terms have the respective meanings set forth below:</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Additional Subscription Privilege</b>" has the meaning set forth in Section 2(c).</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Affiliate</b>" has the meaning specified in National Instrument 45-106.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Basic Subscription Privilege</b>" has the meaning set forth in Section 2(b).</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Business Day</b>" means any day, other than a Saturday, a Sunday or a statutory holiday, in Vancouver, British Colombia.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Closing Date</b>" means the 2nd Business Day following the Expiry Date, or such other date as may be agreed by Kolibri and the Stand-By Purchaser.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Closing Time</b>" has the meaning set forth in 3(c).</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Common Shares</b>" means common shares in the capital of Kolibri.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Eligible Jurisdictions</b>" has the meaning set forth in the Rights Circular.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Expiry Date</b>" means December 29, 2021.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Expiry Time</b>" means 2:00 p.m. (Vancouver time) on the Expiry Date.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Governmental Entity</b>" means any: (i) multi-national, federal, provincial, territorial, municipal, local or other governmental or public department, central bank, court, commission, board, bureau, agency, instrumentality, domestic or foreign; (ii) any subdivision or authority of any of the foregoing; or (iii) any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing and, for greater certainty, includes the applicable securities commission or securities regulatory authority in each of the Eligible Jurisdictions and the TSX.</p>
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    <p style="margin-left: 54pt; text-align: justify;">"<b>Ineligible Jurisdictions</b>" has the meaning set out in the Rights Circular.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Laws</b>" means, with respect to any Person, any and all applicable laws, including all statutes, codes, ordinances, decrees, rules, regulations, municipal by-laws, judicial or arbitral or administrative or ministerial or departmental or regulatory judgments, orders, decisions, rulings or awards, instruments, policies, guidelines, and general principles of common law and equity that is binding on or affecting such Person or its business, undertaking, property or securities.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Material Adverse Effect</b>" means any change, event, occurrence, effect, state of facts or circumstances that, individually or in the aggregate with other changes, events, occurrences, effects, states of facts or circumstances, is or would reasonably be expected to be material and adverse to the business, operations, results of operations, assets, properties, capitalization, condition (financial or otherwise) or liabilities (contingent or otherwise) of Kolibri and its Subsidiaries, taken as a whole<i> provided, however</i>, that "Material Adverse Effect" shall not include any change, event, occurrence, state of fact or circumstances, directly or indirectly, arising out of or attributable to: (i) any change in any economy or economies, including the economies of the United States or securities or financial markets in general; (ii) any change that generally affects any industry in which Kolibri<b> </b>operates; (iii) any national or international political or social conditions, including any change arising in connection with any natural disasters, virus outbreaks, pandemics, epidemics, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such natural disasters, virus outbreaks, pandemics, epidemics, hostilities, acts of war, sabotage or terrorism or military actions existing or underway as of the date hereof, including any change arising in connection with COVID-19 or any escalation or material worsening of COVID-19.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Misrepresentation</b>" has the meaning set forth in section 1(1) of the <i>Securities Act</i>.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>National Instrument 45-106</b>" means National Instrument 45-106 - <i>Prospectus Exemptions</i>.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Person</b>" means an individual, corporation, partnership, limited partnership, limited liability partnership, limited liability company, association, trust, estate, custodian, trustee, executor, administrator, nominee or other entity or organization, including a Governmental Entity.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Public Record</b>" means all documents publicly filed by or on behalf of Kolibri on the System for Electronic Document Analysis and Retrieval.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Record Date</b>" means December 1, 2021.</p>
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    <p style="margin-left: 54pt; text-align: justify;">"<b>Rights</b>" means the transferable rights issued by Kolibri to subscribe for Common Shares at the Subscription Price under the terms of the Rights Offering.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Rights Offering</b>" means the distribution to Shareholders by Kolibri of Rights to subscribe for Common Shares on the terms set out in Section 2 and the Rights Offering Circular.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Rights Offering Circular</b>" means the rights offering circular to be filed by Kolibri in respect of the Rights Offering, and any amendment thereof.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Rights Offering Notice</b>" means the rights offering notice to be filed by Kolibri and sent to Shareholders, and any amendment thereof.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Rightsholder</b>" means the holder of a Right.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Securities Act</b>" means the <i>Securities Act</i> (British Colombia).</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Securities Laws</b>" means all applicable securities Laws of each of the Eligible Jurisdictions and all applicable rules and policies of the TSX.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Shareholder</b>" means a holder of Common Shares of record at the close of business on the Record Date.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Stand-By Commitment</b>" has the meaning set forth in Section 3(a).</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Stand-By Common Shares</b>" has the meaning set forth in Section 3(a).</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Subscription Price</b>" means $0.07 per Common Share.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>Subsidiary</b>" has the meaning specified in National Instrument 45-106.</p>
    <p style="margin-left: 54pt; text-align: justify;">"<b>TSX</b>" means the Toronto Stock Exchange.</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(b)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>In this Agreement, unless otherwise expressly provided herein or the context otherwise requires:</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(i)<font style="display: inline-block; width: 18.5pt;">&#160;</font>the insertion of headings and the division of this Agreement into Sections and other subdivisions are for convenience of reference only and shall not affect in any way the meanings and interpretation of this Agreement;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(ii)<font style="width: 15.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>words importing the singular include the plural and vice versa and words importing genders shall include all genders;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(iii)<font style="width: 13.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>if the date on which any action is required to be taken by a party to this Agreement is not a Business Day in the place where the action is required to be taken, such action shall be required to be taken on the next succeeding day which is a Business Day in such place;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(iv)<font style="width: 13.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>references to the words "include", "includes" or "including" shall be deemed to be followed by the words "without limitation" whether or not they are followed by those words or words of like import;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(v)<font style="width: 16.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>references to "this Agreement", "hereto", "herein", "hereby", "hereunder", "hereof" and similar expressions refer to this Agreement and not to any particular Section or other subdivision and include all Schedules and amendments hereto and modifications or restatements hereof;</p>
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    <p style="text-align: justify; text-indent: -28pt; margin-left: 51pt;">(vi)<font style="width: 13.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>references to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms thereof;</p>
    <p style="text-align: justify; text-indent: -28pt; margin-left: 51pt;">(vii)<font style="width: 10.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>references to a particular statute or Law shall be to such statute or Law and the rules, regulations and published policies made thereunder, as now in effect and as they may be promulgated thereunder or amended from time to time; and</p>
    <p style="text-align: justify; text-indent: -28pt; margin-left: 51pt;">(viii)<font style="width: 8pt; text-indent: 0pt; display: inline-block;">&#160;</font>all references to "Dollars", "dollars" or "$" are to lawful money of Canada.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify;">2.<font style="display: inline-block; width: 14pt;">&#160;</font><u>Terms of the Rights Offering. </u></p>
    <p style="text-align: justify;">Kolibri has determined to proceed with the Rights Offering on the following terms:</p>
    <p style="text-align: justify; text-indent: -22pt; margin-left: 22pt;">(a)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Subject to Section 2(f), Kolibri will issue to each Shareholder, at the close of business on the Record Date, one Right for each Common Share held by such Shareholder.</p>
    <p style="text-align: justify; text-indent: -22pt; margin-left: 22pt;">(b)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>Subject to Section 2(f), each Right will entitle the Rightsholder, at its option, to subscribe for 0.5435 Common Share at the Subscription Price (the "Basic Subscription Privilege").</p>
    <p style="text-align: justify; text-indent: -22pt; margin-left: 22pt;">(c)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Each Rightsholder who subscribes for all the Common Shares to which it is entitled pursuant to the Basic Subscription Privilege will be entitled to subscribe for Common Shares not subscribed for by other Rightsholders pursuant to the Basic Subscription Privilege at the Subscription Price (the "Additional Subscription Privilege").</p>
    <p style="text-align: justify; text-indent: -22pt; margin-left: 22pt;">(d)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>The payment of the aggregate Subscription Price by Rightsholders for the Common Shares issuable upon the exercise of Rights under the Basic Subscription Privilege and the Additional Subscription Privilege will occur on the terms of the Rights Offering as set forth in the Rights Offering Circular.</p>
    <p style="text-align: justify; text-indent: -22pt; margin-left: 22pt;">(e)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Rights will expire at the Expiry Time.</p>
    <p style="text-align: justify; text-indent: -22pt; margin-left: 22pt;">(f)<font style="width: 12pt; text-indent: 0pt; display: inline-block;">&#160;</font>Under the terms of the Rights Offering, the Rights will only be issued to Shareholders, and the Common Shares issuable upon exercise of the Rights will only be issuable to Rightsholders, in each case, that are residents of the Eligible Jurisdictions and will not otherwise include Shareholders or Rightsholders resident in an Ineligible Jurisdiction unless such Shareholder or Rightsholder delivers a representation letter in the form set out in Schedule A hereto to satisfy Kolibri that the issuance of Common Shares to such Shareholder or Rightsholder pursuant to the exercise of Rights will not be in violation of the Laws of the applicable Ineligible Jurisdiction.&#160; In addition, the laws of certain states of the United States, including Arizona, Arkansas, California, Minnesota, Ohio, Utah and Wisconsin, may restrict exercise of the Rights.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify;">3.<font style="display: inline-block; width: 14pt;">&#160;</font><u>Stand-By Commitment. </u></p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(a)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Subject to Section 3(b), Kolibri and the Stand-By Purchaser hereby agree, on the terms and subject to the conditions of this Agreement, that the Stand-By Purchaser will purchase and Kolibri will issue and sell to the Stand-By Purchaser at the Subscription Price and on the Closing Date, all of the Common Shares (the "Stand-By Common Shares") represented by any Rights that remain unexercised following the exercise of the Basic Subscription Privilege and the Additional Subscription Privilege under the terms of the Rights Offering, up to a maximum of 54,249,548 Common Shares, less such number of Common Shares either (i) subscribed to by the Stand-By Purchaser as beneficial owner of Rights pursuant to the Basic Subscription Privilege or the Additional Subscription Privilege or (ii) subscribed to by one or more cash-settled total return swap counterparties (a "Stand-By Purchaser Swap Party") of the Stand-By Purchaser as beneficial owners of Rights pursuant to the Basic Subscription Privilege or the Additional Subscription Privilege with respect to which Common Shares the Stand-By Purchaser will have full economic exposure, in each case subject to the Stand-By Purchaser providing Kolibri with reasonable evidence of such subscriptions (the "Stand-By Commitment").&#160;</p>
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    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(b)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>Notwithstanding Section 3(a), in no case shall the Stand-By Purchaser be required to subscribe for a number of Common Shares that would cause the Stand-By Purchaser, together with the funds for which it acts as investment manager (which aggregate holdings will not exceed 12,990,500 immediately prior to the Closing (excluding, for clarity, any Common Shares subscribed to by the Stand-By Purchaser pursuant to the Basic Subscription Privilege or the Additional Subscription Privilege)), to hold more than 20% of the Common Shares outstanding after completion of the Rights Offering, which for greater certainty includes the Common Shares purchased under this Agreement.&#160;</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(c)<font style="width: 11pt; text-indent: 0pt; display: inline-block;">&#160;</font>The closing of the transactions between Kolibri and the Stand-By Purchaser for the Stand-By Common Shares as contemplated under the terms of this Agreement will be completed at 9:00 a.m. (Vancouver time) (the "Closing Time") on the Closing Date or at such other time, date or place as Kolibri and the Stand-By Purchaser may agree upon in writing.&#160; On the Closing Date and subject to and in accordance with the terms of this Agreement, the Stand-By Purchaser will pay in immediately available funds by wire transfer to an account designated by Kolibri, the aggregate subscription price that is payable for the Stand-By Common Shares, and Kolibri will deliver to the Stand-By Purchaser evidence in book entry form of the number of Stand-By Common Shares purchased by the Stand-By Purchaser hereunder (evidence in book entry form to be registered in the name of the Stand-By Purchaser or as the Stand-By Purchaser may otherwise direct Kolibri in writing).</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(d)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Stand-By Purchaser acknowledges that the Rights may only be transferred outside the United States in accordance with Regulations S ("Regulation S") as adopted under the U.S. Securities Act of 1933, as amended.&#160; If the Stand-By Purchaser elects to transfer any of the Rights, it will do so only outside the United States in accordance with Regulation S.&#160; Prior to the Closing Date, the Stand-By Purchaser will not transfer any of the Common Shares over which it exercises ownership, control or discretion, except outside the United States in compliance with Regulation S.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify;">4.<font style="display: inline-block; width: 14pt;">&#160;</font><u>Covenants of Kolibri</u>.</p>
    <p style="text-align: justify;">Subject to and in accordance with the terms of this Agreement, Kolibri agrees with the Stand-By Purchaser as follows:</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(a)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri will not amend the terms of the Rights Offering as set out in Section 2 without the prior written consent of the Stand-By Purchaser, such consent not to be unreasonably withheld.</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(b)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri will file the Rights Offering Notice and the Rights Offering Circular in accordance with National Instrument 45-106 and take all other steps and proceedings that may be necessary to ensure that the distribution of: (i) the Rights and the Common Shares issuable upon exercise of the Rights under the terms of the Rights Offering, and (ii) the Stand-By Common Shares issuable to the Stand-By Purchaser under the terms of the Stand-By Purchase Commitment will, in each case, comply with applicable Securities Laws.</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(c)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri will prepare any amendments to the Rights Offering Notice or the Rights Offering Circular required to be filed under applicable Securities Laws.</p>
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    <p style="text-align: justify; text-indent: -22pt; margin-left: 22pt;">(d)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri will use commercially reasonable efforts to obtain conditional acceptance by the TSX of the issuance of the Rights, the Common Shares issuable upon exercise of the Rights and the Stand-By Common Shares subject to receipt of customary final documentation.</p>
    <p style="text-align: justify; text-indent: -22pt; margin-left: 22pt;">(e)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri will use commercially reasonable efforts to obtain all necessary consents and approvals for the: (i) creation, issuance and delivery of the Rights and the Common Shares issuable upon exercise of the Rights under the terms of the Rights Offering; (ii) creation, issuance, sale and delivery of the Stand-By Common Shares to the Stand-By Purchaser under the terms of the Stand-By Purchase Commitment; and (iii) entering into and performance by it of this Agreement.</p>
    <p style="text-align: justify; text-indent: -22pt; margin-left: 22pt;">(f)<font style="width: 12pt; text-indent: 0pt; display: inline-block;">&#160;</font>From the date of this Agreement to the Closing Date, Kolibri will immediately notify the Stand-By Purchaser in writing of any written demand, request or inquiry (formal or informal) by any Governmental Entity that concerns any matter relating to Kolibri's affairs that may affect the Rights Offering, the transactions contemplated herein or that relates to the issuance, or threatened issuance by any such Governmental Entity of any cease trading or similar order or ruling relating to any of Kolibri's securities. Any notice delivered to the Stand-By Purchaser under this <font style="color: #000000;">Section </font>4(f) will contain reasonable details of the demand, request, inquiry, order or ruling.</p>
    <p style="text-align: justify; text-indent: -22pt; margin-left: 22pt;">(g)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>During the period from the date of this Agreement to the Closing Date, Kolibri shall promptly notify the Stand-By Purchaser in writing of any material change (actual, anticipated, contemplated or threatened, financial or otherwise) in the business, affairs, operations, assets, liabilities (contingent or otherwise), prospects or capital of Kolibri and its Subsidiaries, taken as a whole. Kolibri will promptly, and in any event within any applicable time limitation, comply, to the satisfaction of the Stand-By Purchaser, acting reasonably, with all applicable filings and other requirements under applicable Securities Laws as a result of such material change. Kolibri will in good faith discuss with the Stand-By Purchaser any fact or change in circumstance (actual, anticipated, contemplated or threatened, financial or otherwise) that is of such a nature that there is a reasonable doubt whether or not written notice need be given under this Section 4(g), subject to compliance with applicable Laws.</p>
    <p style="text-align: justify; text-indent: -22pt; margin-left: 22pt;">(h)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri will deliver, or will cause Computershare Investor Services Inc. to deliver, to the Stand-By Purchaser, upon one Business Days' notice Kolibri, up to three reports concerning the total number of Common Shares duly subscribed for and paid for by the Rightsholders under the terms of the Rights Offering (including those subscribed for and paid for under the Additional Subscription Privilege, if applicable).</p>
    <p style="text-align: justify; text-indent: -22pt; margin-left: 22pt;">(i)<font style="width: 12.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri will use such commercially reasonable efforts as the Stand-By Purchaser may reasonably request to enforce payment in respect of, or to otherwise ensure the valid exercise of, all Rights purported to be exercised under the Basic Subscription Privilege or the Additional Subscription Privilege.</p>
    <p style="text-align: justify; text-indent: -22pt; margin-left: 22pt;">(j)<font style="width: 12.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Stand-By Purchaser will be given a reasonable opportunity to review and comment on the Rights Offering Notice or the Rights Offering Circular and any amendments thereto.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify;">5.<font style="display: inline-block; width: 14pt;">&#160;</font><u>Representations and Warranties of Kolibri</u>.</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(a)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri hereby represents and warrants to the Stand-By Purchaser as follows and acknowledges that the Stand-By Purchaser is relying upon such representations and warranties in connection with its commitments contemplated under this Agreement:</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(i)<font style="width: 18.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri is validly existing under the laws of the province of British Colombia and has the corporate power and capacity to enter into and perform its obligations under this Agreement;</p>
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    <p style="text-align: justify; text-indent: -28pt; margin-left: 51pt;">(ii)<font style="width: 15.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>the execution and delivery by Kolibri of this Agreement and the performance of its obligations under this Agreement have been duly authorized by all necessary corporate action on the part of Kolibri;</p>
    <p style="text-align: justify; text-indent: -28pt; margin-left: 51pt;">(iii)<font style="width: 13.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>each of the Rights Offering Notice, the Rights Offering Circular and the issuance of the Rights, the Common Shares issuable upon exercise of the Rights and the Stand-By Common Shares have been duly authorized by all necessary corporate action on the part of Kolibri;</p>
    <p style="text-align: justify; text-indent: -28pt; margin-left: 51pt;">(iv)<font style="width: 13.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>this Agreement has been duly executed and delivered by Kolibri and constitutes a legal, valid and binding agreement of Kolibri enforceable against it in accordance with its terms subject only to:</p>
    <p style="margin-left: 72pt; text-indent: -20pt; text-align: justify;">(A)<font style="display: inline-block; width: 6pt;">&#160;</font>any limitation on bankruptcy, insolvency or other laws affecting the enforcement of creditors' rights generally; and</p>
    <p style="margin-left: 72pt; text-indent: -20pt; text-align: justify;">(B)<font style="display: inline-block; width: 6.5pt;">&#160;</font>the discretion that a court may exercise in the granting of equitable remedies, such as specific performance and injunction;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(v)<font style="width: 16.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>the execution and delivery by Kolibri of this Agreement, the performance by Kolibri of its obligations under this Agreement and the consummation of the transactions by Kolibri contemplated hereunder (including the Rights Offering) do not and will not (or would not with the giving of notice, the lapse of time or the happening of any other event or condition):</p>
    <p style="margin-left: 72pt; text-indent: -20pt; text-align: justify;">(A)<font style="width: 6pt; text-indent: 0pt; display: inline-block;">&#160;</font>violate any provision of the articles, by-laws or other constating documents of Kolibri;</p>
    <p style="margin-left: 72pt; text-indent: -20pt; text-align: justify;">(B)<font style="width: 6.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>result in a breach or violation of, or constitute a default under, or conflict with, any provision of any indenture, mortgage, agreement, contract or other material instrument to which Kolibri or any of its Subsidiaries is a party or by which Kolibri or any of its Subsidiaries or any of their respective assets or property are bound; and</p>
    <p style="margin-left: 72pt; text-indent: -20pt; text-align: justify;">(C)<font style="width: 6.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>result in the violation of any applicable Laws;</p>
    <p style="margin-left: 51pt; text-align: justify;">excluding, in the case of clauses (B) and (C), such breaches, violations or conflicts that would not individually or in the aggregate result in a Material Adverse Effect or have a material adverse effect on the Rights Offering or on the other transactions contemplated hereunder;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(vi)<font style="width: 13.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>no consent, approval, order or authorization of, or declaration with, any Governmental Entity or any third party is required by or with respect to Kolibri in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated under this Agreement, other than TSX acceptance of the Rights Offering and the issuance of the Rights, the Common Shares issuable upon exercise of the Rights and the Stand-By Common Shares and any other consents, approvals or authorizations that may be required under applicable Securities Laws;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(vii)<font style="width: 11.06pt; text-indent: 0pt; display: inline-block;">&#160;</font>the authorized capital of Kolibri consists of an unlimited number of Common Shares of which 232,922,625 Common Shares are issued and outstanding as of the date of this Agreement;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(viii)<font style="width: 8.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri is a reporting issuer under applicable Securities Laws and is in compliance in all material respects with all continuous and timely disclosure obligations under applicable Securities Laws and is not in violation in any material respect of any of the rules and policies of the TSX (including the applicable listing requirements of the TSX) and its Common Shares are currently listed on the TSX;</p>
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    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(ix)<font style="width: 13.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>no order ceasing or suspending the trading of Kolibri's securities has been issued to or is outstanding against Kolibri;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(x)<font style="width: 16.17pt; text-indent: 0pt; display: inline-block;">&#160;</font>the documents comprising the Public Record complied as filed in all material respects with applicable Securities Laws and did not, as of the date filed (or, if amended or superseded by a subsequent filing prior to the date of this Agreement, on the date of such subsequent filing), contain any Misrepresentation; and</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(xi)<font style="width: 13.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Common Shares issuable to the Stand-By Purchaser upon the exercise of Rights and the Stand-By Common Shares will, at their time of issuance in accordance with the terms of the Rights Offering and this Agreement, as applicable, be validly issued as fully paid and non-assessable, be free and clear of all liens, pledges, claims, encumbrances and security interests and will not be subject to any pre-emptive or similar rights.</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(b)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>All representations and warranties of Kolibri contained in this Agreement will survive the completion of the transactions contemplated under this Agreement for a period of 18 months.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify;">6.<font style="width: 14pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Representations and Warranties of the Stand-By Purchaser.</u></p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(a)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Stand-By Purchaser hereby represents and warrants to Kolibri as follows and acknowledges that Kolibri is relying upon such representations and warranties in connection with its commitments contemplated under this Agreement:</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(i)<font style="width: 18.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Stand-By Purchaser is validly existing under the laws of England and Wales and has the corporate power and capacity to enter into and perform its obligations under this Agreement;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(ii)<font style="width: 15.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>the execution and delivery by the Stand-By Purchaser of this Agreement and the performance of its obligations under this Agreement have been duly authorized by all necessary corporate action on the part of the Stand-By Purchaser;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(iii)<font style="width: 13.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>this Agreement has been duly executed and delivered by the Stand-By Purchaser and constitutes a legal, valid and binding agreement of the Stand-By Purchaser enforceable against it in accordance with its terms subject only to:</p>
    <p style="margin-left: 72pt; text-indent: -20pt; text-align: justify;">(A)<font style="width: 6pt; text-indent: 0pt; display: inline-block;">&#160;</font>any limitation on bankruptcy, insolvency or other laws affecting the enforcement of creditors' rights generally; and</p>
    <p style="margin-left: 72pt; text-indent: -20pt; text-align: justify;">(B)<font style="width: 6.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>the discretion that a court may exercise in the granting of equitable remedies, such as specific performance and injunction;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(iv)<font style="width: 14.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>the execution and delivery by the Stand-By Purchaser of this Agreement, the performance by the Stand-By Purchaser of its obligations under this Agreement and the consummation of the transactions by the Stand-By Purchaser contemplated hereunder do not and will not (or would not with the giving of notice, the lapse of time or the happening of any other event or condition):</p>
    <p style="margin-left: 72pt; text-indent: -20pt; text-align: justify;">(A)<font style="width: 6pt; text-indent: 0pt; display: inline-block;">&#160;</font>violate any provision of the articles, by-laws or other constating documents of the Stand-By Purchaser;</p>
    <p style="margin-left: 72pt; text-indent: -20pt; text-align: justify;">(B)<font style="width: 6.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>result in a breach or violation of, or constitute a default under, or conflict with, any provision of any indenture, mortgage, agreement, contract or other material instrument to which the Stand-By Purchaser or any of its Subsidiaries is a party or by which the Stand-By Purchaser or any of its Subsidiaries or any of their respective assets or property are bound; and</p>
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    <p style="margin-left: 72pt; text-indent: -20pt; text-align: justify;">(C)<font style="width: 6pt; text-indent: 0pt; display: inline-block;">&#160;</font>result in the violation of any applicable Laws;</p>
    <p style="margin-left: 51pt; text-align: justify;">excluding, in the case of clauses (B) and (C), such breaches, violations or conflicts that would not individually or in the aggregate have a material adverse effect on the Rights Offering or on the other transactions contemplated hereunder;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(v)<font style="width: 17.17pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Stand-By Purchaser has beneficial (non-registered) ownership of, or control or direction over, directly or indirectly, 12,990,500 Common Shares as at the date of this Agreement;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(vi)<font style="width: 14.12pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Stand-By Purchaser has the financial ability and sufficient funds to carry out its obligations under this Agreement (including the exercise of the Stand-By Commitment under <font style="color: #000000;">Section </font>3(a)), and the availability of such funds is not and will not be subject to the consent, approval or authorization of any other Person; and</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(vii)<font style="width: 11.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>the offer and sale of the Common Shares to it, whether pursuant to this Agreement or the exercise of Rights, are being made outside the United States in compliance with Regulation S.</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(b)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>All representations and warranties of the Stand-By Purchaser contained in this Agreement will survive the completion of the transactions contemplated under this Agreement for a period of 18 months.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify;">7.<font style="width: 14pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Conditions</u>.</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(a)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>The respective obligations of each of Kolibri and the Stand-By Purchaser to complete the transactions contemplated by this Agreement are subject to the following conditions being satisfied (each of which may only be waived by the mutual written consent of Kolibri and the Stand-By Purchaser):</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(i)<font style="width: 18.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>there will be no claims, litigation, investigations or proceedings, including appeals and applications for review, in progress or pending or threatened, including by or before any Governmental Entity in relation to the Rights, the Common Shares issuable upon exercise of the Rights or the Stand-By Common Shares or the Rights Offering, any of which suspends or ceases trading in the Rights, the Common Shares issuable upon exercise of the Rights or the Stand-By Common Shares or operates to prevent or restrict the lawful distribution of the Rights, the Common Shares issuable upon exercise of the Rights or the Stand-By Common Shares (which suspension, cessation, prevention or restriction, as the case may be, is continuing);</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(ii)<font style="width: 15.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>there will be no inquiry, investigation (whether formal or informal) or other proceeding commenced by a Governmental Entity pursuant to applicable Laws in relation to Kolibri or its Subsidiaries or in relation to any of the directors and officers of Kolibri or its Subsidiaries or in relation to the Stand-By Purchaser or any of the directors and officers of the Stand-By Purchaser, any of which suspends or ceases trading in the Rights, the Common Shares issuable upon exercise of the Rights or the Stand-By Common Shares or operates to prevent or restrict the lawful distribution of the Rights, the Common Shares issuable upon exercise of the Rights or the Stand-By Common Shares (which suspension, cessation, prevention or restriction, as the case may be, is continuing); and</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(iii)<font style="width: 13.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>there will be no order issued by a Governmental Entity pursuant to applicable Laws and no change of Law, either of which suspends or ceases trading in the Rights, the Common Shares issuable upon exercise of the Rights or the Stand-By Common Shares or operates to prevent or restrict the lawful distribution of the Rights, the Common Shares issuable upon exercise of the Rights or the Stand-By Common Shares (which suspension, cessation, prevention or restriction, as the case may be, is continuing).</p>
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    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(b)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>The obligation of the Stand-By Purchaser to complete the transactions contemplated by this Agreement is subject to the following conditions being satisfied (each of which is for the exclusive benefit of the Stand-By Purchaser and may only be waived by the written consent of the Stand-By Purchaser, in its sole discretion):</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(i)<font style="width: 18.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri will have made or obtained all necessary filings, approvals, orders, rulings and consents of all Governmental Entities required in connection with the Rights Offering and the purchase of Stand-By Common Shares by the Stand-By Purchaser as contemplated by this Agreement, including having obtained TSX acceptance of the Rights Offering and issuance of the Rights subject to receipt of customary final documentation;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(ii)<font style="width: 15.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>there shall not have occurred a Material Adverse Effect;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(iii)<font style="width: 13.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri shall have fulfilled or complied in all material respects with its covenants contained in this Agreement to be fulfilled or complied with by it on or before the Closing Time;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(iv)<font style="width: 13.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>the representations and warranties made by Kolibri in this Agreement shall be true and correct in all material respects (except for representations and warranties which are stated to be qualified as to materiality, in which case, such representations and warranties will be true and correct) as of the Closing Time (except for representations and warranties made as of a specified date, the accuracy of which shall be determined as of such date);</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(v)<font style="width: 16.17pt; text-indent: 0pt; display: inline-block;">&#160;</font>Unless Kolibri otherwise receives, pursuant to subscriptions under the Rights Offering (but excluding, for clarity, proceeds from the Stand-By Commitment), the maximum proceeds under the Rights Offering of $8,861,000, Livermore shall have acquired, or shall acquire concurrently with the closing of the Stand-By Commitment, pursuant to the Rights Offering, Common Shares for an aggregate subscription price of at least U.S.$2,000,000;&#160;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(vi)<font style="width: 13.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri shall have received a commitment from BOK Financial that, subject to the satisfaction of certain conditions, it shall increase the borrowing base of BNK Petroleum (US) Inc.'s credit facility by U.S.$2,000,000 in the event Kolibri is able to raise gross proceeds of at least $8,500,000 under the Rights Offering;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(vii)<font style="width: 10.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Stand-By Purchaser will have received at the Closing Time a certificate dated as of the Closing Date and signed on behalf of Kolibri by two senior officers of Kolibri acceptable to the Stand-By Purchaser, acting reasonably, and addressed to the Stand-By Purchaser, certifying for and on behalf of Kolibri and not in their personal capacity after having made due inquiry, that:</p>
    <p style="margin-left: 72pt; text-indent: -20pt; text-align: justify;">(A)<font style="width: 6pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri has fulfilled or complied in all material respects with the terms, conditions and covenants of this Agreement on its part to be fulfilled or complied with by it on or before the Closing Time; and</p>
    <p style="margin-left: 72pt; text-indent: -20pt; text-align: justify;">(B)<font style="width: 6.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>the representations and warranties of Kolibri contained in this Agreement are true and correct in all material respects as of the Closing Time (except to the extent such representations and warranties expressly relate to an earlier date, and in such case, shall be true and correct on and as of such earlier date) with the same force and effect as if made at and as of the Closing Date after giving effect to the transactions contemplated by this Agreement, except for such representations and warranties which are stated to be qualified as to materiality, in which case, such representations and warranties will be true and correct as of the Closing Time or an earlier date, as applicable.</p>
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    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(c)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>The obligation of Kolibri to complete the transactions contemplated by this Agreement is subject to the following conditions being satisfied (each of which is for the exclusive benefit of Kolibri and may only be waived by the written consent of Kolibri, in its sole discretion):</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(i)<font style="width: 18.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Stand-By Purchaser shall have fulfilled or complied in all material respects with its covenants contained in this Agreement to be fulfilled or complied with by it on or before the Closing Time;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(ii)<font style="width: 16.06pt; text-indent: 0pt; display: inline-block;">&#160;</font>the representations and warranties made by the Stand-By Purchaser in this Agreement shall be true and correct in all material respects (except for representations and warranties which are stated to be qualified as to materiality, in which case, such representations and warranties will be true and correct) as of the Closing Time (except for representations and warranties made as of a specified date, the accuracy of which shall be determined as of such date); and&#160;</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(iii)<font style="width: 13.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri will have received at the Closing Time a certificate dated as of the Closing Date and signed on behalf of the Stand-By Purchaser by two senior officers of the Stand-By Purchaser acceptable to Kolibri, acting reasonably, and addressed to Kolibri, certifying for and on behalf of the Stand-By Purchaser and not in their personal capacity after having made due inquiry, that:</p>
    <p style="margin-left: 72pt; text-indent: -20pt; text-align: justify;">(A)<font style="width: 6pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Stand-By Purchaser has fulfilled or complied in all material respects with the terms, conditions and covenants of this Agreement on its part to be fulfilled or complied with by it on or before the Closing Time; and</p>
    <p style="margin-left: 72pt; text-indent: -20pt; text-align: justify;">(B)<font style="width: 6.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>the representations and warranties of the Stand-By Purchaser contained in this Agreement are true and correct in all material respects as of the Closing Time (except to the extent such representations and warranties expressly relate to an earlier date, and in such case, shall be true and correct on and as of such earlier date) with the same force and effect as if made at and as of the Closing Date after giving effect to the transactions contemplated by this Agreement, except for such representations and warranties which are stated to be qualified as to materiality, in which case, such representations and warranties will be true and correct as of the Closing Time or an earlier date, as applicable.</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(d)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>Each of Kolibri and the Stand-By Purchaser agrees that it will use commercially reasonable to cause the conditions set forth in this Section 7 to be satisfied to the extent that such conditions relate to acts to be performed or caused to be performed by such party.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify;">8.<font style="display: inline-block; width: 14pt;">&#160;</font><u>Termination</u>.</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(a)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Either Kolibri or the Stand-By Purchaser may terminate this Agreement if any of the conditions set out in Section 7(a) have not been satisfied or waived on or before the Closing Date (to the extent that the failure to satisfy such conditions is not owing to the terminating party's fault).</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(b)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Stand-By Purchaser may terminate this Agreement by giving written notice to Kolibri at any time if:</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(i)<font style="width: 18.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>any of the conditions set out in Section 7(b) are not satisfied on or before the Closing Date; <i>provided </i>that the Stand-By Purchaser is not then in material breach of this Agreement.</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(ii)<font style="width: 15.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Common Shares or the Rights are de-listed (other than in the case of the Rights on the Expiry Date in accordance with TSX practices);</p>
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    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(iii)<font style="width: 13.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>there has occurred a Material Adverse Effect; or</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(iv)<font style="width: 13.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Rights Offering is not completed by January 28, 2022.</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(c)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri may terminate this Agreement by giving written notice to the Stand-By Purchaser at any time if any of the conditions set out in Section 7(c) are not satisfied on or before the Closing Date; <i>provided that</i>, Kolibri is not then in material breach of this Agreement.</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(d)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>Notwithstanding any other provision hereof, should Kolibri or the Stand-By Purchaser validly terminate this Agreement pursuant to, and in accordance with this Section 8, the obligations of both Kolibri and the Stand-By Purchaser under this Agreement will terminate and there will be no further liability on the part of Kolibri to the Stand-By Purchaser or the Stand-By Purchaser to Kolibri hereunder (except for any liability of a party that exists at such time or that may arise pursuant to Section 9).</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify;">9.<font style="display: inline-block; width: 14pt;">&#160;</font><u>Indemnification</u>.</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(a)<font style="width: 10.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Kolibri agrees to indemnify and hold harmless the Stand-By Purchaser, for and on behalf of itself and for and on behalf of and in trust for each of its directors, officers, employees, Affiliates, advisors and agents, from and against any and all losses, claims, damages, liabilities, costs or expenses caused or incurred by reason of or in any way arising, directly or indirectly, out of any:</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(i)<font style="width: 18.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>Misrepresentation in the Rights Offering Circular or the Rights Offering Notice; or</p>
    <p style="margin-left: 51pt; text-indent: -28pt; text-align: justify;">(ii)<font style="width: 15.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>breach or default of or under any representation, warranty, covenant of Kolibri contained in this Agreement.&#160;</p>
    <p style="margin-left: 22pt; text-indent: -22pt; text-align: justify;">(b)<font style="width: 10pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Stand-By Purchaser agrees to indemnify and hold harmless Kolibri, for and on behalf of itself and for and on behalf of and in trust for each of its directors, officers, employees, Affiliates, advisors and agents, from and against any and all losses, claims, damages, liabilities, costs or expenses caused or incurred, by reason of or in any way arising, directly or indirectly, out of any breach or default of or under any representation, warranty, covenant of the Stand-By Purchaser contained in this Agreement.&#160;</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify;">10.<font style="display: inline-block; width: 9.5pt;">&#160;</font><u>Entire Agreement</u>.</p>
    <p style="text-align: justify;">This Agreement constitutes the entire agreement between parties hereto with respect to the transactions contemplated by this Agreement and supersedes all prior agreements, understandings and negotiations, whether oral or written, of the parties hereto.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify;">11.<font style="display: inline-block; width: 9.5pt;">&#160;</font><u>Amendment and Waiver.</u></p>
    <p style="text-align: justify;">This Agreement may not be amended or supplemented, except by an instrument in writing signed by both of the parties hereto. No waiver of any provision of this Agreement will be binding unless executed in writing by the party to be bound by the waiver and no waiver of any provisions hereof by either party shall be deemed a waiver of any other provisions hereof by such party, nor shall any such waiver be deemed a continuing waiver of any provision hereof by such party.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify;">12.<font style="display: inline-block; width: 9.5pt;">&#160;</font><u>Notices.</u></p>
    <p style="text-align: justify;">All notices and communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given or made as of the date delivered or sent if delivered personally or sent by email, or as of the following Business Day if sent by prepaid overnight courier, to the parties hereto at the following addresses (or at such other addresses as shall be specified by either party by notice to the other given in accordance with these provisions):</p>
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    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-right: 15pt; vertical-align: top;">If to Kolibri:</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;" colspan="2">Kolibri Global Energy Inc.</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-right: 15pt; vertical-align: top;">&#160;</td>
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    <p style="text-align: justify;">Reference is made to the rights offering circular of the Company dated November 23, 2021 (the "<b>Circular</b>"), a copy of which is posted under the Company's profile at www.sedar.com and has been made available to the undersigned (the "<b>Subscriber</b>").</p>
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    <p style="text-align: justify;">The Subscriber hereby covenants that it will, if requested by the Company, deliver to the Company a certificate or opinion of local counsel from the Other Jurisdiction which will confirm the matters referred to herein to the satisfaction of the Company, acting reasonably, and/or such other evidence of compliance with all aforementioned matters as the Company or its counsel may reasonably request.</p>
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    <p style="text-align: left;">IN WITNESS WHEREOF, the undersigned has executed this letter as of the ____ day of ________________, 2021.</p>
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<DOCUMENT>
<TYPE>EX-2.1
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<DESCRIPTION>EXHIBIT 2.1
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<html>

<head>
    <title>Kolibri Global Energy Inc.: Exhibit 2.1 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
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    <p style="text-align: center;"><font style="font-size: 14pt;"><b>KOLIBRI GLOBAL ENERGY INC.</b></font></p>
    <p style="text-align: center;"><b>for the year ended December 31, 2020</b></p>
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    <p style="text-align: center;">dated March 30, 2021</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
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        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_3"><b>PRELIMINARY NOTES</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_3"><b>2</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt;"><a href="#page_3">Glossary of Terms</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_3">2</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_4">Conventions</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_4">3</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt;"><a href="#page_5">Abbreviations</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_5">4</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_5">Cautionary Notes Regarding Oil and Gas Disclosure</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_5">4</a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_5"><b>FORWARD-LOOKING INFORMATION</b></a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_5"><b>4</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_9"><b>CORPORATE STRUCTURE</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_9"><b>8</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_10"><b>DEVELOPMENT OF THE BUSINESS</b></a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_10"><b>9</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_10">Business Profile and Strategy</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_10">9</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt;"><a href="#page_10">Three Year History</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_10">9</a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_12"><b>DESCRIPTION OF THE BUSINESS</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_12"><b>11</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt;"><a href="#page_12">Business Profile</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_12">11</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_12">Products</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_12">11</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt;"><a href="#page_12">Specialized Skills and Knowledge</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_12">11</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_12">Competitive Conditions</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_12">11</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt;"><a href="#page_13">Cycles</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_13">12</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_13">Economic Dependence</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_13">12</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt;"><a href="#page_13">Employees</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_13">12</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_13">Environmental Protection</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_13">12</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt;"><a href="#page_13">Foreign Operations</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_13">12</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_13">Social or Environmental Policies</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_13">12</a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_15"><b>OIL AND GAS INFORMATION</b></a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_15"><b>14</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt; background-color: #eeeeee;"><a href="#page_15">Statement of Reserves Data and Other Oil and Gas Information</a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_15">14</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 36pt;"><a href="#page_16">Project Descriptions</a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_16">15</a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_18"><b>RISK FACTORS</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_18"><b>17</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_30"><b>DIVIDENDS</b></a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_30"><b>29</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_31"><b>DESCRIPTION OF CAPITAL STRUCTURE</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_31"><b>30</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_32"><b>MARKET FOR SECURITIES</b></a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_32"><b>31</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_33"><b>PRIOR SALES</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_33"><b>32</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_33"><b>DIRECTORS AND OFFICERS</b></a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_33"><b>32</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_36"><b>AUDIT COMMITTEE INFORMATION</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_36"><b>35</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_37"><b>LEGAL PROCEEDINGS AND REGULATORY ACTIONS</b></a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_37"><b>36</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_37"><b>INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_37"><b>36</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_37"><b>TRANSFER AGENTS AND REGISTRARS</b></a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_37"><b>36</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_38"><b>MATERIAL CONTRACTS</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_38"><b>37</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_38"><b>INTERESTS OF EXPERTS</b></a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_38"><b>37</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_38"><b>ADDITIONAL INFORMATION</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_38"><b>37</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_39"><b>SCHEDULE "A" AUDIT COMMITTEE CHARTER</b></a></td>
            <td style="width: 5%; text-align: right;"><a href="#page_2"><b>A-1</b></a></td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: justify;"><b>PRELIMINARY NOTES</b></p>
    <p style="text-align: justify;">This document is the Annual Information Form (the "<b>AIF</b>") of Kolibri Global Energy Inc. (formerly BNK Petroleum Inc.) for the year ended December 31, 2020.&#160; All information contained herein is as at December 31, 2020, unless otherwise stated.&#160; Unless the context indicates otherwise, references in this AIF to "KEI", "Kolibri" or the "Corporation" include, for reporting purposes only, the direct or indirect subsidiaries and significant investee corporations of Kolibri Global Energy Inc.&#160; Such use of "KEI", "Kolibri" or the "Corporation" to refer to these other legal entities does not constitute a waiver by Kolibri Global Energy Inc. or such entities of their separate legal status, for any purpose.</p>
    <p style="text-align: justify;">This AIF should be read in conjunction with the Corporation's consolidated financial statements and management's discussion and analysis for the period ended December 31, 2020.&#160; The financial statements and management's discussion and analysis are available under the Corporation's profile on the SEDAR website at <font style="color: #0000ff;"><u>www.sedar.com</u></font>.</p>
    <p style="text-align: justify;">The Corporation prepares its consolidated financial statements in accordance with International Financial Reporting Standards ("<b>IFRS</b>").&#160; The financial statements of the Corporation are reported in United States dollars. IFRS differs from United States generally accepted accounting principles, referred to as "<b>U.S. GAAP</b>". Therefore, the consolidated financial statements of the Corporation are not comparable to financial statements prepared in accordance with U.S. GAAP.</p>
    <p style="text-align: justify;"><u><b>Glossary of Terms</b></u></p>
    <p style="text-align: justify;">In this AIF, the following terms have the following meanings.&#160; Other terms are defined throughout this AIF and in such cases shall have the meanings given therein.</p>
    <p style="text-align: justify;">"<b>BNK US</b>" means BNK Petroleum (US) Inc., an indirect subsidiary of the Corporation incorporated under the laws of Texas, U.S.;</p>
    <p style="text-align: justify;">"<b>Common Shares</b>" means the common shares in the capital of the Corporation;</p>
    <p style="text-align: justify;">"<b>Corporation</b>", "KEI" or "Kolibri" means Kolibri Global Energy Inc., a British Columbia corporation;</p>
    <p style="text-align: justify;">"<b>Credit Facility</b>" means BNK US' $75 million reserve-based credit facility;</p>
    <p style="text-align: justify;">"<b>Netherland, Sewell</b>" means Netherland, Sewell &amp; Associates, Inc. an independent petroleum engineering consultant firm of Houston, Texas, U.S.A;</p>
    <p style="text-align: justify;">"<b>NI 51-101</b>" means National Instrument 51-101 of the Canadian Securities Administrators entitled <i>Standards of Disclosure for Oil and Gas Activities</i>;</p>
    <p style="text-align: justify;">"<b>NI 51-101 Report</b>" means the Corporation's Form 51-101F1 <i>Statement of Reserves Data and Other Oil and Gas Information</i> dated March 9, 2021, which is incorporated by reference in this AIF under the heading "<i>Oil and Gas Information - Statement of Reserves Data and Other Oil and Gas Information</i>" and is available on SEDAR at www.sedar.com;</p>
    <p style="text-align: justify;">"<b>Plan</b>"<b> </b>refers to the Corporation's stock option plan that permits grants of stock options to directors, officers, employees and service providers;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <div id="header_page_4">
        <p style="text-align: center;">- 3 -</p>
    </div>
    <p style="text-align: justify;">"<b>Preferred Shares</b>" refers to the Corporation's classes of preferred shares, including an unlimited number of Series 1 Preferred Shares without par value, an unlimited number of Series 2 Preferred Shares without par value and an unlimited number of Series 3 Preferred Shares without par value;</p>
    <p style="text-align: justify;">"<b>TSX</b>" means the Toronto Stock Exchange;</p>
    <p style="text-align: justify;">"<b>U.S.</b>" means the United States of America; and</p>
    <p style="text-align: justify;">"<b>Woodford Sale</b>" means the sale by BNK US of its Tishomingo Field assets, excluding the Caney and Upper Sycamore formations, to XTO Energy Inc. for approximately $146.4 million in cash, the completion of which was announced by the Corporation on April 21, 2013.</p>
    <p style="text-align: justify;"><u><b>Conventions</b></u></p>
    <p style="text-align: justify;">This AIF contains references to Canadian dollars and United States dollars.&#160; All dollar amounts referenced, unless otherwise indicated, are expressed in United States dollars.&#160; Canadian dollars are referred to as "<b>C$</b>".</p>
    <p style="text-align: justify;">The following table sets forth, for each of the years indicated, the exchange rate of United States dollars into Canadian dollars:</p>
    <table style="width: 80%; margin-left: auto; border-collapse: collapse; font-size: 10pt; margin-right: auto;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 16.26%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; white-space: nowrap;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Year Ended December 31</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 16.26%; vertical-align: top; border-bottom: 1.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 1.5pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>2020</b></p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 1.5pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>2019</b></p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 1.5pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>2018</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p><b>High</b><sup><b>(1)</b></sup></p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="margin-right: 8.1pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">C$1.27</p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="margin-right: 8.1pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">C$1.30</p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="margin-right: 8.1pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">C$1.23</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>Low</b><sup><b>(1)</b></sup></p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="margin-right: 8.1pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1.44</p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="margin-right: 8.1pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1.36</p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="margin-right: 8.1pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1.36</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p><b>Average</b><sup><b>(2)</b></sup></p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="margin-right: 8.1pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1.34</p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="margin-right: 8.1pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1.33</p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="margin-right: 8.1pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1.30</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>Closing</b><sup><b>(1)</b></sup></p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="margin-right: 8.1pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1.27</p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="margin-right: 8.1pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1.31</p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="margin-right: 8.1pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1.36</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; text-align: justify;"><b>Notes:</b></p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify;">(1)<font style="width: 24.87pt; text-indent: 0pt; display: inline-block;">&#160;</font>The exchange rates are nominal quotations - not buying or selling rates - published by Bloomberg in 2020 and 2019 and Reuters in 2018 and are intended for statistical purposes.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -36pt; text-align: justify;">(2)<font style="width: 24.87pt; text-indent: 0pt; display: inline-block;">&#160;</font>The average rate means the average of the exchange rates on the last day of each month during the year.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <div id="header_page_5">
        <p style="text-align: center;">- 4 -</p>
    </div>
    <p style="text-align: justify;"><u><b>Abbreviations</b></u></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; white-space: nowrap; padding-left: 5.4pt; padding-right: 5.4pt;" colspan="2"><b>Oil and Natural Gas Liquids</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt; border-bottom: 0.75pt solid #000000;">bbl</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: #e6efff; width: 90%; border-bottom: 0.75pt solid #000000;">Barrel</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt; border-bottom: 0.75pt solid #000000;">bbls</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; width: 90%; border-bottom: 0.75pt solid #000000;">Barrels</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt; border-bottom: 0.75pt solid #000000;">mbbls</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: #e6efff; width: 90%; border-bottom: 0.75pt solid #000000;">Thousand barrels</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt; border-bottom: 0.75pt solid #000000;">NGL</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; width: 90%; border-bottom: 0.75pt solid #000000;">Natural gas liquids</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt; border-bottom: 0.75pt solid #000000;">bopd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: #e6efff; width: 90%; border-bottom: 0.75pt solid #000000;">Barrels of oil per day</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt; border-bottom: 0.75pt solid #000000;">boe</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; width: 90%; border-bottom: 0.75pt solid #000000;">Barrel of oil equivalent of natural gas and crude oil on the basis of 1 bbl for 6 Mcf of natural gas (this conversion factor is an industry accepted norm and is not based on either energy content or current prices)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt; border-bottom: 0.75pt solid #000000;">boepd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: #e6efff; width: 90%; border-bottom: 0.75pt solid #000000;">Barrels of oil equivalent per day</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt; border-bottom: 0.75pt solid #000000;">Mboe</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; width: 90%; border-bottom: 0.75pt solid #000000;">1,000 barrels of oil equivalent</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt; border-bottom: 0.75pt solid #000000;">MMboe</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: #e6efff; width: 90%; border-bottom: 0.75pt solid #000000;">Million barrels of oil equivalent</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; white-space: nowrap; border-bottom: 1.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;" colspan="2"><b>Natural Gas</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; padding-right: 5.4pt; border-bottom: 0.75pt solid #000000;">mcf</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 90%; border-bottom: 0.75pt solid #000000;">Thousand cubic feet</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt; border-bottom: 0.75pt solid #000000;">mmcf</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 90%; border-bottom: 0.75pt solid #000000;">Million cubic feet</td>
        </tr>
    </table>
    <p style="text-align: justify;"><u><b>Cautionary Notes Regarding Oil and Gas Disclosure</b></u></p>
    <p style="text-align: justify;">In the disclosure contained in this AIF, the documents incorporated by reference in this AIF and the Corporation's other disclosure:</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">(a)<font style="width: 24.9pt; text-indent: 0pt; display: inline-block;">&#160;</font>Discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">(b)<font style="width: 24.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Corporation's natural gas production is reported in thousands of cubic feet ("<b>Mcfs</b>"). The Corporation also uses references to barrels ("<b>Bbls</b>") and barrels of oil equivalent ("<b>Boes</b>") to reflect natural gas liquids and oil production and sales. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">(c)<font style="width: 24.9pt; text-indent: 0pt; display: inline-block;">&#160;</font>Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">(d)<font style="width: 24.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>Readers are cautioned that peak, 30-day initial production and other short-term production rates are not necessarily indicative of long-term performance or of ultimate recovery.</p>
    <p style="text-align: justify;"><b>FORWARD-LOOKING INFORMATION</b></p>
    <p style="text-align: justify;">This AIF and the documents incorporated by reference herein contain forward-looking statements and forward-looking information within the meaning of the U.S. federal securities laws and applicable Canadian securities laws (together, "<b>forward-looking information</b>"). These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking information. The use of any of the words "intends", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking information.&#160; Such statements are included, among other places, in this AIF under the headings "Development of the Business", "Description of the Business", "Oil and Gas Information" and "Risk Factors".&#160; Statements relating to oil and gas "reserves" are also deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be economically produced in the future. These statements and information are only predictions based on current information and knowledge. Actual future events or results may differ materially. In addition, this AIF may contain forward-looking information attributed to third party industry sources. Undue reliance should not be placed on forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements and forward-looking information will not be realised.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <div id="header_page_6">
        <p style="text-align: center;">- 5 -</p>
    </div>
    <p style="text-align: justify;">In particular, this AIF, and the documents incorporated by reference herein, contain forward-looking information pertaining to the following:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">proposed timing and expected results of exploratory and development work including commencement and completion of drilling and fracture-stimulations and production from the Caney formation on the Corporation's Oklahoma acreage;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">the effect of design and performance improvements on future productivity;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">crude natural gas, natural gas liquids and oil production estimates and targets;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">the size of the Corporation's natural gas, natural gas liquids and oil reserves;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">planned capital expenditure programs and estimates;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">projections of market prices and costs;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">expectations regarding future supply and demand for oil and natural gas;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">expectations regarding the ability to raise capital and development or acquisition of reserves;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">anticipated treatment under governmental regulatory regimes and tax laws; and</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">hypotheses regarding the geology of the basins in which the Corporation has operations and is conducting exploratory work.</li>
    </ul>
    <p style="text-align: justify;">This forward-looking information is based on a number of assumptions, including but not limited to: assumptions set out herein, assumptions described in the Corporation's NI 51-101 Report, that the Corporation's geologic models will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, declines will match the modeling, future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management's expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with managements' expectations, that the Corporation will be able to enter into, renew and/or extend leases and/or concessions in the manner and on the terms expected, that all required licenses, permits and approvals and the necessary labour and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Corporation, when required, stability in the credit markets and continued willingness of lenders to lend capital to issuers such as the Corporation, continuing availability of funds for capital expenditures through internally generated cash, equity raises and/or farm-out arrangements, stability of the political and fiscal regimes in the countries in which the Corporation has operations, ability of the Corporation to hold the concessions and projects in which it has interests and to find suitable industry partners and properties to acquire, stable future costs, availability of equipment and personnel when required for operations, continuing strong demand for oil and natural gas, that the Corporation will not experience unforeseen delays, unexpected geologic or other effects, equipment failures, permitting delays, delays in procurement of required equipment or personnel, labour or contract disputes, that royalty payments will be calculated and payable in the manner expected by the Corporation, that the Corporation's financial condition and development plans and those of its co-venturers will not change, that the Corporation's products can be sold in the manner and for the price expected, that the Corporation will continue to be able to access sufficient capital through financings, credit facilities farm-ins or other participation arrangements to maintain its projects, that the Corporation will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates or be otherwise adversely affected by risks associated with foreign operations, that storage and transportation facilities for Corporation's products will be available, that global economic conditions - and in particular economic conditions in Canada and the United States- will not deteriorate in a manner that has an adverse impact on the Corporation's business and its ability to advance its business strategy, the assumptions underlying estimates of reserves, assumptions regarding future growth, results of operation, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), plans for and results of drilling activity, environmental matters, that management will be able to execute its business plan, and assumptions regarding business prospects and opportunities.&#160; The reserves estimates included in the NI 51-101 Report is based on a limited number of wells with limited production history and includes a number of assumptions relating to factors such as availability of capital to fund required infrastructure, commodity prices, production performance of the wells drilled, successful drilling of infill wells, the assumed effects of regulation by government agencies and future capital and operating costs.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
    <div id="header_page_7">
        <p style="text-align: center;">- 6 -</p>
    </div>
    <p style="text-align: justify;">Actual results could differ materially from those anticipated in this forward-looking information as a result of the risks and uncertainties set forth below and elsewhere in this AIF and the documents incorporated by reference herein:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">the risk that anticipated results and estimated costs of exploration and development activities will not be consistent with managements' expectations;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">that unexpected geological results are encountered and other risks and uncertainties involving geology of oil and gas deposits;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">that completion techniques require further optimization;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">that production rates do not match the Corporation's assumptions and expectations;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">that very low or no production rates are achieved;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">that the Corporation is adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">volatility in market prices for oil and natural gas;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">the risks of the energy industry, in particular the oil and gas industry, both domestically and internationally, such as operational risks in exploring for, developing and producing crude oil and natural gas and market demand;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">uncertainties inherent in estimating quantities of oil and natural gas reserves and cash flows to be derived therefrom;</li>
    </ul>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_8"></a>
    <div id="header_page_8">
        <p style="text-align: center;">- 7 -</p>
    </div>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">that actual production, revenues, taxes, development and capital and operating expenditures with respect to reserves will adversely vary from such estimates, and that such variances will be material;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">factors or uncertainties that may adversely affect either the Corporation's reserves, reserves life, or the future net revenue associated with such reserves including material changes to existing taxation or royalty rates and/or regulations, and changes to environmental laws and regulations;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">that the Corporation will not achieve a comparable level of hedging going forward in respect of its existing production;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">that the Corporation will cease to be in compliance with the covenants under its reserve-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base redetermination;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">the ability of the Corporation and its subsidiaries to hold existing concessions and leases through drilling or extensions;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">risks associated with foreign operations, including changes in energy policies or personnel administering them, nationalization, currency fluctuations, exchange and export controls and royalty and tax rates;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">governmental regulation of the energy industry, in particular the oil and gas industry, including environmental regulation;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">actions taken by governmental authorities, including increases in taxes and changes in government regulations and incentive programs;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">risks inherent in marketing operations, including credit risk;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">the ability to enter into, renew and/or extend leases and/or concessions;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">potential delays or changes in plans with respect to exploration or development projects or capital expenditures;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">uncertainty of finding reserves, developing and marketing those reserves;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">unanticipated operating events, including offset fracture stimulation operations by other operators, which could reduce production or cause production to be shut in or delayed and cause damage to affected wells;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">inability of management to identify and complete potential acquisitions and/or failure to achieve anticipated benefits from such acquisitions;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">termination of or failure to extend existing licenses by regulatory or governmental authorities;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">shut-ins of connected wells resulting from extreme weather conditions, including flooding;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">insufficient storage or transportation capacity;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">hazards such as fire, explosion, blowouts, cratering and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">encountering unexpected formations or pressures, premature decline of reservoirs and the invasion of water into producing formations;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">inability to add production and reserves through development and exploration activities;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">the possibility that government policies or laws, including laws and regulations related to the environment and the protection of sovereign interests in petroleum assets, may change or governmental approvals may be delayed or withheld;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">uncertainty in amounts and timing of royalty payments;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">failure to obtain industry partner and other third party consents and approvals, as and when required;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">incorrect assessments of the value of acquisitions;</li>
    </ul>
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    <div id="header_page_9">
        <p style="text-align: center;">- 8 -</p>
    </div>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">geological, technical, drilling and processing problems;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">uncertainties associated with the utilization of hydraulic fracturing in relation to the Corporation's existing and/or future properties;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">fluctuations in foreign exchange or interest rates and stock market volatility and market valuations;&#160;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">rising costs of labour and equipment;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">changes in income tax laws or changes in tax laws and incentive programs relating to the energy industry, in particular the oil and gas industry;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">inherent uncertainties involved in the legal dispute resolution process, including in foreign jurisdictions;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">tightening of the credit markets, global economic uncertainty, counterparty risk;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">equipment failures, permitting delays and delays in procurement of, or inability to procure, required equipment or personnel;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">labour or contract disputes;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">changes in the Corporation's financial condition and plans or those of its co-venturers;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">risks and uncertainties associated with securing necessary regulatory approvals, including the risk that the Corporation or its subsidiaries are not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">the risk that the Corporation is unable to access required capital on acceptable terms, or at all;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">inability of management to execute its business plan;</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">general economic conditions in Canada and the United States; and</li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">other factors discussed under "Risk Factors".</li>
    </ul>
    <p style="text-align: justify;">For more information relating to additional factors that could affect the Corporation's operating results and performance, please refer to "Risk Factors" in this AIF and to the risk factors and uncertainties described in the NI 51-101 Report, which is incorporated into this AIF by reference.&#160; Readers should carefully consider those factors and the other information contained in this AIF.</p>
    <p style="text-align: justify;">Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The reader is cautioned not to place undue reliance on forward-looking information. This forward-looking information is expressly qualified in its entirety by this cautionary statement. The forward-looking statements and forward-looking information are only made as of the date of this AIF. The Corporation undertakes no obligation to update this forward-looking information to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events, except as required by law.</p>
    <p style="text-align: justify;"><b>CORPORATE STRUCTURE</b></p>
    <p style="text-align: justify;">The Corporation was originally incorporated as "BNK Petroleum Inc." under the <i>Business Corporations Act</i> (British Columbia) on May 26, 2008 and changed its name to "Kolibri Global Energy Inc" on November 10, 2020.&#160; The registered and records office of the Corporation is located at 10<sup>th</sup> Floor, 595 Howe Street, Vancouver, British Columbia, V6C 2T5, and its head office is located at 3623 Old Conejo Road, Suite 207, Newbury Park, California, 91320, U.S.</p>
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    <div id="header_page_10">
        <p style="text-align: center;">- 9 -</p>
    </div>
    <p style="text-align: justify;">Amendments to Articles of the Corporation</p>
    <p style="text-align: justify;">On July 16, 2018, the Corporation's capital structure was amended to include an unlimited number of Preferred Shares, without par value. The Articles of the Corporation were amended to attach special rights and restrictions to the Preferred Shares. For more information of the special rights and restrictions of Preferred Shares, see "<i>Description of Capital Structure - Share Capital - Rights and Restrictions</i>".</p>
    <p style="text-align: justify;"><b>Intercorporate Relationships</b></p>
    <p style="text-align: justify;">The material subsidiaries and significant investee corporations of the Corporation are set forth or referred to below (all ownership is 100%).</p>
    <p style="text-align: center;"><b><img src="exhibit2-1x003.jpg" style="width: 112px;" height="149"></b></p>
    <p style="text-align: justify;"><b>DEVELOPMENT OF THE BUSINESS</b></p>
    <p style="text-align: justify;"><u><b>Business Profile and Strategy</b></u></p>
    <p style="text-align: justify;">KEI is an international energy company focused on finding and exploiting energy projects in oil, gas and clean and sustainable energy.&#160; Through various subsidiaries, the Corporation owns and operates energy properties in the United States.&#160; The Corporation continues to utilize its technical and operational expertise to identify and acquire additional projects.&#160;</p>
    <p style="text-align: justify;"><u><b>Three Year History</b></u></p>
    <p style="text-align: justify;">During the past three years, the Corporation's operations have been primarily focused on developing the leases in which BNK US has interests in the Tishomingo Field in Oklahoma (the "<b>Tishomingo Field</b>").</p>
    <p style="text-align: justify;">The following describes the general development of the Corporation's business over the last three completed financial years. More detailed information on the Corporation's projects is provided under "<i>Description of the Business</i>" and in the NI 51-101 Report, which is incorporated by reference herein.</p>
    <p style="text-align: justify;"><b>Year Ended December 31, 2018</b></p>
    <p style="text-align: justify;">For the 2018 drilling program, the Corporation drilled and fracture stimulated the Glenn 16-2H well (100% working interest) which started producing in March 2018, the WLC 14-1H well (100% working interest) which started producing in June 2018 and the Brock 4-2H well (77% working interest) which started producing in December 2018.&#160; The Corporation also participated in the Anderson 1-15H10X3 well, where it holds a 33% working interest.&#160; This well started production in early 2019.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_11"></a>
    <div id="header_page_11">
        <p style="text-align: center;">- 10 -</p>
    </div>
    <p style="text-align: justify;">Average production for the year ended December 31, 2018, was 1,662 BOEPD and adjusted funds flow was $13.2 million for the year ended December 31, 2018.</p>
    <p style="text-align: justify;">The Corporation's Total Proved Reserves increased by 26% to 33.8 million barrels of oil equivalent (BOE) and NPV10 value of the Total Proved Reserves increased by 31% to $376.9 million based on the Corporation's December 31, 2018 independent reserves evaluation.&#160; See "<i>Oil and Gas Information - Statement of Reserves Data and Other Oil and Gas Information</i>".</p>
    <p style="text-align: justify;">During 2018, the Corporation borrowed an additional $5.0 of the commitment amount on the BOK Financial Credit Facility.&#160; As of December 31, 2018, the US subsidiary had borrowed $30.0 million of the commitment amount and had no available borrowing capacity.</p>
    <p style="text-align: justify;"><b>Year Ended December 31, 2019</b></p>
    <p style="text-align: justify;">Average production for the year ended December 31, 2019, was 1,395 BOEPD and adjusted funds flow was $9.0 million for the year ended December 31, 2019.&#160; The Corporation did not drill any additional wells in 2019.</p>
    <p style="text-align: justify;">The Corporation's Total Proved Reserves decreased by 1% to 33.4 million barrels of oil equivalent (BOE) and NPV10 value of the Total Proved Reserves decreased by 26% to $299.2 million based on the Corporation's December 31, 2019 independent reserves evaluation.&#160; See "<i>Oil and Gas Information - Statement of Reserves Data and Other Oil and Gas Information</i>".</p>
    <p style="text-align: justify;">During 2019, the Corporation paid down $2.5 million of the outstanding amount on the BOK Financial Credit Facility.&#160; As of December 31, 2019, the credit facility had an outstanding balance of $27.5 million with $0.5 million of available borrowing capacity.</p>
    <p style="text-align: justify;"><b>Year Ended December 31, 2020</b></p>
    <p style="text-align: justify;">Average production for the year ended December 31, 2020, was 1,151 BOEPD and adjusted funds flow was $7.2 million for the year ended December 31, 2020.&#160; The Corporation did not drill any additional wells in 2020.</p>
    <p style="text-align: justify;">The Corporation's Total Proved Reserves decreased by 1% to 33.1 million barrels of oil equivalent (BOE) and NPV10 value of the Total Proved Reserves decreased by 36% to $192.9 million based on the Corporation's December 31, 2020 independent reserves evaluation.&#160; See "<i>Oil and Gas Information - Statement of Reserves Data and Other Oil and Gas Information</i>".</p>
    <p style="text-align: justify;">During 2020, the Corporation paid down $6.8 million of the outstanding amount on the BOK Financial Credit Facility.&#160; As of December 31, 2020, the credit facility had an outstanding balance of $20.6 million with no available borrowing capacity.</p>
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    <div id="header_page_12">
        <p style="text-align: center;">- 11 -</p>
    </div>
    <p style="text-align: justify;"><b>DESCRIPTION OF THE BUSINESS </b></p>
    <p style="text-align: justify;"><u><b>Business Profile</b></u></p>
    <p style="text-align: justify;">The Corporation's business activities include finding and exploiting energy projects in oil, gas and clean and sustainable energy.&#160; In the U.S. the Corporation continues to develop its Caney Shale oil acreage in the Tishomingo Field in the Ardmore Basin, Oklahoma, U.S.&#160; The Corporation continues to utilize its technical and operational expertise with a goal to identify and acquire additional projects.&#160; All of the Corporation's current energy production is from the Tishomingo Field.&#160; At December 31, 2020, the Corporation's year-end proved gross oil and gas reserves in the Tishomingo field were estimated at approximately 33.1 million boe, the proved plus probable gross reserves were estimated at approximately 52.2 million boe and the proved plus probable plus possible gross reserves were estimated at approximately 77 million boe.&#160;</p>
    <p style="text-align: justify;"><u><b>Products</b></u></p>
    <p style="text-align: justify;">The Corporation's Tishomingo Field activities produce oil, gas and natural gas liquids. Oil is sold to a single purchaser and transported by truck.&#160; Natural gas and natural gas liquids are sold pursuant to a<b> </b>contract/gathering agreement that was entered into as part of the Woodford Sale.&#160; During each of the two most recently completed financial years, revenues from sales to arm's length customers for each category of product that accounted for fifteen (15%) percent or more of total consolidated revenues were:&#160; Oil:&#160; 2020 - $10,593,000 or 86% (2019 - $20,157,000 or 91%); Natural Gas: 2020 - $725,000 or 6% (2019 - $954,000 or 4%) and Natural Gas Liquids: 2020 - $933,000 or 8% (2019 - $1,068,000 or 5%).</p>
    <p style="text-align: justify;"><u><b>Specialized Skills and Knowledge</b></u></p>
    <p style="text-align: justify;">Exploration for and development of petroleum and natural gas resources require specialized skills and knowledge including in the areas of petroleum engineering, geophysics, geology and title.&#160; The Corporation has been successful in engaging personnel with the required specialized skills and knowledge to carry out its activities.&#160; While the current labour market in the industry can be highly competitive at times, the Corporation expects to continue to be able to attract and retain appropriately qualified employees for its operations during fiscal 2021.</p>
    <p style="text-align: justify;"><u><b>Competitive Conditions</b></u></p>
    <p style="text-align: justify;">The Corporation competes in the energy industry in which it is active with a number of private and public companies which may have greater financial resources, staff and facilities than the Corporation. The Corporation's ability to increase reserves in the future will depend not only on its ability to develop or continue to develop existing properties, but also on finding and acquiring suitable producing properties or prospects for exploration.&#160; Competitive factors in the distribution and marketing of energy, in particular oil and gas, include price, methods, pipeline access and reliability of delivery and availability of imported products.</p>
    <p style="text-align: justify;">The Corporation also competes with other industry participants for raw materials, equipment, component parts and services required for energy exploration and development.&#160; Although to date the Corporation has been able to obtain the personnel, equipment and materials it requires for its activities, availability and pricing can vary materially with demand and can cause unexpected delays and increased costs.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
    <div id="header_page_13">
        <p style="text-align: center;">- 12 -</p>
    </div>
    <p style="text-align: justify;"><u><b>Cycles</b></u></p>
    <p style="text-align: justify;">Construction of and access to energy sites can be delayed and production operations may be curtailed during heavy spring rains, snow, cold temperatures and other extreme weather phenomena.&#160; Fracture stimulations require large volumes of water and the process can be affected by cold temperatures.&#160; Demand for and the price of energy is volatile and can be affected by seasonal weather variations.</p>
    <p style="text-align: justify;"><u><b>Economic Dependence</b></u></p>
    <p style="text-align: justify;">Energy products can be readily sold to numerous purchasers and it is not difficult to ascertain its market price at any particular time.&#160; Because of the large number of available purchasers, the Corporation does not consider itself dependent on sales to any one purchaser, the loss of which would have a material adverse effect on the business of the Corporation.&#160;</p>
    <p style="text-align: justify;"><u><b>Employees</b></u></p>
    <p style="text-align: justify;">At the end of 2020, the Corporation and its subsidiaries had a total of 9 employees.</p>
    <p style="text-align: justify;"><u><b>Environmental Protection</b></u></p>
    <p style="text-align: justify;">The Corporation's operations are subject to environmental regulations (including regular environmental impact assessments and permitting) in the jurisdictions in which it operates.&#160; Such regulations cover a wide variety of matters, including, without limitation, prevention of waste, pollution and protection of the environment, labour regulations and worker safety.&#160; While the Corporation does not currently expect the impact of costs and other effects related to compliance with environmental, health and safety regulations to have a material adverse effect on the Corporation's financial condition or results of operations, such regulations are evolving in a manner which is likely to result in stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their directors and employees.&#160; Such stricter standards could impact the Corporation's costs and have an adverse effect on results of operations. Furthermore, an environmental, safety or security incident could impact the Corporation's reputation in such a way that the result could have a material adverse effect on its business and on the value of its securities.</p>
    <p style="text-align: justify;"><u><b>Foreign Operations</b></u></p>
    <p style="text-align: justify;">All of the Corporation's operations are in jurisdictions other than Canada.&#160; As at the date of this AIF, all of the Corporation's reserves and production are attributable to the Tishomingo Field in Oklahoma, U.S.&#160; See also "<i>Risk Factors - Foreign Operations and Enforcement of Laws</i>".</p>
    <p style="text-align: justify;"><u><b>Social or Environmental Policies</b></u></p>
    <p style="text-align: justify;">The health and safety of employees, contractors and the public, as well as the protection of the environment, is of utmost importance to the Corporation.&#160; To this end the Corporation has instituted comprehensive health, safety and environmental policies and procedures to which it, as well as its contractors and employees are required to adhere.&#160; The Corporation endeavors to conduct its operations in a manner that will minimize both adverse effects and consequences of operating activities and emergency situations by:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">complying with, and where appropriate, exceeding the requirements of government regulations and standards, particularly relating to health, safety and the environment;</li>
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">conducting operations consistent with industry codes, practices and guidelines;</li>
    </ul>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <div id="header_page_14">
        <p style="text-align: center;">- 13 -</p>
    </div>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">ensuring prompt, effective response and remedial actions in the unlikely event of an emergency situation or environmental incident;</li>
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">providing training to employees and contractors to ensure compliance with corporate safety and environmental policies, programs and procedures; and</li>
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">communicating openly with members of the public regarding its activities.</li>
    </ul>
    <p style="text-align: justify;">The Corporation believes that all employees have a vital role in achieving excellence in environmental, health and safety performance.&#160; This is best achieved through careful planning and the support and active participation of everyone involved. To further ensure that the Corporation achieves excellence in health and safety performance, a corporate Health, Safety and Environmental Management System (HSEMS) has been implemented which includes an Incident Management Plan establishing protocol to respond to emergencies.&#160; The Corporation's objective is to align itself with the industry's best practices to ensure positive results.<b> </b></p>
    <p style="text-align: justify;">The Corporation has also adopted a Corporate Social Responsibility Policy, which reflects and advances the Corporation's commitment to provide safe, healthy and secure workplaces, protect the environment, value natural resources, uphold and promote human rights and respect cultural norms and values everywhere that the Corporation operates.</p>
    <p style="text-align: justify;">Steps taken to ensure the Corporation's HSE policies are carried out include the following:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">pre-commencement of work investigation of environmental conditions in proximity to the well sites;</li>
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">well sites are constructed and operated so as to minimize potential impacts to the environment during operations including the use of secondary containment and proper handling, storage and use of hazardous materials;</li>
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">training is provided to employees to ensure awareness of the HSEMS and associated programs and procedures, including incident management;</li>
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">supervisory staff are trained and tasked with being the well site HSE Leaders and fully implementing the requirements of the HSEMS;</li>
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">contractors are reviewed prior to agreements to ensure that they have appropriate policies and programs in place particularly relating to health, safety and the environment;</li>
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">contractor orientation and training is provided to ensure awareness of the Corporation's HSEMS and alignment with the contractor's HSEMS;</li>
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">the Corporation's HSEMS continuously improves and evolves, developing procedures to address health, safety and the environment;</li>
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">waste management practices are reviewed to make sure waste is being handled efficiently and consistent with the requirements of government regulations and standards;</li>
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">waste disposal facilities are reviewed to ensure that they are appropriately permitted; and</li>
        <li style="margin-left: 46.06pt; text-align: justify; padding-left: 25.94pt;">permits required for atmospheric emissions are obtained and controls are established and maintained to minimize emissions.</li>
    </ul>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <div id="header_page_15">
        <p style="text-align: center;">- 14 -</p>
    </div>
    <p style="text-align: justify;"><b>OIL AND GAS INFORMATION</b></p>
    <p style="text-align: justify;"><u><b>Statement of Reserves Data and Other Oil and Gas Information</b></u></p>
    <p style="text-align: justify;">The NI 51-101 Report, the report of Netherland, Sewell in the form of Form 51-101F2 <i>Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor</i>, and the Form 51-101F3 <i>Report of Management and Directors on Oil and Gas Disclosure</i>, each filed on March 9, 2021 under the Corporation's profile at <font style="color: #000000;">www.sedar.com</font>, are incorporated by reference into this AIF.</p>
    <p style="text-align: justify;">The following reserves and net present values of future net revenue are reported in the NI 51-101 Report:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 33%; vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 62%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="6">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">United States</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 33%; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Tight Oil</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 18%; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Shale Gas</p>
            </td>
            <td style="width: 18%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Natural Gas Liquids</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right-width: 0.75pt; border-left: 0.75pt solid #000000; vertical-align: bottom; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">
                <p>Reserve Category</p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">KEI Gross <br>(Mbbl)</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net (Mbbl)</p>
            </td>
            <td style="background-color: #ffffff; width: 8%; vertical-align: bottom; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">KEI Gross (MMcf)</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net (MMcf)</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">KEI Gross&#160; (Mbbl)</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net&#160; (Mbbl)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>Proved</p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160; Developed Producing</p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2,444</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">1,912</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3,364</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2,637</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">683</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">535</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160; Undeveloped</p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">21,462</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">16,881</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">21,649</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">16,955</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">4,365</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3,419</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>Total Proved</b></p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>23,906</b></p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>18,793</b></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>25,013</b></p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>19,593</b></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>5,047</b></p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>3,954</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>Probable</p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">12,500</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">9,937</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">17,852</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">14,217</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3,600</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2,867</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>Total Proved Plus Probable</b></p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>36,407</b></p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>28,730</b></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>42,864</b></p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>33,810</b></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>8,647</b></p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>6,821</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>Possible</p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">17,759</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">14,236</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">18,987</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">15,162</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3,829</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3,058</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>Total Proved Plus Probable Plus Possible</b></p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>54,166</b></p>
            </td>
            <td style="background-color: #e6efff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>42,966</b></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>61,851</b></p>
            </td>
            <td style="background-color: #e6efff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>48,972</b></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>12,476</b></p>
            </td>
            <td style="background-color: #e6efff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>9,878</b></p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify; margin-top: 0pt;">Notes: May not add due to rounding. The Corporation's reserves are derived from non-conventional oil and gas activities.&#160; The Corporation's reserves are contained in a shale oil reservoir from which gas and natural gas liquids are produced as by-products.&#160;</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="11">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Net Present Value of Future Net Revenue</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; white-space: nowrap;" colspan="11">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>As of December 31, 2020</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="11">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Forecast Prices &amp; Costs</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 25%; white-space: nowrap; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 72%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="10">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net Present Value of Future Net Revenue ($ millions)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 25%; white-space: nowrap; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>&#160;</b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 35%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="5">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Before Income Tax</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 35%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="5">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">After Income Tax</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 25%; white-space: nowrap; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>Reserve Category</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0%</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">5%</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">10%</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">15%</p>
            </td>
            <td style="background-color: #ffffff; width: 4%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">20%</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0%</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">5%</p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">10%</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">15%</p>
            </td>
            <td style="background-color: #ffffff; width: 5%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">20%</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 25%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">
                <p><b>United States</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 5%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 25%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>Proved</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; vertical-align: bottom; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 5%; vertical-align: bottom; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 25%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160; Developed Producing</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">73.7</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 52.2</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 40.1</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 32.6</p>
            </td>
            <td style="width: 4%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">27.6</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">73.7</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 52.2</p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 40.1</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 32.6</p>
            </td>
            <td style="width: 5%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">27.6</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 25%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160; Undeveloped</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">509.1</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">271.5</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">152.8</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">85.8</p>
            </td>
            <td style="width: 4%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">44.7</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">398.0</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">229.3</p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">133.1</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">75.0</p>
            </td>
            <td style="width: 5%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">38.1</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 25%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>Total Proved</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>582.7</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>323.7</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>192.9</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>118.5</b></p>
            </td>
            <td style="width: 4%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>72.3</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>471.7</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>281.5</b></p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>173.2</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>107.6</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center;"><b>&#160; 65.7</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 25%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>Probable</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">350.8</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">150.7</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">70.2</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">32.3</p>
            </td>
            <td style="width: 4%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">12.4</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">258.4</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">118.1</p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 53.9</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">22.3</p>
            </td>
            <td style="width: 5%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">5.8</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 25%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>Total Proved Plus Probable</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>933.5</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>474.5</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>263.1</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>150.7</b></p>
            </td>
            <td style="width: 4%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>84.7</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>730.1</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>399.6</b></p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>227.1</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>129.9</b></p>
            </td>
            <td style="width: 5%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>71.5</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 25%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>Possible</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">607.4</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">229.1</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">101.6</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">48.6</p>
            </td>
            <td style="width: 4%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">23.4</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">447.6</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">183.2</p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">78.2</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 33.4</p>
            </td>
            <td style="width: 5%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">12.9</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 25%; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>Total Proved Plus Probable plus Possible</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>1,540.9</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>703.6</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>364.7</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>199.3</b></p>
            </td>
            <td style="background-color: #e6efff; width: 4%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>108.1</b></p>
            </td>
            <td style="background-color: #e6efff; width: 6%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>1,177.7</b></p>
            </td>
            <td style="background-color: #e6efff; width: 4%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>582.8</b></p>
            </td>
            <td style="background-color: #e6efff; width: 5%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>305.3</b></p>
            </td>
            <td style="background-color: #e6efff; width: 4%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>163.3</b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 5%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>84.4</b></p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">Notes: <font style="width: 4.11pt; display: inline-block;">&#160;</font>May not add due to rounding.&#160; The after income tax net present values presented in the preceding table take into account available non-operating tax losses of $160.8 million and reflect the tax burden on the Corporation's Tishomingo Field interests on a standalone basis, do not consider the business-entity-level tax situation or tax planning and do not provide an estimate of the value at the level of the business entity, which may be significantly different. The financial statements and the management's discussion and analysis (MD&amp;A) of the Corporation&#160; should be consulted for information at the level of the business entity.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <div id="header_page_16">
        <p style="text-align: center;">- 15 -</p>
    </div>
    <p style="text-align: justify;"><u><b>Project Descriptions</b></u></p>
    <p style="text-align: justify;"><u><i>Tishomingo Field, Ardmore Basin, Oklahoma</i></u></p>
    <p style="text-align: justify;">As of December 31, 2020, the Corporation has working interests in approximately 17,350 net acres of shale oil acreage in the Caney / Upper Sycamore formations of the Tishomingo Field, Oklahoma.&#160; The map below outlines in yellow the Corporation's areas of activity in the Ardmore Basin and shows its relation to the Ardmore Basin.&#160;</p>
    <p style="text-align: justify;">In April 2013, the Corporation completed the Woodford Sale pursuant to which it sold rights in the Woodford and other formations in the Tishomingo Field, excluding its interests in the Caney / Upper Sycamore formations which were retained.&#160; The Corporation's historical drilling and participation in the Woodford formation wells earned the Corporation the right to hold by production in over 96% of its acreage in the Tishomingo Field in the shallower Caney and Upper / Sycamore formations.</p>
    <p style="text-align: justify;">Since completing the Woodford Sale, the Corporation has been aggressively continuing its exploration and development of the oily Caney shale.</p>
    <p style="text-align: justify;">The Corporation's exploration of the Caney shale formation dates back to 2011, when the Corporation conducted an analysis of the formation and subsequently tested the Caney shale formation in the existing vertical Nickel Hill 26-1 Woodford well by recompleting in the Caney shale.&#160; The vertical well was perforated and fracture stimulated in the Caney shale yielding encouraging oil production rates with minimal gas production.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 50%;">
                <p style="text-align: left;"><img src="exhibit2-1x002.jpg" style="margin-right: 9pt; width: 412px;" height="344"></p>
            </td>
            <td style="width: 50%; vertical-align: top;">
                <p style="text-align: justify;">These results led to the drilling of the Corporation-operated horizontal Barnes 6-2H well, which targeted two Lower Caney zones and the Upper Sycamore (Mississippian Lime equivalent) formation, which allowed the testing of the three different intervals.&#160; The testing of the intervals helped determine where stratagraphically the laterals were placed in the next wells.</p>
                <p style="text-align: justify;">In 2013, the Corporation drilled 5 Caney horizontal wells to increase its reserves and oil production and to better understand the Caney formation.&#160; The Corporation's strategy for its 2013 Caney drilling program was to prove the productivity of the Caney formation.&#160; The Corporation's efforts were focused on increasing the oil rate of each consecutive well, reducing drilling time and cost, testing the optimal lateral placement within the formation and optimizing the fracture stimulations.&#160; These goals were achieved.</p>
                <p style="text-align: justify;">By December 31, 2013, the 5 Caney wells were fractured with 4 wells in production.&#160; The fifth well began production in early January 2014.</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">&#160;</p>
    <p style="text-align: justify;">&#160;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_17"></a>
    <div id="header_page_17">
        <p style="text-align: center;">- 16 -</p>
    </div>
    <p style="text-align: justify;">In 2014, the Corporation drilled 5 Caney horizontal wells, fracture stimulated 3 of them, fracture stimulated one third of another well and completed the stimulation of one well that had been drilled in 2013 that had not been fully stimulated. The Corporation's exit production rate from the field at December 31, 2014 was approximately 1,400 boepd, which did not include one well that began producing oil in early January 2015.</p>
    <p style="text-align: justify;">In 2015, the Corporation completed the stimulation of the remaining two wellbores that had not yet been fully stimulated in 2014. The Corporation's average production in 2015 was approximately 1,415 boepd.</p>
    <p style="text-align: justify;">Due to the continued low oil prices through 2016, the Corporation did not drill any wells in 2016 either. Kolibri's 2016 year end proved plus probable reserves in the Tishomingo Field increased by 2 percent, primarily due to technical revisions as a result of the existing wells performing above previous forecasts.&#160; Even though the Corporation did not drill any wells in 2015 nor 2016, production held up well and the Corporation averaged 1,045 BOEPD in 2016.&#160;</p>
    <p style="text-align: justify;">The Corporation's 2017 drilling program consisted of 3 horizontal Caney wells, two of which were drilled to the east of Kolibri's previous Caney wells.&#160; These wells were successfully drilled under-budget and demonstrated good operational execution and that successful Caney wells can be achieved further to the east.&#160; Fracture stimulation programs were modified and much higher proppant placement was achieved.&#160; KEI's 2017 year end proved reserves increased by 39% to 24,990 million boe primarily due to probable and possible locations being converted to proved locations due to the new wells drilled to the east.&#160; Kolibri's 2017 year end proved and probable reserves increased by 13% to 47,601.5 million boe.&#160; Average production for the year was 1,092 BOEPD since two of the wells came on late in the year.&#160; KEI's fourth quarter average production was 1,539 BOEPD.</p>
    <p style="text-align: justify;">The Corporation's 2018 drilling program consisted of 3 operated Caney wells and participating in one 2 mile lateral well operated by a major oil company.&#160; The Corporation's 2018 drilling program, as well as its existing wells outperforming previous estimates, significantly improved the Corporation's reserve report, as the Corporation's proved reserves increased by 26% from 2017, to 33.8 million BOE.&#160; KEI's 2018 year end proved and probable reserves increased by 11% from 2017, to 53.3 million BOE.&#160;</p>
    <p style="text-align: justify;">The Corporation did not drill any new wells in 2019. KEI's 2019 year end proved plus probable reserves in the Tishomingo Field only decreased by 1 percent.&#160; Even though the Corporation did not drill any wells in 2019, production held up well and the Corporation averaged 1,395 BOEPD in 2019.&#160;</p>
    <p style="text-align: justify;">The Corporation did not drill any new wells in 2020. Kolibri's 2020 year end proved plus probable reserves in the Tishomingo Field only decreased by 1 percent.&#160; Average production was 1,151 BOEPD in 2020.&#160;</p>
    <p style="text-align: justify;">The Corporation plans additional development drilling in the Tishomingo Field with the objective of demonstrating the repeatability of results and further increasing production and reserves, subject to prevailing prices for oil and natural gas and funding.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_18"></a>
    <div id="header_page_18">
        <p style="text-align: center;">- 17 -</p>
    </div>
    <p style="text-align: justify;"><u><i>Other U.S. Assets</i></u></p>
    <p style="text-align: justify;">The Corporation also holds small interests in other energy projects, but it currently has no plans to conduct work on these projects during the current fiscal year and does not consider these projects to be material.&#160; The Corporation continues to utilize its technical and operational expertise to identify and acquire additional projects.</p>
    <p style="text-align: justify;"><b>RISK FACTORS</b></p>
    <p style="text-align: justify;">The Corporation's business is subject to the risks normally encountered in the energy industry such as the marketability of, and prices for, energy, competition with companies having greater resources, acquisition, exploration and production risks, need for capital, fluctuations in the market price and demand for energy and the regulation of the energy industry by various levels of government.&#160;</p>
    <p style="text-align: justify;">The reserve and recovery information incorporated by reference in this AIF are estimates only and actual production and ultimate reserves may be less than estimated.</p>
    <p style="text-align: justify;">The success of the Corporation's exploration or development projects cannot be assured.&#160; In addition, the Corporation's operations are primarily outside of Canada and are subject to risks arising from foreign exchange fluctuations and foreign regulatory regimes. In addition, certain of the Corporation's activities are conducted jointly with others and the Corporation's activities may be impacted by the ability, expertise, judgment and financial capability of such joint partners.</p>
    <p style="text-align: justify;">In addition to the other information contained in this AIF and in the documents incorporated by reference herein, readers should carefully review and consider the risk factors set forth below.&#160; Such risks may not be the only risks facing the Corporation.&#160; Additional risks not currently known may also impair the Corporation's business operations and results of operations.</p>
    <p style="text-align: justify;"><b>Nature of the Energy Business</b></p>
    <p style="text-align: justify;">An investment in the Corporation should be considered speculative due to the nature of the Corporation's involvement in the exploration for, and the acquisition, development and production of, energy projects, specifically oil and gas projects.&#160; The volume of production from oil and natural gas properties generally declines as reserves are depleted, with the rate of decline depending on reservoir characteristics.&#160; Any proved reserves the Corporation may establish will decline as reserves are produced from its properties unless it is able to acquire or develop new reserves.&#160; The business of exploring for, developing or acquiring reserves is capital intensive.&#160; To the extent cash flow from operations is reduced and external sources of capital become limited or unavailable, the Corporation's ability to make the necessary capital investment to develop the Corporation's asset base will be impaired.&#160; In addition, there can be no assurance that even if the Corporation is able to raise capital to develop or acquire additional properties to develop reserves, the Corporation's future exploration, development and acquisition activities will result in proved reserves or that the Corporation will be able to drill productive wells at acceptable costs.</p>
    <p style="text-align: justify;">The cost of drilling, completing and operating wells is often uncertain, and drilling operations may be curtailed, delayed or cancelled as a result of a variety of factors, including unexpected drilling conditions, pressure or irregularities in formations, equipment failures or accidents, adverse weather conditions, compliance with governmental requirements and shortages or delays in the availability of drilling rigs and the delivery of equipment.&#160; The properties in which the Corporation has an interest include prospects in which the presence of oil and natural gas reserves in commercial quantities has not been established.&#160; There is no certain way to know in advance whether such prospects will yield oil and/or gas in commercial quantities.</p>
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    <p style="text-align: justify;">Exploration for oil and natural gas is a speculative business that involves a high degree of risk.&#160; Few exploration shale natural gas wells that are drilled are ultimately developed commercially.&#160; There is no assurance that expenditures made by the Corporation on its properties will result in the discovery of commercial quantities of oil, natural gas or natural gas liquids.</p>
    <p style="text-align: justify;">The Corporation's exploration and development experience has been gained principally from its Tishomingo Field, Oklahoma. The Corporation's experience in the Tishomingo Field is not necessarily transferrable to other geographical areas or basins, notwithstanding that similar geological structures or formations may exist.&#160; Accordingly, the Corporation's success in its Tishomingo Field operations is not a predictor of success in its exploration and development of concessions in other geographical areas or basins.&#160; Results of exploration in other basins may differ materially as a result of different environmental conditions, regulatory requirements or other factors.</p>
    <p style="text-align: justify;"><b>Credit Facility Risk</b></p>
    <p style="text-align: justify;">The amount authorized under the Credit Facility is dependent on the borrowing base determined by the Corporation's lender. The Corporation is required to comply with covenants under the Credit Facility which include certain financial ratio tests, and in the event that the Corporation does not comply therewith its access to capital could be restricted or repayment could be required. The failure of the Corporation to comply with such covenants, which may be affected by events beyond the Corporation's control, including failure to comply with financial ratio tests, borrowing base redeterminations, Mr. Wolf Regener ceasing to be the President of BNK US, certain changes to the board of directors of the Corporation and the acquisition by any person or persons acting jointly or in concert of 25% or more of the Corporation's shares, could result in default under the Credit Facility which could result in the Corporation being required to repay amounts owing thereunder.&#160; In addition, the Corporation's borrowing base is determined and re-determined by the lender based on the Corporation's reserves, commodity prices, status of production relating to the oil and gas properties and other factors as determined by the Corporation's lender on a semi-annual basis. A material decline in commodity prices or other factors could result in a reduction of the Corporation's borrowing base, therefore reducing the funds available to the Corporation under the Credit Facility which could result in a portion, or all, of the Credit Facility indebtedness being required to be repaid.&#160; The Corporation is required to repay amounts owing under the Credit Facility in full on the June 2022 maturity date.</p>
    <p style="text-align: justify;">If the Corporation is unable to repay amounts owing, the lender under the Credit Facility could proceed to foreclose or otherwise realize upon the collateral granted to it to secure the indebtedness, which includes the Corporation's Tishomingo Field assets. Even if the Corporation is able to obtain new financing, it may not be on commercially reasonable terms or terms that are acceptable to the Corporation.&#160; In addition, the Credit Facility imposes operating and financial restrictions on the Corporation that include restrictions on the payment of dividends, repurchase or making of other distributions with respect to the Corporation's securities, incurring of additional indebtedness, provision of guarantees, the assumption of loans, capital expenditures, entering into of amalgamations, mergers, take-over bids or disposition of assets, among others.</p>
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    <p style="text-align: justify;"><b>Production Risks</b></p>
    <p style="text-align: justify;">Risks related to current or future production including, but not limited to, technical difficulties, increased costs, reduced sales price or demand for natural gas, oil and natural gas liquids produced could have a material adverse effect on the Corporation's financial condition and results of operations.&#160; Various field conditions may adversely affect production from the Corporation's wells, including drilling and completion activities of other operators in close proximity to the Corporation's wells which has in the past, and may in the future result in production being shut-in.&#160; There can be no assurance that these and other risks and hazards will not damage the Corporation's wells or otherwise reduce productivity of the wells. The Corporation's operations at its Tishomingo Field accounted for all of the Corporation's oil and gas production in 2020 and to date in 2021.&#160; Any adverse condition affecting production, transportation or processing of oil and gas produced from the Tishomingo Field could have a material adverse effect on the Corporation's financial performance or results of operations.</p>
    <p style="text-align: justify;"><b>Oil and Gas Prices and Marketability</b></p>
    <p style="text-align: justify;">The Corporation's results of operations and financial condition are dependent on the prices received for the oil, natural gas and natural gas liquids it produces. Oil, natural gas and natural gas liquids prices have fluctuated widely during recent years and are determined by factors beyond the Corporation's control, including global supply and demand, international economic and political conditions, weather, gas processing capacity, pipeline capacity and currency exchange rates.&#160; Future price fluctuations in world oil, natural gas and natural gas liquids prices will have a significant impact upon the projected revenue of the Corporation and the projected return from and the financial viability of the Corporation's existing and future reserves.&#160; Any decline in oil, natural gas or natural gas liquids prices could have a material adverse effect on the Corporation's operations, financial condition, proven reserves and the level of expenditures on the development of its oil and natural gas reserves.&#160; There is no assurance that a market will exist for oil, natural gas or natural gas liquids reserves discovered within the Corporation's properties. There is also no assurance that the Corporation will be able to access transportation systems for the transportation to the marketplace of any oil, natural gas or natural gas liquids that may be produced from the Corporation's properties.&#160;</p>
    <p style="text-align: justify;"><b>Dilution</b></p>
    <p style="text-align: justify;">The Corporation expects to require additional funds to finance its growth and development strategy. If the Corporation elects to raise additional funds by issuing additional equity securities, such financing may substantially dilute the interests of the Corporation's shareholders. The Corporation may also issue additional Common Shares in the future pursuant to existing and new agreements in respect of its projects or other acquisitions.</p>
    <p style="text-align: justify;"><b>Negative Cash Flow</b></p>
    <p style="text-align: justify;">Operating cash flow was positive for the financial year ended December 31, 2020.&#160; However, if the Corporation has negative cash flow from operating activities in future periods or insufficient positive cash flow from operating activities, it will need to seek additional debt or equity financing in order to complete the capital expenditure programs required to achieve its objectives; in the alternative, if the Corporation cannot obtain debt or equity financing on terms acceptable to it or at all, the Corporation may be forced to reduce its capital expenditure programs.&#160; There can be no assurance that debt or equity financing will be available to the Corporation or, if available, will be on terms acceptable to the Corporation.&#160; In addition, to the extent that the Corporation has negative cash flow from operating activities in future periods, it may be required to deploy a portion of its existing working capital to fund such negative cash flow from operating activities.</p>
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    <p style="text-align: justify;"><b>Financing Risks</b></p>
    <p style="text-align: justify;">The Corporation's growth plan will require substantial amounts of capital, most of which will not be funded from cash flow from operations.&#160; As a consequence, to pursue its growth plan the Corporation will need to raise additional capital through the issuance of equity, debt, collaborative arrangements with commercial partners, including farm-outs or sales of assets, or from other sources, or a combination of the foregoing.&#160;</p>
    <p style="text-align: justify;">The Corporation's future capital requirements will depend on numerous factors, including its development and exploration drilling success, cost of concession and lease extensions and renewals, the cost and rates of success of completing or drilling wells, future production levels, exploration and development decisions of the Corporation's co-venturers and other working interest owners, the terms (including price) and conditions that it is able to negotiate with purchasers of production from its properties and the results of exploration activities.&#160; None of these factors can be predicted with certainty.&#160; Any additional equity financing will be dilutive to the holders of the Common Shares and any debt financing, if available, may restrict the Corporation's future financing and operating activities.&#160; The Corporation may be unable to obtain additional financing on acceptable terms if market and economic conditions, the financial condition or operating performance of the Corporation or investor sentiment are unfavourable.&#160; If sufficient funds are not obtained, the Corporation may have to reduce its acquisition, exploration and development programs, which would have a material adverse effect on the Corporation's results of operations and could result in a loss of some projects.&#160; The inability of the Corporation to access sufficient capital for its operations could have a material adverse effect on the Corporation's financial condition, results of operations and prospects.</p>
    <p style="text-align: justify;"><b>Exploration, Production and General Operational Risks</b></p>
    <p style="text-align: justify;">The business of exploration for and production of oil, gas and other hydrocarbon resources involves a high degree of risk.&#160; In particular, the operations of the Corporation may be disrupted, curtailed or cancelled as a result of a variety of risks and hazards which are beyond the control of the Corporation, including but not limited to technical failures, environmental hazards, industrial accidents, occupational and health hazards, labour disputes, unusual or unexpected rock formations, flooding and extended interruptions due to inclement or hazardous weather conditions, mechanical difficulties, shortage or delays in the delivery of rigs and/or other equipment, compliance with and changes in governmental requirements, explosions and other accidents.&#160; These risks and hazards could also result in damage to, or destruction of, production facilities, personal injury, environmental damage, business interruption, monetary losses and possible legal liability.</p>
    <p style="text-align: justify;">Delays in the construction and commissioning of or obtaining access to gathering and processing facilities, other projects or various other technical difficulties may result in the Corporation's current or future projected target dates for production being delayed and the requirement for capital expenditures in excess of those estimated.&#160; Delays in obtaining permits or extensions on the Corporation's concessions or leases would result in increased costs and even potential loss of those concessions or leases due to not being able to fulfill concession or lease requirements.</p>
    <p style="text-align: justify;">It is still very early in the life cycle of the projects in which the Corporation has an interest.&#160; There is no assurance that reserves or resources will be discovered or, if discovered, it will be commercially viable to produce any portion of them and drilling costs may also be higher than anticipated. Completion activities across the Corporation's properties may vary and will need to be continually refined with attendant increased costs.&#160; Actual production rates may be less than those anticipated by the Corporation and very low or no production rates may be achieved.</p>
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    <p style="text-align: justify;">Drilling may involve unprofitable efforts, not only with respect to dry wells, but also with respect to wells which, though they yield some oil or gas, are not sufficiently productive to justify commercial development or to cover operating and other costs.</p>
    <p style="text-align: justify;"><b>Reserve Estimates</b></p>
    <p style="text-align: justify;">Reserves estimates, including those disclosed in the NI 51-101 Report, are derived from the calculations and estimates made by the Corporation's personnel and independent petroleum engineering consultants.&#160; These estimates are imprecise and depend upon geological interpretation and statistical inferences and comparables that may prove to be unreliable. Actual production, revenues, expenditures and future cash flow with respect to such reserves will vary from these estimates, and those variances may be material.&#160; The Corporation may choose not to or be unable to fund the future development costs to produce some or all of the estimated reserves and there is no assurance that the Corporation will achieve production estimates or realize the revenues reflected in such estimates.&#160; There are many factors, assumptions and variables involved in estimating reserves, many of which are beyond the Corporation's control and which, over time, may prove to be incorrect.&#160; Any material variation could have an adverse effect on the Corporation's financial condition and results of operations.</p>
    <p style="text-align: justify;"><b>Future Development Costs</b></p>
    <p style="text-align: justify;">The Corporation expects to fund development costs through a combination of internally generated cash flow, equity and/or debt financing and industry farm-outs.&#160; The timing and amount of future development costs may be revised and plans for development may be placed on hold if future development of the Corporation's properties is determined by management not to be warranted, including as a result of low commodity prices.&#160; There is no guarantee that funds will be available or that available funds will be allocated to develop reserves.&#160; Failure to develop reserves could negatively impact future net revenues.&#160;</p>
    <p style="text-align: justify;">In addition, certain of the Corporation's activities and property interests are or may in the future be conducted or owned jointly with other parties and the Corporation's activities and capital requirements may be impacted by the exploration and development and funding decisions made by those parties, who will in many cases have greater financial capability than the Corporation.&#160; A failure to participate in or fund exploration or development activities on such properties, whether due to the Corporation's inability to access the required funds or otherwise, could result in the loss of the Corporation's interest.&#160;</p>
    <p style="text-align: justify;"><b>Write-downs and Impairments </b></p>
    <p style="text-align: justify;">Due to industry and market conditions in 2020, the Corporation recorded an impairment charge of $71.9 million in the year ended December 31, 2020.&#160; Oil and gas concessions and interests which are non-financial assets are the most significant assets of the Corporation and represent capitalized expenditures related to the development of oil and gas properties and related plant and equipment and the value assigned to exploration potential on acquisition. The carrying amounts of the Corporation's non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment.&#160; If any such indication exists, then the asset's recoverable amount is estimated.&#160; An impairment loss is recognized if the carrying amount of an asset exceeds its estimated recoverable amount.&#160; Estimations of recoverable amounts are based on discounted estimated future cash flows, which in turn are based on a number of assumptions and estimates relating to future production, commodity prices, operating costs and capital costs, none of which can be predicted with certainty, particularly given current global economic conditions.&#160;</p>
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    <p style="text-align: justify;">The Corporation also has financial assets such as cash, accounts receivable and commodity contracts. A financial asset is considered impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset.&#160; An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate.</p>
    <p style="text-align: justify;">All impairment losses are recognized in the statement of operations.&#160; An impairment loss in respect of non-financial or financial assets could have a material adverse effect on the Corporation's results of operations and its ability to access the capital required to maintain operations or achieve its growth plans.</p>
    <p style="text-align: justify;"><b>Competitive Conditions </b></p>
    <p style="text-align: justify;">The energy industry, in particular the oil and gas industry, is highly competitive.&#160; The Corporation competes for leases in prospective shale gas basins with a number of private and public companies some of which have greater financial resources, staff and facilities than the Corporation.&#160;</p>
    <p style="text-align: justify;">The Corporation competes with other industry participants for the sourcing and availability of equipment, raw materials and component parts necessary in petroleum and natural gas exploration and development.&#160; To date, the Corporation has had little difficulty obtaining the equipment, services and materials it requires for its activities.&#160; However, as demand for drilling rigs and related equipment and services increase, delays and increased pricing may occur, either of which could result in delays in the Corporation's planned work programs which could, in turn, have an adverse effect in its ability to maintain project Authorizations (as defined below).</p>
    <p style="text-align: justify;">The Corporation's ability to develop and increase reserves in the future will depend, not only on its ability to develop or continue to develop existing properties, but also on finding and acquiring suitable producing properties or prospects for development and exploratory drilling.&#160; Competitive factors in the distribution and marketing of oil and gas include price, methods, pipeline access and reliability of delivery and availability of imported products, all of which may be affected by factors beyond the Corporation's control and which could adversely affect the Corporation's financial condition and results of operations.</p>
    <p style="text-align: justify;"><b>Availability of Equipment and Access Restrictions</b></p>
    <p style="text-align: justify;">Oil and gas exploration and development activities are dependent on the availability of drilling and related equipment in the particular areas where such activities will be conducted.&#160; Demand for such limited equipment or access restrictions may affect the availability of such equipment to the Corporation and may delay exploration and development activities.&#160; There can be no assurance that sufficient drilling and completion equipment, services and supplies will be available when needed.&#160; Shortages could delay the Corporation's proposed exploration, development and sales activities, and could have a material adverse effect on the Corporation's financial condition.&#160; If the demand for, and wage rates of, qualified rig crews rise in the drilling industry, then the oil and gas industry may experience shortages of qualified personnel to operate drilling rigs.&#160; This could delay the Corporation's drilling operations and adversely affect the Corporation's financial condition and results of operations.&#160;</p>
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    <p style="text-align: justify;">It is anticipated that additional processing facilities may need to be constructed as production increases with the drilling of new wells.&#160; Should difficulties arise due to lack of financial resources or facility capacity, the Corporation's growth could be adversely affected.</p>
    <p style="text-align: justify;"><b>Reliance on Third Party Contractors</b></p>
    <p style="text-align: justify;">A substantial portion of the energy activities and operations of the Corporation's affiliates are conducted through third party contractors, including drilling rig operators and other service providers.&#160; While due diligence is conducted on such third parties and they are generally made aware of and in some cases are contractually obliged to comply with the Corporation's standards and expectations regarding health, safety, and environmental matters, corruption, bribery and other illegal activities, by virtue of their independent operations there is no assurance that such third parties will comply with the Corporation's policies and standards and applicable laws.&#160; Any failure of a third party to comply with applicable laws, to comply with its contractual obligations or otherwise operate in accordance with the Corporation's expectations could have an adverse effect on the Corporation's reputation and could expose the Corporation to potential liability notwithstanding its lack of control over such parties' activities, any of which could materially and adversely affect the Corporation and its results of operations.</p>
    <p style="text-align: justify;"><b>Title, Third Party Agreements and Authorizations</b></p>
    <p style="text-align: justify;">The Corporation's exploration, production, and processing activities are dependent upon agreements with third parties and the grant and maintenance of appropriate licenses, concessions, leases, permits and governmental and regulatory consents (collectively referred to herein as "Authorizations") which may not be renewed, renewable, extended or granted, or may be withdrawn, or made subject to limitations. There can be no assurance that such Authorizations will be renewed or granted, or that the terms and costs of such grants, extensions or renewals will be economic or on terms that the Corporation can achieve.</p>
    <p style="text-align: justify;">The land areas covered by the Authorizations are or may be subject to agreements with the proprietors of the land.&#160; If such agreements are terminated, found void or otherwise challenged, the Corporation may suffer significant damage through the loss of opportunity to identify and extract oil or gas on any property covered by such agreements.&#160; Furthermore, certain licenses, permits and leases and rights to extension of such licenses, permits and leases are held by drilling commitments and could be lost if for any reason such drilling commitments are not met as a result of a lack of financial resources or unavailability of drilling rigs when required.</p>
    <p style="text-align: justify;">Title to oil and gas interests is often not capable of conclusive determination without incurring substantial expense and vendors of oil and gas interests have not in the past and may not in the future warranty title to assets acquired by the Corporation. The nature of the oil and gas leasing and title regime in the U.S. basins in which the Corporation holds an interest is such that interests in large tracts of acreage may be represented by hundreds or thousands of leases and obtaining absolute confirmation of chain of title would be time consuming and expensive.&#160; The Corporation conducts such title reviews in connection with its principal properties as it believes are commensurate with the value of such properties and conducts an extensive title review of a particular area prior to commencement of drilling.&#160; However, there can be no assurance of title.&#160; Title may be subject to unregistered liens and other defects which, if affecting a core area, could have a material adverse effect on the Corporation, its financial condition, results of operations and prospects.</p>
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    <p style="text-align: justify;"><b>Delays in Production, Marketing and Transportation</b></p>
    <p style="text-align: justify;">Various production, gas processing, marketing and transportation conditions may cause delays in oil and natural gas production and adversely affect the Corporation's business.&#160; Drilling wells in areas remote from distribution and production facilities may delay production from those wells until sufficient reserves are established to justify construction of the necessary transportation and production facilities.&#160; The Corporation's inability to complete wells in a timely manner would result in production delays.&#160; In the U.S., most private leases require actual production to hold the lease past the expiration of the primary term, with limited contractual extensions available in some cases.&#160; Because there is little infrastructure in some areas in which the Corporation holds or may in the future hold its interests, the Corporation may be subject to the risk that building of the necessary infrastructure will not be timely and costs may be prohibitive.&#160; In addition, marketing demands, which tend to be seasonal, may reduce or delay production from wells.&#160; The marketability and price of oil, natural gas and natural gas liquids that may be acquired or discovered by the Corporation will be affected by numerous factors beyond the control of the Corporation.&#160; The ability of the Corporation to market any oil, natural gas and natural gas liquids it discovers may depend upon its ability to acquire space in pipelines that deliver such products to commercial markets.&#160; The Corporation is also subject to deliverability uncertainties related to the proximity of its properties to adequate pipeline and processing facilities and extensive government regulation relating to price, taxes, royalties, licenses, land tenure, allowable production, the export of oil, natural gas and natural gas liquids and many other aspects of the oil and gas business.</p>
    <p style="text-align: justify;"><b>Reserves Depletion</b></p>
    <p style="text-align: justify;">The Corporation's future oil and gas reserves, production and cash flow will depend upon the Corporation's success in acquiring reserves.&#160; Failure to add reserves by acquiring or developing them will result in reserves and production declining over time.</p>
    <p style="text-align: justify;"><b>Dividend Policy </b></p>
    <p style="text-align: justify;">The Corporation has not paid any dividends on its Common Shares.&#160; Any decision to pay dividends on the Common Shares in the future will be made by the board of directors of the Corporation on the basis of the earnings, financial requirements and other conditions existing at such time.&#160; Until the Corporation pays dividends, which it may never do, holders of Common Shares will not be able to receive a return on their Common Shares unless they sell them.</p>
    <p style="text-align: justify;"><b>Environmental Protection</b></p>
    <p style="text-align: justify;">All phases of the energy business, in particular the oil and natural gas business, present environmental risks and hazards and are subject to environmental regulation.&#160; Compliance with such legislation can require significant expenditures and a breach may result in the imposition of fines and penalties, some of which may be material.&#160; Environmental legislation is evolving in a manner expected to result in stricter standards and enforcement, larger fines and liability and potentially increased capital expenditures and operating costs.&#160; No assurance can be given that environmental laws will not result in a curtailment of production or a material increase in the costs of production, development or exploration activities or otherwise adversely affect the Corporation's financial condition, results of operations or prospects.</p>
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    <p style="text-align: justify;">Further, the Corporation's U.S. subsidiary, BNK US, is obliged to indemnify Vintage Petroleum LLC, a company from which it acquired the majority of its U.S. assets, for any damages associated with the use, ownership or operation of the properties acquired from it and the Corporation has guaranteed the subsidiary's indemnification obligations.&#160; BNK US also agreed to certain environmental indemnities in connection with the Woodford Sale.&#160; While the Corporation considers the risk of environmental liability pursuant to these obligations to be low based on its due diligence and on past operations on the properties, there is no assurance that a significant liability will not be discovered and such an event could have a material adverse effect on the Corporation's financial condition, results of operations and prospects.</p>
    <p style="text-align: justify;"><b>Unconventional Oil and Gas Resources and Hydraulic Fracturing </b></p>
    <p style="text-align: justify;">Shale oil and gas are unconventional oil and gas resources which are produced through the use of proven technologies and processes: horizontal drilling and hydraulic fracturing. Hydraulic fracturing involves injecting water, proppant (often sand), and small volumes of additives into the shale formation to fracture the hydrocarbon-bearing rock thousands of feet below the surface to facilitate a higher flow of hydrocarbons into the wellbore.&#160; Environmental and other groups have expressed concern that hydraulic fracturing operations may have environmental impacts, including water aquifer contamination and other qualitative and quantitative effects on water resources as potentially large quantities of water are used and injected fluids either remain underground or flow back to the surface to be collected, treated and disposed of.&#160; Regulatory authorities in certain jurisdictions have announced and may in the future announce initiatives in response to such concerns.&#160; Public perception of environmental risks associated with hydraulic fracturing can further increase pressure on governments to adopt new laws, regulations or permitting requirements or lead to regulatory delays, legal proceedings and/or negative impacts on the corporate reputation of companies involved in this sector. Federal, state, and local legislative and regulatory initiatives relating to hydraulic fracturing in the jurisdictions in which the Corporation operates or may operate in the future, as well as governmental reviews of such activities in connection with applications by the Corporation for permits or otherwise, could temporarily or permanently prohibit the Corporation's operations in those jurisdictions or result in increased costs or additional operating restrictions or delays, adversely affect the Corporation's exploration and development activities or production and lead to third-party or governmental claims.&#160; The development of natural gas and oil resources from shale formations in which the Corporation has or may in the future have an interest may not be commercial without the use of hydraulic fracturing. Restrictions on hydraulic fracturing could reduce the amount of natural gas and oil that the Corporation is ultimately able to produce from its reserves.</p>
    <p style="text-align: justify;"><b>Governmental Regulations </b></p>
    <p style="text-align: justify;">Governmental approvals, licenses, concessions and permits are subject to the discretion of the applicable governments or governmental agencies and offices.&#160; The Corporation must comply with known standards, existing laws and regulations.&#160; If implemented, new laws and regulations, amendments to existing laws and regulations or more stringent enforcement of existing laws and regulations could have a material adverse impact on the Corporation's results of operations, financial condition and prospects.</p>
    <p style="text-align: justify;">The Corporation anticipates that it will be required to demonstrate, to the satisfaction of authorities in countries in which it holds concessions from time to time, the Corporation's compliance with the concession terms respecting exploration expenditures, results of exploration, environmental protection matters and other factors.&#160; If such concessions are cancelled or relinquished, the Corporation will likely not be able to recover previous payments made under the Authorizations or any other costs incurred respecting the Authorizations upon such cancellation and the Corporation may have continuing obligations for work done or required while it held such Authorizations. There can be no assurance that the Corporation will be able to take measures to provide adequate protection against any of the political, economic or social uncertainties discussed in these Risk Factors.</p>
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    <p style="text-align: justify;"><b>Foreign Operations and Enforcement of Laws</b></p>
    <p style="text-align: justify;">Enforcement of laws in the jurisdictions in which the Corporation operates may depend on and be subject to the interpretation placed upon such laws by the relevant local authority, and such authority may adopt an interpretation of an aspect of local law which differs from the advice that has been given to the Corporation.&#160; There can be no assurance that the Corporation's contracts, joint ventures, licenses, license applications or other legal arrangements will not be adversely affected by the actions of governments or government bodies or authorities and the effectiveness of and enforcement of such arrangements in these jurisdictions.</p>
    <p style="text-align: justify;">The Corporation is subject to political, economic and other uncertainties not within the control of the Corporation, including, but not limited to, the uncertainty of negotiating with foreign governments, adverse legislation, renegotiation or nullification of existing concessions, adverse determinations or rulings by governmental authorities, change in energy policies or in the personnel administering them, changes in rules regarding foreign ownership, disputes between various levels of authorities, arbitrating and enforcing claims against entities that may claim sovereignty, authorities claiming jurisdiction, potential implementation of exchange controls and royalty and government-take increases, price controls, export controls, income and other taxes, restrictions on foreign investment and other risks arising out of foreign governmental sovereignty over the areas in which the Corporation's operations are conducted or may be conducted in the future, as well as risks of loss due to civil strife, acts of war and insurrections.&#160; Failure to comply strictly with applicable laws, regulations and local practices relating to oil and gas license applications and tenure, could result in loss, reduction or expropriation of entitlements, or the imposition of additional local or foreign parties as joint venture partners with carried or other interests. The occurrence of these various factors and uncertainties cannot be accurately predicted and could have an adverse effect on the Corporation's operations or profitability.</p>
    <p style="text-align: justify;">The Corporation's international operations and investments may also be adversely affected by laws and policies of Canada affecting foreign trade, taxation and investment.&#160; In the event of a dispute arising in connection with its foreign operations, the Corporation may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of courts of Canada or enforcing Canadian judgments in foreign jurisdictions.&#160; In addition, the Corporation's operating subsidiaries are formed pursuant to, and their operations are governed by the laws of foreign jurisdictions and a number of complex legal and contractual relationships.&#160; The effectiveness of and enforcement of such contracts and relationships with parties in these jurisdictions cannot be assured.&#160; Consequently, the Corporation's foreign activities could be substantially affected by factors beyond the Corporation's control, any of which could have a material adverse effect on the Corporation.&#160; The Corporation is regularly required to guarantee the obligations of its operating subsidiaries in connection with the concessions and contractual arrangements of the subsidiaries.</p>
    <p style="text-align: justify;">Further, as almost all of the Corporation's assets are located outside of Canada, the ability of the Corporation and its directors and management to manage its operations and protect its assets may be materially impeded or affected.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_28"></a>
    <div id="header_page_28">
        <p style="text-align: center;">- 27 -</p>
    </div>
    <p style="text-align: justify;"><b>Third Party Credit Risk</b></p>
    <p style="text-align: justify;">The Corporation is exposed to third party credit risk through its contractual arrangements with its current and future joint venture partners, drilling contractors, lenders and other parties.&#160; In the event such entities fail to meet their contractual obligations to the Corporation or their other third party commitments, such failures could have a material adverse effect on the Corporation.&#160; In addition, poor credit conditions in the industry or of co-venturers may impact a co-venturer's willingness to participate in the Corporation's ongoing capital programs, potentially delaying the programs and the results of such program until the Corporation finds a suitable alternative co-venturer.&#160; If the Corporation is unable to find an alternative co-venturer or to fund its co-venturer's obligations, it may lose its interest in jointly-held assets, which could have a material adverse effect on the Corporation, its results of operations and the price or value of its securities.</p>
    <p style="text-align: justify;"><b>Hedging Activities</b></p>
    <p style="text-align: justify;">From time to time the Corporation enters into financial derivative transactions to manage commodity price fluctuations and stabilize cash flows.&#160; While the desired effect of the agreements is to mitigate the risk of revenue losses if commodity prices decline, if commodity prices increase beyond the levels set in such agreements, the Corporation will not benefit from such increases and if costs incurred increase, such hedging activities could have a material adverse effect on the Corporation's financial condition and results of operations.&#160;</p>
    <p style="text-align: justify;"><b>Fiscal Matters</b></p>
    <p style="text-align: justify;">As of the date of this AIF, there are no significant restrictions on the repatriation of capital and distribution of earnings that affect the Corporation. There can be no assurance, however, that restrictions on repatriation of capital or distributions of earnings will not affect the Corporation in the future.</p>
    <p style="text-align: justify;">Amendments to domestic or foreign taxation laws and regulations in the countries in which the Corporation has assets or operations which alter tax rates and/or capital allowances could have a material adverse impact on the Corporation.</p>
    <p style="text-align: justify;">The Corporation is subject to the risk that currencies will not be convertible at satisfactory rates, that fluctuations in the conversion rates between Canadian and U.S. currencies may result in higher general and administrative expenses or may not accurately reflect the relative value of goods and services available or required.&#160; Funds raised through equity issuances are generally raised in Canadian dollars whereas the majority of the Corporation's expenditures are typically incurred in other currencies and therefore currency fluctuations could have a material impact on the Corporation's results of operations.&#160; The exchange rates between the Canadian and U.S. currencies have varied substantially recently.&#160; The Corporation is not currently using exchange rate derivatives to manage exchange rate risks.</p>
    <p style="text-align: justify;"><b>Cost of New Technologies</b></p>
    <p style="text-align: justify;">The energy industry, in particular the oil and gas industry is characterized by rapid and significant technological advancements and introductions of new products and services utilizing new technologies.&#160; Other energy companies have greater financial, technical and personnel resources that allow them to enjoy technological advantages and may in the future allow them to implement new technologies before the Corporation does.&#160; There can be no assurance that the Corporation will be able to respond to such competitive pressures and implement such technologies on a timely basis or at an acceptable cost.&#160; One or more of the technologies currently utilized by the Corporation or implemented in the future may become obsolete.&#160; In such case, the Corporation's business, financial condition and results of operations could be materially adversely affected.&#160; If the Corporation is unable to utilize the most advanced commercially available technology, the Corporation's business, financial condition and results of operations could be materially adversely affected.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_29"></a>
    <div id="header_page_29">
        <p style="text-align: center;">- 28 -</p>
    </div>
    <p style="text-align: justify;"><b>Uninsured Risks</b></p>
    <p style="text-align: justify;">The Corporation, as a participant in oil and gas extraction projects, may become subject to liability for hazards which cannot be insured against or against which it may elect not to be insured because of high premium costs or other commercial reasons.&#160; The Corporation may incur liabilities to third parties (in excess of any insurance coverage) arising from pollution or other damage or injury.&#160; There can be no assurance that the Corporation will be able to obtain insurance at reasonable rates (or at all) or that any coverage it obtains will be adequate and available to cover any such claims.&#160; An uninsured claim, if substantial, could have a material adverse effect on the Corporation, its results of operations and, in a worst case scenario, ability to continue as a going concern.</p>
    <p style="text-align: justify;"><b>Decommissioning Costs</b></p>
    <p style="text-align: justify;">The Corporation may become responsible for costs associated with abandoning and reclaiming wells, facilities and pipelines, which it may use for production of oil and gas.&#160; Abandonment and reclamation of facilities and the costs associated therewith is often referred to as "decommissioning".&#160; There are no immediate plans to establish a cash reserve account for these potential costs.&#160; <b> </b>The Corporation makes a provision for asset retirement obligations in the financial statements in accordance with IFRS; however, there is no requirement to set up cash reserves.&#160; Should decommissioning be required, the costs of decommissioning may exceed the value of hydrocarbon reserves remaining and any salvage value of the equipment at any particular time to cover such decommissioning costs.&#160; The Corporation may have to draw on funds from other sources to satisfy such costs.&#160; The use of other funds to satisfy such decommissioning costs could have a materially adverse effect on the Corporation's financial position and future results of operations.</p>
    <p style="text-align: justify;"><b>Labour</b></p>
    <p style="text-align: justify;">The Corporation uses local labour to carry out site work on some of its projects.&#160; The Corporation has directly or indirectly through its subsidiaries employed local workers and is subject to local labour laws.&#160; While the Corporation has not been materially adversely affected by any labour related developments or industrial action in the past, there can be no assurance that such developments or actions may not occur in the future.&#160; Such occurrences may have a material adverse impact on the business, operations, prospects and financial performance of the Corporation.&#160;</p>
    <p style="text-align: justify;"><b>Reliance on Third Party Operators and Key Personnel</b></p>
    <p style="text-align: justify;">To the extent that the Corporation is not the operator of its properties, the Corporation will be dependent upon other guarantors' or third parties' operations for the timing of activities and will be largely unable to control the activities of such operators.&#160; In addition, the Corporation's success depends, to a significant extent, upon management and key employees.&#160; The loss of key employees could have a negative effect on the Corporation.&#160; Attracting and retaining additional key personnel will be required for the Corporation's business to be successful.&#160; The Corporation faces significant competition for skilled personnel.&#160; There is no assurance that the Corporation will successfully attract and retain personnel required to continue to expand its business and to successfully execute its business strategy.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_30"></a>
    <div id="header_page_30">
        <p style="text-align: center;">- 29 -</p>
    </div>
    <p style="text-align: justify;"><b>Litigation</b></p>
    <p style="text-align: justify;">All industries, including the energy industry, are subject to legal claims, with and without merit. The Corporation is currently involved in legal disputes which it considers, based on its reasoned assessment of all available information including legal advice received regarding the basis in law for the counterparties' claims, not to be material or likely to have a material adverse effect on the Corporation or its results of operations. Notwithstanding the Corporation's assessment of the likely outcome and potential effect of current disputes, the outcome is not certain.&#160; It is also likely, given the nature of the Corporation's business, that it will become involved in legal disputes in the future.&#160; Some such disputes may be governed by the laws of jurisdictions where substantive and procedural laws may differ materially from those of the United States and Canada, and which may favour a claimant.&#160; These and other factors make the litigation and dispute resolution process inherently unpredictable.&#160; Furthermore, defence and settlement costs can be substantial, even with respect to claims that have no merit.&#160; It is possible that the outcome or resolution of legal proceedings and disputes, individually or in the aggregate, could be other than as expected and could have a material adverse effect on the Corporation's financial position and results of operations.</p>
    <p style="text-align: justify;"><b>Anti-Bribery and Anti-Corruption Laws</b></p>
    <p style="text-align: justify;">The Corporation is subject to anti-bribery and anti-corruption laws, including the <i>Corruption of Foreign Public Officials Act</i> (Canada) and the U.S. <i>Foreign Corrupt Practices Act</i>. Failure to comply with these laws could subject the Corporation to, among other things, reputational damage, civil or criminal penalties, other remedial measures and legal expenses which could adversely affect the Corporation's business, results of operations and financial condition. It may not be possible for the Corporation to ensure compliance with anti-bribery and anti-corruption laws in every jurisdiction in which its employees, agents, sub-contractors or joint venture partners are located or may be located in the future.</p>
    <p style="text-align: justify;"><b>Conflicts of Interest</b></p>
    <p style="text-align: justify;">Certain of the directors of the Corporation may have associations with other oil and gas companies or with other industry participants with whom the Corporation does business.&#160; The directors of the Corporation are required by applicable corporate law to act honestly and in good faith with a view to the Corporation's best interests and to disclose any interest which they may have in any project or opportunity to the Corporation.&#160; However, their interests in the other companies may affect their judgment and cause such directors to act in a manner that is not necessarily in the best interests of the Corporation.&#160;</p>
    <p style="text-align: justify;"><b>DIVIDENDS</b></p>
    <p style="text-align: justify;">The Corporation has not paid any dividends or distributions on its Common Shares.&#160; The Corporation's current dividend or distribution policy is to retain any earnings and other cash resources for the operation and development of the Corporation's business.&#160; Any decision to pay dividends or distributions on Common Shares in the future will be made by the board of directors on the basis of the earnings, financial requirements and other conditions existing at such time.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_31"></a>
    <div id="header_page_31">
        <p style="text-align: center;">- 30 -</p>
    </div>
    <p style="text-align: justify;"><b>DESCRIPTION OF CAPITAL STRUCTURE</b></p>
    <p style="text-align: justify;"><b>Share Capital</b></p>
    <p style="text-align: justify;">The Corporation's authorized share capital consists of an unlimited number of Common Shares without par value and an unlimited number of Preferred Shares without par value.</p>
    <p style="text-align: justify;">As at December 31, 2020 and the date of this AIF, there were 232,922,625 Common Shares and no Preferred Shares issued and outstanding.</p>
    <p style="text-align: justify;"><u>Rights and Restrictions</u></p>
    <p style="text-align: justify;">The holders of the Common Shares are entitled to receive notice of and to attend all meetings of the shareholders of the Corporation. Each Common Share confers the right to one vote in person or by proxy at all meetings of the shareholders of the Corporation.&#160;</p>
    <p style="text-align: justify;">The holders of the Common Shares, subject to the prior rights, if any, of the holders of any other class of shares of the Corporation, are entitled to receive such dividends in any financial year as the board of directors of the Corporation may by resolution determine.&#160; In the event of the liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, the holders of the Common Shares are entitled, subject to the prior rights, if any, of the holders of any other class of shares of the Corporation, to participate rateably in the remaining property and assets of the Corporation.</p>
    <p style="text-align: justify;">Holders of the Preferred Shares are entitled to receive notice of and to attend all meetings of holders of the class of Preferred Shares that they hold. Holders of the Preferred Shares shall not be entitled to receive notice of, attend or vote at any meeting of shareholders of the Corporation. Holders of the Preferred Shares, subject to the prior rights, if any, of holders of any other class of shares of the Corporation, are entitled to receive such dividends in any financial year as the board of directors of the Corporation may by resolution determine. However, such declaration and payment of dividends shall rank prior to the holders of the Common Shares or any other shares of the Corporation ranking junior to the Preferred Shares.&#160; In the event of the liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, holders of the Preferred Shares are entitled, subject to the prior rights, if any, of holders of any other class of shares of the Corporation, to participate rateably in the remaining property and assets of the Corporation.</p>
    <p style="text-align: justify;"><b>Debt</b></p>
    <p style="text-align: justify;">As at December 31, 2020 and the date of this AIF, the Corporation's subsidiary, BNK US, had a $75 million reserve-based credit facility.&#160; It had borrowed $20,667,000 against the credit facility at December 31, 2020.&#160; In addition, BNK US obtained a loan under the Paycheck Protection Program for $303,000.</p>
    <p style="text-align: justify;"><b>Stock Options</b></p>
    <p style="text-align: justify;">The Corporation has a stock option plan (the "<b>Plan</b>") that permits the issuance of incentive stock options ("<b>Options</b>") equal in number to up to 10% of the issued and outstanding Common Shares at the time of grant, to eligible participants as described in the Plan.&#160; Options do not confer on the holder any right to vote at a meeting of the shareholders of the Corporation.&#160;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_32"></a>
    <div id="header_page_32">
        <p style="text-align: center;">- 31 -</p>
    </div>
    <p style="text-align: justify;">Any increase in the issued and outstanding Common Shares will result in an increase in the number of Common Shares available for grant under the Plan, and any exercises of stock options will make new grants available under the Plan. The exercise price of an Option granted under the Plan may not be set at less than the closing market price of the Common Shares on the TSX on the trading day immediately preceding the date of grant of the Option. The Options may be granted for terms of up to ten years, as determined by the Board of Directors (or Compensation Committee) of the Corporation, and are non-assignable, other than pursuant to a will or by the laws of descent and distribution.&#160; Options may be subject to vesting as determined by the directors at the time of grant.&#160; Unvested options are immediately exercisable in the event of a take-over bid or change of control, as defined in the Plan.</p>
    <p style="text-align: justify;">As at December 31, 2020, there were a total of 4,655,000 Options outstanding with exercise prices ranging between C$0.30 and C$0.57 and expiry dates ranging from 2021 to 2024, all of which Options were granted pursuant to the Plan.</p>
    <p style="text-align: justify;">Pursuant to the rules of the TSX, any unallocated entitlements under the Plan must be approved and ratified by shareholders every three years. Shareholders last approved and ratified the unallocated entitlements under the Plan on September 24, 2020.</p>
    <p style="text-align: justify;"><b>Restricted Share Unit Plan</b></p>
    <p style="text-align: justify;">The Corporation has a restricted share unit plan (the "<b>RSU Plan</b>").&#160; The RSU Plan has been established to provide a greater alignment of interests between directors, executive officers and employees of the Corporation and its affiliates (for the purposes of this section, "<b>Designated Participants</b>") and shareholders of the Corporation, and to provide a compensation mechanism for Designated Participants that appropriately reflects the responsibility, commitment and risk accompanying their roles. The RSU Plan is also intended to assist the Corporation to attract, retain and motivate Designated Participants with experience and ability, and to allow Designated Participants to participate in the success of the Corporation.&#160; Under the RSU Plan, restricted share units ("<b>RSUs</b>") may be granted to such Designated Participants as may be determined by the Board in its sole discretion with effect from such dates as the Board may specify.&#160; As at December 31, 2020 and the date of this AIF, no RSUs have been granted.</p>
    <p style="text-align: justify;"><b>Share Purchase Warrants</b></p>
    <p style="text-align: justify;">As at December 31, 2020 and the date of this AIF, the Corporation does not have any share purchase warrants outstanding.</p>
    <p style="text-align: justify;"><b>MARKET FOR SECURITIES</b></p>
    <p style="text-align: justify;">The Common Shares are listed and trade on the TSX under the symbol "KEI".</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_33"></a>
    <div id="header_page_33">
        <p style="text-align: center;">- 32 -</p>
    </div>
    <p style="text-align: justify;"><b>Trading Price and Volume</b></p>
    <p style="text-align: justify;">The following table sets forth the price ranges and volume of Common Shares traded on the TSX during the most recently completed financial year:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; white-space: nowrap; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>Year</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; white-space: nowrap; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>Month</b></p>
            </td>
            <td style="width: 17.86%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1.5pt solid #000000; white-space: nowrap;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;"><b>High(C$)</b></p>
            </td>
            <td style="width: 14.1%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1.5pt solid #000000; white-space: nowrap;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;"><b>Low(C$)</b></p>
            </td>
            <td style="width: 18.98%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1.5pt solid #000000; white-space: nowrap;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;"><b>Volume</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>2020</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>January</p>
            </td>
            <td style="width: 17.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.120</p>
            </td>
            <td style="width: 14.1%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.085</p>
            </td>
            <td style="width: 18.98%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1,032,025</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>February</p>
            </td>
            <td style="width: 17.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.090</p>
            </td>
            <td style="width: 14.1%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.055</p>
            </td>
            <td style="width: 18.98%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1,399,219</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>March</p>
            </td>
            <td style="width: 17.86%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.080</p>
            </td>
            <td style="width: 14.1%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.025</p>
            </td>
            <td style="width: 18.98%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">2,307,436</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>April</p>
            </td>
            <td style="width: 17.86%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.090</p>
            </td>
            <td style="width: 14.1%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.035</p>
            </td>
            <td style="width: 18.98%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">2,441,485</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>May</p>
            </td>
            <td style="width: 17.86%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.085</p>
            </td>
            <td style="width: 14.1%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.045</p>
            </td>
            <td style="width: 18.98%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">3,081,054</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>June</p>
            </td>
            <td style="width: 17.86%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.095</p>
            </td>
            <td style="width: 14.1%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.065</p>
            </td>
            <td style="width: 18.98%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1,921,663</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>July</p>
            </td>
            <td style="width: 17.86%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.095</p>
            </td>
            <td style="width: 14.1%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.070</p>
            </td>
            <td style="width: 18.98%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1,206,417</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>August</p>
            </td>
            <td style="width: 17.86%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.080</p>
            </td>
            <td style="width: 14.1%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.060</p>
            </td>
            <td style="width: 18.98%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">876,918</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>September</p>
            </td>
            <td style="width: 17.86%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.065</p>
            </td>
            <td style="width: 14.1%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.045</p>
            </td>
            <td style="width: 18.98%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">710,507</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>October</p>
            </td>
            <td style="width: 17.86%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.055</p>
            </td>
            <td style="width: 14.1%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.045</p>
            </td>
            <td style="width: 18.98%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">992,547</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; background-color: #e6efff; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>November</p>
            </td>
            <td style="width: 17.86%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.070</p>
            </td>
            <td style="width: 14.1%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.045</p>
            </td>
            <td style="width: 18.98%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1,772,219</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>December</p>
            </td>
            <td style="width: 17.86%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.070</p>
            </td>
            <td style="width: 14.1%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.045</p>
            </td>
            <td style="width: 18.98%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">2,930,700</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;"><b>Prior Sales</b></p>
    <p style="text-align: justify;">The Corporation did not issue any securities which are not listed or quoted on a marketplace during the most recently completed financial year.</p>
    <p style="text-align: justify;"><b>DIRECTORS AND OFFICERS</b></p>
    <p style="text-align: justify;"><b>Name, Occupation and Security Holding</b></p>
    <p style="text-align: justify;">The following table sets forth all current directors and executive officers of the Corporation as of the date of this AIF, with each position and office held in the Corporation, and the period of service as a director of the Corporation (if applicable). Each director's term of office expires at the next annual general meeting of shareholders.</p>
    <table style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 31%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-bottom: 1.5pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Name, Position, Province or State<br>and Country</b><br><b>of Residence</b></p>
            </td>
            <td style="width: 19%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-bottom: 1.5pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Year First Became<br>a Director</b></p>
            </td>
            <td style="width: 49%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-bottom: 1.5pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Principal Occupation During the Past 5 Years</b><br><b>(including officer positions with the Corporation)</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p style="margin-bottom: 0pt; margin-top: 0pt;"><b>David Neuhauser</b><sup><b>(1)(2)</b></sup><sup><b>(3)</b></sup><sup><b>(5)</b></sup></p>
                <p style="margin-top: 0pt;">Illinois, USA<br><i>Director</i></p>
            </td>
            <td style="width: 19%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2016</p>
            </td>
            <td style="width: 49%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Founder and Managing Director of Livermore Partners LLC, a private investment firm.</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>Eric Brown</b><sup><b>(1)(2)(3)</b></sup><sup><b>(4)(5)</b></sup><br>British Columbia, Canada<br><i>Director</i></p>
            </td>
            <td style="width: 19%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2008</p>
            </td>
            <td style="width: 49%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Independent consultant June 2007 to date. Regional Managing Partner, Alberta Advisory Services, Meyers Norris Penny LLP, March 2002 to May 2006.</p>
            </td>
        </tr>
        <tr>
            <td style="margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p><b>Leslie O'Connor</b><sup><b>(1</b></sup><sup><b>)(2)(3)</b></sup><sup><b>(4)(5)<br></b></sup>Colorado, U.S.<br><i>Director</i></p>
            </td>
            <td style="width: 19%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2014</p>
            </td>
            <td style="width: 49%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Retired as of October 2018; Associate of MHA Petroleum Consultants, LLC. from February 2017 to October 2018;&#160; Managing Partner of MHA Petroleum Consultants, LLC. between May 2006 and February 2017.</p>
            </td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_34"></a>
    <div id="header_page_34">
        <p style="text-align: center;">- 33 -</p>
    </div>
    <br>
    <table style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 31%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-bottom: 1.5pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Name, Position, Province or State<br>and Country</b><br><b>of Residence</b></p>
            </td>
            <td style="width: 19%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-bottom: 1.5pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Year First Became<br>a Director</b></p>
            </td>
            <td style="width: 49%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-bottom: 1.5pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Principal Occupation During the Past 5 Years</b><br><b>(including officer positions with the Corporation)</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p><b>Wolf Regener</b><sup><b>(</b></sup><sup><b>4)</b></sup><br>California, U.S.<br><i>President, Chief Executive Officer and Director</i></p>
            </td>
            <td style="width: 19%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2010</p>
            </td>
            <td style="width: 49%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">President and CEO of the Corporation since May 2008 and President of BNK US since January 2005.</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>Gary Johnson</b><br>California, U.S.<br><i>Chief Financial Officer and Vice President</i></p>
            </td>
            <td style="width: 19%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Not Applicable</p>
            </td>
            <td style="width: 49%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Chief Financial Officer and Vice President of the Corporation since December 2013; Chief Financial Officer of the Corporation between April 2013 and December 2013; Financial and International Controller of the Corporation between June 2011 and April 2013.</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; text-align: justify; margin-top: 0pt;"><b>Notes:</b></p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify;">(1)<font style="width: 25.98pt; text-indent: 0pt; display: inline-block;">&#160;</font>Member of the Audit Committee.&#160;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify;">(2)<font style="width: 25.98pt; text-indent: 0pt; display: inline-block;">&#160;</font>Member of the Compensation Committee.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify;">(3)<font style="width: 25.98pt; text-indent: 0pt; display: inline-block;">&#160;</font>Member of the Corporate Governance Committee.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify;">(4)<font style="width: 25.98pt; text-indent: 0pt; display: inline-block;">&#160;</font>Member of the Health, Safety and Environmental Committee.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -36pt; text-align: justify;">(5)<font style="width: 25.98pt; text-indent: 0pt; display: inline-block;">&#160;</font>Member of the Reserves Committee.</p>
    <p style="text-align: justify;"><b>Control of Securities</b></p>
    <p style="text-align: justify;">As at December 31, 2020, the directors and executive officers of the Corporation as a group beneficially owned, or exercised control or direction over, directly or indirectly an aggregate of 15,164,827 Common Shares, representing approximately 6.5% of the issued and outstanding Common Shares.</p>
    <p style="text-align: justify;"><b>Cease Trade Orders, Bankruptcies, Penalties or Sanctions</b></p>
    <p style="text-align: justify;">Except as set out herein, to&#160; the knowledge of the Corporation, no director or executive officer of the Corporation is or was within 10 years prior to the date hereof, a director, chief executive officer or chief financial officer of any company (including the Corporation) that:</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(a)<font style="width: 24.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>was subject to an order that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; or</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(b)<font style="width: 24.05pt; text-indent: 0pt; display: inline-block;">&#160;</font>was subject to an order that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.</p>
    <p style="text-align: justify;">For the purposes of the disclosure immediately above, "order" means:&#160; (a) a cease trade order, including a management cease trade order, whether or not the person was named in the order; (b) an order similar to a cease trade order; or (c) an order that denied the relevant company access to any exemption under securities legislation, that in each case was in effect for a period of more than 30 consecutive days. Except as set out herein, to the knowledge of the Corporation, no director or executive officer of the Corporation or any shareholder holding a sufficient number of securities of the Corporation to affect materially the control of the Corporation:</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_35"></a>
    <div id="header_page_35">
        <p style="text-align: center;">- 34 -</p>
    </div>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(a)<font style="width: 24.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>is, as at the date hereof, or has been within the 10 years before the date hereof, a director or executive officer of any company (including the Corporation) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(b)<font style="width: 24.05pt; text-indent: 0pt; display: inline-block;">&#160;</font>has, within the 10 years before the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder.</p>
    <p style="text-align: justify;">Except as set out herein, to the knowledge of the Corporation, no director or executive officer of the Corporation or any shareholder holding a sufficient number of securities of the Corporation to affect materially the control of the Corporation, has been subject to:</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(a)<font style="width: 24.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(b)<font style="width: 24.05pt; text-indent: 0pt; display: inline-block;">&#160;</font>any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.</p>
    <p style="text-align: justify;"><b>Conflicts of Interest</b></p>
    <p style="text-align: justify;">Certain of the Corporation's directors and officers serve or may agree to serve as directors or officers of other reporting and private companies or have significant shareholdings in other reporting and private companies and, to the extent that such other companies may participate in ventures in which the Corporation may participate, or contract with the Corporation, such directors and officers of the Corporation may have a conflict of interest in negotiating and concluding terms of such ventures or contracts.&#160; From time to time, several such companies may participate in the acquisition, exploration and development of natural resource properties thereby allowing for their participation in larger programs, permitting involvement in a greater number of programs and reducing financial exposure in respect of any one program.&#160; It may also occur that a particular company will assign all or a portion of its interest in a particular program to another of these companies due to the financial position of the company making the assignment.&#160; In such circumstances directors and officers of the Corporation who are also directors and officers of other companies involved in such a transaction may experience a conflict or potential conflict that could detract from their efforts on behalf of the Corporation.&#160; In the event of an actual or potential conflict of interest, a director who has such a conflict is required to abstain from voting on the matter and not participate in negotiating and concluding terms of any proposed transaction.&#160; Under the laws of the province of British Columbia, the directors of the Corporation are required to act honestly, in good faith and in the best interests of the Corporation and to disclose any conflict of interest.&#160; The Corporation's Code of Ethics imposes similar obligations on officers and employees.&#160; See also "<i>Risk Factors</i>" and "<i>Interest of Management and Others in Material Transactions</i>".&#160;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_36"></a>
    <div id="header_page_36">
        <p style="text-align: center;">- 35 -</p>
    </div>
    <p style="text-align: justify;"><b>Promoters</b></p>
    <p style="text-align: justify;">No person or company has been a promoter of the Corporation within the two most recently completed financial years or during the current financial year.</p>
    <p style="text-align: justify;"><b>AUDIT COMMITTEE INFORMATION</b></p>
    <p style="text-align: justify;"><b>Audit Committee Mandate</b></p>
    <p style="text-align: justify;">The Corporation's Audit Committee has a Charter in the form attached to this AIF as Schedule "A".</p>
    <p style="text-align: justify;"><b>Composition of Audit Committee</b></p>
    <p style="text-align: justify;">The Audit Committee consists of three directors, namely Eric Brown (Chair), David Neuhauser and Leslie O'Connor.&#160; All of the members of the Audit Committee are independent and financially literate within the meaning of those terms set forth in National Instrument 52-110 ("<b>NI 52-110</b>").</p>
    <p style="text-align: justify;"><b>Education and Experience</b></p>
    <p style="text-align: justify;">The following is a description of the education and experience of each Audit Committee member that is relevant to the performance of his responsibilities as an Audit Committee member:</p>
    <p style="text-align: justify;"><i>Eric Brown</i> (Chair) is a Chartered Professional Accountant with several years of experience as a director of both private and public Canadian companies.&#160; He has served on public company audit committees in the past.&#160; Eric has 30 years' experience in the financial services industry.</p>
    <p style="text-align: justify;"><i>David Neuhauser</i> is Founder and Managing Director of Livermore Partners LLC and a Member of the Chicago Board of Trade.&#160; He received his undergraduate degree from Northeastern University and his graduate degree from Roosevelt University.</p>
    <p style="text-align: justify;"><i>Leslie O'Connor</i> is a former Managing Partner of MHA Petroleum Consultants, LLC.&#160; She received her undergraduate degree from North Arizona University and her Graduate degree from Colorado School of Mines.&#160; Leslie has over 40 years of experience in the energy industry.</p>
    <p style="text-align: justify;"><b>Audit Committee Oversight</b></p>
    <p style="text-align: justify;">No recommendation of the Audit Committee to nominate or compensate an external auditor was rejected by the Corporation's board of directors.</p>
    <p style="text-align: justify;"><b>Audit Fees and Pre-Approval of Audit Services</b></p>
    <p style="text-align: justify;">Under the terms of the Audit Committee Charter, the Audit Committee is required to review and pre-approve the objectives and scope of the external audit work and proposed fees.&#160; In addition, the Audit Committee is required to review and pre-approve all non-audit services, including tax services, which the Corporation's external auditors are to perform.&#160; The Audit Committee has adopted specific policies and procedures for the engagement of non-audit services as set out in the Audit Committee Charter.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_37"></a>
    <div id="header_page_37">
        <p style="text-align: center;">- 36 -</p>
    </div>
    <p style="text-align: justify;"><b>External Auditor Service Fees</b></p>
    <p style="text-align: justify;">The aggregate fees billed by the Corporation's external auditors, KPMG LLP, during the years ended December 31, 2020 and 2019 are as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;"><b>2019</b></td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Audit Fees<sup>(1)</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">C$</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160; 190,000</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Tax Compliance Fees</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">C$</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">247,300</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">C$</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">284,900</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Other Tax Fees <sup>(</sup><sup>3</sup><sup>)</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Other Fees<sup>(4</sup><sup>)</sup></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Total Fees</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">C$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">247,300</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">C$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">284,900</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; text-align: justify;"><b>Notes: </b></p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">(1)<font style="width: 6.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>"Audit Fees" </i>include the aggregate fees billed in each financial year for audit fees.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">(2)<font style="width: 6.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>"Audit Related Fees"</i> include the aggregate fees billed in each financial year for assurance and related services to the performance of the audit or review of the Corporation's financial statements not already disclosed under "Audit Fees".</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">(3)<font style="width: 6.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>"Other Tax Fees" include the aggregate fees billed for tax planning and tax advice services.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify;">(4)<font style="width: 6.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>"All Other Fees"</i> include aggregate fees billed for products or services not already reported in the above table.</p>
    <p style="text-align: justify;"><b>LEGAL PROCEEDINGS AND REGULATORY ACTIONS</b></p>
    <p style="text-align: justify;">From time to time, the Corporation or its subsidiaries are the subject of litigation arising out of operations.&#160; Damages claimed under such litigation may be material or may be indeterminate and the outcome of such litigation may materially impact the Corporation's financial condition or results of operations.&#160; The Corporation and its properties are not currently subject to any legal proceedings, nor are any proceedings known to be contemplated that involves a claim for damages in an amount that excluding interest and costs exceeds 10% of the current assets of the Corporation.&#160; No penalties or sanctions were imposed against the Corporation by a court relating to securities legislation or by a securities regulatory authority and the Corporation did not enter into any settlement agreements before a court in respect of securities legislation or with a securities regulatory authority during the most recently completed financial year or prior to the date of this AIF.&#160; There are no other penalties or sanctions imposed by a court or regulatory body against the Corporation or its subsidiaries that would likely be considered important to a reasonable investor in making an investment decision.</p>
    <p style="text-align: justify;"><b>INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS</b></p>
    <p style="text-align: justify;">Except as disclosed in this AIF, to the knowledge of the Corporation no director, executive officer or principal shareholder of the Corporation, or any associate or affiliate of the foregoing, has had any material interest, direct or indirect, in any transaction within the three most recently completed financial years or during the current financial year that has materially affected or will materially affect the Corporation.&#160;</p>
    <p style="text-align: justify;"><b>TRANSFER AGENTS AND REGISTRARS </b></p>
    <p style="text-align: justify;">The transfer agent and registrar for the Common Shares is Computershare Investor Services Inc., located at 600, 530 - 8<sup>th</sup> Avenue SW, Calgary, Alberta, T2P 3S8.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_38"></a>
    <div id="header_page_38">
        <p style="text-align: center;">- 37 -</p>
    </div>
    <p style="text-align: justify;"><b>MATERIAL CONTRACTS</b></p>
    <p style="text-align: justify;">There are no contracts of the Corporation, other than contracts entered into in the ordinary course of business of the Corporation, that are material to the Corporation and that were entered into within the most recently completed financial year of the Corporation or before the most recently completed financial year of the Corporation and which are still in effect or that are otherwise required to be filed pursuant to National Instrument 51-102 <i>Continuous Disclosure Obligations</i>, other than the Credit Agreement dated as of June 13, 2017 made between BNK Petroleum (US) Inc. (as borrower) and BOKF, NA (as administrative agent and LC issuer), a copy of which has been filed under the Corporation's profile at <font style="color: #0000ff;"><u>www.sedar.com</u></font><i>.&#160; </i></p>
    <p style="text-align: justify;"><b>INTERESTS OF EXPERTS</b></p>
    <p style="text-align: justify;"><b>Names of Experts</b></p>
    <p style="text-align: justify;">Information in the National Instrument 51-101F2 <i>Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor </i>as at December 31, 2020, which is incorporated by reference herein, was prepared by Netherland, Sewell.</p>
    <p style="text-align: justify;"><b>Interests of Experts</b></p>
    <p style="text-align: justify;">To the knowledge of the Corporation, none of Netherland, Sewell or any of the partners, employees or consultants of Netherland, Sewell, at the time of preparing the applicable statement or report, held or thereafter received or will receive any registered or beneficial interests, direct or indirect, in any securities or other property of the Corporation or of one of the Corporation's associates or affiliates.&#160;</p>
    <p style="text-align: justify;">None of the directors, officers, or employees of Netherland, Sewell is or is expected to be elected, appointed or employed as a director, officer or employee of the Corporation or any associate or affiliate of the Corporation.</p>
    <p style="text-align: justify;"><b>Auditors</b></p>
    <p style="text-align: justify;">KPMG LLP are the auditors of the Corporation and have confirmed that they are independent with respect to the Corporation within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations.&#160;</p>
    <p style="text-align: justify;"><b>ADDITIONAL INFORMATION</b></p>
    <p style="text-align: justify;">Additional information relating to the Corporation may be found on SEDAR at <font style="color: #0000ff;"><u>www.sedar.com</u></font>.</p>
    <p style="text-align: justify;">Additional information, including remuneration of directors and named executive officers, indebtedness of directors and officers, principal holders of the Corporation's securities, and securities authorized for issuance under equity compensation plans is contained in the Corporation's Information Circular for its most recent annual general meeting of security holders that involved the election of directors.</p>
    <p style="text-align: justify;">Additional financial information is provided in the Corporation's consolidated financial statements and management's discussion and analysis for the year ended December 31, 2020.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_39"></a>
    <p style="margin-bottom: 0pt; text-align: center;"><b>SCHEDULE "A"</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>AUDIT COMMITTEE CHARTER</b></p>
    <p style="text-align: center;"><b>AUDIT COMMITTEE CHARTER</b></p>
    <p style="text-align: justify;"><b>I.</b><font style="width: 28.97pt; display: inline-block;">&#160;</font><b>MANDATE</b></p>
    <p style="text-align: justify;">The primary function of the audit committee (the "<b>Committee</b>") is to assist the Board of Directors in fulfilling its financial oversight responsibilities by reviewing the financial reports and other financial information provided by the Company to regulatory authorities and shareholders, the Company's systems of internal controls regarding finance and accounting, and the Company's auditing, accounting and financial reporting processes. Consistent with this function, the Committee will encourage continuous improvement of, and should foster adherence to, the Company's policies, procedures and practices at all levels. The Committee's primary duties and responsibilities are to:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 9.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>Serve as an independent and objective party to monitor the Company's financial reporting and internal control system and review the Company's financial statements.</p>
        </li>
        <li style="margin-left: 9.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>Review and appraise the performance of the Company's external auditors.</p>
        </li>
        <li style="margin-left: 9.6pt; text-align: justify; padding-left: 8.4pt;">
            <p>Provide an open avenue of communication among the Company's auditors, financial and senior management and the Board of Directors.</p>
        </li>
    </ul>
    <p style="text-align: justify;"><b>II.</b><font style="width: 24.69pt; display: inline-block;">&#160;</font><b>COMPOSITION</b></p>
    <p style="text-align: justify;">The Committee shall be comprised of three directors as determined by the Board of Directors, all of whom shall independent, as such term is defined in National Instrument 52-110 <i>- Audit Committees</i>.</p>
    <p style="text-align: justify;">All members of the Committee shall have accounting or related financial management expertise. All members of the Committee that are not financially literate will work towards becoming financially literate to obtain a working familiarity with basic finance and accounting practices. For the purposes of the this Charter, the definition of "financially literate" is the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can presumably be expected to be raised by the Company's financial statements.</p>
    <p style="text-align: justify;">The members of the Committee shall be elected by the Board of Directors at its first meeting following the annual shareholders' meeting. Unless a Chair is elected by the full Board of Directors, the members of the Committee may designate a Chair by a majority vote of the full Committee membership.</p>
    <p style="text-align: justify;"><b>III.</b><font style="width: 20.41pt; display: inline-block;">&#160;</font><b>MEETINGS</b></p>
    <p style="text-align: justify;">The Committee shall meet at least quarterly, or more frequently as circumstances dictate. As part of its job to foster open communication, the Committee will meet at least annually with the Chief Financial Officer and the external auditors in separate sessions.</p>
    <p style="text-align: justify;"><b>IV.</b><font style="width: 21.03pt; display: inline-block;">&#160;</font><b>RESPONSIBILITIES AND DUTIES</b></p>
    <p style="text-align: justify;">To fulfill its responsibilities and duties, the Committee shall:</p>
    <p style="text-align: justify;">&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_40"></a>
    <div id="header_page_40">
        <p style="text-align: center;">A-2</p>
    </div>
    <p style="text-align: justify;"><u>Review of Reports, Policies and Procedures</u></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">1.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review and update this Charter annually.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">2.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review the Company's financial statements, MD&amp;A and any annual and interim earnings press releases before the Company publicly discloses this information and any reports or other financial information (including quarterly financial statements), which are submitted to any governmental body, or to the public, including any certification, report, opinion, or review rendered by the external auditors.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">3.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review with management and make recommendations to the Board in respect of the adequacy and effectiveness of the Company's financial risk management procedures.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">4.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review the monitoring of the Whistleblower Policy for the submission, receipt, retention and treatment of complaints and concerns regarding accounting and auditing matters, and review any developments and responses on reports received thereunder.</p>
    <p style="text-align: justify;"><u>External Auditors</u></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review annually the performance of the external auditors and ensure their independence after reviewing all significant relationships they might have with the Company.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">6.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Take, or recommend that the full Board of Directors take, appropriate action to oversee the independence of the external auditors.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">7.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Recommend to the Board of Directors the selection and, where applicable, the replacement of the external auditors nominated annually for shareholder approval.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">8.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>At each meeting, consult with the external auditors, without the presence of management, about the quality of the Company's accounting principles, internal controls and the completeness and accuracy of the Company's financial statements.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">9.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review and approve the Company's hiring policies regarding partners, employees and former partners and employees of the present and former external auditors of the Company.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">10.<font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review with management and the external auditors the audit plan for the year-end financial statements and intended template for such statements.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">11.<font style="width: 23.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review and pre-approve all audit and audit-related services and the fees and other compensation related thereto, and any non-audit services, provided by the Company's external auditors. The pre-approval requirement is waived with respect to the provision of non-audit services if:</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">i.<font style="width: 30.69pt; text-indent: 0pt; display: inline-block;">&#160;</font>the aggregate amount of all such non-audit services provided to the Company constitutes not more than five percent of the total amount of revenues paid by the Company to its external auditors during the fiscal year in which the non-audit services are provided;</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">ii.<font style="width: 27.64pt; text-indent: 0pt; display: inline-block;">&#160;</font>such services were not recognized by the Company at the time of the engagement to be non-audit services; and</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">iii.<font style="width: 25.08pt; text-indent: 0pt; display: inline-block;">&#160;</font>such services are promptly brought to the attention of the Committee by the Company and approved prior to the completion of the audit by the Committee or by one or more members of the Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Committee.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_41"></a>
    <div id="header_page_41">
        <p style="text-align: center;">A-3</p>
    </div>
    <p style="margin-left: 36pt; text-align: justify;">Provided the pre-approval of the non-audit services is presented to the Committee's first scheduled meeting following such approval such authority may be delegated by the Committee to one or more independent members of the Committee.</p>
    <p style="text-align: justify;"><u>Financial Reporting Processes</u></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">12.<font style="width: 22.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>In consultation with the external auditors, review with management the integrity of the Company's financial reporting process, both internal and external.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">13.<font style="width: 22.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>Consider the external auditors' judgments about the quality and appropriateness of the Company's accounting principles as applied in its financial reporting.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">14.<font style="width: 22.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>Consider and approve, if appropriate, changes to the Company's auditing and accounting principles and practices as suggested by the external auditors and management.</p>
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    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">16.<font style="width: 22.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>Following completion of the annual audit, review separately with management and the external auditors any significant difficulties encountered during the course of the audit, including any restrictions on the scope of work or access to required information.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">17.<font style="width: 22.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review any significant disagreement among management and the external auditors in connection with the preparation of the financial statements.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">18.<font style="width: 22.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review with the external auditors and management the extent to which changes and improvements in financial or accounting practices have been implemented.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">19.<font style="width: 22.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review certification process.</p>
    <p style="text-align: justify;"><u>Other</u></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">20.<font style="width: 22.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review any related-party transactions.</p>
    <p style="text-align: justify;"><b>V.</b><font style="width: 26.81pt; display: inline-block;">&#160;</font><b>ANNUAL WORK PLAN</b></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">21.<font style="width: 22.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Committee reviews and updates annually a work plan for the ensuing year which includes periodic review at specified times and periods of financial reporting and continuous disclosure documents and matters, internal controls and reporting, dealings with external auditors and other related matters.</p>
    <p style="text-align: justify;">This Audit Committee Charter was adopted by the Board of Directors of the Company on the 25th day of March, 2009, and was most recently updated on March 29, 2011.</p>
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    <title>Kolibri Global Energy Inc.: Exhibit 2.2 - Filed by newsfilecorp.com</title>
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<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><img src="exhibit2-2x001.jpg" style="width: 467px;" height="127"></p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><font style="font-size: 14pt;"><b>CONSOLIDATED FINANCIAL STATEMENTS </b></font></p>
    <p style="text-align: center;"><font style="font-size: 14pt;"><b>AS OF AND FOR THE YEARS ENDED </b></font></p>
    <p style="text-align: center;"><font style="font-size: 14pt;"><b>DECEMBER 31, 2020 AND 2019</b></font></p>
    <p style="text-align: center;"><font style="font-size: 14pt;">&#160;</font></p>
    <p style="text-align: center;"><font style="font-size: 14pt;">&#160;</font></p>
    <p style="text-align: center;"><font style="font-size: 14pt;">&#160;</font></p>
    <p style="text-align: center;"><font style="font-size: 14pt;">&#160;</font></p>
    <p style="text-align: center;"><font style="font-size: 14pt;">&#160;</font></p>
    <p style="text-align: center;"><font style="font-size: 14pt;">&#160;</font></p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><b>Management's Report</b></p>
    <p style="text-align: justify;">The accompanying consolidated financial statements and related financial information are the responsibility of management, and have been prepared in accordance with International Financial Reporting Standards ("IFRS"). They include certain amounts that are based on estimates and judgments relating. Financial information presented elsewhere in this document is consistent with that contained in the consolidated financial statements.</p>
    <p style="text-align: justify;">In management's opinion, the consolidated financial statements have been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies adopted by management. If alternate accounting methods exist, management has chosen those policies it deems the most appropriate in the circumstances. Management has established systems of accounting and internal controls that provide reasonable assurance that assets are safeguarded from loss or unauthorized use, and produce reliable accounting records for the preparation of financial information. Policies and procedures are maintained to support the accounting and internal control systems.</p>
    <p style="text-align: justify;">The Company retains independent petroleum consultants, Netherland, Sewell &amp; Associates, Inc. to conduct independent evaluations of the Company's oil, natural gas and natural reserves. The independent external auditors, KPMG LLP, have conducted an examination of the consolidated financial statements on behalf of shareholders. The auditors have unrestricted access to the Company and the Audit Committee.</p>
    <p style="text-align: justify;">The Board of Directors, currently composed of seven independent directors and one officer/director, carries out its responsibility for the consolidated financial statements principally through its Audit Committee, consisting of three members, all of whom are independent directors. This committee reviews the consolidated financial statements with management and the auditors, as well as recommends to the Board of Directors the external auditors to be appointed by the shareholders at each annual meeting. The audit committee meets at least quarterly to review and approves financial statements prior to their release, and recommends their approval to the Board of Directors.</p>
    <p style="text-align: justify;">&#160;</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 0.75pt solid #000000;">"Wolf Regener"</td>
            <td style="width: 10%;">&#160;</td>
            <td style="width: 45%; border-bottom: 0.75pt solid #000000;">"Gary Johnson"</td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td style="width: 10%;">&#160;</td>
            <td style="width: 45%;">&#160;</td>
        </tr>
        <tr>
            <td>Wolf Regener</td>
            <td style="width: 10%;">&#160;</td>
            <td style="width: 45%;">Gary Johnson</td>
        </tr>
        <tr>
            <td>President &amp; Chief Executive Officer</td>
            <td style="width: 10%;">&#160;</td>
            <td style="width: 45%;">Chief Financial Officer &amp; Vice President</td>
        </tr>
    </table>
    <p style="text-align: justify;">March 11, 2021</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: justify;"><img src="exhibit2-2x002.jpg" style="width: 103px;" height="42"><b> </b></p>
    <p style="margin-left: 90pt; margin-bottom: 0pt; text-align: justify;">KPMG LLP</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 90pt; text-align: justify;">205 5th Avenue SW Suite 3100</p>
    <p style="margin-top: 0pt; margin-left: 90pt; margin-bottom: 0pt; text-align: justify;">Calgary AB T2P 4B9</p>
    <p style="margin-top: 0pt; margin-left: 90pt; text-align: justify;">Tel (403) 691-8000</p>
    <p style="margin-bottom: 0pt; margin-left: 90pt; text-align: justify;">Fax (403) 691-8008<font style="color: #000000;">&#160;</font></p>
    <p style="margin-top: 0pt; margin-left: 90pt; text-align: justify;">www.kpmg.ca</p>
    <p style="margin-left: 54pt; text-indent: -18pt; text-align: center;"><b>INDEPENDENT AUDITORS' REPORT</b></p>
    <p style="margin-left: 90pt; text-align: justify;">To the Shareholders of Kolibri Global Energy Inc.</p>
    <p style="margin-left: 90pt; text-align: justify;"><i><b>Opinion</b></i></p>
    <p style="margin-left: 90pt; text-align: justify;">We have audited the consolidated financial statements of Kolibri Global Energy Inc. (the "Entity"), which comprise:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 99.6pt; text-align: justify; padding-left: 8.4pt;">the consolidated statements of financial position as at December 31, 2020 and December 31, 2019</li>
        <li style="margin-left: 99.6pt; text-align: justify; padding-left: 8.4pt;">the consolidated statements of operations and comprehensive loss for the years then ended</li>
        <li style="margin-left: 99.6pt; text-align: justify; padding-left: 8.4pt;">the consolidated statements of changes in equity for the years then ended</li>
        <li style="margin-left: 99.6pt; text-align: justify; padding-left: 8.4pt;">the consolidated statements of cash flows for the years then ended</li>
        <li style="margin-left: 99.6pt; text-align: justify; padding-left: 8.4pt;">and notes to the consolidated financial statements, including a summary of significant accounting policies.</li>
    </ul>
    <p style="margin-left: 90pt; text-align: justify;">(Hereinafter referred to as the "financial statements").</p>
    <p style="margin-left: 90pt; text-align: justify;">In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated financial position of the Entity as at December 31, 2020 and December 31, 2019, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards ("IFRS").</p>
    <p style="margin-left: 90pt; margin-bottom: 0pt; text-align: justify;"><i><b>Basis for Opinion</b></i></p>
    <p style="margin-top: 0pt; margin-left: 90pt; text-align: justify;">We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the "Auditors' Responsibilities for the Audit of the Financial Statements" section of our auditors' report.</p>
    <p style="margin-left: 90pt; text-align: justify;">We are independent of the Entity in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada and we have fulfilled our other ethical responsibilities in accordance with these requirements.</p>
    <p style="text-align: justify; margin-left: 90pt;">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</p>
    <p style="margin-left: 90pt; text-align: justify;"><font style="color: #a6a6a6;">&#169; 2020 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.</font></p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <p style="text-align: justify;"><img src="exhibit2-2x003.jpg" style="width: 103px;" height="42"></p>
    <p style="text-align: justify; margin-left: 90pt;"><i><b>Material Uncertainty Related to Going Concern</b></i></p>
    <p style="text-align: justify; margin-left: 90pt;">We draw attention to Note 2 in the financial statements, which indicates that the Entity has a working capital deficiency at December 31, 2020 and has no available undrawn debt capacity under its credit facility. The Entity's ability to continue as a going concern is dependent upon the lender maintaining the borrowing base limit on the credit facility and the Company's ability to generate net cash from operating activities or raise additional financing to continue to fund its working capital deficiency, debt repayments and capital expenditures.</p>
    <p style="text-align: justify; margin-left: 90pt;">As stated in Note 2 in the financial statements, these events or conditions, along with other matters as set forth in Note 2 in the financial statements, indicate that a material uncertainty exists that may cast significant doubt on the Entity's ability to continue as a going concern.</p>
    <p style="text-align: justify; margin-left: 90pt;">Our opinion is not modified in respect of this matter.</p>
    <p style="text-align: justify; margin-left: 90pt;"><i><b>Key Audit Matters</b></i></p>
    <p style="text-align: justify; margin-left: 90pt;">Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the year ended December 31, 2020. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.</p>
    <p style="text-align: justify; margin-left: 90pt;">In addition to the matter described in the "<i><b>Material Uncertainty related to Going Concern</b></i>" section of the auditors' report, we have determined the matters described below to be the key audit matters to be communicated in our auditors' report.</p>
    <p style="text-align: justify; margin-left: 90pt;"><i><b>Assessment of the recoverable amount of the cash generating unit</b></i></p>
    <p style="text-align: justify; margin-left: 90pt;"><i><b>Description of the matter</b></i></p>
    <p style="text-align: justify; margin-left: 90pt;">We draw attention to note 3, note 4 and note 9 to the financial statements. The Entity identified indicators of impairment at March 31, 2020 and December 31, 2020 and performed an impairment test to estimate the recoverable amount of the cash generating unit ("CGU"). The Entity has recorded an impairment charge of $71.9 million related to the CGU for the year ended December 31, 2020.</p>
    <p style="text-align: justify; margin-left: 90pt;">The estimated recoverable amount of the CGU involves significant estimates, including:</p>
    <p style="margin-left: 90pt; text-indent: 18pt; text-align: justify; margin-bottom: 0pt;">&#8226;<font style="width: 23.15pt; text-indent: 0pt; display: inline-block;">&#160;</font>The estimate of proved and probable oil and gas reserves and the related cash flows</p>
    <p style="margin-left: 90pt; text-indent: 18pt; text-align: justify; margin-top: 0pt;">&#8226;<font style="width: 23.15pt; text-indent: 0pt; display: inline-block;">&#160;</font>The discount rates.</p>
    <p style="margin-left: 90pt; text-indent: 18pt; margin-top: 0pt; text-align: right;">2</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <p style="text-align: justify;"><img src="exhibit2-2x002.jpg" style="width: 103px;" height="42"></p>
    <p style="text-align: justify; margin-left: 90pt;">The estimate of proved and probable oil and gas reserves and the related cash flows requires the expertise of independent third party reserve evaluators and includes significant assumptions related to:</p>
    <p style="margin-left: 108pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="width: 23.15pt; display: inline-block;">&#160;</font>Forecasted oil and gas commodity prices</p>
    <p style="margin-left: 108pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="width: 23.15pt; display: inline-block;">&#160;</font>Forecasted production</p>
    <p style="margin-left: 108pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="width: 23.15pt; display: inline-block;">&#160;</font>Forecasted operating costs</p>
    <p style="margin-left: 108pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="width: 23.15pt; display: inline-block;">&#160;</font>Forecasted royalty costs</p>
    <p style="margin-left: 108pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="width: 23.15pt; display: inline-block;">&#160;</font>Forecasted future development costs.</p>
    <p style="text-align: justify; margin-left: 90pt;">The Entity engages independent third party reserve evaluators to estimate the proved and probable oil and gas reserves and the related cash flows at least annually.</p>
    <p style="text-align: justify; margin-left: 90pt;"><i><b>Why the matter is a key audit matter</b></i></p>
    <p style="text-align: justify; margin-left: 90pt;">We identified the assessment of the recoverable amount of the CGU as a key audit matter. Significant auditor judgment was required to evaluate the results of our audit procedures regarding the estimate of proved and probable oil and gas reserves and the related cash flows and the discount rates.</p>
    <p style="text-align: justify; margin-left: 90pt;"><i><b>How the matter was addressed in the audit</b></i></p>
    <p style="text-align: justify; margin-left: 90pt;">The following are the primary procedures we performed to address this key audit matter:</p>
    <p style="text-align: justify; margin-left: 90pt;">With respect to the estimate of proved and probable oil and gas reserves and the related</p>
    <p style="text-align: justify; margin-left: 90pt;">cash flows at December 31, 2020:</p>
    <p style="text-align: justify; margin-left: 135pt; margin-bottom: 0pt; text-indent: -27pt; margin-top: 0pt;">&#8226;<font style="width: 23.15pt; text-indent: 0pt; display: inline-block;">&#160;</font>We evaluated the competence, capabilities and objectivity of the independent third party reserve evaluators engaged by the Entity</p>
    <p style="margin-top: 0pt; margin-left: 135pt; text-indent: -27pt; text-align: justify; margin-bottom: 0pt;">&#8226;<font style="width: 23.15pt; text-indent: 0pt; display: inline-block;">&#160;</font>We compared forecasted oil and gas commodity prices to those published by other&#160;independent third party reserve evaluators</p>
    <p style="text-align: justify; margin-left: 135pt; margin-bottom: 0pt; text-indent: -27pt; margin-top: 0pt;">&#8226;<font style="width: 23.15pt; text-indent: 0pt; display: inline-block;">&#160;</font>We compared the 2020 actual production, operating costs, royalty costs and development costs of the Entity to those estimates used in the prior year's estimate of proved oil and gas reserves and the related cash flows to assess the Entity's ability to accurately forecast</p>
    <p style="margin-top: 0pt; margin-left: 135pt; text-indent: -27pt; text-align: justify; margin-bottom: 0pt;">&#8226;<font style="width: 23.15pt; text-indent: 0pt; display: inline-block;">&#160;</font>We&#160; evaluated&#160; the&#160; appropriateness&#160; of&#160; forecasted&#160; production&#160; and&#160; forecasted&#160;operating costs, royalty costs and future development costs assumptions by comparing to 2020 actual results. We took into account changes in conditions and events affecting the Entity to assess the adjustments or lack of adjustments made by the Entity in arriving at the assumptions.</p>
    <p style="text-align: justify; margin-left: 90pt;">We involved valuation professionals with specialized skills and knowledge, who assisted in:</p>
    <p style="text-align: justify; margin-left: 135pt; text-indent: -27pt;">&#8226;<font style="width: 23.15pt; text-indent: 0pt; display: inline-block;">&#160;</font>Evaluating the appropriateness of the Entity's discount rates by comparing the discount rates to market and other external data</p>
    <p style="margin-left: 135pt; text-indent: -27pt; text-align: right;">3</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <p style="text-align: justify;"><img src="exhibit2-2x002.jpg" style="width: 103px;" height="42"></p>
    <p style="text-align: justify; margin-left: 135pt; text-indent: -27pt;">&#8226;<font style="width: 23.15pt; text-indent: 0pt; display: inline-block;">&#160;</font>Assessing the reasonableness of the Entity's estimate of the recoverable amount of the CGU by comparing the Entity's estimate to market metrics and other external data.</p>
    <p style="text-align: justify; margin-left: 90pt;"><i><b>Other Information</b></i></p>
    <p style="text-align: justify; margin-left: 90pt;">Management is responsible for the other information. Other information comprises:</p>
    <p style="margin-left: 117pt; text-indent: -27pt; text-align: justify;">&#8226;<font style="text-indent: 0pt; display: inline-block; width: 23.5pt;">&#160;</font>the&#160; information included in&#160; Management's Discussion and&#160; Analysis filed&#160; with&#160; the relevant Canadian Securities Commissions.</p>
    <p style="text-align: justify; margin-left: 90pt;">Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.</p>
    <p style="text-align: justify; margin-left: 90pt;">In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit and remain alert for indications that the other information appears to be materially misstated.</p>
    <p style="text-align: justify; margin-left: 90pt;">We obtained the information included in Management's Discussion and Analysis filed with the relevant Canadian Securities Commissions as at the date of this auditors' report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in the auditors' report.</p>
    <p style="text-align: justify; margin-left: 90pt;">We have nothing to report in this regard.</p>
    <p style="text-align: justify; margin-left: 90pt;"><i><b>Responsibilities of Management and Those Charged with Governance for the Financial Statements</b></i></p>
    <p style="text-align: justify; margin-left: 90pt;">Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</p>
    <p style="text-align: justify; margin-left: 90pt;">In preparing the financial statements, management is responsible for assessing the Entity's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.</p>
    <p style="text-align: justify; margin-left: 90pt;">Those charged with governance are responsible for overseeing the Entity's financial reporting process.</p>
    <p style="text-align: justify; margin-left: 90pt;"><i><b>Auditors' Responsibilities for the Audit of the Financial Statements</b></i></p>
    <p style="text-align: justify; margin-left: 90pt;">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion.</p>
    <p style="margin-left: 90pt; text-align: right;">4</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
    <p style="margin-left: 90pt; text-align: justify;"><img src="exhibit2-2x003.jpg" style="width: 103px;" height="42"></p>
    <p style="text-align: justify; margin-left: 90pt;">Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists.</p>
    <p style="text-align: justify; margin-left: 90pt;">Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.</p>
    <p style="text-align: justify; margin-left: 90pt;">As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit.</p>
    <p style="text-align: justify; margin-left: 90pt;">We also:</p>
    <p style="text-align: justify; margin-left: 117pt; text-indent: -27pt; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.</p>
    <p style="text-align: justify; margin-left: 117pt; margin-bottom: 0pt; margin-top: 0pt;">The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</p>
    <p style="text-align: justify; margin-left: 117pt; margin-bottom: 0pt; text-indent: -27pt; margin-top: 0pt;">&#8226;<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity's internal control.</p>
    <p style="text-align: justify; margin-left: 117pt; text-indent: -27pt; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="display: inline-block; width: 23.5pt;">&#160;</font>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.</p>
    <p style="text-align: justify; margin-left: 117pt; text-indent: -27pt; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Entity to cease to continue as a going concern.</p>
    <p style="text-align: justify; margin-left: 117pt; text-indent: -27pt; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.</p>
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    <p style="margin-left: 117pt; text-indent: -27pt; margin-top: 0pt; text-align: right;">5</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_8"></a>
    <p style="text-align: justify;"><img src="exhibit2-2x002.jpg" style="width: 103px;" height="42"></p>
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    <p style="margin-left: 90pt; text-align: justify;">The engagement partner on the audit resulting in this auditors' report is David Yung.</p>
    <p style="margin-left: 90pt; text-align: justify;"><img src="exhibit2-2x004.jpg" style="width: 190px;" height="59"></p>
    <p style="margin-left: 90pt; text-align: justify;">Chartered Professional Accountants</p>
    <p style="margin-left: 90pt; margin-bottom: 0pt; text-align: justify;">Calgary, Canada</p>
    <p style="margin-top: 0pt; margin-left: 90pt; text-align: justify;">March 11, 2021</p>
    <br>
    <div id="footer_page_8">
        <p style="text-align: center;">1</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a><br>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>KOLIBRI GLOBAL ENERGY INC.</b></p>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</b></p>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><i>(Expressed in thousands of United States dollars)</i></p>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>3,102</b></td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>103</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">99</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">161,208</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>4,371</b></td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">6,424</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>2,084</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,500</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>66</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">105</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>37</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">253</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>6,558</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">8,282</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-right: 5.4pt; padding-left: 18pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>44</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">22,925</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>55,648</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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    <p style="text-align: justify;"><b>Approved by:</b></p>
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            <td style="width: 48%; border-bottom: 0.75pt solid #000000;"><i><b>"David Neuhauser"&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;</b></i></td>
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        <tr>
            <td style="width: 48%;"><b>David Neuhauser</b></td>
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        <tr>
            <td style="width: 48%;"><b>Director</b></td>
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    <p style="text-align: justify;">&#160;</p>
    <p style="margin-top: 0pt; text-align: justify;">&#160;</p>
    <div id="footer_page_9">
        <p style="text-align: center;">2</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_10"></a><br>
    <p style="margin-left: 3.6pt; text-align: center; margin-bottom: 0pt;"><b>KOLIBRI GLOBAL ENERGY INC.</b></p>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</b></p>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>YEARS ENDED DECEMBER 31</b></p>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><i><b>(Expressed in thousands of United States dollars, except per share amounts)</b></i></p>
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    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
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            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2019</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>9,580</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">17,402</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>2</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">9</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 18pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">17,411</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>2,859</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">149</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">749</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>1,362</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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    <p style="text-align: justify;"><i><b>See accompanying notes to consolidated financial statements.</b></i></p>
    <div id="footer_page_10">
        <p style="text-align: center;">3</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_11"></a><br>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>KOLIBRI GLOBAL ENERGY INC.</b></p>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</b></p>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><i><b>(Expressed in thousands of&#160; United States dollars, except number of common shares)</b></i></p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 2.25pt double #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 2.25pt double #000000; white-space: nowrap;"><b>Number of <br>common <br>shares</b></td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 2.25pt double #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 2.25pt double #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 2.25pt double #000000; white-space: nowrap;"><b>Share<br>capital</b></td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 2.25pt double #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 2.25pt double #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 2.25pt double #000000; white-space: nowrap;"><b>Contributed<br>Surplus</b></td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 2.25pt double #000000; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; vertical-align: bottom; text-align: center; border-bottom: 2.25pt double #000000; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; vertical-align: bottom; text-align: center; border-bottom: 2.25pt double #000000; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; vertical-align: bottom; text-align: center; border-bottom: 2.25pt double #000000; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">170</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">170</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Net loss for the year</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">(177</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">(177</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="padding-right: 5.4pt; vertical-align: bottom; text-align: justify;">Balance at December 31, 2019</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">232,922,625</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right;">289,622</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">22,925</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">(186,512</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">126,035</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Balance at January 1, 2020</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;"><b>232,922,625</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><b>$</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 10%; text-align: right;"><b>289,622</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;"><b>22,925</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;"><b>(186,512</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;"><b>126,035</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Stock based compensation (Note 15)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;"><b>23</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;"><b>23</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Net loss for the year</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;"><b>-</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;"><b>-</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;"><b>-</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;"><b>(70,410</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"><b>)</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;"><b>(70,410</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"><b>)</b></td>
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        <tr>
            <td style="padding-right: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Balance at December 31, 2020</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%; background-color: #e6efff;"><b>232,922,625</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><b>$</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;"><b>289,622</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%; background-color: #e6efff;"><b>22,948</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%; background-color: #e6efff;"><b>(256,922</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%; background-color: #e6efff;"><b>55,648</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p><i><b>See accompanying notes to consolidated financial statements.</b></i>&#160;</p>
    <div id="footer_page_11">
        <p style="text-align: center;">4</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>KOLIBRI GLOBAL ENERGY INC.</b></p>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>CONSOLIDATED STATEMENT OF CASH FLOWS</b></p>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>YEARS ENDED DECEMBER 31</b></p>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><i><b>(Expressed in thousands of United States dollars)</b></i></p>
    <br>
    <div style="margin-left: 0px;">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2019</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><i><b>Cash flows from operating activities</b></i></td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; padding-left: 5.4pt;">Net loss</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>(70,410</b></td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(177</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff; padding-left: 5.4pt;">Adjustments for:</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>4,614</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">6,240</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>33</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">50</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 10.8pt;">Unrealized (gain) loss on risk management contracts</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>(313</b></td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">749</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>21</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">149</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; padding-left: 10.8pt;">Unrealized foreign exchange loss</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>(1</b></td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">2</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>116</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">113</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; padding-left: 15.2px;">&#160; &#160; Impairment of property, plant and equipment (Note 9)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>128</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(355</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <tr>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">6,771</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; background-color: #e6efff;">Adjustments (additions) to property, plant and equipment (Note 9)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>16</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(2,289</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom;">Change in non-cash working capital (Note 8)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>(1,654</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;"><b>)</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(188</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; background-color: #e6efff;"><b>Net cash used in investing activities</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(1,638</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(2,477</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom;"><i><b>&#160;</b></i></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;"><i><b>Cash flows from financing activities</b></i></td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom;">Proceeds from loans and borrowings</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>303</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; background-color: #e6efff;">Re-payment of loans and borrowings</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>(6,834</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(2,500</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom;">Lease payments</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>(112</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;"><b>)</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(159</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><b>Net cash from financing activities</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(6,643</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(2,659</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><i><b>Foreign exchange effect on cash and cash equivalents</b></i></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>1</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(2</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom;"><i><b>&#160;</b></i></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><i><b>Change in cash and cash equivalents</b></i></td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>(2,169</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,633</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Cash and cash equivalents, beginning of year</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>3,089</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">1,456</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><b>Cash and cash equivalents, end of year</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>920</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">3,089</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
        </table>
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    <p style="text-align: justify;"><i><b>See accompanying notes to consolidated financial statements.</b></i></p>
    <div id="footer_page_12">
        <p style="text-align: center;">5</p>
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                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>1.</b><font style="width: 20pt; display: inline-block;">&#160;</font><b>NATURE OF OPERATIONS</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Kolibri Global Energy Inc. (formerly BNK Petroleum Inc.) (the "Company" or "KEI"), was incorporated under the Business Corporations Act (British Columbia) on May 6, 2008.&#160; KEI is an international energy company focused on finding and exploiting energy projects in oil, gas and clean and sustainable energy.&#160; Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects.&#160; The head office of the Company is located at Suite 207, 3623 Old Conejo Road, Newbury Park, CA USA 91320.&#160; The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQB under the stock symbol KGEIF.&#160;</p>
    <p style="margin-left: 27pt; text-align: justify;">These consolidated financial statements were authorized for issuance by the Board of Directors on March 11, 2021.</p>
    <p style="text-align: justify;"><b>2.</b><font style="width: 20pt; display: inline-block;">&#160;</font><b>BASIS OF PREPARATION AND GOING CONCERN</b></p>
    <p style="text-align: justify; margin-left: 27pt;"><b>Statement of compliance</b></p>
    <p style="margin-left: 27pt; text-align: justify;">These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS").</p>
    <p style="margin-left: 27pt; text-align: justify;"><font style="color: #231f20;"><b>Basis of measurement</b></font></p>
    <p style="margin-left: 27pt; text-align: justify;">The consolidated financial statements have been prepared on the historical cost basis except for derivative financial instruments which are measured at fair value.</p>
    <p style="margin-left: 27pt; text-align: justify;">The methods used to measure fair values are discussed in Note 4.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Functional and presentation currency</b></p>
    <p style="margin-left: 27pt; text-align: justify;">These consolidated financial statements are presented in US dollars, which is the Company's functional and reporting currency.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Going Concern</b></p>
    <p style="margin-left: 27pt; text-align: justify;">The financial statements have been prepared on a going concern basis. The going concern basis of presentation assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.</p>
    <p style="margin-left: 27pt; text-align: justify;">At December 31, 2020, the Company had a working capital deficiency of $3.5 million.&#160; The Company received its latest bank borrowing base redetermination on its credit facility in September 2020.&#160; As part of the redetermination, the Company will make principal payment reductions of $2.1 million by May 2021 to reduce the borrowing base to $18.6 million.&#160; These future principal payments are projected to be funded from cash on hand and adjusted funds flow from operations.&#160; The Company has no available undrawn debt capacity under its credit facility.&#160; See Note 14 for more information. The credit facility is subject to a semi-annual review and redetermination of the borrowing base. The next redetermination is expected in the second quarter of 2021.&#160; There can be no assurance that the borrowing base review will not result in a material reduction in the borrowing base, and that the necessary funds will be available to meet its obligations as they become due.</p>
    <div id="footer_page_13">
        <p style="text-align: center;">6</p>
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                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 27pt; text-align: justify;">The Company's current forecast indicates that it will be able to fund the future principal payments from cash and cash equivalents and net cash from operating activities and that it will be in compliance with its debt covenants over the next year. These forecasts are based on current strip prices and the Company's current economic hedges and include a number of significant estimates and judgments that could change in the future.</p>
    <p style="margin-left: 27pt; text-align: justify;">In addition, the global impact of the COVID-19 virus pandemic has led to a high degree of volatility and uncertainty that continues to impact the energy industry and financial markets.&#160; While spot prices have started to recover in early 2021, there is still a great deal of uncertainty about the impact of the pandemic going forward which continues to have a continuing negative impact on the Company's ongoing operations and its ability to raise capital, if required, in the near future or on terms favorable to the Company.</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company's ability to continue as a going concern is dependent upon the lender maintaining the borrowing base limit on the credit facility and the Company's ability to generate net cash from operating activities or raise additional financing to continue to fund its working capital deficiency, debt repayments and capital expenditures.&#160; These matters cause material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern.</p>
    <p style="margin-left: 27pt; text-align: justify;">These financial statements do not reflect adjustments that would be necessary if the going concern assumption was not appropriate. If the going concern assumption were not appropriate, adjustments would be necessary in the carrying value of the Company's assets and liabilities, the reported revenues and expenses, and the balance sheet classifications used. These adjustments could be material.</p>
    <p style="text-align: justify;"><b>3.</b><font style="width: 20pt; display: inline-block;">&#160;</font><b>MANAGEMENT ESTIMATES AND JUDGEMENTS</b></p>
    <p style="margin-left: 27pt; text-align: justify;">The preparation of financial statements requires management to make estimates and use judgment regarding the reported amounts of assets and liabilities, the disclosures of contingencies at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the year.&#160; By their nature, estimates are subject to measurement uncertainty and changes in such estimates in future years could require a material change in the financial statements.&#160; Accordingly, actual results may differ from the estimated amounts.&#160;</p>
    <p style="margin-left: 27pt; text-align: justify;">Significant estimates and judgments made by management in the preparation of these consolidated financial statements are as follows:</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Judgments</b></p>
    <p style="text-align: justify; margin-left: 27pt;"><u>Cash generating units</u></p>
    <p style="margin-left: 27pt; text-align: justify;">Development and production assets are assessed for recoverability at a cash generating unit ("CGU") level.&#160; The determination of CGUs is subject to management judgments.&#160;</p>
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        <p style="text-align: center;">7</p>
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                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 27pt; text-align: justify;"><u>Impairment indicators</u></p>
    <p style="margin-left: 27pt; text-align: justify;">Significant judgment is required to assess indicators of impairment or impairment reversal which would require an impairment test.&#160; Management considers internal and external sources of information including forecasted oil and gas commodity prices, forecasted production volumes and estimates of recoverable proved and probabe oil and gas reserves to estimate future cash flows.&#160; Judgment is required to assess these factors when determining whether an asset has been impaired.</p>
    <p style="margin-left: 27pt; text-align: justify;"><u>Income taxes</u></p>
    <p style="margin-left: 27pt; text-align: justify;">Tax interpretations, regulations and legislation in the various jurisdictions in which the Company operates are subject to change.&#160; As such income taxes are subject to measurement uncertainty.&#160; Deferred income tax assets are assessed by management at the end of the reporting period to determine the likelihood that they will be recovered from future taxable earnings.&#160; This requires making assumptions regarding future profitability which impacts the amounts recognized for deferred tax assets.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Significant Estimates</b></p>
    <p style="margin-left: 27pt; text-align: justify;"><u>Reserves</u></p>
    <p style="margin-left: 27pt; text-align: justify;">The Company uses estimates of proved and probable oil and gas reserves and the related cash flows in the calculation of depletion and also for&#160; determining the estimated recoverable value based on the greater of fair value less the cost of disposal ("FVLCD") or value in use ("VIU") calculations of its non-financial assets. Estimates of economically recoverable proved and probable oil and gas reserves and their related cash flows are based upon a number of significant assumptions, such as forecasted production volumes, oil and gas commodity prices, operating costs, royalty costs, and future development costs. Changes in forecasted oil and gas commodity price assumptions, production costs or recovery rates may change the economic status of reserves and may ultimately result in a restatement of oil and gas reserves.&#160; The discount rate used to calculate the net present value of cash flows may be influenced by changes in the general economic environment which could result in significant changes to the estimated recoverable value.</p>
    <p style="margin-left: 27pt; text-align: justify;">Independent third-party reserve evaluators are engaged at least annually to estimate proved and probable oil and gas reserves and the related cash flows from the Company's interest in oil and gas properties.</p>
    <p style="margin-left: 27pt; text-align: justify;">Assumptions that are valid at the time of reserve estimation may change significantly when additional information becomes available.</p>
    <p style="margin-left: 27pt; text-align: justify;"><u>Asset retirement obligations</u></p>
    <p style="margin-left: 27pt; text-align: justify;">The provisions for site restoration and abandonment is based on current legal requirements, technology, price levels and expected plans and are based on significant assumptions such as inflation rate and discount rate.&#160; Actual costs and cash outflows can differ from estimates because of changes in laws or regulations, market conditions and changes in technology.</p>
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        <p style="text-align: center;">8</p>
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                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
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        </table>
    </div>
    <p style="text-align: justify;"><b>4.</b><font style="width: 20pt; display: inline-block;">&#160;</font><b>SIGNIFICANT ACCOUNTING POLICIES</b></p>
    <p style="margin-left: 27pt; text-align: justify;">The accounting policies set out below have been applied consistently to all years presented in these consolidated financial statements, and have been applied consistently by the Company and its subsidiaries.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Basis of consolidation </b></p>
    <p style="margin-left: 27pt; text-align: justify;"><u>Subsidiaries</u></p>
    <p style="margin-left: 27pt; text-align: justify;">Subsidiaries are entities controlled by the Company. Control exists when the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.&#160; The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company has the following wholly owned subsidiaries:</p>
    <div style="margin-left: 27pt;">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
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                <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                    <p>Name of company</p>
                </td>
                <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                    <p style="margin-bottom: 0pt; text-align: right; margin-top: 0pt;">Ownership</p>
                    <p style="margin-top: 0pt; text-align: right; margin-bottom: 0pt;">Percentage</p>
                </td>
                <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                    <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">Country of operation</p>
                </td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                    <p>BNK Petroleum Holding Inc.</p>
                </td>
                <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; background-color: #e6efff;">
                    <p style="margin-left: 18pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">100%</p>
                </td>
                <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; background-color: #e6efff;">
                    <p style="margin-left: 18pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">United States</p>
                </td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt;">
                    <p>BNK Petroleum (US) Inc.</p>
                </td>
                <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                    <p style="margin-left: 18pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">100%</p>
                </td>
                <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                    <p style="margin-left: 18pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">United States</p>
                </td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                    <p>BNK Hidrocarburos, S.L.</p>
                </td>
                <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                    <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">100%</p>
                </td>
                <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                    <p style="margin-left: 18pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">Spain</p>
                </td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt;">
                    <p>BNK Sedano Hidrocarburos, S.L.</p>
                </td>
                <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                    <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">100%</p>
                </td>
                <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                    <p style="margin-left: 18pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">Spain</p>
                </td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                    <p>BNK Canada Holdings, Inc.</p>
                </td>
                <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                    <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">100%</p>
                </td>
                <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                    <p style="margin-left: 18pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">Canada</p>
                </td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt;">
                    <p>BNK Petroleum (Europe) C&#246;operatief U.A.</p>
                </td>
                <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                    <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">100%</p>
                </td>
                <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                    <p style="margin-left: 18pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">Netherlands</p>
                </td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                    <p>BNK Petroleum Investments B.V.</p>
                </td>
                <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                    <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">100%</p>
                </td>
                <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                    <p style="margin-left: 18pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">Netherlands</p>
                </td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt;">
                    <p>BNK Spain Holdings B.V.</p>
                </td>
                <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                    <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">100%</p>
                </td>
                <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                    <p style="margin-left: 18pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">Netherlands</p>
                </td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                    <p>BNK Sedano Holdings B.V.</p>
                </td>
                <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                    <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">100%</p>
                </td>
                <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                    <p style="margin-left: 18pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">Netherlands</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify; margin-left: 27pt;"><u>Jointly controlled operations and jointly controlled assets</u></p>
    <p style="margin-left: 27pt; text-align: justify;">Many of the Company's oil and natural gas activities involve jointly controlled assets. The consolidated financial statements include the Company's share of these jointly controlled assets and a proportionate share of the relevant revenue and related costs.</p>
    <p style="margin-left: 27pt; text-align: justify;"><u>Transactions eliminated on consolidation</u></p>
    <p style="margin-left: 27pt; text-align: justify;">Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Foreign currency</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Transactions in foreign currencies are translated to United States dollars at exchange rates at the dates of the transactions.&#160; Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars at the period end exchange rate.&#160; Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined.&#160; Foreign currency differences arising on translation are recognized in finance income or expense in the statement of operations.</p>
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        <p style="text-align: center;">9</p>
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                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
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    <p style="margin-left: 27pt; text-align: justify;"><b>Financial instruments</b></p>
    <p style="margin-left: 27pt; text-align: justify;"><u>Non-derivative financial instruments</u></p>
    <p style="margin-left: 27pt; text-align: justify;">Non-derivative financial instruments comprise trade and other receivables, cash and cash equivalents, loans and borrowings and trade and other payables.&#160; Non-derivative financial instruments are recognized when the Company becomes a party to the contractual provisions of the instruments.&#160; The Company uses three measurement categories to value these instruments: amortized cost, fair value through other comprehensive income or fair value through profit or loss.&#160; Subsequent to initial recognition, non-derivative financial instruments are measured as described below.</p>
    <p style="margin-left: 27pt; text-align: justify;"><i>Cash and cash equivalents</i></p>
    <p style="margin-left: 27pt; text-align: justify;">Cash and cash equivalents comprise cash on hand, term deposits with banks, other short-term highly liquid investments with original maturities of three months or less.&#160; Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management, whereby management has the ability and intent to net bank overdrafts against cash, are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.</p>
    <p style="margin-left: 27pt; text-align: justify;"><i>Financial assets at fair value through profit or loss</i></p>
    <p style="margin-left: 27pt; text-align: justify;">The Company has the option to record financial instruments at fair value and recognize the change in fair value subsequent to initial recognition into the statement of operations.&#160; This option must be designated at the time that the financial asset is initially recognized by the Company.&#160; The Company only makes this designation if it has a documented risk management and investment strategy that it uses to make purchase and sale decisions regarding the financial assets.&#160; If the Company chooses this option, attributable transaction costs related to the financial instruments are recognized in the statement of operations when incurred.&#160; The Company has designated cash and cash equivalents at fair value.</p>
    <p style="margin-left: 27pt; text-align: justify;"><i>Other</i></p>
    <p style="margin-left: 27pt; text-align: justify;">Other non-derivative financial instruments, such as trade and other receivables, loans and borrowings, and trade and other payables, are measured at amortized cost using the effective interest method, less any impairment losses.</p>
    <p style="margin-left: 27pt; text-align: justify;"><u>Derivative financial instruments</u></p>
    <p style="margin-left: 27pt; text-align: justify;">The Company has entered into certain financial derivative contracts in order to reduce its exposure to market risks from fluctuations in commodity prices.&#160; These instruments are not used for trading or speculative purposes.&#160; The Company has not designated its financial derivative contracts as accounting hedges, and thus has not applied hedge accounting, even though the Company considers all commodity contracts to be economic hedges.&#160; As a result, all financial derivative contracts are classified at fair value through profit or loss and are recorded on the statement of financial position at fair value.&#160; Transaction costs are recognized in profit or loss when incurred.</p>
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        <p style="text-align: center;">10</p>
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                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
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    <p style="margin-left: 27pt; text-align: justify;">Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related, a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative, and the combined instrument is not measured at fair value through profit or loss. Changes in the fair value of separable embedded derivatives are recognized immediately in profit or loss.</p>
    <p style="margin-left: 27pt; text-align: justify;"><u>Share capital</u></p>
    <p style="margin-left: 27pt; text-align: justify;"><i>Common shares</i></p>
    <p style="margin-left: 27pt; text-align: justify;">Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Property, plant and equipment </b></p>
    <p style="margin-left: 27pt; text-align: justify;"><u>Recognition and measurement</u></p>
    <p style="margin-left: 27pt; text-align: justify;"><i>Exploration and evaluation expenditures</i></p>
    <p style="margin-left: 27pt; text-align: justify;">Pre-license costs are recognized in the statement of operations as incurred.&#160; Exploration and evaluation costs, including the costs of acquiring licenses and directly attributable general and administrative costs, initially are capitalized as either tangible or intangible exploration and evaluation assets according to the nature of the assets acquired.&#160; The costs are accumulated in cost centers by well, field or exploration area pending determination of technical feasibility and commercial viability.&#160; Exploration and evaluation assets that have finite lives are amortized on a straight-line basis over their useful lives.</p>
    <p style="margin-left: 27pt; text-align: justify;">Exploration and evaluation assets are assessed for impairment if (i) sufficient data exist to determine technical feasibility and commercial viability, and (ii) facts and circumstances suggest that the carrying amount exceeds the recoverable amount.&#160; For purposes of impairment testing, exploration and evaluation assets are allocated to a level which is not larger than an operating segment.</p>
    <p style="margin-left: 27pt; text-align: justify;">The technical feasibility and commercial viability of extracting a mineral resource is considered to be determinable when proved and/or probable oil and gas reserves are determined to exist. A review of each exploration license or field is carried out, at least annually, to ascertain whether proved and/or probable oil and gas reserves have been discovered.&#160; Upon determination of proved and/or probable oil and gas reserves, intangible exploration and evaluation assets attributable to those oil and gas reserves are first tested for impairment and then reclassified from exploration and evaluation assets to a separate category within tangible assets referred to as oil and natural gas interests.</p>
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        <p style="text-align: center;">11</p>
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                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
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    <p style="margin-left: 27pt; text-align: justify;"><i>Development and production costs</i></p>
    <p style="margin-left: 27pt; text-align: justify;">Items of property, plant and equipment, which include oil and gas development and production assets, are measured at cost less accumulated depletion and depreciation and accumulated impairment write-offs. Development and production assets are grouped into CGUs for impairment testing.&#160; The Company has grouped its development and production assets into a single CGU.&#160; When significant parts of an item of property, plant and equipment, including oil and natural gas interests, have different useful lives, they are accounted for as separate items (major components).</p>
    <p style="margin-left: 27pt; text-align: justify;">Gains and losses on disposal of an item of property, plant and equipment, including oil and natural gas interests, are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognized net in the statement of operations.</p>
    <p style="margin-left: 27pt; text-align: justify;"><u>Subsequent costs</u></p>
    <p style="margin-left: 27pt; text-align: justify;">Costs incurred subsequent to the determination of technical feasibility and commercial viability and the costs of replacing parts of property, plant and equipment are recognized as oil and natural gas interests only when they increase the future economic benefits embodied in the specific asset to which they relate.&#160; All other expenditures are recognized in profit or loss as incurred.&#160; Such capitalized oil and natural gas interests generally represent costs incurred in developing proved and/or probable oil and gas reserves and bringing in or enhancing production from such oil and gas reserves, and are accumulated on a field or geotechnical area basis.&#160; The carrying amount of any replaced or sold component is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in profit or loss as incurred.</p>
    <p style="margin-left: 27pt; text-align: justify;"><u>Depletion and depreciation</u></p>
    <p style="margin-left: 27pt; text-align: justify;">The net carrying value of development or production assets is depleted using the unit of production method by reference to the ratio of production in the year to the related proven and probable oil and gas reserves, taking into account future development costs necessary to bring those oil and gas reserves into production.&#160; Future development costs are determined taking into account the level of development required to produce the oil and gas reserves and are reviewed by independent third-party reserve evaluators at least annually.</p>
    <p style="margin-left: 27pt; text-align: justify;">Proved and probable oil and gas reserves are estimated using independent third-party reserve evaluator reports and represent the estimated quantities of crude oil, natural gas and natural gas liquids which geological, geophysical and engineering data demonstrate with a specified degree of certainty to be recoverable in future years from known reservoirs and which are considered commercially producible.</p>
    <p style="margin-left: 27pt; text-align: justify;">For other assets, depreciation is recognized in the statement of operations on a declining balance basis over the estimated useful lives of each part of an item of property, plant and equipment.</p>
    <p style="margin-left: 27pt; text-align: justify;">The estimated useful lives for other assets for the current and comparative years are as follows:</p>
    <p style="margin-left: 27pt; text-align: justify;"><font style="color: #000080;">&#8226;</font><font style="display: inline-block; width: 36.7pt;">&#160;</font>Office equipment&#160; - 3 years</p>
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        <p style="text-align: center;">12</p>
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                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
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    <p style="margin-left: 27pt; text-align: justify;"><font style="color: #000080;">&#8226;</font><font style="display: inline-block; width: 36.7pt;">&#160;</font>Furniture and fixtures&#160; - 3 years</p>
    <p style="margin-left: 27pt; text-align: justify;">Depreciation methods, useful lives and residual values are reviewed at each reporting date.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Leases</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Leases are recognized as a right of use asset and a corresponding lease liability at the date at which the leased asset is available for use by the Company. The cost of right of use assets includes the amount of lease liabilities recognized and initial direct costs incurred less any lease incentives received.&#160; The right of use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.&#160;</p>
    <p style="margin-left: 27pt; text-align: justify;">The lease liability is measured at the present value of lease payments to be made over the lease term, discounted using the Company's incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily available.&#160; Each lease payment is allocated between the repayment of the principal portion of lease liability and the interest portion, which is recorded in accretion expense. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Impairment</b></p>
    <p style="margin-left: 27pt; text-align: justify;"><u>Financial assets</u></p>
    <p style="margin-left: 27pt; text-align: justify;">A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset.</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company recognizes loss allowances for expected credit losses on its financial assets measured at amortized cost.&#160; The loss allowance is calculated at an amount equal to expected lifetime expected credit losses.</p>
    <p style="margin-left: 27pt; text-align: justify;">Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share similar credit risk characteristics.</p>
    <p style="margin-left: 27pt; text-align: justify;">All impairment losses are recognized in the statement of operations.</p>
    <p style="margin-left: 27pt; text-align: justify;">An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost the reversal is recognized in the statement of operations.</p>
    <p style="margin-left: 27pt; text-align: justify;"><u>Non-financial assets</u></p>
    <p style="margin-left: 27pt; text-align: justify;">The carrying amounts of the Company's non-financial assets are reviewed at each reporting date to determine whether there are any external or internal indicators of impairment or impairment reversal. If any such&#160; indicators of impairment or impairment reversal exist, the Company performs an impairment test to estimate the asset's or CGU's recoverable amount.&#160; E&amp;E assets are assessed for impairment when they are reclassified to property, plant and equipment, as oil and natural gas interests, and also if facts and circumstances suggest that the carrying amount exceeds the estimated recoverable amount.<font style="vertical-align: 1pt; color: #0c2d83;">&#160;</font></p>
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        <p style="text-align: center;">13</p>
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                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
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    <p style="margin-left: 27pt; text-align: justify;">For the purpose of impairment testing, development and production assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (CGUs).&#160; The estimated recoverable amount of an asset or a CGU is the greater of its value in use and its fair value less costs to sell.&#160; At December 31, 2020, the Company has only one CGU, the Tishomingo field in Oklahoma.</p>
    <p style="margin-left: 27pt; text-align: justify;">In assessing value in use, the estimated recoverable amount is determined based on estimated proved and probable oil and gas reserves and the related cash flows that are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.&#160; The estimated proved and probable oil and gas reserves and the related cash flows are estimated by the Company's independent third-party reserve evaluators.</p>
    <p style="margin-left: 27pt; text-align: justify;">Fair value less cost to sell is determined as the amount that would be obtained from the sale of a CGU in an arm's length transaction between knowledgeable and willing parties.&#160; The fair value less cost to sell of oil and gas assets is generally determined as the net present value of the estimated future cash flows expected to arise from the continued use of the CGU, including any expansion prospects, and its eventual disposal, using assumptions that an independent market participant may take into account.&#160; These cash flows are discounted by an appropriate discount rate which would be applied by such a market participant to arrive at a net present value of the CGU.</p>
    <p style="margin-left: 27pt; text-align: justify;">An impairment charge is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment charges, if any, are recognized on the statement of operations.</p>
    <p style="margin-left: 27pt; text-align: justify;">Impairment charges, other than those related to goodwill, recognized in prior years are assessed at each reporting date for any indications that the historic charge has decreased or no longer exists.&#160; An impairment charge is reversed if there has been a change in the estimates used to determine the estimated recoverable amount.&#160; An impairment charge is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depletion and depreciation or amortization, if no impairment charge had been recognized.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Share based payments</b></p>
    <p style="margin-left: 27pt; text-align: justify;">The grant date fair value of options granted to employees is recognized as compensation expense with a corresponding increase in contributed surplus over the vesting period.&#160; When share options are exercised, the previously recognized value in contributed surplus is recorded as an increase to share capital.&#160; A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of options that vest.&#160; Warrants denominated in Canadian dollars, that are issued by the Company to purchase common shares are considered derivative financial liabilities and are recognized at fair value with changes subsequent to initial recognition charged to the statement of operations.</p>
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        <p style="text-align: center;">14</p>
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                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
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    <p style="margin-left: 27pt; text-align: justify;"><b>Provisions</b></p>
    <p style="margin-left: 27pt; text-align: justify;">A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.&#160; Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.&#160; Provisions are not recognized for future operating losses.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Asset retirement obligations (ARO)</b></p>
    <p style="margin-left: 27pt; text-align: justify;">The Company's activities give rise to dismantling, decommissioning and site disturbance re-mediation activities.&#160; Provision is made for the estimated cost of site restoration and capitalized in the relevant asset category.</p>
    <p style="margin-left: 27pt; text-align: justify;">Asset retirement obligations are measured at the present value, using a risk free rate, of management's best estimate of expenditure required to settle the present obligation at the balance sheet date.&#160; Subsequent to the initial measurement, the obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation.&#160; The increase in the provision due to the passage of time is recognized as finance costs in the statement of operations whereas increases/decreases due to changes in the estimated future cash flows are capitalized.&#160; Actual costs incurred upon settlement of the asset retirement obligations are charged against the provision to the extent the provision was established.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Revenue</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Revenue is recognized when the performance obligations are satisfied and revenue can be reliably measured. Revenue is measured at the consideration specified in the contracts and represents amounts receivable for goods or services provided in the normal course of business, net of discounts, customs duties and sales taxes. All revenue is based on variable prices. Performance obligations associated with the sale of crude oil, natural gas, and natural gas liquids are satisfied at the point in time when the products are delivered to and title passes to the customer. Performance obligations associated with processing services, transportation, and marketing services are satisfied at the point in time when the services are provided.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Finance income and expense</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Finance expense comprises interest expense on borrowings, accretion of the discount on ARO, foreign exchange losses and unrealized losses on financial assets.&#160; Finance income comprises interest income, realized and unrealized gains on financial assets and foreign exchange gains.</p>
    <p style="margin-left: 27pt; text-align: justify;">Interest income is recognized as it accrues in the statement of operations, using the effective interest method.</p>
    <p style="margin-left: 27pt; text-align: justify;">Foreign currency gains and losses, change in the value of financial commodity contracts reported under finance income and expenses, are reported on a net basis.</p>
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        <p style="text-align: center;">15</p>
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                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
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    <p style="margin-left: 27pt; text-align: justify;"><b>Income tax</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Income tax expense comprises current and deferred tax.&#160; Income tax expense is recognized in the statement of operations except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity.</p>
    <p style="margin-left: 27pt; text-align: justify;">Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.</p>
    <p style="margin-left: 27pt; text-align: justify;">Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.&#160; Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination.&#160; In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill.&#160; Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.&#160; Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.</p>
    <p style="margin-left: 27pt; text-align: justify;">A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized.&#160; Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Earnings per share</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Basic earnings per share is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of dilutive instruments such as options granted to employees.</p>
    <p style="text-align: justify;"><b>5.</b><font style="width: 20pt; display: inline-block;">&#160;</font><b>DETERMINATION OF FAIR VALUES</b></p>
    <p style="margin-left: 27pt; text-align: justify;">A number of the Company's accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Property, plant and equipment</b></p>
    <p style="margin-left: 27pt; text-align: justify;">The fair value of property, plant and equipment recognized in a business combination and related decommissioning obligation is based on market values.&#160; The market value of property, plant and equipment is the estimated amount for which property, plant and equipment could be exchanged on the acquisition date between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.&#160; The market value of oil and natural gas interests (included in property, plant and equipment) and exploration and evaluation assets is estimated with reference to discounted proved and probable oil and gas reserves and the related cash flows based on independent third-party reserve evaluators reports.&#160; The risk-adjusted discount rate is specific to the asset with reference to general market conditions.</p>
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                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
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    <p style="margin-left: 27pt; text-align: justify;"><b>Cash and cash equivalents, trade and other receivables, trade and other payables and loans and borrowings</b></p>
    <p style="margin-left: 27pt; text-align: justify;">The fair value of cash and cash equivalents, trade and other receivables, trade and other payables and loans and borrowings is estimated as the present value of future cash flows, discounted at the market rate of interest at the reporting date.&#160; The fair value of these balances approximate their carrying value due to their short term to maturity or in the case of loans and borrowings, the fair value approximates its carrying value as it bears interest at floating rates and the premium charged was indicative of the Company's current credit premium.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Derivatives</b></p>
    <p style="margin-left: 27pt; text-align: justify;">The fair value of forward contracts is derived from quoted prices received from financial institutions and is based on published forward price curves as at the measurement date, using the remaining contracted oil and natural gas volumes.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Stock options</b></p>
    <p style="margin-left: 27pt; text-align: justify;">The fair value of stock options is measured using a Black Scholes option pricing model.&#160; Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility adjusted for changes expected due to publicly available information), forfeiture rate, weighted average expected life of the instruments (based on historical experience and general option holder behavior) and the risk-free interest rate (based on government bonds).</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company classifies fair value measurements according to the following hierarchy based on the amount of observable inputs used to value the instrument:</p>
    <p style="margin-left: 27pt; text-align: justify;">Level 1 fair value measurements are based on unadjusted quoted market prices.</p>
    <p style="margin-left: 27pt; text-align: justify;">Level 2 fair value measurements are based on valuation models and techniques where the significant inputs are derived from quoted indices.</p>
    <p style="margin-left: 27pt; text-align: justify;">Level 3 fair value measurements are based on unobservable information.&#160; The level 3 fair value measurements pertain to the fair value assigned to property, plant and equipment, intangible exploration assets and other intangible assets acquired in business combinations.&#160;</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company's cash and cash equivalents are classified as Level 1 and the commodity derivative contracts are classified as Level 2.</p>
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        <p style="text-align: center;">17</p>
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                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
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    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>6.</b><font style="width: 20pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>FINANCIAL RISK MANAGEMENT</b></p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Overview</b></p>
    <p style="margin-left: 27pt; text-align: justify;">The Company's activities expose it to a variety of financial risks that arise as a result of its exploration, development, production, and financing activities such as:</p>
    <ul style="padding-left: 0pt;" type="circle">
        <li style="margin-left: 65.6pt; padding-left: 6.4pt; text-align: justify;">credit risk</li>
        <li style="margin-left: 65.6pt; padding-left: 6.4pt; text-align: justify;">liquidity risk</li>
        <li style="margin-left: 65.6pt; padding-left: 6.4pt; text-align: justify;">market risk</li>
    </ul>
    <p style="margin-left: 27pt; text-align: justify;">This note presents information about the Company's exposure to each of the above risks, the Company's objectives, policies and processes for measuring and managing risk, and the Company's management of capital. Further quantitative disclosures are included throughout these consolidated financial statements.</p>
    <p style="margin-left: 27pt; text-align: justify;">The Board of Directors oversees management's establishment and execution of the Company's risk management framework. Management has implemented and monitors compliance with risk management policies. The Company's risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to market conditions and the Company's activities.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Credit risk</b></p>
    <p style="margin-left: 27pt; text-align: justify;">The Company's accounts receivable are with customers and joint interest partners in the petroleum and natural gas business and are subject to normal credit risks.&#160; Concentration of credit risk is mitigated by marketing to numerous purchasers under normal industry sale and payment terms.&#160; The Company routinely assesses the financial strength of its customers.</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company is exposed to certain losses in the event of non-performance by counterparties to commodity price contracts. The Company mitigates this risk by entering into transactions with highly rated financial institutions.&#160; At December 31, 2020, financial assets on the statement of financial position are comprised of cash and cash equivalents and trade and other receivables.</p>
    <p style="margin-left: 27pt; text-align: justify;">The maximum credit exposure at December 31, 2020 is the net carrying amount of cash and cash equivalents and trade and other receivables of $2.5 million.&#160; The cash and cash equivalents are held by major international and US based financial institutions.&#160; As is common in the petroleum and natural gas industry in the United States, receivables relating to the sale of petroleum are received on or about the 20th day of the following month while receivables relating to the sale of natural gas and NGLs are received on or about 45 days after month-end. The Company markets its production to customers with investment grade credit ratings, if available in the area of production.&#160; The $1.6 million balance of trade and other receivables at December 31, 2020 is substantially all trade receivables and the largest amount owed from any one customer is $1.0 million.&#160; Subsequent to year end, substantially all of the outstanding trade receivables at December 31, 2020 have been collected.&#160; Trade receivables include amounts from joint interest partners relating to their interest in operating costs and capital spent.&#160; As the operator of properties, KEI has the ability to not allocate production to joint interest partners who are in default of amounts owing.&#160; At December 31, 2020, the estimated credit loss was $50 (2019 - $50).&#160;</p>
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                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
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    <p style="margin-left: 27pt; text-align: justify;">The components of the trade receivables aging at December 31, 2020 are as follows:</p>
    <div style="margin-left: 27pt;">
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                <td style="width: 29%; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="width: 10%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">Current</td>
                <td style="width: 11%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">30 - 60 <br>days</td>
                <td style="width: 10%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">60 - 90 <br>days</td>
                <td style="width: 10%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">
                    <p>More than 90 <br>days</p>
                </td>
                <td style="width: 10%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">Total</td>
            </tr>
            <tr>
                <td style="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;">&#160;</td>
                <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Trade and other receivables</td>
                <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">$ 1,307</td>
                <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">$&#160; 124</td>
                <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">$&#160; 99</td>
                <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">$&#160; 77</td>
                <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #e6efff; text-align: center;">$&#160; 1,607</td>
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    </div>
    <p style="margin-left: 27pt; text-align: justify;"><b>Liquidity risk</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.</p>
    <p style="margin-left: 27pt; text-align: justify;">Typically the Company ensures that it has sufficient cash on demand and cash flow from operations to meet expected operational expenses for a one-year period, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.&#160; To achieve this objective, the Company prepares annual capital expenditure budgets, which are regularly monitored and updated as considered necessary.&#160; Further, the Company utilizes authorizations for expenditures on both operated and non-operated projects to further manage capital expenditure.&#160; The Company also attempts to match its payment cycle with collection of oil revenue on the 20th of each month.</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company monitors its expected cash inflows from trade and other receivables and its expected cash outflows on trade and other payables and principal debt payments.&#160; The Company will make principal debt payments of $2.1 million by May 1, 2021 and will utilize its cash on hand and cash inflows to fund these principal payments as well as its trade payables.&#160; The current challenging economic climate may lead to adverse changes in cash flow, working capital levels or debt balances, which may also have a direct impact on the Company's results and financial position. These and other factors may adversely affect the Company's liquidity and the Company's ability to generate profits in the future.</p>
    <p style="margin-left: 27pt; text-align: justify;">The following are the contractual maturities of financial liabilities, including estimated interest payments at December 31, 2020:</p>
    <div style="margin-left: 27pt;">
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; width: 9%; white-space: nowrap;">2021</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; width: 9%; white-space: nowrap;">2022</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; width: 9%; white-space: nowrap;">2023</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; width: 9%; white-space: nowrap;">2024</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; width: 9%; white-space: nowrap;">2025</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><b>Liabilities</b></td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Fair value of commodity contracts</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%;">(37</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%;">(37</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Loans and borrowings</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">(20,749</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">(2,084</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">(18,362</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><b>-</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;"><b>-</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">(303</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Trade and other payables</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%;">(4,371</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%;">(4,371</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 9%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 9%; background-color: #e6efff;">(25,157</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 9%; background-color: #e6efff;">(6,492</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 9%; background-color: #e6efff;">(18,362</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 9%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 9%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 9%; background-color: #e6efff;">(303</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
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    </div>
    <br>
    <div id="footer_page_26">
        <p style="text-align: center;">19</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_27"></a>
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                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 27pt; text-align: justify;"><b>Market risk</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange rates and interest rates will affect the Company's income or the value of the financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company uses financial derivatives contracts to manage market risks. All such transactions are conducted within risk management tolerances that are reviewed by the Board of Directors.</p>
    <p style="margin-left: 27pt; text-align: justify;">Expenditures for corporate general and administrative expenses and professional fees are denominated in Canadian dollars.&#160; The average exchange rate during the year was 1 Canadian dollar equals $0.7463 USD (2019 - 1 Canadian dollar: $ 0.7536 USD) and the exchange rate at December 31, 2020 was 1 Canadian dollar equals $0.7854 USD (2019 - 1 Canadian dollar: $0.7699 USD).&#160;</p>
    <p style="margin-left: 27pt; text-align: justify;">A 1 percent change in the Canadian dollar against the USD at December 31, 2020 would have changed net income by $1 (2019 - $1). This analysis assumes that all other variables remain constant.</p>
    <p style="margin-left: 27pt; text-align: justify;"><b>Commodity price risk</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Commodity price risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in commodity prices. Commodity prices for oil and natural gas are impacted by general market conditions in the United States as well as world economic events that dictate the levels of supply and demand.</p>
    <p style="margin-left: 27pt; text-align: justify;">It is the Company's policy to economically hedge some oil and natural gas sales through the use of various financial derivative forward sales contracts and physical sales contracts. The Company does not apply hedge accounting for these contracts. The Company's production is usually sold using "spot" or near term contracts, with prices fixed at the time of transfer of custody or on the basis of a monthly average market price. The Company, however, may give consideration in certain circumstances to the appropriateness of entering into long term, fixed price marketing contracts. The Company does not enter into commodity contracts other than to meet the Company's expected sale requirements.</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company has entered into financial commodity contracts which are summarized in the table below.&#160; Total volume hedged in the table is the annual volumes and price is the fixed price specified in the financial commodity contracts.</p>
    <div id="footer_page_27">
        <p style="text-align: center;">20</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_28"></a>
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                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 27pt; text-align: justify;">At December 31, 2020, the following financial commodity contracts were outstanding and recorded at estimated fair value:</p>
    <div style="margin-left: 27pt;">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                    <p>&#160;</p>
                </td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                    <p>&#160;</p>
                </td>
                <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;" rowspan="2">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Total Volume<br>Hedged&#160; &#160; <br>(BBLS/MMBTU)</b></p>
                </td>
                <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; white-space: nowrap;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Price&#160; </b></p>
                </td>
            </tr>
            <tr>
                <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Commodity</b></p>
                </td>
                <td style="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Period</b></p>
                </td>
                <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>($/BBL or<br>$/MMBTU)</b></p>
                </td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                    <p>Oil - WTI</p>
                </td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                    <p>January 1, 2021 to December 31, 2021</p>
                </td>
                <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">72,000</p>
                </td>
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                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$52.66</p>
                </td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt;">
                    <p>Oil - WTI</p>
                </td>
                <td style="margin-top: 0pt; margin-bottom: 0pt;">
                    <p>January 1, 2021 to December 31, 2021</p>
                </td>
                <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">60,000</p>
                </td>
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                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$42.32</p>
                </td>
            </tr>
        </table>
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    <p style="margin-left: 27pt; text-align: justify;">The estimated fair value results in a $0.04 million liability as of December 31, 2020 (December 31, 2019: $0.4 million liability) for the financial oil and gas contracts which has been determined based on the prospective amounts that the Company would receive or pay to terminate the contracts, consisting of a current liability of $0.04 million, (December 31, 2019: a current liability of $0.3 million and a long term liability of $0.1 million).</p>
    <p style="margin-left: 27pt; text-align: justify;">In February 2021, the Company entered into the following additional financial commodity contract:</p>
    <div style="margin-left: 27pt;">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                    <p>&#160;</p>
                </td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                    <p>&#160;</p>
                </td>
                <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;" rowspan="2">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Total Volume<br>Hedged <br>(BBLS/MMBTU)</b></p>
                </td>
                <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; white-space: nowrap;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Price&#160; </b></p>
                </td>
            </tr>
            <tr>
                <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
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    <p style="margin-left: 27pt; text-align: justify;">The realized and unrealized gains/losses from the financial commodity contracts are as follows:</p>
    <div style="margin-left: 27pt;">
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                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="4"><b>December 31,</b></td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>2019</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;"><b>&#160;</b></td>
                <td style="vertical-align: bottom;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">3,228</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(759</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Unrealized gain (loss) on financial commodity contracts</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">313</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(749</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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    <p style="margin-left: 27pt; text-align: justify;"><b>Capital management</b></p>
    <p style="margin-left: 27pt; margin-bottom: 0pt; text-align: justify;">The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Company manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying oil and natural gas assets. The Company considers its capital structure to include shareholders' equity, loans and borrowings and working capital. In order to maintain or adjust the capital structure, the Company may from time to time issue shares, enter into farm-out agreements and adjust its capital spending to manage current and projected debt levels.</p>
    <p style="margin-left: 27pt; text-align: justify;">In order to facilitate the management of this ratio, the Company prepares annual capital expenditure budgets, which are updated as necessary depending on varying factors including current and forecast prices, successful capital deployment and general industry conditions. The annual and updated budgets are approved by the Board of Directors.&#160; The Company generally acts as the operator of its wells and therefore can monitor and control the amount of capital expenditures it incurs.&#160; For non-operated wells, the Company could opt out of participating in its share of the well.</p>
    <div id="footer_page_28">
        <p style="text-align: center;">21</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_29"></a>
    <div id="header_page_29">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 27pt; text-align: justify;">There were no changes in the Company's approach to capital management during the year.</p>
    <p style="margin-left: 27pt; text-align: justify;">The credit facilities are subject to a semi-annual review of the borrowing base.</p>
    <p style="text-align: justify;"><b>7.</b><font style="width: 18.75pt; display: inline-block;">&#160;</font><b>REVENUES</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Oil, natural gas liquids and natural gas are mostly sold under contracts of varying price and volume terms.&#160; Revenues for oil are typically collected on the 20th day of the month following production, while natural gas and NGL revenues are collected by the 45th day of the month following production.&#160; The amount of accrued accounts receivable at December 31, 2020 was $1.6 million.</p>
    <p style="margin-left: 27pt; text-align: justify;">The following table presents the Company's gross oil and gas revenue disaggregated by revenue source:</p>
    <div style="margin-left: 27pt;">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
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                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="4"><b>December 31,</b></td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>2019</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Oil revenue</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">10,593</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">20,157</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">Natural gas revenue</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">725</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">954</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">NGL revenue</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">933</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,068</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">Total oil and natural gas revenues</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">12,251</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">22,179</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Less: Royalties</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(2,671</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(4,777</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">Oil and natural gas revenues, net of royalties</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">9,580</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">17,402</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
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    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>8.</b><font style="width: 20pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>SUPPLEMENTAL CASH FLOW INFORMATION</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Changes in non-cash flow working capital is comprised of:</p>
    <div style="margin-left: 36pt;">
        <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; text-align: center;" colspan="4"><b>December 31,</b></td>
                <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;"><b>2019</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Trade and other receivables</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">591</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">767</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(62</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">96</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(2,053</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(1,406</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">Foreign currency</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(2</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">(1,526</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">(543</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Related to operating activities</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">128</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">(355</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Related to investing activities</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">(1,654</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">(188</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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    </div>
    <br>
    <div id="footer_page_29">
        <p style="text-align: center;">22</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_30"></a>
    <div id="header_page_30">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>9.</b><font style="width: 20pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>PROPERTY, PLANT AND EQUIPMENT</b></p>
    <div style="margin-left: 36pt;">
        <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
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                <td style="margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;<br>&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">Oil and <br>Natural Gas<br>Interests</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">Processing <br>and Other<br>Equipment</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">Total</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(230, 239, 255);"><b>Cost or deemed cost</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; background-color: rgb(230, 239, 255);">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Balance at January 1, 2019</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">195,066</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">1,355</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">196,421</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(230, 239, 255);">Additions (a)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">2,263</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">15</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">2,278</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Balance at December 31, 2019</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; width: 12%;">197,329</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; width: 12%;">1,370</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; width: 12%;">198,699</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(230, 239, 255);">Additions (b)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">84</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">9</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">93</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Impairment</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(71,923</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(71,923</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(230, 239, 255);">Balance at December 31, 2020</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%; background-color: rgb(230, 239, 255);">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%; background-color: rgb(230, 239, 255);">125,490</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%; background-color: rgb(230, 239, 255);">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%; background-color: rgb(230, 239, 255);">1,379</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%; background-color: rgb(230, 239, 255);">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%; background-color: rgb(230, 239, 255);">126,869</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(230, 239, 255);"><b>Accumulated depletion and depreciation </b></td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Balance at January 1, 2019</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">36,062</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">1,237</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">37,299</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(230, 239, 255);">Depletion and depreciation</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">6,053</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">38</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">6,091</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Balance at December 31, 2019</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; width: 12%;">42,115</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; width: 12%;">1,275</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; width: 12%;">43,390</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(230, 239, 255);">Depletion and depreciation</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">4,471</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">29</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(230, 239, 255);">4,500</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Balance at December 31, 2020</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%;">46,586</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%;">1,304</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%;">47,890</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>Net book value</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: rgb(230, 239, 255);">At December 31, 2019</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%; background-color: rgb(230, 239, 255);">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%; background-color: rgb(230, 239, 255);">155,214</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%; background-color: rgb(230, 239, 255);">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%; background-color: rgb(230, 239, 255);">95</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%; background-color: rgb(230, 239, 255);">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%; background-color: rgb(230, 239, 255);">155,309</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">At December 31, 2020</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%;">78,904</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%;">75</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: right; width: 12%;">78,979</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double rgb(0, 0, 0); border-bottom: 2.25pt double rgb(0, 0, 0); text-align: left; width: 2%;">&#160;</td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 54pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">(a)<font style="width: 8.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Includes non-cash additions of $21 from capitalized stock-based compensation and $(31) from assets related to ARO liabilities.</p>
    <p style="margin-top: 0pt; margin-left: 54pt; text-indent: -18pt; text-align: justify;">(b)<font style="width: 7.51pt; text-indent: 0pt; display: inline-block;">&#160;</font>Includes non-cash additions of $2 from capitalized stock-based compensation and $112 from assets related to ARO liabilities.</p>
    <p style="margin-left: 36pt; text-align: justify;"><b>Impairment 2020</b></p>
    <p style="margin-left: 36pt; text-align: justify;">After a review of external economic factors and internal factors, the Company identified indicators of impairment at March 31, 2020, due to industry and market conditions, especially the global impact of the COVID-19 pandemic.&#160; The Company performed an impairment test which compared the carrying amount of the CGU to the estimated recoverable amount which was based on fair value less costs of disposal (FVLCD).&#160; The FVLCD value is classified as a level 3 fair value measurement and was based on proved and probable oil and gas reserves and the related cash flows, discounted at 10% to 20% depending on the various categories of oil and gas reserves.&#160; The proved and probable oil and gas reserves and related cash flows were evaluated by independent third-party reserve evaluators as at December 31, 2019 and updated by internal reserve evaluators to March 31, 2020.&#160; For the March 31, 2020 impairment test, the estimated recoverable amount was $80.8 million which resulted in an impairment charge of $71.9 million that was recorded on the statement of operations.&#160; A 1% change in the discount rate used for the FVLCD value would have changed the estimated recoverable amount by $5.5 million.</p>
    <p style="margin-left: 36pt; text-align: justify;">The following forecasted oil and gas commodity prices were used for the impairment test at March 31, 2020:</p>
    <div id="footer_page_30">
        <p style="text-align: center;">23</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_31"></a>
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        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
    </div>
    <br>
    <table style="width: 271pt; margin-left: 35.75pt; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">WTI</p>
            </td>
            <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid rgb(0, 0, 0);">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Henry Hub</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">NGL</p>
            </td>
        </tr>
        <tr>
            <td style="background-color: #ffffff; width: 22%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Year</p>
            </td>
            <td style="background-color: #ffffff; width: 19%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$/bbl</p>
            </td>
            <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0);">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$/Mmbtu</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$/bbl</p>
            </td>
        </tr>
        <tr>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2020</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">25.00</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2.00</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">5.75</p>
            </td>
        </tr>
        <tr>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2021</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">37.00</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2.50</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">8.51</p>
            </td>
        </tr>
        <tr>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2022</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">48.00</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2.75</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">11.04</p>
            </td>
        </tr>
        <tr>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2023</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">48.96</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2.81</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">11.26</p>
            </td>
        </tr>
        <tr>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2024</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">49.94</p>
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            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2.86</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">11.49</p>
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        </tr>
        <tr>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2025</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">50.94</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2.92</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">11.72</p>
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        </tr>
        <tr>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2026</p>
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            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">51.96</p>
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            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2.98</p>
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            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">11.95</p>
            </td>
        </tr>
        <tr>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2027</p>
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            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">53.00</p>
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            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.04</p>
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            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">12.19</p>
            </td>
        </tr>
        <tr>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2028</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">54.06</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.10</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">12.43</p>
            </td>
        </tr>
        <tr>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2029</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">55.14</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.16</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">12.68</p>
            </td>
        </tr>
        <tr>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; &#160; 2030 (a)</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">56.24</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.22</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">12.94</p>
            </td>
        </tr>
    </table>
    <p style="margin-left: 27pt; text-indent: 9pt; text-align: justify;">(a)<font style="width: 23.79pt; text-indent: 0pt; display: inline-block;">&#160;</font> Escalated by 2% after 2030.</p>
    <p style="margin-left: 36pt; text-align: justify;">After a review of external economic factors and internal factors, the Company identified that indicators of impairment were present at December 31, 2020, due to industry and market conditions, especially the global impact of the COVID-19 pandemic.&#160; The Company performed an impairment test which compared the carrying amount of the CGU to the estimated recoverable amount which was based on FVLCD.&#160; The FVLCD is classified as a level 3 fair value measurement and was based on proved and probable oil and gas reserves and the related cash flows, discounted at 10% to 20% depending on the various categories of reserves.&#160; The proved and probable oil and gas reserves and related cash flows were evaluated by independent third-party reserve evaluators as at December 31, 2020.&#160; There was no impairment charge or reversal of historic impairment charges as a result of the impairment test at December 31, 2020</p>
    <p style="margin-left: 36pt; text-align: justify;">The following forecasted oil and gas commodity prices were used for the impairment test at December 31, 2020:</p>
    <table style="width: 257.25pt; margin-left: 35.75pt; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p>&#160;</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">WTI</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="text-align: center;">Henry Hub</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="text-align: center;">NGL</p>
            </td>
        </tr>
        <tr>
            <td style="background-color: rgb(255, 255, 255); width: 18%; vertical-align: bottom; border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 5.03pt; padding-left: 5.03pt; border-left: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Year</p>
            </td>
            <td style="background-color: #ffffff; width: 20%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$/bbl</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="text-align: center;">$/Mmbtu</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="text-align: center;">$/bbl</p>
            </td>
        </tr>
        <tr>
            <td style="width: 18%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 0.75pt solid rgb(0, 0, 0); border-left: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2021</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">46.00</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.00</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">14.72</p>
            </td>
        </tr>
        <tr>
            <td style="width: 18%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 0.75pt solid rgb(0, 0, 0); border-left: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2022</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">48.00</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.00</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">15.36</p>
            </td>
        </tr>
        <tr>
            <td style="width: 18%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 0.75pt solid rgb(0, 0, 0); border-left: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2023</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">53.00</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.00</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">16.96</p>
            </td>
        </tr>
        <tr>
            <td style="width: 18%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 0.75pt solid rgb(0, 0, 0); border-left: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2024</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">54.06</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.06</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">17.30</p>
            </td>
        </tr>
        <tr>
            <td style="width: 18%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 0.75pt solid rgb(0, 0, 0); border-left: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2025</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">55.14</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.12</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">17.64</p>
            </td>
        </tr>
        <tr>
            <td style="width: 18%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 0.75pt solid rgb(0, 0, 0); border-left: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2026</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">56.24</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.18</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">18.00</p>
            </td>
        </tr>
        <tr>
            <td style="width: 18%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 0.75pt solid rgb(0, 0, 0); border-left: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2027</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">57.37</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.25</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">18.36</p>
            </td>
        </tr>
        <tr>
            <td style="width: 18%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 0.75pt solid rgb(0, 0, 0); border-left: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2028</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">58.52</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.31</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">18.73</p>
            </td>
        </tr>
        <tr>
            <td style="width: 18%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 0.75pt solid rgb(0, 0, 0); border-left: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2029</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">59.69</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.38</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">19.10</p>
            </td>
        </tr>
        <tr>
            <td style="width: 18%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 0.75pt solid rgb(0, 0, 0); border-left: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2030</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">60.88</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.45</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">19.48</p>
            </td>
        </tr>
        <tr>
            <td style="width: 18%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: rgb(255, 255, 255); border-right: 0.75pt solid rgb(0, 0, 0); border-left: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;&#160; &#160; 2031 (a)</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">62.10</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.51</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 27pt; text-indent: -27pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">19.87</p>
            </td>
        </tr>
    </table>
    <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify;">(a)<font style="width: 8.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Prices were escalated at 2% a year after 2031.</p>
    <div id="footer_page_31">
        <p style="text-align: center;">24</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_32"></a>
    <div id="header_page_32">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
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    <p style="margin-left: 36pt; text-align: justify;">As a result, the Company has recorded an impairment charge of $71.9 million related to the CGU for the year ended December 31, 2020.</p>
    <p style="margin-left: 36pt; text-align: justify;"><b>Impairment 2019</b></p>
    <p style="margin-left: 36pt; text-align: justify;">After a review of external economic factors and internal factors, the Company identified indicators of impairment at December 31, 2019, due to industry and market conditions.&#160; The Company performed an impairment test at December 31, 2019.&#160; The impairment test compared the carrying amount of the CGU to the estimated recoverable amount which was based on the FVLCD.&#160; The FVLCD is classified as a level 3 fair value measurement and was based on proved and probable oil and gas reserves and the related cash flows, discounted at 10% to 20% depending on the various categories of oil and gas reserves.&#160; The proved and probable oil and gas reserves and related cash flows were evaluated by independent third-party reserve evaluators as at December 31, 2019. There was no impairment charge as a result of the impairment test at December 31, 2019</p>
    <p style="margin-left: 36pt; text-align: justify;">The following forecasted oil and gas commodity prices were used at December 31, 2019:</p>
    <table style="width: 257.25pt; margin-left: 35.75pt; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p>&#160;</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">WTI</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">Henry Hub</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">NGL</p>
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        </tr>
        <tr>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Year</p>
            </td>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$/bbl</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid rgb(0, 0, 0); border-left: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0);">
                <p style="text-align: center;">$/Mmbtu</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid rgb(0, 0, 0); border-left: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0);">
                <p style="text-align: center;">$/bbl</p>
            </td>
        </tr>
        <tr>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2020</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">61.00</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">2.80</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">14.03</p>
            </td>
        </tr>
        <tr>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2021</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">65.00</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">3.00</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">14.95</p>
            </td>
        </tr>
        <tr>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2022</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">67.00</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">3.25</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">15.41</p>
            </td>
        </tr>
        <tr>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2023</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">68.34</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">3.32</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">15.72</p>
            </td>
        </tr>
        <tr>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2024</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">69.71</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">3.38</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">16.03</p>
            </td>
        </tr>
        <tr>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2025</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">71.10</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">3.45</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">16.35</p>
            </td>
        </tr>
        <tr>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2026</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">72.52</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">3.52</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">16.68</p>
            </td>
        </tr>
        <tr>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2027</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">73.97</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">3.59</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">17.01</p>
            </td>
        </tr>
        <tr>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2028</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">75.45</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">3.66</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">17.35</p>
            </td>
        </tr>
        <tr>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2029</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">76.96</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">3.73</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">17.70</p>
            </td>
        </tr>
        <tr>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; &#160;&#160; 2030 (a)</p>
            </td>
            <td style="width: 25%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">78.50</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">3.81</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 25%; text-align: center; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center;">18.06</p>
            </td>
        </tr>
    </table>
    <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify;">(b)<font style="width: 7.51pt; text-indent: 0pt; display: inline-block;">&#160;</font>Prices were escalated at 2% a year after 2030.</p>
    <p style="text-align: justify;"><b>10.</b><font style="width: 15pt; display: inline-block;">&#160;</font><b>LEASES AND RIGHT OF USE ASSETS</b></p>
    <div style="margin-left: 27pt;">
        <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">Right of Use<br>Assets</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Initial recognition at January 1, 2019</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">248</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Depreciation</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(149</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Balance at December 31, 2019</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">99</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Additions</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">118</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Depreciation</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(114</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Balance at December 31, 2020</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">103</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            </tr>
        </table>
    </div>
    <br>
    <div id="footer_page_32">
        <p style="text-align: center;">25</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_33"></a>
    <div id="header_page_33">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 27pt; text-align: justify;">The amount of interest accretion recorded in the statement of operations totaled $7 and $16 for the years ended December 31, 2020 and 2019, respectively.</p>
    <p style="text-align: justify;"><b>11.</b><font style="width: 15pt; display: inline-block;">&#160;</font><b>INCOME TAXES </b></p>
    <p style="margin-left: 27pt; text-align: justify;">The provision for income taxes reported differs from the amounts computed by applying the cumulative US federal and state income tax rates to the net loss before tax provision due to the following:</p>
    <div style="margin-left: 27pt;">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">2019</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: right; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Net loss</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>(70,410</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(177</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Statutory tax rate</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">26.32%</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(18,532</b></td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(46</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>5</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">39</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">314</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>20</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">24</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>688</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">139</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>-</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">42</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Change in US enacted tax rate</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>-</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">1,048</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Change in unrecognized tax benefit</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>18,033</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(1,560</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Income tax expense</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;"><b>$</b></td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;"><b>-</b></td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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    <p style="margin-left: 27pt; text-align: justify;">Effective July 1, 2020, the Alberta provincial tax rate reduction was accelerated to 8%.</p>
    <p style="text-align: justify; margin-left: 27pt;">Deferred tax liabilities and assets are attributable to the following:</p>
    <div style="margin-left: 27pt;">
        <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">2019</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Deferred income tax liabilities:</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160; Property, plant and equipment/exploration and evaluation assets</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>(15,651</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(33,330</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160; Commodity contracts</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>-</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Deferred tax assets:</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160; Commodity contracts</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>10</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">92</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160; Asset retirement obligations</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>334</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">297</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160; Loss carry-forward</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>15,307</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">32,941</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>-</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <br>
    <div id="footer_page_33">
        <p style="text-align: center;">26</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_34"></a>
    <div id="header_page_34">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 27pt; text-align: justify;"><b>Unrecognized deferred tax assets</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Deferred tax assets have not been recognized for the following deductible temporary differences:</p>
    <div style="margin-left: 27pt;">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">2019</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Property, plant and equipment/exploration and &#160; evaluation assets</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>15,731</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">15,005</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">Share issuance costs</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>-</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">185</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">Loss carry-forward</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>139,250</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">70,241</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">Other</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>781</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">770</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 23.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
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    <p style="margin-left: 27pt; text-align: justify;">Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profits will be available against which they can be utilized.</p>
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    <p style="margin-left: 27pt; text-align: justify;">The Company has temporary differences associated with its investments in its foreign subsidiaries.&#160; The Company has no deferred tax liabilities in respect of these temporary differences.</p>
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    <p style="text-align: justify;"><b>13.</b><font style="width: 15pt; display: inline-block;">&#160;</font><b>EARNINGS PER SHARE</b></p>
    <div style="margin-left: 27pt;">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;"><b>Basic earnings per share</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;"><b>&#160;</b></td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;"><b>&#160;</b></td>
                <td style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: rgb(230, 239, 255);">Net loss</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(70,410</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(177</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: rgb(230, 239, 255);">Weighted average number of common shares - basic</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">232,923</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">232,923</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Net loss per share - basic</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">(0.30</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">(0.00</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">)</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>Diluted earnings per share</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Net loss</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(70,410</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(177</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Effect of outstanding options</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(a)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(a)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Weighted average number of common shares - diluted</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000;">232,923</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000;">232,923</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Net loss per share - diluted</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2.25pt double #000000;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2.25pt double #000000;">(0.30</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2.25pt double #000000;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2.25pt double #000000;">(0.00</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            </tr>
        </table>
    </div>
    <br>
    <div id="footer_page_34">
        <p style="text-align: center;">27</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_35"></a>
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                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
    </div>
    <br>
    <p style="margin-left: 27pt; text-align: justify;">(a)<font style="width: 5.79pt; text-indent: 0pt; display: inline-block;">&#160;</font>All options were anti-dilutive as the Company recorded a net loss.</p>
    <p style="text-align: justify;"><b>14.&#160;&#160;<font style="display: inline-block; width: 10pt;">&#160;</font></b><b>LOANS AND BORROWINGS</b></p>
    <p style="margin-left: 27pt; text-align: justify;">In June 2017, the Company's US subsidiary obtained a new credit facility from BOK Financial, which is secured by the US subsidiary's interests in the Tishomingo Field.&#160; The credit facility expires in June 2022 and is intended to fund the drilling of the Caney wells in the Tishomingo Field.&#160;</p>
    <p style="margin-left: 27pt; text-align: justify;">In September 2020, the credit facility was redetermined at a borrowing base of $22.0 million.&#160; Subsequent to the redetermination, the Company made principal payments to reduce the outstanding balance to $20.7 million on December 31, 2020.&#160; In accordance with the redetermination, the Company has no available capacity on the credit facility and the borrowing base is automatically reduced by the principal payments as they are paid.&#160; &#160; In addition, the Company is required to make additional principal payments to reduce the borrowing base to $18.6 million by May 2021.&#160; These future principal payments are projected to be funded from cash on hand and adjusted funds flow from operations.&#160; The credit facility is subject to a semi-annual review and redetermination of the borrowing base.&#160; The next redetermination will be in the second quarter of 2021.&#160; Future commitment amounts will be subject to new reserve evaluations and there is no guarantee that the size and terms of the credit facility will remain the same after the borrowing base redetermination.&#160; Any redetermination of the borrowing base is effective immediately and if the borrowing base is reduced, the Company has six months to repay any shortfall.</p>
    <p style="margin-left: 27pt; text-align: justify;">The credit facility has two primary debt covenants. One covenant requires the US subsidiary to maintain a positive working capital balance which includes any unused excess borrowing capacity and excludes the fair value of commodity contracts, the current portion of long-term debt (the "Current Ratio") and certain payables to an operator that are being reduced by the revenue earned from the non-operated well.&#160; The second covenant ensures the ratio of outstanding debt and long-term liabilities to an annualized quarterly adjusted EBITDA amount (the "Maximum Leverage Ratio") be no greater than 4 to 1 at any quarter end.&#160; Adjusted EBITDA is defined as net income excluding interest expense, depreciation, depletion and amortization expense, and other non-cash and non-recurring charges including severance, stock based compensation expense and unrealized gains or losses on commodity contracts.&#160;</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company was in compliance with both covenants for the quarter ended December 31, 2020.&#160; At December 31, 2020, the Current Ratio of the US Subsidiary was 1.97 to 1.0 and the Maximum Leverage Ratio was 2.84 to 1.0 for the three months ended December 31, 2020.</p>
    <p style="margin-left: 27pt; text-align: justify;">The current global and market volatility, including the continuing uncertainty due to the impact of the COVID-19 pandemic, impacts the ability to prepare financial forecasts.&#160; The Company's current forecast indicates that it will be able to fund the future principal payments from cash on hand and funds flow from operations and that it will be in compliance with its debt covenants over the next twelve months.&#160; These forecasts are based on current strip prices and the Company's current hedges and they include a significant amount of estimates and judgments that could change in the future.&#160; If circumstances change and a covenant violation does occur and the Company does not obtain a waiver, this will represent an event of default under the facility and the lender will have the right to demand repayment of all amounts owed under the facility.</p>
    <div id="footer_page_35">
        <p style="text-align: center;">28</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_36"></a>
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                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
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        </table>
    </div>
    <p style="margin-left: 27pt; text-align: justify;">In April 2020, the Company's US subsidiary obtained a loan under the Paycheck Protection Program ("PPP") which is being administered by the Small Business Administration ("SBA").&#160; The loan amount is $0.3 million with a 5-year term at an annual interest rate of 1 percent.&#160; All interest payments are deferred for the first ten months after the end of the loan forgiveness period, which is twenty-four weeks from the initiation of the loan.&#160; The loan amount may be forgiven if the proceeds are used for eligible expenditures, which include payroll costs, rent expense and utilities, in the twenty-four week forgiveness period.&#160; The Company has applied for loan forgiveness for the entire portion of the PPP loan and is awaiting a response from the SBA.&#160; In February 2021, the US subsidiary obtained a loan under the PPP2 loan program for an additional $0.3 million.&#160; The PPP2 loan has the same terms as the original PPP loan and may also be forgiven if the proceeds are used for eligible expenditures.</p>
    <p style="margin-left: 27pt; text-align: justify;">At December 31, 2020, loans and borrowings of $20.7 million (December 31, 2019: $27.5 million) are presented net of loan acquisition costs of $0.2 million (December 31, 2019: $0.3 million).</p>
    <p style="text-align: justify;"><b>15.</b><font style="display: inline-block; width: 15pt;">&#160;</font><b>STOCK OPTIONS</b></p>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify; white-space: nowrap;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">Number of <br>options</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">Weighted<br>average<br>exercise<br>price</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; text-align: justify; background-color: rgb(230, 239, 255);">Outstanding at January 1</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>5,534,167</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>0.45</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">9,657,500</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">0.54</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: justify;">Expired/cancelled</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>(879,167</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;"><b>)</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>0.49</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(4,453,333</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">0.62</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; text-align: justify; background-color: rgb(230, 239, 255);">Granted</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>-</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>-</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">330,000</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">0.30</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: justify;">Outstanding at December 31</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;"><b>4,655,000</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;"><b>$</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;"><b>0.45</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">5,534,167</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">0.45</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: justify; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Exercisable at December 31</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>4,655,000</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>0.45</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">5,007,502</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">0.44</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
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    </div>
    <br>
    <div id="footer_page_36">
        <p style="text-align: center;">29</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_37"></a>
    <div id="header_page_37">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-indent: 27pt; text-align: justify;">The range of exercise prices of the outstanding stock options is as follows:</p>
    <div style="margin-left: 27pt;">
        <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">Range of<br>exercise prices</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;<br>Number of <br>outstanding stock <br>options</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">Weighted <br>average <br>exercise <br>price</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">Weighted<br>average <br>contractual <br>life ( years)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">$0.50 to $0.75</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">1,455,000</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">0.57</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">2.3</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">$0.32 to $0.49</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%;">2,570,000</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%;">0.41</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%;">0.4</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">$0.30 to $0.31</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">630,000</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">0.30</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">2.0</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 15%;">4,655,000</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 15%;">0.45</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 15%;">1.2</td>
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    <p style="margin-left: 27pt; text-align: justify;">The fair value of the stock options was estimated using Black Scholes model with the following weighted average inputs:</p>
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        <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
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                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">2019</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); text-align: justify; white-space: nowrap;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>-</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">0.16</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Volatility (%)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>-</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">76.99</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Forfeiture rate (%)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>-</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">5%</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Option life (years)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>-</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">5</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Risk-free interest rate (%)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>-</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">1.89</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
        </table>
    </div>
    <p style="text-indent: 27pt; text-align: justify;">Stock based compensation was recorded as follows:</p>
    <div style="margin-left: 27pt;">
        <table style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="4">December 31</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">2019</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 81.95pt; vertical-align: bottom; text-indent: -76.55pt; background-color: #e6efff;">Expensed&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;"><b>21</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;">149</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt; background-color: #e6efff;">Capitalized</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;"><b>2</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;">21</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
        </table>
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    <p style="text-align: justify;"><b>16.</b><font style="width: 15pt; display: inline-block;">&#160;</font><b>ASSET RETIREMENT OBLIGATIONS</b></p>
    <div style="margin-left: 27pt;">
        <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><b>December 31,</b></td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">December 31,</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">2019</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Balance, beginning of year</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>1,130</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,127</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Revisions due to change in estimates</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>113</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(30</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Accretion expense</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>26</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">33</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Balance, end of year</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;"><b>$</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;"><b>1,269</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">1,130</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
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    <p style="margin-left: 27pt; text-align: justify;">The Company's asset retirement obligation (ARO) results from its ownership interest in oil and natural gas assets including well sites and gathering systems. The total future site restoration obligation is estimated based on the Company's net ownership interest in all wells and facilities, estimated costs to reclaim and abandon these wells and facilities and the estimated timing of the costs to be incurred in future years. The Company has estimated the net present value of ARO to be $1,269 as at December 31, 2020 (2019 - $1,130) based on an undiscounted total future liability of $1,435 (2019 - $1,404). These payments are expected to be made over the next 12 years with the majority of costs to be incurred between 2023 and 2032. The discount factor, which is the risk-free rate related to the liability, is 1.46% (2019: 2.31%) and the inflation rate was 2.07% (2019: 1.92%).</p>
    <div id="footer_page_37">
        <p style="text-align: center;">30</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_38"></a>
    <div id="header_page_38">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>17.</b><font style="width: 15pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>COMMITMENTS</b></p>
    <p style="margin-left: 27pt; text-align: justify;">The Urraca concession application in Spain outlined the annual work programs in each year of the five year concession term, including the drilling of a total of nine wells on the concession.&#160; However, the concession application stipulated that failure to drill the required wells in the time indicated in the concession application would not constitute a default of the concession requirements if required permits are not approved by the government in a timely fashion.&#160; A failure to meet work commitments without obtaining an extension, suspension, or another arrangement may result in the loss of the applicable concession.&#160; The Company understands that there may be circumstances in which a failure to meet work commitments could result in liability in regard to the unperformed current year work commitments.&#160; The five year term of the Urraca concession expired in 2016.&#160; The Company has filed the relinquishment request and is awaiting the government's response.&#160; Due to the impact of the COVID-19 pandemic in Spain, government offices were closed for a portion of 2020 which resulted in an extended delay of the process.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>18.</b><font style="width: 15pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>COMPENSATION OF KEY MANAGEMENT PERSONNEL</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Key management personnel includes the Board of Directors and executive officers of the Company.&#160; Key management personnel compensation is comprised of the following:</p>
    <div style="margin-left: 27pt;">
        <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9.9pt; vertical-align: bottom; text-indent: -4.5pt; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="4"><b> Year Ended December 31,</b></td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9.9pt; vertical-align: bottom; text-indent: -4.5pt; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>2020</b></td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>2019</b></td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9.9pt; vertical-align: bottom; text-indent: -4.5pt;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 9.9pt; vertical-align: bottom; text-indent: -4.5pt; background-color: #e6efff;">Short-term employee benefits</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>663</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,258</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9.9pt; vertical-align: bottom; text-indent: -4.5pt;">Share-based payments</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>23</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">134</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 9.9pt; vertical-align: bottom; text-indent: -4.5pt; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>686</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">1,392</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: rgb(230, 239, 255);">&#160;</td>
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    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>19.&#160; &#160; &#160; EXPENSE CLASSIFICATION</b></p>
    <p style="margin-left: 27pt; text-align: justify;">The Company's consolidated statements of operations is prepared primarily by nature of expense with the exception of employee compensation costs, which are included in both production and operating expenses and general and administrative expenses.&#160; The compensation costs include employees' salary and benefit costs.</p>
    <div id="footer_page_38">
        <p style="text-align: center;">31</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_39"></a>
    <div id="header_page_39">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
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    <p style="margin-left: 27pt; text-align: justify;">The following table details the amount of total compensation costs included in production and operating expenses and general and administrative expenses on the statements of operations:</p>
    <div style="margin-left: 27pt;">
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                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; text-align: center;" colspan="4"><b> Year Ended December 31,</b></td>
                <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;"><b>2019</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: justify;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Production and operating expenses</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>62</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">162</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">General and administrative expenses</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;"><b>$</b></td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>1,104</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">1,678</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160; &#160; &#160; &#160; &#160; &#160; Total employee compensation costs</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">1,840</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>20.&#160; &#160; &#160; SEGMENTED INFORMATION</b></p>
    <p style="text-indent: 27pt; text-align: justify;">The Company defines its reportable segments based on the countries where it conducts business.</p>
    <p style="text-align: center;">&#160;</p>
    <div style="margin-left: 27pt;">
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                <td style="vertical-align: bottom; text-align: center;" colspan="9"><b>Year Ended December 31, 2020</b></td>
                <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>United <br>States</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>Canada <br>and <br>Other</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>Total</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><i><b>&#160;</b></i></td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: rgb(230, 239, 255);">Oil and natural gas revenues, net of royalties</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">9,580</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">9,580</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Other income</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">2</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">2</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">9,582</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">9,582</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: rgb(230, 239, 255);">Production and operating expenses</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,755</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,755</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Depletion, depreciation and amortization</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">4,614</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">4,614</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: rgb(230, 239, 255);">General and administrative expenses</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,339</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">520</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,859</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Stock-based compensation</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">11</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">10</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">21</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: rgb(230, 239, 255);">Impairment of PP&amp;E</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">71,923</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">71,923</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">81,642</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">530</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">82,172</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; text-align: justify; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">3,541</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">1</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">3,542</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; text-align: justify; background-color: rgb(230, 239, 255);">Finance expense</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(1,362</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(1,362</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <tr>
                <td style="vertical-align: bottom; text-align: justify;">Net loss</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">(69,881</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">(529</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">(70,410</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">)</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: justify; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: justify;">Property plant and equipment</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">78,973</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">6</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">78,979</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; text-align: justify; background-color: rgb(230, 239, 255);">Total assets</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">82,015</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">169</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">82,184</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><b>&#160;</b></td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><b>&#160;</b></td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: justify; background-color: rgb(230, 239, 255);">Capital expenditures</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">(16</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">(16</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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    </div>
    <br>
    <div id="footer_page_39">
        <p style="text-align: center;">32</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_40"></a>
    <div id="header_page_40">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p><b>Kolibri Global Energy Inc.<br></b><b>Notes to Consolidated Financial Statements<br></b><b>For the Years Ended December 31, 2020 and 2019<br></b><b>(Audited, expressed in thousands of United States dollars)</b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>20.&#160; &#160; SEGMENTED INFORMATION (continued)</b>&#160;</p>
    <div style="margin-left: 27pt;">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="vertical-align: bottom; text-align: center;" colspan="9"><b>Year Ended December 31, 2019</b></td>
                <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;"><b>United <br>States</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;"><b>Canada<br>and<br>Other</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;"><b>Total</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><i><b>&#160;</b></i></td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: rgb(230, 239, 255);">Oil and natural gas revenues, net of royalties</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">17,402</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">17,402</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Other income</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">9</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">9</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">17,411</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">17,411</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,763</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,763</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Depletion, depreciation and amortization</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">6,240</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">6,240</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(3,557</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: justify; background-color: rgb(230, 239, 255);">Net income (loss)</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">605</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">(782</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
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                <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; text-align: justify; background-color: rgb(230, 239, 255);">Property plant and equipment</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">155,303</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">6</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">155,309</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; text-align: justify;">Total assets</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">161,018</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">190</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">161,208</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; text-align: justify; background-color: rgb(230, 239, 255);">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><b>&#160;</b></td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><b>&#160;</b></td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: justify;">Capital expenditures</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">2,289</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">2,289</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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    <br>
    <div>&#160;</div>
    <div id="footer_page_40">
        <p style="text-align: center;">33</p>
    </div>
    <hr width="100%" size="5" color="black" noshade="noshade">
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.3
<SEQUENCE>5
<FILENAME>exhibit2-3.htm
<DESCRIPTION>EXHIBIT 2.3
<TEXT>
<html>

<head>
    <title>Kolibri Global Energy Inc.: Exhibit 2.3 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;"><img src="exhibit2-3x001.jpg" style="width: 406px;" height="133"></p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><b>DECEMBER 31, 2020</b></p>
    <p style="text-align: center;">&#160;</p>
    <div id="footer_page_1">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 1 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: justify;"><img src="exhibit2-3x002.jpg" style="width: 287px;" height="112"></p>
    <p style="text-align: center;"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></p>
    <p style="text-align: justify;">The following is management's discussion and analysis (MD&amp;A) of Kolibri Global Energy Inc.'s ("KEI" or the "Company") operating and financial results for the year ended December 31, 2020, compared to the prior year, as well as information and expectations concerning the Company's outlook based on currently available information. The MD&amp;A should be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2020 and 2019.&#160; Unless otherwise noted, all financial data has been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.&#160; The reporting and measurement currency is the United States dollar. Additional information relating to KEI including its Annual Information Form is filed on SEDAR at <font style="color: #000000;">www.sedar.com</font> on the Company's website at www.kolibrienergy.com.</p>
    <p style="text-align: justify;">This report is prepared as of March 11, 2021.&#160; Please read carefully the important cautionary notes regarding technical information, forward-looking statements and other matters set out in this report.</p>
    <p style="text-align: justify;"><b>Currency</b></p>
    <p style="text-align: justify;">The Company's reporting currency for financial reporting purposes is U.S. dollars.&#160; All dollar amounts set forth in this report are expressed in United States dollars, except where otherwise indicated.&#160; The following table sets forth, for each of the years indicated, the high and low exchange rates, the average exchange rate and the year-end exchange rate of one United States dollar in exchange for Canadian dollars as reported by Bloomberg in 2020 and 2019 and Reuters for 2018.</p>
    <table style="margin-left: 36pt; border-collapse: collapse; font-size: 10pt; width: 90%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 71%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Year ended December 31</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 21%; vertical-align: top; text-align: right; white-space: nowrap;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">2020</p>
            </td>
            <td style="width: 21%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">2019</p>
            </td>
            <td style="width: 21%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">2018</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>High</p>
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                <p style="text-align: right;">CDN$1.27</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; background-color: #e6efff;">
                <p style="text-align: right;">CDN$1.30</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; background-color: #e6efff;">
                <p style="text-align: right;">CDN$1.23</p>
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        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
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                <p style="margin-left: 30.6pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right;">1.44</p>
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            <td style="width: 21%; vertical-align: top; text-align: right;">
                <p style="margin-left: 30.6pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right;">1.36</p>
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            <td style="width: 21%; vertical-align: top; text-align: right;">
                <p style="margin-left: 30.6pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right;">1.36</p>
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        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
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                <p style="margin-left: 30.6pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right;">1.34</p>
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            <td style="width: 21%; vertical-align: top; text-align: right; background-color: #e6efff;">
                <p style="margin-left: 30.6pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right;">1.33</p>
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            <td style="width: 21%; vertical-align: top; text-align: right; background-color: #e6efff;">
                <p style="margin-left: 30.6pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right;">1.30</p>
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        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
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            <td style="width: 21%; vertical-align: top; text-align: right;">
                <p style="margin-left: 30.6pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right;">1.27</p>
            </td>
            <td style="width: 21%; vertical-align: top; text-align: right;">
                <p style="margin-left: 30.6pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right;">1.31</p>
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            <td style="width: 21%; vertical-align: top; text-align: right;">
                <p style="margin-left: 30.6pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right;">1.36</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;"><b>Description of Business</b></p>
    <p style="text-align: justify;">KEI is an international energy company focused on finding and exploiting energy projects in oil, gas and clean and sustainable energy.&#160; Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects.&#160; . The common shares of the Company trade on the Toronto Stock Exchange ("TSX") under the symbol "KEI" and on the Over the Counter QB ("OTCQB") under the symbol "KGEIF".</p>
    <div id="footer_page_2">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 2 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;"><b>Going Concern</b></p>
    <p style="text-align: justify;">The financial statements have been prepared on a going concern basis. The going concern basis of presentation assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.</p>
    <p style="text-align: justify;">At December 31, 2020, the Company had a working capital deficiency of $3.5 million.&#160; The Company received its latest bank borrowing base redetermination on its credit facility in September 2020.&#160; As part of the redetermination, the Company will make principal payment reductions of $2.1 million by May 2021 to reduce the borrowing base to $18.6 million.&#160; These future principal payments are projected to be funded from cash on hand and adjusted funds flow from operations.&#160; The Company has no available undrawn debt capacity under its credit facility.&#160; See Note 14 for more information. The credit facility is subject to a semi-annual review and redetermination of the borrowing base. The next redetermination is expected in the second quarter of 2021.&#160; There can be no assurance that the borrowing base review will not result in a material reduction in the borrowing base, and that the necessary funds will be available to meet its obligations as they become due.</p>
    <p style="text-align: justify;">The Company's current forecast indicates that it will be able to fund the future principal payments from cash and cash equivalents and net cash from operating activities and that it will be in compliance with its debt covenants over the next year. These forecasts are based on current strip prices and the Company's current economic hedges and include a number of significant estimates and judgments that could change in the future.</p>
    <p style="text-align: justify;">In addition, the global impact of the COVID-19 virus pandemic has led to a high degree of volatility and uncertainty that continues to impact the energy industry and financial markets.&#160; While spot prices have started to recover in early 2021, there is still a great deal of uncertainty about the impact of the pandemic going forward which continues to have a continuing negative impact on the Company's ongoing operations and its ability to raise capital, if required, in the near future or on terms favorable to the Company.</p>
    <p style="text-align: justify;">The Company's ability to continue as a going concern is dependent upon the lender maintaining the borrowing base limit on the credit facility and the Company's ability to generate net cash from operating activities or raise additional financing to continue to fund its working capital deficiency, debt repayments and capital expenditures. These matters cause material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern.</p>
    <p style="text-align: justify;">These financial statements do not reflect adjustments that would be necessary if the going concern assumption was not appropriate. If the going concern assumption were not appropriate, adjustments would be necessary in the carrying value of the Company's assets and liabilities, the reported revenues and expenses, and the balance sheet classifications used. These adjustments could be material.</p>
    <p style="text-align: justify;"><b>Operating Summary</b></p>
    <p style="text-align: justify;">The Company's results of operations are dependent on production volumes of natural gas, crude oil and natural gas liquids and the prices received for the production. Prices for these commodities have shown significant volatility during recent years and are determined by supply and demand factors, including weather and general economic conditions.</p>
    <div id="footer_page_3">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 3 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a><br>
    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><b>OVERVIEW</b></p>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; text-align: justify; white-space: nowrap;"><b>Results at a Glance</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>Year Ended&#160; December 31,</b></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">2019</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>Financial (US $000 except per share)</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>12,251</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">22,179</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">30,364</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">13,639</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>(70,410</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(177</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">5,320</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>(0.30</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>6,111</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">6,771</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">11,777</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>7,196</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">9,006</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">13,223</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>(16</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,289</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">19,621</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">1,395</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">43.56</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">52.15</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">26.79</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">33.99</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>23.86</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">25.30</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">30.12</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">161,208</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">164,559</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">26,891</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">30,687</td>
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    </table>
    <br>
    <p style="margin-top: 0pt; margin-bottom: 0pt;">(1) Net operating income is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt;">(2) Adjusted Funds Flow is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt;">(3) Netback from operations and netback including commodity contracts are considered non-GAAP measures. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="text-align: justify;"><b>Highlights</b></p>
    <p style="text-align: justify;">The average production for 2020 was 1,151 BOEPD, a decrease of 17% compared to 2019 production of 1,395 BOEPD.&#160; The decrease is due to the normal production decline of existing wells.</p>
    <p style="text-align: justify;">In 2020, the Company had commodity contracts in place for over 80% of its production at an average oil price of $56.62/barrel and realized gains of over $3.2 million from these contracts.&#160; The Company has commodity contracts in place for almost 70% of its existing 2021 oil production at an average price of $47.96/barrel.</p>
    <p style="text-align: justify;">Gross revenues for 2020 decreased by 45% compared to 2019.&#160; Adjusted funds flow<sup>(1)</sup> was $7.2 million for 2020 compared to $9.0 million for 2019, a decrease of 20%.&#160; These decreases were primarily due to a 17% decrease in production in 2020 compared to 2019 and a 33% decrease in average prices in 2020 partially offset by the realized gains from commodity contracts in 2020.</p>
    <div id="footer_page_4">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 4 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <p style="text-align: justify;">General &amp; administrative (G&amp;A) expenses&#160; for 2020 was $2.9 million compared to $3.9 million in 2019, a decrease of 26%.&#160; The decrease is due to lower payroll and related costs due to employee terminations at the end of 2019, severance costs that were recorded in 2019 and management's continued efforts to reduce G&amp;A costs throughout the Company.</p>
    <p style="text-align: justify;">Operating expense per barrel averaged $6.54 per BOE in 2020 compared to $7.39 per BOE in 2019, a decrease of 12%.&#160; The decrease was due to cost cutting measures taken in the field during 2020.</p>
    <p style="text-align: justify;">Interest expense has decreased by 34% in 2020 compared to the prior year due to principal payments on the credit facility which reduced the outstanding loan balance and lower interest rates.</p>
    <p style="text-align: justify;">Netback from operations<sup>(2)</sup> decreased to $16.20 per BOE in 2020 compared to $26.79 per BOE in 2019, a decrease of 40%.&#160; Netback including the impact of commodity contracts<sup>(2)</sup> for 2020 was $23.86 per BOE, a decrease of 6% from the prior year.&#160; The 2020 decrease compared to the same period in the prior year was due to the decrease in average prices and the decrease in average production which increases the fixed operating cost per barrel.&#160;</p>
    <p style="text-align: justify;">Adjusted funds flow<sup>(1)</sup> was $7.2 million for 2020 compared to $9.0 million for 2019, a decrease of 20%. The decreases were mainly due to lower revenue caused by lower average prices and production.</p>
    <p style="text-align: justify;">Due to industry and market conditions, especially the significant decline in forecasted oil and gas commodity prices and the global impact on demand from the COVID-19 pandemic, the Company identified indicators of impairment and performed a property, plant and equipment (PP&amp;E) impairment test at March 31, 2020.&#160; The impairment test resulted in an impairment charge which totaled $71.9 million for the first quarter of 2020.&#160; In accordance with IFRS, an impairment charge can be reversed in future periods if there is an indicator of reversal that suggests that a previously recognized impairment charge has reversed because of a change in the estimates used to determine the impairment charge and the estimated recoverable amount of the impaired asset or CGU subsequently increases.&#160; The Company also identified indicators of impairment and performed a PP&amp;E impairment test at December 31, 2020.&#160; There was no impairment charge or reversal of historic impairment charges as a result of the impairment test at December 31, 2020.</p>
    <p style="text-align: justify;">Net loss in 2020 was $70.4 million, compared to net income of $0.2 million in 2019, due to the impairment charge of $71.9 million related to the CGU for the year ended December 31, 2020.</p>
    <p style="text-align: justify;">In September 2020, the Company's credit facility was re-determined at a borrowing base of $22.0 million and subsequent to the redetermination, the Company made principal payments of $1.3 million to bring the outstanding balance to $20.67 million at December 31, 2020.&#160; In accordance with the redetermination, the Company has no available capacity on the credit facility and the borrowing base will be automatically reduced by the principal payments as they are paid.&#160; In addition, the Company will make additional principal payments to reduce the borrowing base to $18.6 million by May 2021.&#160; These future principal payments are projected to be funded from cash on hand and adjusted funds flow from operations.&#160; The next redetermination will be in the second quarter of 2021.&#160;</p>
    <p style="margin-bottom: 0pt; text-align: justify;">(1) Adjusted funds flow is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="margin-top: 0pt; text-align: justify;">(2) Netback from operations and netback including commodity contracts are considered non-GAAP measures. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <div id="footer_page_5">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 5 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <p style="text-align: justify;"><b>OPERATIONS UPDATE</b></p>
    <p style="text-align: justify;"><b>Tishomingo Field, Ardmore Basin, Oklahoma</b></p>
    <p style="text-align: justify;">Average production for 2020 was 1,151 BOEPD, a decrease of 17% compared to the 2019 average production of 1,395 BOEPD.&#160; In 2020, the Company had commodity contracts in place for over 80% of its production at an average oil price of $56.62/barrel and realized gains of over $3.2 million from these contracts.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;" colspan="1"><b>DISCUSSION OF OPERATING RESULTS</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: justify;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b> FY2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Average oil production (BOPD)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>785</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,004</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Average natural gas production (MCF/D)</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>1,013</b></td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">1,037</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">218</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(10</td>
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        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>1,151</b></td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">1,395</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">(17</td>
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        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Average oil price ($/bbl)</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>36.85</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">54.99</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(33</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">13.42</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(4</td>
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        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">(33</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>10,593</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">20,157</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(47</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">954</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(24</td>
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        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">NGL revenue ($000)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>933</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,068</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(13</td>
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    <p style="text-align: justify;">Oil production for 2020 was 785 BOPD compared to 1,004 BOPD for 2019, a decrease of 22%.&#160; The production decrease is due to the natural decline of existing wells.&#160; Oil revenue decreased by 47% in 2020 versus 2019 due to a decrease in oil prices of 33% combined with the production decrease.</p>
    <p style="text-align: justify;">For 2020, average natural gas production was 1,013 MCFPD compared to 1,037 MCFPD in 2019, a decrease of 2%. The decrease in 2020 is due to the natural decline of existing wells.&#160; Natural gas revenue decreased by 24% in 2020 versus 2019 due to a decrease in natural gas prices of 22% combined with the decrease in natural gas production.</p>
    <p style="text-align: justify;">Natural gas liquids (NGL) production in 2020 decreased to 197 BOEPD from 218 BOEPD in 2019, a decrease of 10%.&#160; NGL revenue decreased by 13% in 2020 compared to 2019 due to a decrease in NGL prices of 4% combined with the production decrease.&#160;</p>
    <p style="text-align: justify;">Average production on a per BOE basis was 1,151 BOEPD in 2020 compared to 1,395 BOEPD in 2019, a decrease of 17%.&#160; The decrease is due to the factors discussed above.&#160; Gross revenue for 2020 decreased by 45% compared to 2019 due to decreases in average prices and production.</p>
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 6 |&#160;&#160; Year ended December 31, 2020</td>
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        </table>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a><br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>Royalties, Operating Expenses and Netbacks</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: justify; white-space: nowrap;">($/BOE)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>FY2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">FY2019</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">%</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Average price</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>29.08</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">43.56</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(33</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Less: Royalties</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>6.34</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">9.38</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(32</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Less: Operating expenses</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>6.54</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">7.39</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(12</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Netback from operations<sup>(1)</sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>16.20</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">26.79</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(40</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Price adjustment from commodity contracts<sup>(2)</sup></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>7.66</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(1.49</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Netback including commodity contracts<sup>(1)</sup></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;"><b>23.86</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">25.30</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">(6</td>
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    <br>
    <p style="margin-top: 0pt; margin-bottom: 0pt;">(1) Netback from operations and netback including commodity contracts are considered non-GAAP measures. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt;">(2) Price adjustment from commodity contracts includes the positive or negative adjustment to the average price per barrel that the Company realized from its commodity contracts.&#160; See the listing of commodity contracts below.</p>
    <p style="text-align: justify;">The average price decrease in 2020 was due to price decreases in oil, gas and NGLs. Oil made up 68% of the production mix in 2020 compared to 72% of the production mix in 2019.&#160;</p>
    <p style="text-align: justify;">Royalties on Tishomingo production averaged approximately 21.8% for 2020 versus 21.5% in 2019.&#160; The percentages differences are due to different royalty burdens on the wells produced by the Company.</p>
    <p style="text-align: justify;">Major operating expenses are related to the gathering and processing of natural gas and NGLs as well as periodic well repairs and maintenance. Operating expenses for 2020 were $2.8 million compared to $3.8 million in 2019.&#160; Operating expenses averaged $6.54 per BOE for 2020 compared to $7.39 per BOE for 2019.&#160; The decrease was due to cost cutting measures taken in the field during the current year including decreases in field personnel and new chemical contracts that decreased costs.</p>
    <p style="text-align: justify;"><b>Realized and Unrealized Gains and Losses from Risk Management Contracts</b></p>
    <p style="text-align: justify;">The Company has entered into financial commodity contracts which are summarized in the table below.&#160; Total Volume Hedged in the table is the annual volumes and Price is the fixed price specified in the financial commodity contracts.</p>
    <p style="text-align: justify;">At December 31, 2020 the following financial commodity contracts were outstanding and recorded at estimated fair value:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p>&#160;</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p>&#160;</p>
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            <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">
                <p style="margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><b>Total Volume Hedged&#160; &#160; </b></p>
                <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt;"><b>(BBLS)</b></p>
            </td>
            <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Price&#160; </b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Commodity</b></p>
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            <td style="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Period</b></p>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>($/BBL)</b></p>
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        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>Oil - WTI</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>January 1, 2021 to December 31, 2021</p>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">72,000</p>
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            <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$52.66</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Oil - WTI</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>January 1, 2021 to December 31, 2021</p>
            </td>
            <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">60,000</p>
            </td>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$42.32</p>
            </td>
        </tr>
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    <p style="text-align: justify;">The estimated fair value results in a $0.04 million liability as of December 31, 2020 (December 31, 2019: $0.4 million liability) for the financial oil and gas contracts which has been determined based on the prospective amounts that the Company would receive or pay to terminate the contracts, consisting of a current liability of $0.04 million (December 31, 2019: current liability of $0.3 million and a long term liability of $0.1 million).</p>
    <p style="text-align: justify;">In February 2021, the Company entered into the following additional financial commodity contract:</p>
    <div id="footer_page_7">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 7 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_8"></a><br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
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            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p>&#160;</p>
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        <tr>
            <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Commodity</b></p>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Period</b></p>
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        <tr>
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    <p style="margin-left: 76.55pt; text-indent: -76.55pt; text-align: justify;">The realized and unrealized gains/losses from the financial commodity contracts are as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; white-space: nowrap;">($000s)</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="4"><b>December 31,</b></td>
            <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>2019</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;"><b>&#160;</b></td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;"><b>&#160;</b></td>
            <td style="vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Realized gain (loss) on financial commodity contracts</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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        </tr>
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    <p style="text-align: justify;"><b>General and Administrative Expenses</b></p>
    <p style="text-align: justify;">G&amp;A expense for 2020 was $2.9 million compared to $3.9 million in 2019, a decrease of 26%.&#160; &#160; The decrease is due to lower payroll and related costs due to employee terminations at the end of 2019, severance costs that were recorded in 2019 and management's continued efforts to reduce G&amp;A costs throughout the Company.</p>
    <p style="text-align: justify;"><b>Impairment of Property, Plant and Equipment</b></p>
    <p style="text-align: justify;">The Company identified indicators of impairment, due to industry and market conditions, especially the global impact of the COVID-19 pandemic, and performed a PP&amp;E impairment test at March 31, 2020.&#160; The estimated recoverable amount under the impairment test was $80.8 million which resulted in an impairment charge of $71.9 million as at March 31, 2020.&#160; In accordance with IFRS, an impairment charge can generally be reversed in future periods if there is an indication of reversal that suggests that a previously recognized impairment charge has reversed because of a change in the estimates used to determine the impairment charge and the estimated recoverable amount of the impaired asset or CGU subsequently increases.&#160; An impairment charge is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depletion and depreciation or amortization, if no impairment charge had been recognized.&#160; The Company also performed a PP&amp;E impairment test at December 31, 2020.&#160; There was no impairment charge or reversal of historic impairment charges as a result of the impairment test at December 31, 2020.</p>
    <p style="text-align: justify;"><b>Depletion and Depreciation</b></p>
    <p style="text-align: justify;">Depletion and depreciation expense for 2020 was $4.6 million compared to $6.2 million in 2019. The decrease in the period is due to decreased production and a lower PP&amp;E balance due to the impairment charge.&#160; Depletion and depreciation expense on a per barrel basis was $10.95 for 2020 compared to $12.26 for 2019.</p>
    <p style="text-align: justify;"><b>Share based compensation</b></p>
    <p style="text-align: justify;">Share based compensation decreased from $149,000 in 2019 to $21,000 in 2020. The decrease is due to prior year stock option grants where the vesting provisions were front loaded.</p>
    <p style="text-align: justify;"><b>Interest on loans and borrowings</b></p>
    <p style="text-align: justify;">Interest on loans and borrowings decreased from $2.0 million in 2019 to $1.3 million for the same period of 2020.&#160; The decrease was due to principal payments on the credit facility which reduced the outstanding loan balance and lower interest rates.</p>
    <div id="footer_page_8">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 8 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a>
    <p style="text-align: justify;"><b>Net loss</b></p>
    <p style="text-align: justify;">The Company had net loss of $70.4 million ($0.30 per share) for 2020 compared to net loss of $0.2 million ($0.00 per share) for 2019.&#160; The increase in net loss for 2020 is due to an impairment charge of $71.9 million, and a decrease in revenue net of royalties of $7.8 million, partially offset by realized and unrealized gains in financial commodity contracts in 2020 totaling $3.5 million versus losses of $1.5 million in&#160; 2019, a decrease in depletion, depreciation and accretion of $1.6 million, a decrease in operating expenses of $1.0 million, a decrease in G&amp;A expense of $1.0 million, a decrease in interest on loans and borrowings of $0.7 million, and a decrease in share based compensation of $0.1 million.</p>
    <p style="text-align: justify;"><b>Cash from continuing operating activities</b></p>
    <p style="text-align: justify;">Cash flows from continuing operating activities for 2020 was $6.1 million compared to cash flows from continuing operating activities of $6.8 million in 2019.</p>
    <p style="text-align: justify;"><b>CAPITAL EXPENDITURES</b></p>
    <p style="text-align: justify;">For 2020, there was a true-up of estimated costs to actual costs on the non-operated Anderson 1-15H10X3 well resulting in a reduction of capital expenditures.&#160; Capital expenditures for 2019 were for the Anderson 1-15H10X3 well (non-operated, KEI 33% working interest) and workovers on four operated wells in the Tishomingo field located in Oklahoma.&#160;</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><i>($000)</i></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="4"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">2019</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: right;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Additions (adjustments) to oil and gas properties</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">2,289</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;"><b>$</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;"><b>(16</b></td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">2,289</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>LIQUIDITY AND CAPITAL RESOURCES</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="4"><b>At December 31,</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;" colspan="1">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">(000s)</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><b>2020</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><b>2019</b></td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Working Capital Deficiency (US$)<sup>(1)</sup></td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(2,482</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Loans and Borrowings (US$)</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>27,500</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Shares Outstanding, end of year</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>232,922.6</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>232,922.6</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Market Price per share, end of year (in Canadian $)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>0.06</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>0.11</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Market Value of Shares (in Canadian $)</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;"><b>$</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;"><b>13,975</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;"><b>$</b></td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(1)<font style="width: 7.51pt; text-indent: 0pt; display: inline-block;">&#160;</font>Includes current portion of loans of borrowings.</p>
    <p style="text-align: justify;">In June 2017, the Company's US subsidiary obtained a new credit facility from BOK Financial, which is secured by the US subsidiary's interests in the Tishomingo Field.&#160; The credit facility expires in June 2022 and is intended to fund the drilling of the Caney wells in the Tishomingo Field.&#160;</p>
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 9 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_10"></a>
    <p style="text-align: justify;">In September 2020, the credit facility was redetermined at a borrowing base of $22.0 million.&#160; Subsequent to the redetermination, the Company made principal payments to reduce the outstanding balance to $20.7 million on December 31, 2020.&#160; In accordance with the redetermination, the Company has no available capacity on the credit facility and the borrowing base is automatically reduced by the principal payments as they are paid.&#160; &#160; In addition, the Company is required to make additional principal payments to reduce the borrowing base to $18.6 million by May 2021.&#160; These future principal payments are projected to be funded from cash on hand and adjusted funds flow from operations.&#160; The credit facility is subject to a semi-annual review and redetermination of the borrowing base.&#160; The next redetermination will be in the second quarter of 2021.&#160; Future commitment amounts will be subject to new reserve evaluations and there is no guarantee that the size and terms of the credit facility will remain the same after the borrowing base redetermination.&#160; Any redetermination of the borrowing base is effective immediately and if the borrowing base is reduced, the Company has six months to repay any shortfall.</p>
    <p style="text-align: justify;">The credit facility has two primary debt covenants. One covenant requires the US subsidiary to maintain a positive working capital balance which includes any unused excess borrowing capacity and excludes the fair value of commodity contracts, the current portion of long-term debt (the "Current Ratio") and certain payables to an operator that are being reduced by the revenue earned from the non-operated well.&#160; The second covenant ensures the ratio of outstanding debt and long-term liabilities to an annualized quarterly adjusted EBITDA amount (the "Maximum Leverage Ratio") be no greater than 4 to 1 at any quarter end.&#160; Adjusted EBITDA is defined as net income excluding interest expense, depreciation, depletion and amortization expense, and other non-cash and non-recurring charges including severance, stock based compensation expense and unrealized gains or losses on commodity contracts.&#160;</p>
    <p style="text-align: justify;">The Company was in compliance with both covenants for the quarter ended December 31, 2020.&#160; At December 31, 2020, the Current Ratio of the US Subsidiary was 1.97 to 1.0 and the Maximum Leverage Ratio was 2.84 to 1.0 for the three months ended December 31, 2020.</p>
    <p style="text-align: justify;">The current global and market volatility, including the continuing uncertainty due to the impact of the COVID-19 pandemic, impacts the ability to prepare financial forecasts.&#160; The Company's current forecast indicates that it will be able to fund the future principal payments from cash on hand and funds flow from operations and that it will be in compliance with its debt covenants over the next twelve months.&#160; These forecasts are based on current strip prices and the Company's current hedges and they include a significant amount of estimates and judgments that could change in the future.&#160; If circumstances change and a covenant violation does occur and the Company does not obtain a waiver, this will represent an event of default under the facility and the lender will have the right to demand repayment of all amounts owed under the facility.</p>
    <p style="text-align: justify;">In April 2020, the Company's US subsidiary obtained a loan under the Paycheck Protection Program ("PPP") which is being administered by the Small Business Administration ("SBA").&#160; The loan amount is $0.3 million with a 5-year term at an annual interest rate of 1 percent.&#160; All interest payments are deferred for the first ten months after the end of the loan forgiveness period, which is twenty-four weeks from the initiation of the loan.&#160; The loan amount may be forgiven if the proceeds are used for eligible expenditures, which include payroll costs, rent expense and utilities, in the twenty-four week forgiveness period.&#160; The Company has applied for loan forgiveness for the entire portion of the PPP loan and is awaiting a response from the SBA.&#160; In February 2021, the US subsidiary obtained a loan under the PPP2 loan program for an additional $0.3 million.&#160; The PPP2 loan has the same terms as the original PPP loan and may also be forgiven if the proceeds are used for eligible expenditures.</p>
    <p style="text-align: justify;">At December 31, 2020, loans and borrowings of $20.7 million (December 31, 2019: $27.5 million) are presented net of loan acquisition costs of $0.2 million (December 31, 2019: $0.3 million).</p>
    <p style="text-align: justify;">At December 31, 2020, the Company had negative working capital of $3.5 million, versus negative working capital of $2.5 million at December 31, 2019.&#160; The Company does not have any drilling commitments and closely monitors its working capital and borrowing capacity to ensure adequate funds are available to finance its administrative and operating requirements.</p>
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        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 10 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_11"></a>
    <p style="text-align: justify;">The Company has entered into financial commodity contracts as part of its risk management strategy to manage its cash flow for future activity and to offset commodity price fluctuations.&#160; The Company believes that the combination of cash on hand and cash flow from operations will be sufficient to finance the Company's cash requirements through the next twelve months.&#160; Other potential sources of cash flow include proceeds from additional debt or equity offerings but there is no guarantee that additional financing will be available when needed.</p>
    <p style="text-align: justify;"><b>CONTRACTUAL OBLIGATIONS</b></p>
    <p style="text-align: justify;">The following are the contractual maturities of financial liabilities, excluding estimated interest payments at December 31, 2020:</p>
    <table style="width: 85%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><i>($000)</i></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">Total</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2021</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2022</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2023</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2024</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2025</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Loans and borrowings *</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">20,749</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">2,084</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">18,362</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">303</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Trade and other payables</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">4,371</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">4,371</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Lease payable</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">110</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">66</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">44</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">25,230</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">18,406</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">303</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">* The Credit Facility provides for interest only payments until the June 2022 maturity date.&#160; The Company is required to repay amounts owing under the Credit Facility in full on the June 2022 maturity date. See "Liquidity and Capital Resources" and "Principal Business Risks" for discussion of events that would require early repayment of the Credit Facility.</p>
    <p><b>QUARTERLY SUMMARY</b></p>
    <p>Below is a summary of the Company's performance over the last eight quarters:</p>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="10"><b>2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="10"><b>2019</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><i>($000, except as noted)</i></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q4</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q3</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,033</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">995</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,052</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,039</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">193</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">202</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">187</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">205</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">246</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">223</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">177</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">227</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">1,082</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">1,134</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">1,163</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">1,225</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">1,346</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">1,357</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">1,368</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">1,513</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">2.61</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%;">14.39</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">47.19</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 11 |&#160;&#160; Year ended December 31, 2020</td>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a><br>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><i>($000, except as noted)</i></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">6.97</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">6.53</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">4.24</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">7.60</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">9.04</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">10.22</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">9.15</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%;">6.84</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">18.38</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">17.17</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">8.41</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">20.75</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">25.57</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">25.39</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">29.38</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">26.79</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">26.93</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; white-space: nowrap;" colspan="7">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; white-space: nowrap;" colspan="10">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; white-space: nowrap;"><b>Q4</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; white-space: nowrap;"><b>Q3</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; white-space: nowrap;"><b>Q4</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; white-space: nowrap;"><b>Q3</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; white-space: nowrap;"><b>Q2</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">3,204</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">3,147</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">1,981</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">3,918</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">5,252</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">5,232</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">5,875</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">5,823</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">694</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">680</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">449</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">847</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,131</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,129</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,272</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,246</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">929</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">1,829</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">1,793</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">2,313</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">3,166</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">3,169</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">3,658</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">3,648</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;" colspan="1">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><i>($000, except as noted)</i></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; white-space: nowrap;"><b>Q4</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; white-space: nowrap;"><b>Q3</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; white-space: nowrap;"><b>Q2</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; white-space: nowrap;"><b>Q1</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; white-space: nowrap;"><b>Q4</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; white-space: nowrap;"><b>Q3</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; white-space: nowrap;"><b>Q2</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; white-space: nowrap;"><b>Q1</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(1,078</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(616</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(2,369</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(66,492</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(1,650</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,420</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,531</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(1,477</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">21,552</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">26,190</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">27,164</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">27,134</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">29,606</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">29,580</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><i><b>Total assets</b></i></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">163,118</td>
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    <br>
    <p style="margin-top: 0pt; margin-bottom: 0pt;">(1) Netback from operations and netback including commodity contracts are considered non-GAAP measures. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt;">(2) Net operating income is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt;">(3) Adjusted funds flow is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt;">(4) Prior period adjustments reflects adjustments for natural gas and NGL volumes sold and processing costs related to prior years due to the purchaser re-measuring prior volumes and reassessing prior gathering and processing costs.&#160;</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
    <div id="footer_page_12">
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            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b> &#160; | 12 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <p style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
    <p style="text-align: justify;"><b>Quarterly Variability</b></p>
    <p style="text-align: justify;">Fluctuations in quarterly results are due to a number of factors, some of which are not within the Company's control such as:</p>
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            <p>Oil, gas and NGL price changes due to market conditions.</p>
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        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">
            <p>Changes in production resulting from fluctuations in drilling and completions and shut-in of wells.</p>
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            <p>The changes in G&amp;A from quarter to quarter reflect changes in operations, changes in personnel, and non-recurring charges related to specific transactions or events.</p>
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    <p style="text-align: justify;"><b>FOURTH QUARTER 2020</b></p>
    <p style="text-align: justify;">Average total production during the fourth quarter of 2020 was 1,082 BOEPD compared to 1,346 BOEPD in the fourth quarter of 2019, a decrease of 20%.&#160; During the fourth quarter of 2020, oil production decreased by 20% to 735 BOEPD from 923 BOEPD for the same quarter of 2019.&#160; The Company's natural gas production decreased 13% to 924 MCFPD from 1,063 MCFPD in the same quarter of 2019.&#160; NGL production decreased during the quarter by 21% to 193 BOEPD from 246 BOEPD in the same quarter of 2019.&#160;</p>
    <p style="text-align: justify;">Oil and NGL prices for the fourth quarters of 2020 and 2019 are shown in the following table:</p>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Oil ($/bbls)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">40.42</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">55.13</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(27</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">2.52</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">2.24</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">13</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">NGL ($/bbls)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">14.39</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">15.61</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(8</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Total average price ($/boe)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">42.41</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">(24</td>
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    <p style="text-align: justify;">The Company's netback<sup>(1)</sup> were as follows:</p>
    <div style="margin-left: 9pt;">
        <table style="width: 90%; border-collapse: collapse; font-size: 10pt; border-color: rgb(0, 0, 0);" cellspacing="0" cellpadding="0">
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b> Q4-2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b> Q4-2019</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>% Change</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Average price ($/boe)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">32.19</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">42.41</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(24</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">6.97</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">9.13</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">(24</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Less: Operating expenses</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">6.84</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">7.71</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">(11</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Netback from operations<sup>(1)</sup></td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">18.38</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">25.57</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">(28</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Price adjustment from commodity contracts<sup>(2)</sup></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">7.02</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">(1.21</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">7</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Netback including commodity contracts<sup>(1)</sup></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">25.40</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">24.36</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">4</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            </tr>
        </table>
    </div>
    <p style="margin-bottom: 0pt;">(1) Netback from operations and netback including commodity contracts are considered non-GAAP measures. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt;">(2) Net operating income is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="text-align: justify;">Oil and gas gross revenue during the fourth quarter of 2020 decreased 40% to $3.2 million compared to $5.3 million for the same quarter in 2019 and net operating income<sup>(</sup><sup>1</sup><sup>)</sup> decreased to $1.8 million during the fourth quarter of 2020 compared to $3.2 million in the fourth quarter of 2019.&#160; Adjusted funds flow was $1.7 million in the fourth quarter of 2020 compared to $1.7 million in the fourth quarter of 2019.</p>
    <div id="footer_page_13">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b> &#160; | 13 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <p style="text-align: justify;">The Company had a net loss of $1.1 million during the fourth quarter of 2020 compared to a net loss of $1.7 million for the fourth quarter of 2019 primarily due to realized gains from commodity contracts of $0.7 million in the fourth quarter of 2020 compared to realized losses of $0.2 million in the fourth quarter of 2019.</p>
    <p style="margin-bottom: 0pt; text-align: justify;">(1) Net operating income is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this&#160;</p>
    <p style="margin-top: 0pt; text-align: justify;">&#160; &#160; &#160; MD&amp;A.</p>
    <p style="text-align: justify;"><b>CRITICAL ACCOUNTING ESTIMATES</b></p>
    <p style="text-align: justify;">The preparation of the consolidated financial statements requires management to make estimates and use judgment regarding the reported amounts of assets and liabilities, the disclosures of contingencies at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period.&#160; By their nature, estimates are subject to measurement uncertainty and changes in such estimates in future years could require a material change in the financial statements.&#160; Accordingly, actual results may differ from the estimated amounts.&#160; Significant estimates and judgments made by management in the preparation of the consolidated financial statements are as follows:</p>
    <p style="text-align: justify;"><u>Oil and gas assets</u></p>
    <p style="text-align: justify;">Development and production assets are assessed for recoverability at cash generating unit ("CGU") level.&#160; The determination of CGUs is subject to management judgments.&#160; Recoverability is assessed by comparing the carrying value of the asset to its estimated recoverable amount, which is based on the higher of fair value of the assets less the cost to sell ("FVLCS") or value in use ("VIU").&#160; The significant estimates used in the determination of the estimated recoverable amount include the following:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 14.36pt; text-align: justify; padding-left: 4.34pt;">Proved and probable oil and gas reserves and the related cash flows - Significant assumptions that are valid at the time of oil and gas reserve estimation may change significantly when additional information becomes available.&#160; Estimates of economically recoverable proved and probable oil and gas reserves and the related cash flows are based upon a number of significant assumptions, such as forecasted production, forecasted oil and gas commodity prices, forecasted operating costs, forecasted royalty costs, and forecasted future development costs. Changes in forecasted oil and gas commodity price assumptions, costs or recovery rates may change the economic status of proved and probable oil and gas reserves and may ultimately result in a restatement of proved and probable oil and gas reserves.&#160; Independent third-party reserve evaluators are engaged at least annually to estimate proved and probable oil and gas reserves and the related cash flows from the Company's interest in oil and gas properties</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 14.36pt; text-align: justify; padding-left: 4.34pt;">Discount rate - The discount rate used to calculate the net present value of cash flows is based on estimates of an industry peer group weighted average cost of capital.&#160; Changes in the economic environment could result in significant changes to this estimate.</li>
    </ul>
    <p style="text-align: justify;"><u>Depletion of oil and gas assets</u></p>
    <p style="text-align: justify;">Depletion of oil and gas assets is determined based on total proved and probable oil and gas reserve volumes and includes future development costs as estimated by the Company's independent third-party reserve evaluators.&#160; By their nature, the estimates of proved and probable oil and gas reserves and the related cash flows are subject to measurement uncertainty.&#160; Accordingly, the impact to the consolidated financial statements in future periods could be material.</p>
    <p style="text-align: justify;"><u>Asset retirement obligations</u></p>
    <div id="footer_page_14">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b> &#160; | 14 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <p style="text-align: justify;">The provisions for site restoration and abandonment is based on current legal requirements, technology, price levels and expected plans and are based on significant assumptions such as inflation rate and discount rate.&#160; Actual costs and cash outflows can differ from estimates because of changes in laws or regulations, market conditions and changes in technology.</p>
    <p style="text-align: justify;"><u>Derivative instruments</u></p>
    <p style="text-align: justify;">The estimated fair value of derivative financial instruments resulting in financial assets and liabilities, by their very nature is subject to estimation, due to the use of future oil and natural gas prices and the volatility in these prices.</p>
    <p style="text-align: justify;"><u>Compensation costs</u></p>
    <p style="text-align: justify;">Compensation costs recognized for share based compensation plans are subject to the estimation of what the ultimate payout will be using pricing models such as Black-Scholes model which is based on assumptions such as volatility, forfeiture rate, interest rate and expected term.</p>
    <p style="text-align: justify;"><u>Income taxes</u></p>
    <p style="text-align: justify;">Tax interpretations, regulations and legislation in the various jurisdictions in which the Company operates are subject to change.&#160; As such income taxes are subject to measurement uncertainty.&#160; Deferred income tax assets are assessed by management at the end of the reporting period to determine the likelihood that they will be realized from future taxable earnings.</p>
    <p style="text-align: justify;"><u>Liquidity</u></p>
    <p style="text-align: justify;">The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.</p>
    <p style="text-align: justify;">Typically the Company ensures that it has sufficient cash on demand and cash flow from operations to meet expected operational expenses for a one-year period, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.&#160; To achieve this objective, the Company prepares annual capital expenditure budgets, which are regularly monitored and updated as considered necessary.&#160; Further, the Company utilizes authorizations for expenditures on both operated and non-operated projects to further manage capital expenditure.&#160; The Company also attempts to match its payment cycle with collection of oil revenue on the 20th of each month.</p>
    <p style="text-align: justify;">The Company monitors its expected cash inflows from trade and other receivables and its expected cash outflows on trade and other payables and principal debt payments.&#160; The Company will make principal debt payments of $2.1 million by May 1, 2021 and will utilize its cash on hand and cash inflows to fund these principal payments as well as its trade payables.&#160; The current challenging economic climate may lead to adverse changes in cash flow, working capital levels or debt balances, which may also have a direct impact on the Company's results and financial position. These and other factors may adversely affect the Company's liquidity and the Company's ability to generate profits in the future.</p>
    <p style="text-align: justify;"><b>OUTSTANDING SHARE DATA</b></p>
    <p style="text-align: justify;">There were 232,922,625 common shares outstanding as of both March 11, 2021 and December 31, 2020.&#160; The Company had 3,125,000 and 4,655,000 stock options outstanding as of March 11, 2021 and December 31, 2020, respectively.</p>
    <div id="footer_page_15">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b> &#160; | 15 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <p style="text-align: justify;"><b>PRINCIPAL BUSINESS RISKS&#160; </b></p>
    <p style="text-align: justify;">KEI's business and results of operations are subject to a number of risks and uncertainties, including but not limited to the following:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">the uncertainty of finding oil and gas in commercial quantities</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">securing markets for existing and future production</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">commodity price fluctuations due to market forces including the impact of COVID-19</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">financial risk due to foreign exchange rates and interest rate exposure</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">changes to government regulations in the United States, including regulations relating to prices, taxes, royalties and environmental protection</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">changing government policies and regulations, social instability and other political, economic or diplomatic developments in the countries in which the Company operates</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">the ability to fund wells drilled in non-operated sections of the Tishomingo field</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">the uncertainty of pipeline repairs leading to temporary shutting-in of wells</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">availability of equity or debt financing is affected by many factors many of which are beyond the control of the Company</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">uncertainties inherent in estimating quantities of oil and natural gas reserves and cash flows to be derived therefrom</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">the oil and gas industry is intensely competitive and the Company competes with a large number of companies with greater resources</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">risks related to the Credit Facility, including the risk that the Company could be required under the terms of the Credit Facility to prepay the outstanding principal amount and other amounts owing under the Credit Facility in certain circumstances, some of which are out of the Company's control, including failure to comply with financial ratio tests, borrowing base redeterminations, Mr. Wolf Regener ceasing to be the President of BNK Petroleum (US) Inc., certain changes to the board of directors of the Company and the acquisition by any person or persons acting jointly or in concert of 25% or more of the Company's shares. The Company is required to repay amounts owing under the Credit Facility in full on the June 2022 maturity date.&#160; There can be no assurance that the Company will be able to obtain sufficient capital to repay the Credit Facility or that the Company will be able to extend or refinance the Credit Facility. A failure by the Company to perform its obligations under the Credit Facility could result in, among other adverse effects, the loss of the Company's Tishomingo Field assets.&#160; A copy of the Amended and Restated Credit Agreement was filed on SEDAR on June 26, 2017.&#160; See "Liquidity and Capital Resources" and "Contractual Obligations" above and the "Risk Factors" section in the Company's most recent Annual Information Form.&#160;</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">the other risks identified in the Company's most recent Annual Information Form under the "Risk Factors" section and the Company's other public disclosure, available under the Company's profile on SEDAR at www.sedar.com.</li>
    </ul>
    <p style="text-align: justify;">The Company seeks to mitigate these risks by:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">maintaining product mix to manage exposure to commodity price risk</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">monitoring production trends to maximize the potential of its capital spending program</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">from time to time, entering into financial commodity contracts to hedge against commodity price risk</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">ensuring strong third-party operators for non-operated properties</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">transacting with creditworthy counterparties</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">monitoring commodity prices and capital programs to manage cash flow</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">reviewing proposed changes in applicable government regulations and laws to assess the impact on the Company's operations</li>
    </ul>
    <div id="footer_page_17">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 16 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_18"></a>
    <p style="text-align: justify;"><b>DISCLOSURE CONTROLS AND PROCEDURES</b></p>
    <p style="text-align: justify;">The Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO") have designed, or caused to be designed under their supervision, disclosure controls and procedures ("DC&amp;P") and internal controls over financial reporting ("ICOFR") as defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings in order to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements in accordance with IFRS.</p>
    <p style="text-align: justify;">The DC&amp;P have been designed to provide reasonable assurance that material information relating to KEI is made known to the CEO and CFO by others and that information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted by KEI under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation.&#160; The Company's CEO and CFO have concluded, based on their evaluation that the Company's disclosure controls and procedures and ICOFR are effective at December 31, 2020 to provide reasonable assurance that material information related to the Company, is made known to them by others within the Company.</p>
    <p style="text-align: justify;">The CEO and CFO are required to cause the Company to disclose any change in the Company's ICOFR that occurred during the most recent interim period that has materially affected, or is reasonably likely to materially affect, the Company's ICOFR. No changes in ICOFR were identified during such period that have materially affected, or are reasonably likely to materially affect, the Company's ICOFR.&#160; There were no changes to ICOFR during the quarter ended December 31, 2020.</p>
    <p style="text-align: justify;">It should be noted that a control system, including the Company's DC&amp;P and ICOFR, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objective of the control system will be met and it should not be expected that DC&amp;P and ICOFR will prevent all errors or fraud.</p>
    <p style="text-align: justify;"><b>OUTLOOK</b></p>
    <p style="text-align: justify;">In the United States, the Company intends to drill and complete additional wells in the Caney/Sycamore formations on its Oklahoma lands as financing becomes available and the economic environment changes.&#160; In addition, the Company continues to utilize its technical and operational expertise to identify and acquire additional oil, gas and clean energy projects.</p>
    <p style="text-align: justify;"><b>NON-GAAP MEASURES</b></p>
    <p style="text-align: justify;">Netback from operations, netback including commodity contracts, net operating income and adjusted funds flow (collectively, the "Company's Non-GAAP Measures") are not measures recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by GAAP.&#160; Management of the Company believes that such measures are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole.&#160; The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures as reported by such organizations.&#160; The Company's Non-GAAP Measures should not be construed as alternatives to net income, cash flows related to operating activities, working capital or other financial measures determined in accordance with GAAP, as an indicator of the Company's performance.</p>
    <p style="text-align: justify;">Netback from operations per barrel and its components are calculated by dividing revenue, less royalties and operating expenses by the Company's sales volume during the period. Netback including commodity contracts is calculated by adjusting netback from operations by the realized gains or losses received from commodity contracts during the period.&#160; Netback is a non-GAAP measure but it is commonly used by oil and gas companies to illustrate the unit contribution of each barrel produced.&#160; The Company believes that the netback is a useful supplemental measure of the cash flow generated on each barrel of oil equivalent that is produced in its operations.&#160; However, non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures used by other companies and should not be used to make comparisons.&#160;</p>
    <div id="footer_page_18">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 17 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_19"></a>
    <p style="text-align: justify;">The following is the reconciliation of the non-GAAP measure netback from operations to net income (loss) from continuing operations:</p>
    <table style="width: 90%; border-collapse: collapse; font-size: 10pt; border-color: rgb(0, 0, 0);" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;" rowspan="2"><i>(US $000)</i></td>
            <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>2019</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;" colspan="1">Net loss from continuing operations</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>(70,410</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>(177</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Adjustments:</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Finance income</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>(3,542</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>-</b></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Finance expense</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>1,362</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>3,557</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Stock based compensation</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>21</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>149</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">General and administrative expenses</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>2,859</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>3,879</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;" colspan="1">Impairment of property, plant and equipment</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>71,923</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>0</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;" colspan="1">Depletion, depreciation and amortization</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>4,614</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>6,240</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Exploration and evaluation expenses</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Other income</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(2</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(9</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Operating netback</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>6,825</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>13,639</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Netback from operations</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;"><b>$</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;"><b>16.20</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;"><b>$</b></td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">Net operating income is similarly a non-GAAP measure that represents revenue net of royalties and operating expenses. The Company believes that net operating income is a useful supplemental measure to analyze operating performance and provides an indication of the results generated by the Company's principal business activities prior to the consideration of other income and expenses.&#160;</p>
    <p>The following is the reconciliation of the non-GAAP measure net operating income:</p>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;" rowspan="2"><i>(US $000)</i></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="4"><b>Year ended December 31,</b></td>
            <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">2019</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;" colspan="1">Oil and gas revenue, net of royalties</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">17,402</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;" colspan="1">Less: production and operating expenses</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>2,755</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">3,763</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
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    <p style="text-align: justify;">Adjusted funds flow is calculated as cash from operating activities excluding changes in non-cash operating working capital and interest expense. The Company considers this a key measure as it demonstrates its ability to generate funds from operations necessary for future growth excluding the impact from short-term fluctuations in the collection of accounts receivable and the payment of accounts payable and financing costs.&#160; The following is the reconciliation of the non-GAAP measure adjusted funds flow:</p>
    <div id="footer_page_19">
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 18 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;" rowspan="2"><i>(US $000)</i></td>
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    <p>(a)&#160; &#160; Interest expense on long-term debt excluding the amortization of debt issuance costs</p>
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    <p style="text-align: justify;"><b>CAUTION REGARDING FORWARD-LOOKING INFORMATION</b></p>
    <p style="text-align: justify;">This MD&amp;A contains forward-looking information including expectations regarding the Company's reserve-based loan facility, including scheduled repayments, proposed timing and expected results of exploratory and development work in the Company's Tishomingo Field, expected productivity from current and future wells, planned capital expenditure programs and cost estimates, the effect of design and performance improvements on future productivity, planned use and sufficiency of proceeds from the Company's debt and equity financings, cash on hand and cash flow from operations and the Company's strategy and objectives. The use of any of the words "target", "plans", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe","intend" and similar expressions are intended to identify forward-looking statements.&#160;</p>
    <p style="text-align: justify;">Such forward-looking information is based on management's expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, declines will match the modeling, future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management's expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that well shut-ins will not materially reduce production or adversely affect future productivity, that anticipated results and estimated costs will be consistent with managements' expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained, that the combination of cash on hand and cash flow from operations will be sufficient to finance the Company's cash requirements through 2020, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserve-based loan facility and that the borrowing base will not be reduced, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy.</p>
    <div id="footer_page_20">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 19 |&#160;&#160; Year ended December 31, 2020</td>
            </tr>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_21"></a>
    <p style="text-align: justify;">Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company's geologic and reservoir models or analysis are not validated, anticipated results and estimated costs will not be consistent with managements' expectations, that the Company will not achieve a comparable level of hedging going forward in respect of its existing production, that the Company will not achieve the results anticipated by management from the Company's cost reduction measures, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), well shut-ins and the potential for damage to the affected wells, the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that completion techniques require further optimization, that production rates do not match the Company's assumptions, that very low or no production rates are achieved, that the Company will cease to be in compliance with the covenants under its reserve-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base redetermination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve and the other risks identified in the Company's most recent Annual Information Form under the "Risk Factors" section and the Company's other public disclosure, available under the Company's profile on SEDAR at www.sedar.com.</p>
    <p style="text-align: justify;">Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this MD&amp;A is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information.&#160; The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.</p>
    <div id="footer_page_21">
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 20 |&#160;&#160; Year ended December 31, 2020</td>
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    <p style="text-align: center;"><b>CORPORATE INFORMATION</b></p>
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            <td style="width: 50%;"><b>DIRECTORS AND OFFICERS</b></td>
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        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 50%;">KPMG LLP</td>
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        <tr>
            <td style="width: 50%;"><b>David Neuhauser&#160; </b><sup><b>1,2</b></sup><sup><b>,3,5</b></sup></td>
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        <tr>
            <td style="width: 50%;">Director, Chairman of the Board</td>
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        <tr>
            <td style="width: 50%;">&#160;</td>
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            <td style="width: 50%;"><b>Eric Brown </b><sup><b>1,2,</b></sup><sup><b>3,</b></sup><sup><b>4</b></sup><sup><b>,5</b></sup></td>
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            <td style="width: 50%;">&#160;</td>
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            <td style="width: 50%;"><b>Leslie O'Connor </b><sup><b>1,2,3</b></sup><sup><b>,4,5</b></sup><sup><b>&#160; &#160; &#160; &#160;&#160;</b></sup></td>
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        <tr>
            <td style="width: 50%;">Director</td>
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        <tr>
            <td style="width: 50%;">&#160;</td>
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            <td style="width: 50%;"><b>Wolf Regener</b> <sup><b>4</b></sup></td>
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            <td style="width: 50%;">Director, President and Chief Executive Officer</td>
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        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 50%;">&#160;</td>
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        <tr>
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            <td style="width: 50%;">&#160;</td>
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        <tr>
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            <td style="width: 50%;">Netherland, Sewell &amp; Associates, Inc.</td>
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            <td style="width: 50%;"><i>1 Member of the Audit Committee</i></td>
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        <tr>
            <td style="width: 50%;"><i>2 Member of the Corporate Governance Committee</i></td>
            <td style="width: 50%;">&#160;</td>
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        <tr>
            <td style="width: 50%;"><i>3 Member of the Compensation Committee</i></td>
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            <td style="width: 50%;"><i>4 Member of the HS&amp;E Committee</i></td>
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        <tr>
            <td style="width: 50%;"><i>5 Member of the Reserves Committee</i></td>
            <td style="width: 50%;">Calgary, AB</td>
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        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 50%;">&#160;</td>
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            <td style="width: 50%;">The Toronto Stock Exchange</td>
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        <tr>
            <td style="width: 50%;">Trading Symbol: KEI<i> </i>&#160;</td>
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        <tr>
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            <td style="width: 50%;">Telephone: (805) 484-3613</td>
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        <tr>
            <td style="width: 50%;">Trading Symbol: KGEIF</td>
            <td style="width: 50%;">Fax: (805) 484-9649</td>
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        <tr>
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        <tr>
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        <tr>
            <td style="width: 50%;">DuMoulin Black LLP</td>
            <td style="width: 50%;">10<sup>th</sup> Floor, 595 Howe Street<i>&#160; &#160; &#160; &#160; </i></td>
        </tr>
        <tr>
            <td style="width: 50%;">Vancouver, BC</td>
            <td style="width: 50%;">Vancouver, BC, Canada V6C 2T5</td>
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        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 50%;">Telephone (604) 687-1224&#160; &#160;</td>
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        <tr>
            <td style="width: 50%;">&#160;</td>
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    <p style="text-align: center;">&#160;</p>
    <p style="margin-top: 0pt; text-align: justify;">&#160;</p>
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    </div>
    <div id="footer_page_22">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 21 |&#160;&#160; Year ended December 31, 2020</td>
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<DOCUMENT>
<TYPE>EX-2.4
<SEQUENCE>6
<FILENAME>exhibit2-4.htm
<DESCRIPTION>EXHIBIT 2.4
<TEXT>
<html>

<head>
    <title>Kolibri Global Energy Inc.: Exhibit 2.4 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
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    <p style="text-align: center;"><img src="exhibit2-4x001.jpg" style="width: 467px;" height="127"></p>
    <p style="text-align: center;">&#160;</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b><font size="5">CONDENSED CONSOLIDATED INTERIM </font></b></p>
    <p style="margin-top: 0pt; text-align: center;"><b><font size="5">FINANCIAL STATEMENTS </font></b></p>
    <p style="text-align: center;"><font style="font-size: 14pt;">&#160;</font></p>
    <p style="text-align: center;"><font style="font-size: 14pt;"><b>SEPTEMBER 30, 2021</b></font></p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a><br>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>KOLIBRI GLOBAL ENERGY INC.</b></p>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</b></p>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><i><b>(Unaudited, Expressed in Thousands of United States Dollars)</b></i></p>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><b>September 30,</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">December 31,</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2020</td>
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        <tr>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>380</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>1,780</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,607</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>674</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">575</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>2,834</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">3,102</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><b>Non-current assets</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>76,485</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">78,979</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; background-color: #e6efff;">Right of use assets</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>54</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">103</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>76,539</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">79,082</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;"><b>Total assets</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;"><b>$</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;"><b>79,373</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">82,184</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;"><b>Current liabilities</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; background-color: #e6efff;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; Trade and other payables</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>3,285</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">4,371</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>1,300</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">2,084</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; background-color: #e6efff;">Lease payable</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>60</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">66</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom;">Fair value of commodity contracts (Note 4)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>2,252</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">37</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 18pt; vertical-align: bottom; text-indent: -9pt; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>6,897</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">6,558</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 18pt; vertical-align: bottom; text-indent: -9pt;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;"><b>Non-current liabilities</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom;">Loans and borrowings (Note 8)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>16,146</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">18,665</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; background-color: #e6efff;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; Asset retirement obligations</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>1,282</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,269</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>738</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 14.4pt; vertical-align: bottom; background-color: #e6efff;">Lease payable</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">44</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>18,166</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">19,978</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>289,622</b></td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">289,622</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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        <tr>
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        <tr>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="margin-bottom: 0pt; text-align: justify;"><b>GOING CONCERN (Note 2)</b></p>
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    <div id="footer_page_2">
        <p style="text-align: center;">1</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a><br>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>KOLIBRI GLOBAL ENERGY INC.</b></p>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)</b></p>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2020</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="2"><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;" colspan="2">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,467</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">7,070</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>1</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">1</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;" colspan="2"><b>2</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">2</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">2,468</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;" colspan="2"><b>10,719</b></td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">7,072</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;" colspan="2"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">674</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,074</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>650</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">709</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;" colspan="2"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">806</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;" colspan="2"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,529</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;" colspan="2"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;" colspan="2"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>-</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">809</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;" colspan="2"><b>-</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">4,410</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;" colspan="2"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>11</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,084</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;" colspan="2"><b>2,953</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>237</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">299</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;" colspan="2"><b>700</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">1,064</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>6</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">9</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;" colspan="2"><b>19</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">24</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>2</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;" colspan="2"><b>3</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>1,036</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,392</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: justify;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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    <p style="text-align: justify;"><i><b>See accompanying notes to the condensed consolidated interim financial statements.</b></i></p>
    <div id="footer_page_3">
        <p style="text-align: center;">2</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a><br>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>KOLIBRI GLOBAL ENERGY INC.</b></p>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</b></p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b><b>Deficit</b></td>
            <td style="margin-top: 0pt; text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; text-align: center; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">232,922,625</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">22,925</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(186,512</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">126,035</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">(69,332</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 10%; text-align: right;">289,622</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">56,726</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%;">232,922,625</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 10%; text-align: right;">289,622</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">22,948</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(256,922</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">55,648</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Net loss for the period</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">(1,338</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">(1,338</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">232,922,625</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 10%; text-align: right;">289,622</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">22,948</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">(258,260</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">54,310</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
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    <p><i><b>See accompanying notes to the condensed consolidated interim financial statements.</b></i></p>
    <div id="footer_page_4">
        <p style="text-align: center;">3</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>KOLIBRI GLOBAL ENERGY INC.</b></p>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b></p>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>NINE MONTHS ENDED SEPTEMBER 30</b></p>
    <p style="margin-left: 3.6pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><i><b>(Unaudited, Expressed in Thousands of United States Dollars)</b></i></p>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;"><i><b>Cash flows from operating activities</b></i></td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Net loss</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>(1,338</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(69,332</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">71,923</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>2,679</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">3,626</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom; background-color: #e6efff;">Accretion</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>19</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">24</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom;">Unrealized loss (gain) on financial commodity contracts</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>2,953</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(1,879</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Share based compensation (Note 9)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">21</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom; text-align: justify;">Unrealized foreign exchange loss (gain)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>-</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(1</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Amortization of loan acquisition costs</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>89</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">85</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom; text-align: justify;">Other non-cash income (Note 8)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>(303</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Change in non-cash working capital (Note 5)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>392</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">184</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;"><b>Net cash from operating activities</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>4,491</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">4,651</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><i><b>Cash flows from investing activities</b></i></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">(Additions) adjustments to property, plant and equipment</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>(137</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">59</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom; text-align: justify;">Change in non-cash working capital (Note 5)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>(1,749</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;"><b>)</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(584</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;"><b>Net cash used in investing activities</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(1,886</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(525</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>280</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">303</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>(3,369</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(6,000</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom;">Lease payments</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;"><b>(56</b></td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">(94</td>
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        <tr>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom;"><i><b>&#160;</b></i></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><i><b>Foreign exchange effect on cash and cash equivalents</b></i></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>-</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><i><b>&#160;</b></i></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><i><b>Change in cash and cash&#160; equivalents</b></i></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>(540</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(1,664</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">Cash and cash equivalents, beginning of period</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>920</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">3,089</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><i><b>Cash and cash equivalents, end of period</b></i></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>380</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <br>
    <div style="width: 450pt;">
        <p style="text-align: justify;"><i><b>See accompanying notes to the condensed consolidated interim financial statements.</b></i></p>
    </div>
    <div id="footer_page_5">
        <p style="text-align: center;">4</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <div id="header_page_6">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>Notes to the Condensed Interim Consolidated Financial Statements</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>For the Three and Nine Months Ended September 30, 2020 and 2019</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b><i>(Unaudited, expressed in Thousands of United States dollars except per share information)</i></b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;"><b>1.</b><font style="width: 19.75pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>NATURE OF OPERATIONS AND BASIS OF PRESENTATION</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Kolibri Global Energy Inc. (formerly BNK Petroleum Inc.) (the "Company" or "KEI"), was incorporated under the Business Corporations Act (British Columbia) on May 6, 2008.&#160; KEI is an international energy company focused on finding and exploiting energy projects in oil, gas and clean and sustainable energy.&#160; Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects.&#160; The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQB under the stock symbol KGEIF.&#160;</p>
    <p style="margin-left: 27pt; text-align: justify;">These condensed interim consolidated interim financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, "Interim Financial Reporting" following the same accounting policies, except as described in Note 3, and methods of computation as the annual consolidated financial statements of the Company for the year ended December 31, 2020.&#160; The disclosures provided below are incremental to those included with the annual consolidated financial statements and certain disclosures, which are normally required to be included in the notes to the annual consolidated financial statements, have been condensed or omitted.&#160; These condensed interim consolidated interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's annual filings for the year ended December 31, 2020.</p>
    <p style="margin-left: 27pt; text-align: justify;">The condensed interim consolidated financial statements were approved by the Company's Board of Directors on November 10, 2021.&#160; &#160; &#160; &#160; &#160; &#160; &#160;</p>
    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;"><b>2.</b><font style="width: 19.25pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>GOING CONCERN</b></p>
    <p style="margin-left: 27pt; text-align: justify;">These financial statements have been prepared on a going concern basis. The going concern basis assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.&#160;</p>
    <p style="margin-left: 27pt; text-align: justify;">At September 30, 2021, the Company had a working capital deficiency of $4.1 million.&#160; At September 30, 2021, the outstanding balance of the credit facility was $17.3 million.&#160; Subsequent to quarter end, the Company made principal payments of $0.2 million.&#160; The Company received its latest bank borrowing base redetermination in September 2021.&#160; As part of the redetermination, the term of the loan was extended to June 2023 and the Company will make additional principal payment reductions to reduce the borrowing base to $16.0 million by April 2022.&#160; These remaining future principal payments are projected to be funded from cash on hand and adjusted funds flow from operations.&#160; The Company has no available undrawn debt capacity under its credit facility.&#160; The credit facility is subject to a semi-annual review and redetermination of the borrowing base. The next redetermination is expected in the second quarter of 2022.&#160; There can be no assurance that the borrowing base review will not result in a material reduction in the borrowing base, and that the necessary funds will be available to meet its obligations as they become due.&#160;</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company's current forecast indicates that it will be able to fund the future principal payments due in 2021 and 2022 from cash and cash equivalents and adjusted funds flow from operations and that it will be in compliance with its debt covenants over the next year.&#160; These forecasts are based on current strip prices and the Company's current economic hedges and include a number of significant estimates and judgments that could change in the future.</p>
    <div id="footer_page_6">
        <p style="text-align: center;">5</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
    <div id="header_page_7">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>Notes to the Condensed Interim Consolidated Financial Statements</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>For the Three and Nine Months Ended September 30, 2020 and 2019</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b><i>(Unaudited, expressed in Thousands of United States dollars except per share information)</i></b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 27pt; text-align: justify;">The global impact of the COVID-19 virus pandemic has led to a high degree of volatility and uncertainty that continues to impact the energy industry and financial markets.&#160; While prices have increased significantly during 2021, there is still a great deal of uncertainty about the impact of the pandemic going forward which continues to have a continuing negative impact on the Company's ongoing operations and its ability to raise capital in the near future or on terms favorable to the Company.&#160;</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company's ability to continue as a going concern is dependent upon the lender maintaining the borrowing base limit on the credit facility, obtaining a new credit facility or extending the terms of the existing credit facility and the Company's ability to generate net cash from operating activities or raise additional financing to continue to fund its working capital deficiency, debt repayments and capital expenditures.&#160; These matters cause material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern.</p>
    <p style="margin-left: 27pt; text-align: justify;">These financial statements do not reflect adjustments that would be necessary if the going concern assumption was not appropriate. If the going concern assumption were not appropriate, adjustments would be necessary in the carrying value of the Company's assets and liabilities, the reported revenues and expenses, and the balance sheet classifications used. These adjustments could be material.</p>
    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;"><b>3.</b><font style="width: 19.25pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>NEW ACCOUNTING POLICY </b></p>
    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;"><font style="width: 27pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Government Assistance and Grants</i></p>
    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;"><font style="width: 27pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Company may receive government assistance in the form of business loans that could be forgiven and converted into government grants if the Company meets certain conditions.&#160; When the amounts are received, the Company initially accounts for this assistance as loans and borrowings until it has received forgiveness notification from the government.&#160; At that time, the amounts are recognized into other income.</p>
    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;"><b>4.</b><font style="width: 19.25pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>FINANCIAL RISK MANAGEMENT</b></p>
    <p style="margin-left: 27pt; text-align: justify;">Credit Risk</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company's accounts receivable are with customers and joint interest partners in the petroleum and natural gas business and are subject to normal credit risks.&#160; Concentration of credit risk is mitigated by marketing to numerous purchasers under normal industry sale and payment terms.&#160; The Company routinely assesses the financial strength of its customers.&#160; The Company is exposed to certain losses in the event of non-performance by counterparties to commodity price contracts. The Company mitigates this risk by entering into transactions with highly rated financial institutions.</p>
    <p style="margin-left: 27pt; text-align: justify;">Commodity price risk</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company has entered into financial commodity contracts which are summarized in the table below.&#160; Total Volume Hedged in the table is the annual volumes and Price is the fixed price specified in the financial commodity contracts.</p>
    <p style="margin-left: 27pt; text-align: justify;">At September 30, 2021 the following financial commodity contracts were outstanding and recorded at estimated fair value:</p>
    <br>
    <div id="footer_page_7">
        <p style="text-align: center;">6</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_8"></a>
    <div id="header_page_8">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>Notes to the Condensed Interim Consolidated Financial Statements</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>For the Three and Nine Months Ended September 30, 2020 and 2019</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b><i>(Unaudited, expressed in Thousands of United States dollars except per share information)</i></b></p>
                </td>
            </tr>
        </table>
    </div>
    <br>
    <div style="margin-left: 27pt;">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 115.14px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; white-space: nowrap;">&#160;</td>
                <td style="width: 230.28px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; white-space: nowrap;">&#160;</td>
                <td style="width: 109.08px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; white-space: nowrap;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Total Volume<br>Hedged&#160; &#160; </b></p>
                </td>
                <td style="width: 78.78px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; white-space: nowrap;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Price&#160; </b></p>
                </td>
            </tr>
            <tr>
                <td style="width: 115.14px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Commodity</b></p>
                </td>
                <td style="width: 230.28px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Period</b></p>
                </td>
                <td style="width: 109.08px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>(BBLS)</b></p>
                </td>
                <td style="width: 78.78px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>($/BBL)</b></p>
                </td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; width: 115.14px; background-color: #e6efff;">
                    <p>Oil - WTI</p>
                </td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; width: 230.28px; background-color: #e6efff;">
                    <p>October 1, 2021 to December 31, 2021</p>
                </td>
                <td style="width: 109.08px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">18,000</p>
                </td>
                <td style="width: 78.78px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$52.66</p>
                </td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; width: 115.14px;">
                    <p>Oil - WTI</p>
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                <td style="width: 78.78px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$42.32</p>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; width: 115.14px; background-color: #e6efff;">
                    <p>Oil - WTI</p>
                </td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; width: 230.28px; background-color: #e6efff;">
                    <p>January 1, 2022 to September 30, 2022</p>
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                <td style="width: 109.08px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">54,000</p>
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                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$55.92</p>
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            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; width: 115.14px;">
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                </td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; width: 230.28px;">
                    <p>October 1, 2021 to December 31, 2021</p>
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                <td style="width: 109.08px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3,000</p>
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                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$59.15</p>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; width: 115.14px; background-color: #e6efff;">
                    <p>Oil - WTI</p>
                </td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; width: 230.28px; background-color: #e6efff;">
                    <p>January 1, 2022 to September 30, 2022</p>
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                <td style="width: 109.08px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">36,000</p>
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                <td style="width: 78.78px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$56.70</p>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; width: 115.14px;">
                    <p>Oil - WTI</p>
                </td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; width: 230.28px;">
                    <p>October 1, 2022 to December 31, 2022</p>
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                <td style="width: 109.08px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">30,000</p>
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                <td style="width: 78.78px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$57.05</p>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; width: 115.14px; background-color: #e6efff;">
                    <p>Oil - WTI</p>
                </td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; width: 230.28px; background-color: #e6efff;">
                    <p>January 1, 2023 to May 31, 2023</p>
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                <td style="width: 109.08px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">45,000</p>
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                <td style="width: 78.78px; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$56.02</p>
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    <p style="margin-left: 27pt; text-align: justify;">The estimated fair value results in a $3.0 million liability as of September 30, 2021 (December 31, 2020: $0.04 million liability) for the financial oil and gas contracts which has been determined based on the prospective amounts that the Company would receive or pay to terminate the contracts, consisting of a long term liability of $0.7 million and a current liability of $2.3 million, (December 31, 2020: current liability of $0.04 million).</p>
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    <div style="margin-left: 27pt;">
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                <td style="width: 20%; vertical-align: middle;">&#160;</td>
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            <tr>
                <td style="width: 20%; padding-right: 5.4pt; padding-left: 32.4pt; vertical-align: middle; text-indent: -27pt; background-color: #e6efff;">Oil - WTI</td>
                <td style="width: 37%; padding-right: 5.4pt; padding-left: 32.4pt; vertical-align: middle; text-indent: -27pt; background-color: #e6efff;">June 1, 2023 to December 31, 2023</td>
                <td style="width: 17%; padding-right: 5.4pt; padding-left: 32.4pt; vertical-align: middle; text-align: center; text-indent: -27pt; background-color: #e6efff;">63,000</td>
                <td style="width: 14%; padding-right: 5.4pt; padding-left: 32.4pt; vertical-align: middle; text-align: center; text-indent: -27pt; background-color: #e6efff;">$64.90</td>
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                <td style="width: 20%; padding-right: 5.4pt; padding-left: 32.4pt; vertical-align: middle; text-indent: -27pt;">Oil - WTI</td>
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    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;"><font style="width: 27pt; text-indent: 0pt; display: inline-block;">&#160;</font>The realized and unrealized gains/losses from the financial commodity contracts are as follows:</p>
    <div style="margin-left: 27pt;">
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                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="4"><b>Nine months ended</b><br><b>September 30,</b></td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2021</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2021</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;"><b>&#160;</b></td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;"><b>&#160;</b></td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;"><b>&#160;</b></td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;"><b>&#160;</b></td>
                <td style="vertical-align: bottom;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Realized gain (loss) on financial commodity contracts</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;">(780</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">806</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;">(1,722</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">2,529</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Unrealized gain (loss) on financial commodity contracts</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;">(11</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;">(1,084</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;">(2,953</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1,879</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="margin-left: 27pt; text-align: justify;">The Company classifies fair value measurements according to the following hierarchy based on the amount of observable inputs used to value the instrument:</p>
    <p style="margin-left: 27pt; text-align: justify;">Level 1 fair value measurements are based on unadjusted quoted market prices.</p>
    <p style="margin-left: 27pt; text-align: justify;">Level 2 fair value measurements are based on valuation models and techniques where the significant inputs are derived from quoted indices.</p>
    <p style="margin-left: 27pt; text-align: justify;">Level 3 fair value measurements are based on unobservable information.&#160;</p>
    <p style="margin-left: 27pt; text-align: justify;">The Company's cash and cash equivalents are classified as Level 1 and the commodity derivative contracts are classified as Level 2.</p>
    <div id="footer_page_8">
        <p style="text-align: center;">7</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a>
    <div id="header_page_9">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>Notes to the Condensed Interim Consolidated Financial Statements</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>For the Three and Nine Months Ended September 30, 2020 and 2019</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b><i>(Unaudited, expressed in Thousands of United States dollars except per share information)</i></b></p>
                </td>
            </tr>
        </table>
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    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;"><b>5.</b><font style="width: 18.75pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>SUPPLEMENTAL CASH FLOW INFORMATION</b></p>
    <p style="margin-left: 36pt; text-align: justify;">Changes in non-cash flow working capital is comprised of:</p>
    <div style="margin-left: 27pt;">
        <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 72.9pt; vertical-align: bottom; text-align: justify; text-indent: -67.5pt;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="4"><b>Nine months ended September 30,</b></td>
                <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 72.9pt; vertical-align: bottom; text-align: justify; text-indent: -67.5pt;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2021</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 72.9pt; vertical-align: bottom; text-indent: -67.5pt;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Trade and other receivables</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(173</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">659</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(99</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(115</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(1,086</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(943</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">1</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(1</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 72.9pt; vertical-align: bottom; text-align: right; text-indent: -67.5pt; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">(1,357</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">(400</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 72.9pt; vertical-align: bottom; text-align: right; text-indent: -67.5pt;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Related to operating activities</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">392</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">184</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Related to investing activities</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">(1,749</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">(584</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;"><b>6.</b><font style="width: 18.75pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>PROPERTY, PLANT AND EQUIPMENT</b></p>
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        <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><b>Oil and <br>Natural Gas<br>Interests</b></td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><b>Processing <br>and Other<br>Equipment</b></td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><b>Total</b></td>
                <td style="vertical-align: bottom; text-align: center;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><b>Cost or deemed cost</b></td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Balance at January 1, 2020</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">197,329</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">1,370</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">198,699</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Additions/</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">84</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">9</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">93</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Impairment</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(71,923</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(71,923</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Balance at December 31, 2020</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">125,490</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,379</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">126,869</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Additions</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">136</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">136</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Balance at September 30, 2021</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">125,626</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">1,379</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">127,005</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><b>Accumulated depletion and depreciation</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Balance at January 1, 2020</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">42,115</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">1,275</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">43,390</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Depletion and depreciation for the period</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">4,471</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">29</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">4,500</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Balance at December 31, 2020</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">46,586</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">1,304</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">47,890</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Depletion and depreciation for the period</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,615</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">15</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,630</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Balance at September 30, 2021</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">49,201</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">1,319</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">50,520</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><b>Net carrying amounts</b></td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">75</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">78,979</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">76,425</td>
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                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">60</td>
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                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
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    <p style="margin-left: 27pt; text-align: justify;">There were no indicators of impairment or impairment reversal at September 30, 2021.</p>
    <div id="footer_page_9">
        <p style="text-align: center;">8</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_10"></a>
    <div id="header_page_10">
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                <td style="width: 100%;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>Notes to the Condensed Interim Consolidated Financial Statements</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>For the Three and Nine Months Ended September 30, 2020 and 2019</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b><i>(Unaudited, expressed in Thousands of United States dollars except per share information)</i></b></p>
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            </tr>
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            <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
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            <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;"><b>&#160;</b></td>
            <td style="vertical-align: bottom;">&#160;</td>
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            <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;"><b>&#160;</b></td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;"><b>&#160;</b></td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;"><b>&#160;</b></td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;"><b>&#160;</b></td>
            <td style="vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">608</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(616</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(1,338</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(69,332</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">232,923</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">232,923</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">232,923</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">232,923</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">0.00</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">(0.00</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">(0.01</td>
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            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(a)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(a)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(a)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(a)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Weighted average number of common shares - diluted</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">232,923</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">232,923</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">232,923</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">232,923</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Net income (loss) per share -&#160;diluted</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">0.00</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">(0.00</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">(0.01</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">(0.30</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">)</td>
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    <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify;">(a)<font style="display: inline-block; width: 10pt;">&#160;</font>All options are anti-dilutive in all periods.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>8.</b><font style="width: 28.75pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>LOANS AND BORROWINGS</b></p>
    <p style="margin-left: 36pt; text-align: justify;">In June 2017, the Company's US subsidiary obtained a new credit facility from BOK Financial, which is secured by the US subsidiary's interests in the Tishomingo Field.&#160; The credit facility is intended to fund the drilling of the Caney wells in the Tishomingo Field and expires in June 2023.&#160; At September 30, 2021 loans and borrowings of $17.3 million (December 31, 2020: $20.7 million) are presented net of loan acquisition costs of $0.2 million (December 31, 2020: $0.2 million).&#160; Subsequent to the quarter end, the Company made principal payments of $0.2 million.&#160;</p>
    <p style="margin-left: 36pt; text-align: justify;">In September 2021, the credit facility was redetermined at a borrowing base of $17.3 million at September 30, 2021.&#160; In addition, the term of the credit facility was extended until June 2023.&#160; In accordance with the redetermination, the Company has no available capacity on the credit facility and the borrowing base is automatically reduced by the principal payments as they are paid.&#160; &#160; In addition, the Company is required to make additional principal payments to reduce the borrowing base to $16.0 million by April 2022.&#160; These future principal payments are projected to be funded from cash on hand and adjusted funds flow from operations.&#160; The credit facility is subject to a semi-annual review and redetermination of the borrowing base.&#160; The next redetermination will be in the second quarter of 2022.&#160; Future commitment amounts will be subject to new reserve evaluations and there is no guarantee that the size and terms of the credit facility will remain the same after the borrowing base redetermination.&#160; Any redetermination of the borrowing base is effective immediately and if the borrowing base is reduced, the Company has six months to repay any shortfall.</p>
    <div id="footer_page_10">
        <p style="text-align: center;">9</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_11"></a>
    <div id="header_page_11">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>Notes to the Condensed Interim Consolidated Financial Statements</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>For the Three and Nine Months Ended September 30, 2020 and 2019</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b><i>(Unaudited, expressed in Thousands of United States dollars except per share information)</i></b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 36pt; text-align: justify;">The credit facility has two primary debt covenants. One covenant requires the US subsidiary to maintain a positive working capital balance which includes any unused excess borrowing capacity and excludes the fair value of commodity contracts, the current portion of long-term debt (the "Current Ratio") and certain payables to an operator that are being reduced by the revenue earned from the non-operated well.&#160; The second covenant ensures the ratio of outstanding debt and long-term liabilities to an annualized quarterly adjusted EBITDA amount (the "Maximum Leverage Ratio") be no greater than 4 to 1 at any quarter end.&#160; Adjusted EBITDA is defined as net income excluding interest expense, depreciation, depletion and amortization expense, and other non-cash and non-recurring charges including severance, stock based compensation expense and unrealized gains or losses on commodity contracts.&#160;</p>
    <p style="margin-left: 36pt; text-align: justify;">The Company was in compliance with both covenants for the quarter ended September 30, 2021.&#160; At September 30, 2021, the Current Ratio of the US Subsidiary was 1.16 to 1.0 and the Maximum Leverage Ratio was 2.98 to 1.0 for the three months ended September 30, 2021.</p>
    <p style="margin-left: 36pt; text-align: justify;">The current global and market volatility, including the continuing uncertainty due to the impact of the COVID-19 pandemic, impacts the ability to prepare financial forecasts.&#160; The Company's current forecast indicates that it will be able to fund the 2021 and 2022 principal payments from cash on hand and adjusted funds flow from operations and that it will be in compliance with its debt covenants over the next twelve months.&#160; These forecasts are based on current strip prices and the Company's current hedges and they include a significant amount of estimates and judgments that could change in the future.&#160; If circumstances change and a covenant violation does occur and the Company does not obtain a waiver, this will represent an event of default under the facility and the lender will have the right to demand repayment of all amounts owed under the facility.</p>
    <p style="margin-left: 36pt; text-align: justify;">In April 2020, the Company's US subsidiary obtained a loan under the Paycheck Protection Program ("PPP") which is being administered by the Small Business Administration ("SBA").&#160; The loan amount is $0.3 million with a 5-year term at an annual interest rate of 1 percent.&#160; All interest payments are deferred for the first ten months after the end of the loan forgiveness period, which is twenty-four weeks from the initiation of the loan.&#160; The loan amount may be forgiven if the proceeds are used for eligible expenditures, which include payroll costs, rent expense and utilities, in the twenty-four week forgiveness period.&#160; In June 2021, the Company received a notice from the SBA that the entire balance of $0.3 million had been forgiven and the Company recorded this amount as other income.&#160;</p>
    <p style="margin-left: 36pt; text-align: justify;">In February 2021, the US subsidiary obtained a loan under the PPP2 loan program for an additional $0.3 million.&#160; The PPP2 loan has the same terms as the original PPP loan and may also be forgiven if the proceeds are used for eligible expenditures.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>9.</b><font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>SHARE BASED COMPENSATION</b></p>
    <p style="margin-left: 36pt; text-align: justify;">The Company has an option program that entitles officers, directors, employees and certain consultants to purchase shares in the Company.&#160; Options are generally granted at the market price of the shares at the date of grant, have a five year term and vest over two years.</p>
    <div id="footer_page_11">
        <p style="text-align: center;">10</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a>
    <div id="header_page_12">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>Notes to the Condensed Interim Consolidated Financial Statements</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>For the Three and Nine Months Ended September 30, 2020 and 2019</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b><i>(Unaudited, expressed in Thousands of United States dollars except per share information)</i></b></p>
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    <p style="margin-left: 36pt; text-align: justify;">The number and weighted average exercise prices of share options are as follows:</p>
    <div style="margin-left: 36pt;">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="10"><b>Nine months ended September 30,</b></td>
                <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="4"><b>2021</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="4"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;" colspan="1">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Number of<br>options</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Weighted<br>average<br>exercise<br>price</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Number of<br>options</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Weighted<br>average<br>exercise<br>price</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: justify;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">4,655,000</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">0.45</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">5,534,167</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">0.45</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(2,905,000</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">0.44</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(879,167</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">0.49</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">1,750,000</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">0.47</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">4,655,000</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">0.45</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Exercisable at September 30</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">1,750,000</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">0.47</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">4,655,000</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">0.45</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="margin-left: 36pt; text-indent: 0.05pt; text-align: justify;">The range of exercise prices of the outstanding stock options is as follows:</p>
    <div style="margin-left: 36pt;">
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Range </b><br><b>of exercise </b><br><b>prices</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Number of</b><br><b>outstanding stock </b><br><b>options</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Weighted average</b><br><b>exercise</b><br><b>price</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Weighted</b><br><b>average</b><br><b>Contractual</b><br><b>life (years)</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">$0.50 to $0.75</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">975,000</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">0.57</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">1.5</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">$0.32 to $0.49</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%;">145,000</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%;">0.47</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%;">1.2</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">$0.01 to $0.31</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">630,000</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">0.30</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">1.2</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 15%;">1,750,000</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 15%;">0.47</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 15%;">1.4</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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    <p style="margin-left: 36pt; text-align: justify;">Share based compensation was recorded as follows:</p>
    <div style="margin-left: 36pt;">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
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                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2021</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2021</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">21</td>
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                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">2</td>
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    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>10.</b><font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>REVENUES</b></p>
    <p style="margin-left: 36pt; text-align: justify;">Revenue is recognized when the performance obligations are satisfied and revenue can be reliably measured. Revenue is measured at the consideration specified in the contracts and represents amounts receivable for goods or services provided in the normal course of business, net of discounts, customs duties and sales taxes. All revenue is based on variable prices. Performance obligations associated with the sale of crude oil, natural gas, and natural gas liquids are satisfied at the point in time when the products are delivered to and title passes to the customer. Performance obligations associated with processing services, transportation, and marketing services are satisfied at the point in time when the services are provided.</p>
    <div id="footer_page_12">
        <p style="text-align: center;">11</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
    <div id="header_page_13">
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                <td style="width: 100%;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>Notes to the Condensed Interim Consolidated Financial Statements</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>For the Three and Nine Months Ended September 30, 2020 and 2019</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b><i>(Unaudited, expressed in Thousands of United States dollars except per share information)</i></b></p>
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    <p style="margin-left: 36pt; text-align: justify;">Oil, natural gas liquids and natural gas are mostly sold under contracts of varying price and volume terms.&#160; Revenues for oil are typically collected on the 20th day of the month following production, while natural gas and NGL revenues are collected by the 45th day of the month following production.</p>
    <p style="margin-left: 36pt; text-align: justify;">The following table presents the Company's gross oil and gas revenue disaggregated by revenue source:</p>
    <div style="margin-left: 36pt;">
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                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;"><b>&#160;</b></td>
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                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="4"><b>Nine months ended</b><br><b>September 30,</b></td>
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                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2021</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2020</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2021</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;"><b>&#160;</b></td>
                <td style="vertical-align: bottom;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Oil revenue</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">4,104</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">2,708</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">11,528</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Natural gas revenue</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">320</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">169</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">842</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 10%;">511</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">NGL revenue</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">564</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">270</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1,314</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">677</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%;">4,988</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%;">3,147</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%;">13,684</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%;">9,046</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt; background-color: #e6efff;">Royalties</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;">(1,079</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;">(680</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;">(2,967</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;">(1,976</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; background-color: #e6efff;">)</td>
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                <td style="padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: bottom; text-indent: -36pt;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">3,909</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">2,467</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">10,717</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 10%;">7,070</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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    <p style="text-align: justify;"><b>11.</b><font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>SEGMENTED INFORMATION</b></p>
    <p style="text-align: justify;">The Company defines its reportable segments based on the countries where it conducts business.</p>
    <div style="margin-left: 27pt;">
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                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="10"><b>Three months ended September 30, 2021</b></td>
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            <tr>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Total</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><i><b>&#160;</b></i></td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom; background-color: #e6efff;">Oil and natural gas revenues, net of royalties</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,909</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,909</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><b>&#160;</b></td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><b>&#160;</b></td>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">742</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">874</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">874</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">549</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%;">101</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">2,165</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">101</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">2,266</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(1,034</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(2</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(1,036</td>
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                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom;">Net income (loss)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">711</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">(103</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">608</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">79,275</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">98</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">79,373</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">137</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">137</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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    <br>
    <div id="footer_page_13">
        <p style="text-align: center;">12</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <div id="header_page_14">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
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                <td style="width: 100%;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>Notes to the Condensed Interim Consolidated Financial Statements</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>For the Three and Nine Months Ended September 30, 2020 and 2019</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b><i>(Unaudited, expressed in Thousands of United States dollars except per share information)</i></b></p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>11.</b><font style="width: 22.25pt; display: inline-block;">&#160;</font><b>SEGMENTED INFORMATION (continued)</b></p>
    <div style="margin-left: 27pt;">
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            <tr>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="10"><b>Nine months ended September 30, 2021</b></td>
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            <tr>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"><b>Total</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
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                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">10,717</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">10,717</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">2</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,209</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,209</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">2,679</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,710</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">365</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,075</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(303</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(303</td>
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                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">6,295</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">365</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">6,660</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Finance expense</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(5,394</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(3</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(5,397</td>
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                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom;">Net income (loss)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">(970</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">(368</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">(1,338</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Total Assets</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">79,275</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">98</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">79,373</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">137</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">137</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="10"><b>Three months ended September 30, 2020</b></td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify; white-space: nowrap;"><b>&#160;</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>United<br>States</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Canada <br>and <br>Other</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Total</b></td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><i><b>&#160;</b></i></td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,467</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,467</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom;">Other income</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">1</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">1</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">2,468</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">674</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">596</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">113</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">709</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">2,388</td>
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                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">806</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">809</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom;">Finance expense</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(1,392</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">(1,392</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(110</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(616</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">84,809</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">225</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">85,034</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">52</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">52</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <br>
    <div id="footer_page_14">
        <p style="text-align: center;">13</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <div id="header_page_15">
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                <td style="width: 100%;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>Notes to the Condensed Interim Consolidated Financial Statements</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>For the Three and Nine Months Ended September 30, 2020 and 2019</b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b><i>(Unaudited, expressed in Thousands of United States dollars except per share information)</i></b></p>
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            </tr>
        </table>
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    <p style="text-align: justify;"><b>11.</b><font style="width: 22.25pt; display: inline-block;">&#160;</font><b>SEGMENTED INFORMATION (continued)</b></p>
    <div style="margin-left: 27pt;">
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                <td style="vertical-align: bottom; white-space: nowrap; text-align: center;" colspan="10"><b>Nine months ended September 30, 2020</b></td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">7,070</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">7,070</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">2</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 13.5pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,074</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,721</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">361</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,082</td>
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                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">71,923</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">71,923</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">79,355</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">371</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">79,726</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">4,408</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">2</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%;">4,410</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Finance expense</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(1,088</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(1,088</td>
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                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom;">Net income (loss)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">(68,963</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">(369</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">(69,332</td>
                <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">)</td>
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            <tr>
                <td style="padding-right: 5.4pt; padding-left: 9pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Total Assets</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">84,809</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">225</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">85,034</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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            <tr>
                <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">(59</td>
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                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
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                <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
                <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;">(59</td>
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        <p style="text-align: center;">&#160;</p>
    </div>
    <div id="footer_page_15">
        <p style="text-align: center;">14</p>
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.5
<SEQUENCE>7
<FILENAME>exhibit2-5.htm
<DESCRIPTION>EXHIBIT 2.5
<TEXT>
<html>

<head>
    <title>Kolibri Global Energy Inc.: Exhibit 2.5 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;"><img src="exhibit2-5x001.jpg" style="width: 406px;" height="133"></p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></p>
    <p style="text-align: center;"><b>SEPTEMBER 30, 2021</b></p>
    <p style="text-align: center;">&#160;</p>
    <div id="footer_page_1">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 1 |&#160;&#160; Third Quarter 2021</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: justify;"><img src="exhibit2-5x002.jpg" style="width: 287px;" height="112"></p>
    <p style="text-align: center;"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></p>
    <p style="text-align: justify;">The following is management's discussion and analysis ("MD&amp;A") of Kolibri Global Energy Inc.'s ("KEI" or the "Company") operating and financial results for the three months and nine months ended September 30, 2021, compared to the corresponding period in the prior year, as well as information and expectations concerning the Company's outlook based on currently available information. The MD&amp;A should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three months and nine months ended September 30, 2021 and the audited consolidated financial statements and MD&amp;A for the year ended December 31, 2020.&#160; The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting".&#160; The reporting and measurement currency is the United States dollar. Additional information relating to KEI including its Annual Information Form is filed on SEDAR at <font style="color: #000000;">www.sedar.com</font> and on the Company's website at www.kolibrienergy.com.</p>
    <p style="text-align: justify;">This report is prepared as of November 10, 2021.&#160; Please read carefully the important cautionary notes regarding technical information, forward-looking statements and other matters set out in this report.</p>
    <p style="text-align: justify;"><b>Description of Business</b></p>
    <p style="text-align: justify;">KEI is an international energy company focused on finding and exploiting energy projects in oil, gas and clean and sustainable energy.&#160; Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects.&#160; The common shares of the Company trade on the Toronto Stock Exchange ("TSX") under the symbol "KEI" and on the Over the Counter QB ("OTCQB") under the symbol "KGEIF".</p>
    <p style="margin-left: 27pt; text-indent: -27pt; text-align: justify;"><b>Going Concern</b></p>
    <p style="text-align: justify;">The financial statements have been prepared on a going concern basis. The going concern basis assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.&#160;</p>
    <p style="text-align: justify;">At September 30, 2021, the Company had a working capital deficiency of $4.1 million.&#160; At September 30, 2021, the outstanding balance of the credit facility was $17.3 million.&#160; Subsequent to quarter end, the Company made principal payments of $0.2 million.&#160; The Company received its latest bank borrowing base redetermination in September 2021.&#160; As part of the redetermination, the term of the loan was extended to June 2023 and the Company will make additional principal payment reductions to reduce the borrowing base to $16.0 million by April 2022.&#160; These remaining future principal payments are projected to be funded from cash on hand and adjusted funds flow from operations.&#160; The Company has no available undrawn debt capacity under its credit facility.&#160; The credit facility is subject to a semi-annual review and redetermination of the borrowing base. The next redetermination is expected in the second quarter of 2022.&#160; There can be no assurance that the borrowing base review will not result in a material reduction in the borrowing base, and that the necessary funds will be available for the Company to meet its obligations as they become due.&#160;</p>
    <p style="text-align: justify;">The Company's current forecast indicates that it will be able to fund the future principal payments due in 2021 and 2022 from cash and cash equivalents and adjusted funds flow from operations and that it will be in compliance with its debt covenants over the next year.&#160; These forecasts are based on current strip prices and the Company's current economic hedges and include a number of significant estimates and judgments that could change in the future.</p>
    <div id="footer_page_2">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 2 |&#160;&#160; Third Quarter 2021</td>
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        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: justify;">The global impact of the COVID-19 virus pandemic has led to a high degree of volatility and uncertainty that continues to impact the energy industry and financial markets.&#160; While prices have increased significantly during 2021, there is still a great deal of uncertainty about the impact of the pandemic going forward which continues to have a continuing negative impact on the Company's ongoing operations and its ability to raise capital in the near future or on terms favorable to the Company.&#160;</p>
    <p style="text-align: justify;">The Company's ability to continue as a going concern is dependent upon the lender maintaining the borrowing base limit on the credit facility, obtaining a new credit facility or extending the terms of the existing credit facility and the Company's ability to generate net cash from operating activities or raise additional financing to continue to fund its working capital deficiency, debt repayments and capital expenditures.&#160; These matters cause material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern.</p>
    <p style="text-align: justify;">The financial statements do not reflect adjustments that would be necessary if the going concern assumption was not appropriate. If the going concern assumption were not appropriate, adjustments would be necessary in the carrying value of the Company's assets and liabilities, the reported revenues and expenses, and the balance sheet classifications used. These adjustments could be material.</p>
    <p style="text-align: justify;"><b>Operating Summary</b></p>
    <p style="text-align: justify;">The Company's results of operations are dependent on production volumes of natural gas, crude oil and natural gas liquids and the prices received for the production. Prices for these commodities have shown significant volatility during recent years and are determined by supply and demand factors, including weather and general economic conditions.</p>
    <div id="footer_page_3">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 3 |&#160;&#160; Third Quarter 2021</td>
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        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <p style="margin-bottom: 0pt; text-align: justify;"><b>OVERVIEW</b></p>
    <p style="margin-top: 0pt; text-align: justify;"><b>Results at a Glance</b></p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%;"><b>608</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">(0.30</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%;">1,684</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;"><b>1,736</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;"><b>380</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">697</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">735</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">920</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">79,984</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%;">81,251</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">82,184</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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    <br><br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;" colspan="7">
                <p style="text-align: justify;">(1) Net operating income is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;" colspan="7">
                <p style="text-align: justify;">(2) Adjusted Funds Flow is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
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        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;" colspan="7">
                <p style="text-align: justify;">(3) Netback from operations and netback including commodity contracts are considered non-GAAP measures. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
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    <p style="text-align: justify;">The average production for the third quarter of 2021 was 960 BOEPD, a decrease of 15% compared to third quarter 2020 production of 1,134 BOEPD.&#160; Average production for the nine months ended September 30, 2021 was 991 BOEPD, a decrease of 16% from the average production of 1,174 BOEPD in the same period of 2020.&#160; These decreases were due to the normal production decline of the Company's existing wells.</p>
    <p style="text-align: justify;">Gross revenues for the third quarter of 2021 increased by 59% compared to the third quarter of 2020.&#160; The increase was due to an 87% increase in average prices in the third quarter of 2021 partially offset by a 15% decrease in production in the third quarter of 2021 compared to 2020.&#160; Gross revenues for the nine months ended September 30, 2021 increased by 51% compared to the same period in 2020. The increase was due to an 80% increase in average prices in the nine months ended September 30, 2021 partially offset by the 16% decrease in production in the nine months ended September 30, 2021 compared to 2020.</p>
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 4 |&#160;&#160; Third Quarter 2021</td>
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        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <p style="text-align: justify;">Interest expense decreased by 21% in the third quarter of 2021 and 34% in the nine months ended September 30, 2021 compared to the comparable prior year periods due to lower interest rates and principal payments on the credit facility during 2021 which reduced the outstanding loan balance.</p>
    <p style="text-align: justify;">Netback from operations<sup>(2)</sup> increased to $35.87 per BOE in the third quarter of 2021 compared to $17.17 per BOE in the third quarter of 2020, an increase of 109%.&#160; Netback from operations<sup>(2)</sup> increased to $31.45 per BOE in the nine months ended September 30, 2021 compared to $15.52 per BOE in the nine months ended September 30, 2020, an increase of 103%.&#160; Netback including commodity contracts<sup>(2)</sup> for the third quarter of 2021 was $27.04 per BOE, an increase of 9% from the prior year third quarter. Netback including commodity contracts<sup>(2)</sup> for the nine months ended September 30, 2021 was $25.08 per BOE, an increase of 7% from the prior year period. The 2021 increases compared to the prior year are due to the increase in average prices offset by the increase in average operating expenses due mainly to higher production taxes.</p>
    <p style="text-align: justify;">Cash flow from operating activities was $1.5 million in third quarter of 2021 compared to $1.7 million in the prior year third quarter.&#160; Cash flow from operating activities was $4.5 million for the nine months ended September 30, 2021 compared to $4.7 million for the nine months ended September 30, 2020.&#160;</p>
    <p style="text-align: justify;">Adjusted funds flow<sup>(1)</sup> was $1.7 million for the third quarter of 2021 compared to $1.9 million for the prior year third quarter, a decrease of 11%.&#160; The decrease was primarily due to realized losses from commodity contracts in 2021 and a 15% decrease in production in the third quarter of 2021 compared to 2020 partially offset by the 58% increase in average prices in the third quarter of 2021.&#160; Adjusted funds flow<sup>(1)</sup> was $4.7 million for the nine months ended September 30, 2021 compared to $5.4 million for the prior year period, a decrease of 13%. The decrease was primarily due to realized losses from commodity contracts in 2021 and a 16% decrease in production in the nine months ended September 30, 2021 compared to 2020 partially offset by a 57% increase in average prices in the nine months ended September 30, 2021.</p>
    <p style="text-align: justify;">Operating expenses for the third quarter of 2021 increased by 10% compared to the prior year third quarter.&#160; Operating expenses for the nine months ended September 30, 2021 increased by 7% compared to the prior year period. The increase was primarily due to higher production taxes in 2021 due to higher prices.</p>
    <p style="text-align: justify;">General &amp; administrative (G&amp;A) expenses for the third quarter of 2021 decreased by 8% compared to the prior year third quarter due to cost cutting measures.&#160; G&amp;A expenses for the nine months ended September 30, 2021 remained the same compared to the prior year period as the cost cutting measures were offset by higher advisor fees.&#160;</p>
    <p style="text-align: justify;">Net income in the third quarter of 2021 was $0.6 million, compared to a net loss of $0.6 million in the third quarter of 2020.&#160; The Company recorded less than $0.1 million unrealized loss from commodity contracts in the third quarter of 2021, compared to an unrealized loss of $1.1 million recorded in the third quarter of 2020.</p>
    <p style="text-align: justify;">Net loss for the nine months ended September 30, 2021 was $1.3 million, compared to a net loss of $69.3 million in the prior year period.&#160; The Company recorded an unrealized loss from commodity contracts of $3.0 million in the first nine months of 2021.&#160; In the first nine months of 2020, the Company recorded a PP&amp;E impairment charge of $71.9 million.</p>
    <p style="text-align: justify;">In June 2021, the Company received a notice from the Small Business Administration (SBA) that the entire balance of the original Paycheck Protection Program (PPP) loan of $0.3 million had been forgiven and the Company recorded this amount as other income.</p>
    <p style="text-align: justify;">In September 2021, the Company's credit facility was re-determined at a borrowing base of $17.3 million at September 30, 2021.&#160; In addition, the term of the credit facility was extended to June 2023.&#160; In accordance with the redetermination, the Company has no available capacity on the credit facility and the borrowing base will be automatically reduced by the principal payments as they are paid.&#160; The Company will make additional principal payments to reduce the borrowing base to $16.0 million by April 2022.&#160; These future principal payments are projected to be funded from cash on hand and adjusted funds flow from operations.&#160; The next redetermination will be in the second quarter of 2022.&#160; There can be no assurance that the borrowing base review will not result in a material reduction in the borrowing base, and that the necessary funds will be available for the Company to meet its obligations as they become due.</p>
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 5 |&#160;&#160; Third Quarter 2021</td>
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    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <p style="margin-bottom: 0pt; text-align: justify;">(1) Adjusted funds flow is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="margin-top: 0pt; text-align: justify;">(2) Netback from operations and netback including commodity contracts are considered non-GAAP measures. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="text-align: justify;"><b>OPERATIONS UPDATE</b></p>
    <p style="text-align: justify;"><b>Tishomingo Field, Ardmore Basin, Oklahoma</b></p>
    <p style="text-align: justify;">The average production for the third quarter of 2021 was 960 BOEPD, a decrease of 15% compared to third quarter 2020 production of 1,134 BOEPD.&#160; Average production for the nine months ended September 30, 2021 was 991 BOEPD, a decrease of 16% from the average production of 1,174 BOEPD in the same period of 2020.&#160; The Company has commodity contracts in place for almost 75% of its existing 2021 oil production at an average price of $48.89/barrel.</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"><b>&#160;</b></td>
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            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>641</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(16</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>671</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">802</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(16</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">(18</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">(16</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>178</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">202</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(12</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>174</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">198</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(12</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;"><b>960</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,134</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(15</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;"><b>991</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,174</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">(16</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>69.61</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">38.70</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">80</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>62.96</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">35.75</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">76</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;"><b>4.12</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1.79</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">130</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;"><b>3.52</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1.79</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">97</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>34.36</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">14.50</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">137</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>27.61</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">12.47</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">121</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;"><b>56.49</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">30.16</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">87</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">28.12</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">80</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>4,105</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">2,708</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">52</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>11,528</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">47</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">109</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">677</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">94</td>
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    <p style="text-align: justify;">Oil production for the third quarter of 2021 was 641 BOPD compared to 761 BOPD for the third quarter of 2020, a decrease of 16%.&#160; Average oil production for the first nine months of 2021 was 671 BOPD compared to 802 BOPD for the same period in 2020, a decrease of 16%.&#160; The production decreases are due to the natural decline of existing wells.&#160; Oil revenue increased by 52% in the third quarter of 2021 versus the third quarter of 2020 due to an increase in oil prices of 80% partially offset by the production decrease.&#160; Oil revenue increased by 47% in the first nine months of 2021 versus the first nine months of 2020 due to an increase in oil prices of 76% partially offset by the production decrease.</p>
    <p style="text-align: justify;">For the third quarter of 2021, average natural gas production was 845 MCFPD compared to 1,027 MCFPD in the prior year third quarter, a decrease of 18%. Average natural gas production for the first nine months of 2021 was 877 MCFPD compared to 1,042 MCFPD for the first nine months of 2020.&#160; The production decreases are due to the natural decline of existing wells. Natural gas revenue increased by 89% in the third quarter of 2021 versus the third quarter of 2020 due to a 130% increase in natural gas prices partially offset by the production decrease. Natural gas revenue increased by 89% in the first nine months of 2021 versus the first nine months of 2020 due to a 97% increase in natural gas prices partially offset by the production decrease.</p>
    <div id="footer_page_6">
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            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 6 |&#160;&#160; Third Quarter 2021</td>
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        </table>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
    <p style="text-align: justify;">Natural gas liquids (NGL) production for the third quarter of 2021 decreased to 178 BOEPD from 202 BOEPD in the third quarter of 2020, a decrease of 12%. Average NGL production for the first nine months of 2021 decreased to 174 BOEPD from 198 BOEPD for the same period in 2020, a decrease of 12%.&#160; NGL revenue increased by 109% in the third quarter of 2021 compared to the prior year quarter due to an increase in NGL prices of 137% partly offset by the production decrease.&#160; NGL revenue increased by 94% in the first nine months of 2021 compared to the first nine months of 2020 due to an increase in NGL prices of 121% partly offset by the production decrease.&#160;</p>
    <p style="text-align: justify;">Average production was 960 BOEPD in the third quarter of 2021 compared to 1,134 BOEPD in the third quarter of 2020, a decrease of 15%.&#160; Average production was 991 BOEPD in the first nine months of 2021 compared to 1,174 BOEPD in the first nine months of 2020, a decrease of 16%.&#160; The decreases are due to the factors discussed above.&#160; Gross revenue for the third quarter of 2021 increased by 59% compared to the third quarter of 2020.&#160; Gross revenues for the first nine months of 2021 increased by 51% compared to the first nine months of 2020.&#160; The increases are due to an increase in average prices partially offset by the production decrease.</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">80</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 8%;">7</td>
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    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">(1) Netback from operations and netback including commodity contracts are considered non-GAAP measures. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="text-align: justify; margin-top: 0pt;">(2) Price adjustment from commodity contracts includes the positive or negative adjustment to the average price per barrel that the Company realized from its commodity contracts.&#160; See the listing of commodity contracts below.</p>
    <p style="text-align: justify;">The average price increase in the third quarter of 2021 was due to price increases in oil, gas and NGLs.&#160; Oil made up 68% of the production mix in 2021 compared to 67% of the production mix in the third quarter of 2020.&#160; The average price increase in the first nine months of 2021 was due to price increases in oil, gas and NGLs.&#160; Oil made up 68% of the production mix in 2021 compared to 68% of the production mix in the first nine months of 2020.&#160;</p>
    <p style="text-align: justify;">Royalties on Tishomingo production averaged approximately 21.6% for both the third quarters of 2021 and 2020.&#160; Royalties on Tishomingo production averaged approximately 21.7% for the first nine months of 2021 versus 21.9% in the first nine months of 2020. The difference in percentages is due to different royalty burdens on the leases drilled by the Company.</p>
    <p style="text-align: justify;">Major operating expenses are related to the gathering and processing of natural gas and NGLs as well as periodic well repairs and maintenance. Operating expenses in the third quarter of 2021 were $742,000 compared to $674,000 in the third quarter of 2020.&#160; Operating expenses averaged $8.40 per BOE for the third quarter of 2021 compared to $6.46 per BOE for the same period in 2020.&#160; The increase was mainly due to higher production taxes in the third quarter of 2021 which were $2.86 per BOE compared to $1.37 per BOE in the prior year third quarter.&#160; Operating expense per boe excluding production taxes for the third quarter of 2021 increased by 9% compared to the prior year quarter.&#160; Operating expenses averaged $8.17 per BOE for the first nine months of 2021 compared to $6.45 per BOE for the same period in 2020.&#160; The increase was due to higher production taxes in the first nine months of 2021 which were $2.59 per BOE compared to $1.75 per BOE in the prior year third quarter.&#160; Operating expense per boe excluding production taxes for the first nine months of 2021 increased by 19% compared to the prior year period due to one-time field maintenance costs.</p>
    <div id="footer_page_7">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 7 |&#160;&#160; Third Quarter 2021</td>
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    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_8"></a>
    <p style="text-align: justify;"><b>Realized and Unrealized Gains and Losses from Risk Management Contracts</b></p>
    <p style="text-align: justify;">The Company has entered into financial commodity contracts which are summarized in the table below.&#160; Total Volume Hedged in the table is the annual volumes and Price is the fixed price specified in the financial commodity contracts.</p>
    <p style="text-align: justify;">At September 30, 2021 the following financial commodity contracts were outstanding and recorded at estimated fair value:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; white-space: nowrap;">
                <p>&#160;</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p>&#160;</p>
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            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Total Volume<br>Hedged&#160; &#160; </b></p>
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            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Price&#160; </b></p>
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        <tr>
            <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Commodity</b></p>
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            <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Period</b></p>
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            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>(BBLS)</b></p>
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            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%;">
                <p>Oil - WTI</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>October 1, 2021 to December 31, 2021</p>
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            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">18,000</p>
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            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$52.66</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%;">
                <p>Oil - WTI</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>October 1, 2021 to December 31, 2021</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">15,000</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$42.32</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%;">
                <p>Oil - WTI</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>January 1, 2022 to September 30, 2022</p>
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            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">54,000</p>
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            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$55.92</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%;">
                <p>Oil - WTI</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>October 1, 2021 to December 31, 2021</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3,000</p>
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            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$59.15</p>
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        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%;">
                <p>Oil - WTI</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>January 1, 2022 to September 30, 2022</p>
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            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">36,000</p>
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            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$56.70</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%;">
                <p>Oil - WTI</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>October 1, 2022 to December 31, 2022</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">30,000</p>
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            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$57.05</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff; width: 20%;">
                <p>Oil - WTI</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>January 1, 2023 to May 31, 2023</p>
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            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">45,000</p>
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            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$56.02</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">The estimated fair value results in a $3.0 million liability as of September 30, 2021 (December 31, 2020: $0.04 million liability) for the financial oil and gas contracts which has been determined based on the prospective amounts that the Company would receive or pay to terminate the contracts, consisting of a long term liability of $0.7 million and a current liability of $2.3 million, (December 31, 2020: current liability of $0.04 million).</p>
    <p style="text-align: justify;">In October 2021, the Company entered into the following additional financial commodity contracts:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; white-space: nowrap;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p>&#160;</p>
            </td>
            <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Total Volume <br>Hedged<br>(BBLS/MMBTU)</b></p>
            </td>
            <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Price&#160; </b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Commodity</b></p>
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            <td style="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Period</b></p>
            </td>
            <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>($/BBL or<br>$/MMBTU)</b></p>
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        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; background-color: #e6efff;">
                <p>Oil - WTI</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>June 1, 2023 to December 31, 2023</p>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">63,000</p>
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            <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$64.90</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%;">
                <p>Oil - WTI</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>January 1, 2024 to May 31, 2024</p>
            </td>
            <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">40,000</p>
            </td>
            <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$62.77</p>
            </td>
        </tr>
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    <br>
    <div id="footer_page_8">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 8 |&#160;&#160; Third Quarter 2021</td>
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        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a>
    <p style="margin-left: 76.55pt; text-indent: -76.55pt; text-align: justify;">The realized and unrealized gains/losses from the financial commodity contracts are as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">($000s)</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;" colspan="1">Realized gain (loss) on&#160; financial commodity contracts</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 12%; background-color: #e6efff; text-align: center;">(780)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; width: 2%; background-color: #e6efff; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; background-color: #e6efff; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 12%; background-color: #e6efff; text-align: center;">806</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; width: 2%; background-color: #e6efff; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; background-color: #e6efff; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 12%; background-color: #e6efff; text-align: center;">(1,722)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; width: 2%; background-color: #e6efff; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; background-color: #e6efff; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 12%; background-color: #e6efff; text-align: center;">2,529</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: center;">&#160;</td>
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    <p style="text-align: justify;"><b>General and Administrative Expenses</b></p>
    <p style="text-align: justify;">G&amp;A expense for the third quarter of 2021 was $650,000 compared to $709,000 for the same period of 2020, a decrease of 8%. The decrease was due to the Company's cost cutting measures.&#160; G&amp;A expense for the first nine months of 2021 was $2,075,000 compared to $2,082,000 for the same period of 2020, a decrease of less than 1%. The decreases are due to cost cutting by the Company partially offset by higher advisor fees.</p>
    <p style="text-align: justify;"><b>Depletion and Depreciation</b></p>
    <p style="text-align: justify;">Depletion and depreciation expense for the third quarter of 2021 was $874,000 compared to $1,118,000 in the same period of 2020. Depletion and depreciation expense for the first nine months of 2021 was $2.7 million compared to $3.6 million in the same period of 2020.&#160; The decrease in both periods is due to decreased production compared to the prior year periods.&#160; For the first nine months of 2021, the decrease was also due to higher PP&amp;E balance before the impairment in 2020.&#160; Depletion and depreciation expense on a per barrel basis was $9.89 for the third quarter of 2021 compared to $10.71 for the third quarter of 2020.&#160; Depletion and depreciation expense on a per barrel basis was $9.90 for the first nine months of 2021 compared to $11.27 for the first nine months of 2020.</p>
    <p style="text-align: justify;"><b>Interest on loans and borrowings</b></p>
    <p style="text-align: justify;">Interest on loans and borrowings decreased from $299,000 for the third quarter of 2020 to $237,000 for the third quarter of 2021. Interest on loans and borrowings decreased from $1,064,000 for the first nine months of 2020 to $700,000 for the first nine months of 2021.&#160; The decreases were due to lower interest rates and principal payments on the credit facility during 2021 which reduced the outstanding loan balance.</p>
    <p style="text-align: justify;"><b>Net income (loss) for the period </b></p>
    <p style="text-align: justify;">The Company had net earnings of $608,000 ($0.00 per share) for the third quarter of 2021 compared to net loss of $616,000 ($0.00 per share) for the same period of 2020.&#160; The net earnings in the third quarter of 2021 compared to the net loss in the same period in 2020 is due to an increase in revenue net of royalties of $1,442,000, a decrease in depletion, depreciation and accretion of $244,000, a decrease in interest on loans and borrowings of $62,000, a decrease in G&amp;A expense of $59,000 partially offset by realized and unrealized losses in financial commodity contracts in the third quarter of 2021 totaling $791,000 versus losses of $278,000 in the third quarter of 2020 and an increase in operating expenses of $68,000.</p>
    <p style="text-align: justify;">The Company had net loss of $1,338,000 ($0.01 per share) for the first nine months of 2021 compared to net loss of $69,332,000 ($0.30 per share) for the same period of 2020.&#160; The decrease in net loss in the first nine months of 2021 compared to the net loss in the same period in 2020 is due to an impairment of property, plant and equipment of $71,923,000 in 2020, an increase in revenue net of royalties of $3,647,000, a decrease in depletion, depreciation and accretion of $947,000, a decrease in interest on loans and borrowings of $364,000,&#160; an increase in other income of $303,000, partially offset by realized and unrealized losses in financial commodity contracts in the first nine months of 2021 totaling $4,675,000 versus gains of $4,408,000 in the first nine months of 2020 and an increase in operating expenses of $135,000.</p>
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 9 |&#160;&#160; Third Quarter 2021</td>
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        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_10"></a>
    <p style="text-align: justify;"><b>Cash from operating activities</b></p>
    <p style="text-align: justify;">Cash flows from operating activities for the third quarter of 2021 was $1,478,000 compared to cash flows from operating activities of $1,684,000 for the same period in 2020. Cash flows from operating activities for the first nine months of 2021 was $4,491,000 compared to cash flows from operating activities of $4,651,000 for the same period in 2020.</p>
    <p style="text-align: justify;"><b>CAPITAL EXPENDITURES</b></p>
    <p style="text-align: justify;">Capital expenditures for the nine months ended September 30, 2021 were for the Tishomingo field located in Oklahoma.</p>
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            <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">2020</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(59</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; white-space: nowrap;"><i>($000, except shares)</i></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><b>At September 30, 2021</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><b>At December 31, 2020</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Working Capital Deficiency (US$)</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; background-color: #e6efff;"><b>)</b></td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Loans and Borrowings (US$)</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>20,749</b></td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Shares Outstanding, end of period</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>232,922,625</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>232,922,625</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;" colspan="1">Market Price per share, end of period (in Canadian $)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>0.09</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Market Value of Shares (in Canadian $)</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;"><b>20,963</b></td>
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        </tr>
    </table>
    <p style="text-align: justify;">In June 2017, the Company's US subsidiary obtained a new credit facility from BOK Financial, which is secured by the US subsidiary's interests in the Tishomingo Field.&#160; The credit facility is intended to fund the drilling of the Caney wells in the Tishomingo Field and expires in June 2023.&#160; At September 30, 2021 loans and borrowings of $17.3 million (December 31, 2020: $20.7 million) are presented net of loan acquisition costs of $0.2 million (December 31, 2020: $0.2 million).&#160; Subsequent to the quarter end, the Company made principal payments of $0.2 million.&#160;</p>
    <p style="text-align: justify;">In September 2021, the credit facility was redetermined at a borrowing base of $17.3 million at September 30, 2021.&#160; In addition, the term of the credit facility was extended until June 2023.&#160; In accordance with the redetermination, the Company has no available capacity on the credit facility and the borrowing base is automatically reduced by the principal payments as they are paid.&#160; &#160; In addition, the Company is required to make additional principal payments to reduce the borrowing base to $16.0 million by April 2022.&#160; These future principal payments are projected to be funded from cash on hand and adjusted funds flow from operations.&#160; The credit facility is subject to a semi-annual review and redetermination of the borrowing base.&#160; The next redetermination will be in the second quarter of 2022.&#160; Future commitment amounts will be subject to new reserve evaluations and there is no guarantee that the size and terms of the credit facility will remain the same after the borrowing base redetermination.&#160; Any redetermination of the borrowing base is effective immediately and if the borrowing base is reduced, the Company has six months to repay any shortfall.</p>
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 10 |&#160;&#160; Third Quarter 2021</td>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_11"></a>
    <p style="text-align: justify;">The credit facility has two primary debt covenants. One covenant requires the US subsidiary to maintain a positive working capital balance which includes any unused excess borrowing capacity and excludes the fair value of commodity contracts, the current portion of long-term debt (the "Current Ratio") and certain payables to an operator that are being reduced by the revenue earned from the non-operated well.&#160; The second covenant ensures the ratio of outstanding debt and long-term liabilities to an annualized quarterly adjusted EBITDA amount (the "Maximum Leverage Ratio") be no greater than 4 to 1 at any quarter end.&#160; Adjusted EBITDA is defined as net income excluding interest expense, depreciation, depletion and amortization expense, and other non-cash and non-recurring charges including severance, stock based compensation expense and unrealized gains or losses on commodity contracts.&#160;</p>
    <p style="text-align: justify;">The Company was in compliance with both covenants for the quarter ended September 30, 2021.&#160; At September 30, 2021, the Current Ratio of the US subsidiary was 1.16 to 1.0 and the Maximum Leverage Ratio was 2.98 to 1.0 for the three months ended September 30, 2021.</p>
    <p style="text-align: justify;">The current global and market volatility, including the continuing uncertainty due to the impact of the COVID-19 pandemic, impacts the ability to prepare financial forecasts.&#160; The Company's current forecast indicates that it will be able to fund the 2021 and 2022 principal payments from cash on hand and adjusted funds flow from operations and that it will be in compliance with its debt covenants over the next twelve months.&#160; These forecasts are based on current strip prices and the Company's current hedges and they include a significant amount of estimates and judgments that could change in the future.&#160; If circumstances change and a covenant violation does occur and the Company does not obtain a waiver, this will represent an event of default under the facility and the lender will have the right to demand repayment of all amounts owed under the facility.</p>
    <p style="text-align: justify;">In April 2020, the Company's US subsidiary obtained a loan under the Paycheck Protection Program ("PPP") which is being administered by the Small Business Administration ("SBA").&#160; The loan amount is $0.3 million with a 5-year term at an annual interest rate of 1 percent.&#160; All interest payments are deferred for the first ten months after the end of the loan forgiveness period, which is twenty-four weeks from the initiation of the loan.&#160; The loan amount may be forgiven if the proceeds are used for eligible expenditures, which include payroll costs, rent expense and utilities, in the twenty-four week forgiveness period.&#160; In June 2021, the Company received a notice from the SBA that the entire balance of $0.3 million had been forgiven and the Company recorded this amount as other income.&#160;</p>
    <p style="text-align: justify;">In February 2021, the US subsidiary obtained a loan under the PPP2 loan program for an additional $0.3 million.&#160; The PPP2 loan has the same terms as the original PPP loan and may also be forgiven if the proceeds are used for eligible expenditures.</p>
    <p style="text-align: justify;">At September 30, 2021, the Company had negative working capital of $4.1 million, versus negative working capital of $3.5 million at December 31, 2020.&#160; The Company does not have any drilling commitments and closely monitors its working capital and borrowing capacity to ensure adequate funds are available to finance its administrative and operating requirements.&#160; If additional drilling is not completed, the Company's production will continue to fall due to the normal decline of the existing wells.</p>
    <p style="text-align: justify;">The Company has entered into financial commodity contracts as part of its risk management strategy to manage its cash flow for future activity and to offset commodity price fluctuations.&#160; Other potential sources of cash flow include proceeds from additional debt or equity offerings but there is no guarantee that additional financing will be available when needed.</p>
    <div id="footer_page_11">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 11 |&#160;&#160; Third Quarter 2021</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a>
    <p style="text-align: justify;"><b>CONTRACTUAL OBLIGATIONS</b></p>
    <p style="text-align: justify;">The following are the contractual maturities of financial liabilities, excluding estimated interest payments at September 30, 2021:</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><i>$(000)</i></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">Total</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2021</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2022</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2023</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2024</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">Thereafter</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><i>&#160;</i></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Loans and borrowings *</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
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            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">300</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">1,000</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">15,866</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #e6efff;">280</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;">3,285</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;">3,285</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Lease payable</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9%; background-color: #e6efff;">60</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9%; background-color: #e6efff;">60</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 9%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 9%;">20,791</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 9%;">3,645</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 9%;">15,866</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 9%;">-</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 9%;">280</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;">&#160;</td>
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    <p style="text-align: justify;">* Except for the principal payments required in connection with the September 2021 redetermination, the Credit Facility provides for interest only payments until the June 2023 maturity date.&#160; The Company is required to repay amounts owing under the Credit Facility in full on the June 2023 maturity date. See "Liquidity and Capital Resources" and "Principal Business Risks" for discussion of events that would require early repayment of the Credit Facility.</p>
    <p><b>QUARTERLY SUMMARY</b></p>
    <p>Below is a summary of the Company's performance over the last eight quarters:</p>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="7"><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="10"><b>2020</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2019</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><i>($000, except as noted)</i></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q3</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q1</b></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q3</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q2</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q1</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">845</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">889</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">898</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">924</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,027</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,033</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,067</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,063</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">172</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">173</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">193</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">202</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">187</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">205</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">246</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 7%; background-color: #e6efff;">1,082</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000;"><i>($000, except as noted)</i></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">69.61</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">63.77</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">55.92</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">40.42</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">38.70</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">23.35</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">44.88</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">55.13</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">4.12</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">2.86</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; width: 1%; text-align: left;">&#160;</td>
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        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 12 |&#160;&#160; Third Quarter 2021</td>
            </tr>
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    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a><br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000;"><i>($000, except as noted)</i></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q3</b></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">3.35</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">27.04</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">24.77</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">25.40</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">24.90</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">21.15</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">24.10</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">24.36</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;" colspan="1">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;" colspan="7">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;" colspan="1">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;" colspan="1">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;" colspan="10">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;" colspan="1">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 7%; white-space: nowrap; text-align: center;"><b>Q4</b></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 7%; white-space: nowrap; text-align: center;"><b>Q2</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 7%; white-space: nowrap; text-align: center;"><b>Q1</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 7%; white-space: nowrap; text-align: center;"><b>Q4</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">4,988</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">4,520</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">4,176</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">3,204</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">3,147</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,981</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">3,918</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">5,252</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,079</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">981</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">907</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">694</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">680</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">449</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">847</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,131</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Operating expenses</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">742</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">797</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">670</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">681</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">674</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">642</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">758</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">955</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><i>($000, except as noted)</i></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 7%; white-space: nowrap; text-align: center;"><b>Q1</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 7%; white-space: nowrap; text-align: center;"><b>Q1</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 7%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">608</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(1,418</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(528</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(1,078</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(616</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(2,369</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(66,492</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(1,650</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">0.00</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(0.01</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">0.00</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">0.00</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">0.00</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(0.01</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(0.29</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(0.01</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><i><b>Adjusted funds flow</b></i><sup><i><b>(3)</b></i></sup></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,736</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,465</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,509</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,737</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,893</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,601</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,952</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,674</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><i><b>Cash flow from operating activities</b></i></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,478</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,649</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,364</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,460</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,684</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,050</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,917</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">869</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><i><b>Bank debt</b></i></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">17,446</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">18,451</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">19,808</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">20,749</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">21,552</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">22,720</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">26,190</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">27,164</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><i><b>Total assets</b></i></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">79,373</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">79,984</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">81,251</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">82,184</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">85,034</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">86,411</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">92,782</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">161,208</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt;">(1) Netback from operations and netback including commodity contracts are considered non-GAAP measures. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt;">(2) Net operating income is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
    <p style="margin-top: 0pt;">(3) Adjusted funds flow is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&amp;A.</p>
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        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 13 |&#160;&#160; Third Quarter 2021</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <p style="text-align: justify;"><b>Quarterly Variability</b></p>
    <p style="text-align: justify;">Fluctuations in quarterly results are due to a number of factors, some of which are not within the Company's control such as:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">Oil, gas and NGL price changes due to market conditions.</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">Changes in production resulting from fluctuations in drilling and completions and shut-in of wells.</li>
        <li style="margin-left: 28.52pt; text-align: justify; padding-left: 7.48pt;">The changes in G&amp;A expense from quarter to quarter reflect changes in operations, changes in personnel, and non-recurring charges related to specific transactions or events.</li>
    </ul>
    <p style="text-align: justify;"><b>CRITICAL ACCOUNTING ESTIMATES</b></p>
    <p style="text-align: justify;">The preparation of the consolidated financial statements requires management to make estimates and use judgment regarding the reported amounts of assets and liabilities, the disclosures of contingencies at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period.&#160; By their nature, estimates are subject to measurement uncertainty and changes in such estimates in future years could require a material change in the financial statements.&#160; Accordingly, actual results may differ from the estimated amounts.&#160; Significant estimates and judgments made by management in the preparation of the consolidated financial statements are as follows:</p>
    <p style="text-align: justify;"><u>Oil and gas assets</u></p>
    <p style="text-align: justify;">Development and production assets are assessed for recoverability at cash generating unit ("CGU") level.&#160; The determination of CGUs is subject to management judgments.&#160; Recoverability is assessed by comparing the carrying value of the asset to its estimated recoverable amount, which is based on the higher of fair value of the assets less the cost to sell ("FVLCS") or value in use ("VIU").&#160; The significant estimates used in the determination of the estimated recoverable amount include the following:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 14.36pt; text-align: justify; padding-left: 4.34pt;">Proved and probable oil and gas reserves and the related cash flows - Significant assumptions that are valid at the time of oil and gas reserve estimation may change significantly when additional information becomes available.&#160; Estimates of economically recoverable proved and probable oil and gas reserves and the related cash flows are based upon a number of significant assumptions, such as forecasted production, forecasted oil and gas commodity prices, forecasted operating costs, forecasted royalty costs, and forecasted future development costs. Changes in forecasted oil and gas commodity price assumptions, costs or recovery rates may change the economic status of proved and probable oil and gas reserves and may ultimately result in a restatement of proved and probable oil and gas reserves.&#160; Independent third-party reserve evaluators are engaged at least annually to estimate proved and probable oil and gas reserves and the related cash flows from the Company's interest in oil and gas properties.</li>
    </ul>
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 14 |&#160;&#160; Third Quarter 2021</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 14.36pt; text-align: justify; padding-left: 4.34pt;">Discount rate - The discount rate used to calculate the net present value of cash flows is based on estimates of an industry peer group weighted average cost of capital.&#160; Changes in the economic environment could result in significant changes to this estimate.</li>
    </ul>
    <p style="text-align: justify;"><u>Depletion of oil and gas assets</u></p>
    <p style="text-align: justify;">Depletion of oil and gas assets is determined based on total proved and probable oil and gas reserve volumes and includes future development costs as estimated by the Company's independent third-party reserve evaluators.&#160; By their nature, the estimates of proved and probable oil and gas reserves and the related cash flows are subject to measurement uncertainty.&#160; Accordingly, the impact to the consolidated financial statements in future periods could be material.</p>
    <p style="text-align: justify;"><u>Asset retirement obligations</u></p>
    <p style="text-align: justify;">The provisions for site restoration and abandonment is based on current legal requirements, technology, price levels and expected plans and are based on significant assumptions such as inflation rate and discount rate.&#160; Actual costs and cash outflows can differ from estimates because of changes in laws or regulations, market conditions and changes in technology.</p>
    <p style="text-align: justify;"><u>Derivative instruments</u></p>
    <p style="text-align: justify;">The estimated fair value of derivative financial instruments resulting in financial assets and liabilities, by their very nature is subject to estimation, due to the use of future oil and natural gas prices and the volatility in these prices.</p>
    <p style="text-align: justify;"><u>Compensation costs</u></p>
    <p style="text-align: justify;">Compensation costs recognized for share based compensation plans are subject to the estimation of what the ultimate payout will be using pricing models such as Black-Scholes model which is based on assumptions such as volatility, forfeiture rate, interest rate and expected term.</p>
    <p style="text-align: justify;"><u>Income taxes</u></p>
    <p style="text-align: justify;">Tax interpretations, regulations and legislation in the various jurisdictions in which the Company operates are subject to change.&#160; As such income taxes are subject to measurement uncertainty.&#160; Deferred income tax assets are assessed by management at the end of the reporting period to determine the likelihood that they will be realized from future taxable earnings.</p>
    <p style="text-align: justify;"><u>Liquidity</u></p>
    <p style="text-align: justify;">The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.</p>
    <p style="text-align: justify;">Typically the Company ensures that it has sufficient cash on demand and cash flow from operations to meet expected operational expenses for a one-year period, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.&#160; To achieve this objective, the Company prepares annual capital expenditure budgets, which are regularly monitored and updated as considered necessary.&#160; Further, the Company utilizes authorizations for expenditures on both operated and non-operated projects to further manage capital expenditure.&#160; The Company also attempts to match its payment cycle with collection of oil revenue on the 20th of each month.</p>
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 15 |&#160;&#160; Third Quarter 2021</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <p style="text-align: justify;">The Company monitors its expected cash inflows from trade and other receivables and its expected cash outflows on trade and other payables and principal debt payments.&#160; The Company will make principal debt payments of $1.3 million by April 1, 2022 and will utilize its cash on hand and cash inflows to fund these principal payments as well as its trade payables.&#160; The current challenging economic climate may lead to adverse changes in cash flow, working capital levels or debt balances, which may also have a direct impact on the Company's results and financial position. These and other factors may adversely affect the Company's liquidity and the Company's ability to generate profits in the future.</p>
    <p style="text-align: justify;"><b>OUTSTANDING SHARE DATA</b></p>
    <p style="text-align: justify;">There were 232,922,625 common shares outstanding as of both November 4, 2021 and September 30, 2021.&#160; The Company had 1,750,000 stock options outstanding as of both November 4, 2021 and September 30, 2021.</p>
    <p style="text-align: justify;"><b>PRINCIPAL BUSINESS RISKS&#160; </b></p>
    <p style="text-align: justify;">KEI's business and results of operations are subject to a number of risks and uncertainties, including but not limited to the following:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">the uncertainty of finding oil and gas in commercial quantities</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">securing markets for existing and future production</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">commodity price fluctuations due to market forces including the impact of COVID-19</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">financial risk due to foreign exchange rates and interest rate exposure</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">changes to government regulations in the United States, including regulations relating to prices, taxes, royalties and environmental protection</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">changing government policies and regulations, social instability and other political, economic or diplomatic developments in the countries in which the Company operates</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">the ability to fund wells drilled in non-operated sections of the Tishomingo field</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">the uncertainty of pipeline repairs leading to temporary shutting-in of wells</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">availability of equity or debt financing is affected by many factors many of which are beyond the control of the Company</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">uncertainties inherent in estimating quantities of oil and natural gas reserves and cash flows to be derived therefrom</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">the oil and gas industry is intensely competitive and the Company competes with a large number of companies with greater resources</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">risks related to the Credit Facility, including the risk that the Company could be required under the terms of the Credit Facility to prepay the outstanding principal amount and other amounts owing under the Credit Facility in certain circumstances, some of which are out of the Company's control, including failure to comply with financial ratio tests, borrowing base redeterminations, Mr. Wolf Regener ceasing to be the President of Kolibri Global Energy Inc., certain changes to the board of directors of the Company and the acquisition by any person or persons acting jointly or in concert of 25% or more of the Company's shares. The Company is required to repay amounts owing under the Credit Facility in full on the June 2023 maturity date.&#160; There can be no assurance that the Company will be able to obtain sufficient capital to repay the Credit Facility or that the Company will be able to extend or refinance the Credit Facility. A failure by the Company to perform its obligations under the Credit Facility could result in, among other adverse effects, the loss of the Company's Tishomingo Field assets.&#160; A copy of the Amended and Restated Credit Agreement was filed on SEDAR on June 26, 2017.&#160; See "Liquidity and Capital Resources" and "Contractual Obligations" above and the "Risk Factors" section in the Company's most recent Annual Information Form.&#160;</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">the other risks identified in the Company's most recent Annual Information Form under the "Risk Factors" section and the Company's other public disclosure, available under the Company's profile on SEDAR at www.sedar.com.</li>
    </ul>
    <div id="footer_page_16">
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 16 |&#160;&#160; Third Quarter 2021</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_17"></a>
    <p style="text-align: justify;">The Company seeks to mitigate these risks by:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">maintaining product mix to manage exposure to commodity price risk</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">monitoring production trends to maximize the potential of its capital spending program</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">from time to time, entering into financial commodity contracts to hedge against commodity price risk</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">ensuring strong third-party operators for non-operated properties</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">transacting with creditworthy counterparties</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">monitoring commodity prices and capital programs to manage cash flow</li>
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">reviewing proposed changes in applicable government regulations and laws to assess the impact on the Company's operations</li>
    </ul>
    <p style="text-align: justify;"><b>DISCLOSURE CONTROLS AND PROCEDURES</b></p>
    <p style="text-align: justify;">The Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO") have designed, or caused to be designed under their supervision, disclosure controls and procedures ("DC&amp;P") and internal controls over financial reporting ("ICOFR") as defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings in order to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements in accordance with IFRS.</p>
    <p style="text-align: justify;">The DC&amp;P have been designed to provide reasonable assurance that material information relating to KEI is made known to the CEO and CFO by others and that information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted by KEI under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation.&#160;</p>
    <p style="text-align: justify;">The CEO and CFO are required to cause the Company to disclose any change in the Company's ICOFR and DC&amp;P that occurred during the most recent interim period that has materially affected, or is reasonably likely to materially affect, the Company's ICOFR. No changes in ICOFR and DC&amp;P were identified during such period that have materially affected, or are reasonably likely to materially affect, the Company's ICOFR during the quarter ended September 30, 2021.</p>
    <p style="text-align: justify;">It should be noted that a control system, including the Company's DC&amp;P and ICOFR, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objective of the control system will be met and it should not be expected that DC&amp;P and ICOFR will prevent all errors or fraud.</p>
    <p style="text-align: justify;"><b>OUTLOOK</b></p>
    <p style="text-align: justify;">In the United States, the Company intends to drill and complete additional wells in the Caney/Sycamore formations on its Oklahoma lands as financing becomes available and the economic environment changes.&#160; In addition, the Company continues to utilize its technical and operational expertise to identify and acquire additional oil, gas and clean energy projects.&#160;</p>
    <p style="text-align: justify;"><b>NON-GAAP MEASURES</b></p>
    <p style="text-align: justify;">Netback from operations, netback including commodity contracts, net operating income and adjusted funds flow (collectively, the "Company's Non-GAAP Measures") are not measures recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by GAAP.&#160; Management of the Company believes that such measures are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole.&#160; The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures as reported by such organizations.&#160; The Company's Non-GAAP Measures should not be construed as alternatives to net income, cash flows related to operating activities, working capital or other financial measures determined in accordance with GAAP, as an indicator of the Company's performance.</p>
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 17 |&#160;&#160; Third Quarter 2021</td>
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    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_18"></a>
    <p style="text-align: justify;">Netback from operations per barrel and its components are calculated by dividing revenue, less royalties and operating expenses by the Company's sales volume during the period. Netback including commodity contracts is calculated by adjusting netback from operations by the realized gains or losses received from commodity contracts during the period.&#160; Netback is a non-GAAP measure but it is commonly used by oil and gas companies to illustrate the unit contribution of each barrel produced.&#160; The Company believes that the netback is a useful supplemental measure of the cash flow generated on each barrel of oil equivalent that is produced in its operations.&#160; However, non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures used by other companies and should not be used to make comparisons.&#160;</p>
    <p style="text-align: justify;">The following is the reconciliation of the non-GAAP measure netback from operations to net income (loss) from continuing operations:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><i>(US $000)</i></td>
            <td style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;" colspan="4"><b>Three months ended<br>September 30,</b></td>
            <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;" colspan="4"><b>Nine months ended&#160; <br>September 30,</b></td>
            <td style="vertical-align: bottom; text-align: center;" colspan="1">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;"><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">2020</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;"><b>2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">2020</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Net income (loss)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>608</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(616</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>(1,338</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(69,332</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">709</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">1,118</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">3,626</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">71,923</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>3,168</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,793</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">4,996</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2020</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2021</b></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2020</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,467</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">7,070</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">674</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 18 |&#160;&#160; Third Quarter 2021</td>
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        </table>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_19"></a>
    <p style="text-align: justify;">Adjusted funds flow is calculated as cash from operating activities excluding changes in non-cash operating working capital and interest expense. The Company considers this a key measure as it demonstrates its ability to generate funds from operations necessary for future growth excluding the impact from short-term fluctuations in the collection of accounts receivable and the payment of accounts payable and financing costs.&#160; The following is the reconciliation of the non-GAAP measure adjusted funds flow:</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(a)<font style="width: 6.9pt; text-indent: 0pt; display: inline-block;">&#160;</font>Interest expense on long-term debt excluding the amortization of debt issuance costs</p>
    <p style="text-align: justify;"><b>CAUTIONARY STATEMENTS</b></p>
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    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(b)<font style="width: 6.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>Discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value.</p>
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    <p style="text-align: justify;"><b>CAUTION REGARDING FORWARD-LOOKING INFORMATION</b></p>
    <p style="text-align: justify;">This MD&amp;A contains forward-looking information including expectations regarding the Company's reserve-based loan facility, including scheduled repayments, proposed timing and expected results of exploratory and development work in the Company's Tishomingo Field, expected productivity from current and future wells, planned capital expenditure programs and cost estimates, the effect of design and performance improvements on future productivity, planned use and sufficiency of proceeds from the Company's debt and equity financings, cash on hand and cash flow from operations and the Company's strategy and objectives. The use of any of the words "target", "plans", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe","intend" and similar expressions are intended to identify forward-looking statements.&#160;</p>
    <p style="text-align: justify;">Such forward-looking information is based on management's expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, declines will match the modeling, future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management's expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that well shut-ins will not materially reduce production or adversely affect future productivity, that anticipated results and estimated costs will be consistent with managements' expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained, that the combination of cash on hand and cash flow from operations will be sufficient to finance the Company's cash requirements through 2021, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserve-based loan facility and that the borrowing base will not be reduced, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy.</p>
    <div id="footer_page_19">
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            <tr>
                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 19 |&#160;&#160; Third Quarter 2021</td>
            </tr>
        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_20"></a>
    <p style="text-align: justify;">Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company's geologic and reservoir models or analysis are not validated, anticipated results and estimated costs will not be consistent with managements' expectations, that the Company will not achieve a comparable level of hedging going forward in respect of its existing production, that the Company will not achieve the results anticipated by management from the Company's cost reduction measures, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), well shut-ins and the potential for damage to the affected wells, the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that completion techniques require further optimization, that production rates do not match the Company's assumptions, that very low or no production rates are achieved, that the Company will cease to be in compliance with the covenants under its reserve-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base redetermination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve and the other risks identified in the Company's most recent Annual Information Form under the "Risk Factors" section and the Company's other public disclosure, available under the Company's profile on SEDAR at www.sedar.com.</p>
    <p style="text-align: justify;">Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this MD&amp;A is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information.&#160; The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.</p>
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 20 |&#160;&#160; Third Quarter 2021</td>
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        </table>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_21"></a>
    <p style="text-align: center;"><b>CORPORATE INFORMATION</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 50%;"><b>DIRECTORS AND OFFICERS</b></td>
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        </tr>
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 50%;">KPMG LLP</td>
        </tr>
        <tr>
            <td style="width: 50%;"><b>David Neuhauser&#160; </b><sup><b>1,2,3,5</b></sup></td>
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        </tr>
        <tr>
            <td style="width: 50%;">Director, Chairman of the Board</td>
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        <tr>
            <td style="width: 50%;">&#160;</td>
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            <td style="width: 50%;"><b>Eric Brown </b><sup><b>1,2,3,4,5</b></sup></td>
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            <td style="width: 50%;">&#160;</td>
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        <tr>
            <td style="width: 50%;"><b>Leslie O'Connor </b><sup><b>1,2,3,4,5</b></sup><sup><b>&#160; &#160; </b></sup></td>
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        <tr>
            <td style="width: 50%;">Director</td>
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        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 50%;">&#160;</td>
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        <tr>
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        <tr>
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        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 50%;">&#160;</td>
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        <tr>
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        <tr>
            <td style="width: 50%;">Chief Financial Officer and Vice President</td>
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        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 50%;">Houston, TX, USA</td>
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        <tr>
            <td style="width: 50%;"><i>1 Member of the Audit Committee</i></td>
            <td style="width: 50%;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 50%;"><i>2 Member of the Corporate Governance Committee</i></td>
            <td style="width: 50%;"><b>TRANSFER AGENT AND REGISTRAR</b></td>
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        <tr>
            <td style="width: 50%;"><i>3 Member of the Compensation Committee</i></td>
            <td style="width: 50%;">Computershare Trust Company</td>
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        <tr>
            <td style="width: 50%;"><i>4 Member of the HS&amp;E Committee</i></td>
            <td style="width: 50%;">Calgary, AB</td>
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        <tr>
            <td style="width: 50%;"><i>5 Member of the Reserves Committee</i></td>
            <td style="width: 50%;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 50%;">&#160;</td>
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        <tr>
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            <td style="width: 50%;"><b>HEAD OFFICE</b></td>
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        <tr>
            <td style="width: 50%;">The Toronto Stock Exchange</td>
            <td style="width: 50%;">Suite 207, 3623 Old Conejo Road</td>
        </tr>
        <tr>
            <td style="width: 50%;">Trading Symbol: KEI<i> </i>&#160;</td>
            <td style="width: 50%;">Newbury Park, CA, USA 91320</td>
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        <tr>
            <td style="width: 50%;">Over the Counter (OTC) QB</td>
            <td style="width: 50%;">Telephone: (805) 484-3613</td>
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        <tr>
            <td style="width: 50%;">Trading Symbol: KGEIF</td>
            <td style="width: 50%;">Fax: (805) 484-9649</td>
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        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 50%;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 50%;"><b>LEGAL COUNSEL</b></td>
            <td style="width: 50%;"><b>CANADIAN OFFICE</b></td>
        </tr>
        <tr>
            <td style="width: 50%;">DuMoulin Black LLP</td>
            <td style="width: 50%;">10<sup>th</sup> Floor, 595 Howe Street</td>
        </tr>
        <tr>
            <td style="width: 50%;">Vancouver, BC</td>
            <td style="width: 50%;">Vancouver, BC, Canada V6C 2T5</td>
        </tr>
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 50%;">Telephone (604) 687-1224&#160; &#160;</td>
        </tr>
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 50%;">Fax: (604) 687-3635</td>
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                <td style="width: 100%; text-align: center;"><b><i>Kolibri Global Energy Inc.</i></b>&#160;&#160; | 21 |&#160;&#160; Third Quarter 2021</td>
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<DOCUMENT>
<TYPE>EX-2.6
<SEQUENCE>8
<FILENAME>exhibit2-6.htm
<DESCRIPTION>EXHIBIT 2.6
<TEXT>
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<head>
    <title>Kolibri Global Energy Inc.: Exhibit 2.6 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
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            <td style="width: 100%; border: 2.25pt double #000000;">
                <p>&#160;</p>
                <p style="text-align: center;"><img src="exhibit2-6x001.jpg" style="width: 428px;" height="116"></p>
                <p>&#160;</p>
                <p>&#160;</p>
                <p style="margin-bottom: 0pt; text-align: center;"><font style="font-size: 12pt;"><b>Notice of Meeting</b></font></p>
                <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-size: 12pt;"><b>and</b></font></p>
                <p style="margin-top: 0pt; text-align: center;"><font style="font-size: 12pt;"><b>Management Information Circular</b></font></p>
                <p style="text-align: center;">with respect to the</p>
                <p style="margin-bottom: 0pt; text-align: center;"><b>Annual General Meeting</b></p>
                <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>of Shareholders of</b></p>
                <p style="margin-top: 0pt; text-align: center;"><b>Kolibri Global Energy Inc.</b></p>
                <p style="margin-top: 0pt; text-align: center;">&#160;</p>
                <p style="text-align: center;">to be held on July 28, 2021</p>
                <p style="text-align: center;">&#160;</p>
                <p style="text-align: center;">&#160;</p>
                <p style="text-align: center;">&#160;</p>
                <p style="text-align: center;">&#160;</p>
            </td>
        </tr>
    </table>
    <p style="text-align: center;">&#160;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: justify;"><img src="exhibit2-6x002.jpg" style="width: 335px;" height="91"></p>
    <p style="text-align: justify;">Dear Shareholder:</p>
    <p style="text-align: justify;">You are invited to attend the Annual General Meeting of Shareholders of Kolibri Global Energy Inc. to be held at 10th Floor - 595 Howe Street, Vancouver, British Columbia, V6C 2T5, on Wednesday, July 28, 2021 at the hour of 09:00 a.m. (local time in the city of Vancouver, British Columbia).</p>
    <p style="text-align: justify;">The business of the meeting is described in the accompanying Notice of Meeting and Management Information Circular.</p>
    <p style="text-align: justify;">Your participation in the meeting is important regardless of the number of shares you hold.&#160; If you cannot attend the meeting, please vote by completing, signing and dating the form of proxy or voting instruction form accompanying this notice of meeting and returning the same within the time and in the manner set out in the form of proxy or voting instruction form.</p>
    <p style="text-align: justify; background-color: #ffffff;"><b>This year, out of an abundance of caution, to proactively deal with the unprecedented public health impact of corona virus disease, also known as COVID-19, and to mitigate risks to the health and safety of our communities, shareholders, employees and other stakeholders, although we plan to hold an in-person meeting, we strongly recommend that shareholders vote by proxy or voting instruction form in advance of the meeting and DO NOT attend the meeting in person. Only the matters referred to in the accompanying Notice of Meeting will be addressed at the meeting. There will be no additional presentations at the meeting. </b></p>
    <p style="text-align: justify;"><b>Shareholders can join the meeting by telephone by requesting the dial-in details to our conference line from Barbara Fox at </b><u><b>bfox@kolibrienergy.com</b></u><b>. Please dial-in 5-10 minutes prior to the scheduled start time. </b></p>
    <p style="text-align: justify;"><b>Shareholders who dial-in to our conference line will be not able to vote through this method. We recommend that you vote by proxy or voting instruction form in advance of the meeting.</b></p>
    <p style="text-align: justify;">&#160;</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 0.75pt solid #000000;"><i>"David Neuhauser"</i></td>
            <td style="width: 10%;">&#160;</td>
            <td style="width: 45%; border-bottom: 0.75pt solid #000000;"><i>"Wolf Regener"</i> &#160; &#160; &#160;</td>
        </tr>
        <tr>
            <td><b>DAVID NEUHAUSER</b></td>
            <td style="width: 10%;">&#160;</td>
            <td style="width: 45%;"><b>WOLF REGENER</b></td>
        </tr>
        <tr>
            <td>Chairman of the Board</td>
            <td style="width: 10%;">&#160;</td>
            <td style="width: 45%;">President &amp; Chief Executive Officer</td>
        </tr>
    </table>
    <p style="text-align: justify;">&#160;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: center;"><font style="color: #000000;"><b>KOLIBRI GLOBAL ENERGY INC.</b></font><br><b>3623 Old Conejo Road, Suite 207</b><br><b>Newbury Park, California 91320</b></p>
    <p style="text-align: center;"><b>NOTICE OF ANNUAL GENERAL MEETING</b></p>
    <p style="text-align: justify;">NOTICE IS HEREBY GIVEN THAT the annual general meeting of the shareholders of Kolibri Global Energy Inc. (the "<b>Company</b>") will be held at 10th Floor - 595 Howe Street, Vancouver, British Columbia, V6C 2T5, on Wednesday, July 28, 2021 at the hour of 09:00 a.m. (local time in the City of Vancouver, British Columbia), and any adjournments thereof, for the following purposes:</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">1.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>to receive and consider the report of the directors and the consolidated financial statements of the Company together with the auditors' report thereon for the financial year ended December 31, 2020;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">2.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>to fix the number of directors at four (4);</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">3.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>to elect directors for the ensuing year;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">4.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>to appoint the auditors for the ensuing year and authorize the directors to fix the remuneration to be paid to the auditors; and</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>to transact such further or other business as may properly come before the meeting and any adjournments thereof.</p>
    <p style="text-align: justify;">The accompanying information circular provides additional information relating to the matters to be dealt with at the meeting and is deemed to form part of this notice of meeting.</p>
    <p style="text-align: justify; background-color: #ffffff;"><b>This year, out of an abundance of caution, to proactively deal with the unprecedented public health impact of corona virus disease, also known as COVID-19, and to mitigate risks to the health and safety of our communities, shareholders, employees and other stakeholders, although we plan to hold an in-person meeting, we strongly recommend that shareholders vote by proxy or voting instruction form in advance of the meeting and DO NOT attend the meeting in person. Only the matters referred to in the accompanying Notice of Meeting will be addressed at the meeting. There will be no additional presentations at the meeting. </b></p>
    <p style="text-align: justify;"><b>Shareholders can join the meeting by telephone by requesting the dial-in details to our conference line from Barbara Fox at </b><u><b>bfox@kolibrienergy.com</b></u><b>. Please dial-in 5-10 minutes prior to the scheduled start time. </b></p>
    <p style="text-align: justify;"><b>Shareholders who dial-in to our conference line will be not able to vote through this method. We recommend that you vote by proxy or voting instruction form in advance of the meeting.</b></p>
    <p style="text-align: justify;">DATED this 22<sup>nd</sup> day of June, 2021.</p>
    <p style="margin-left: 50%; text-align: justify;"><b>By Order of the Board of Directors of</b><br><b>Kolibri Global Energy Inc.</b></p>
    <p style="margin-left: 50%; text-align: justify;"><u><i>"Wolf Regener"</i></u><u> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; </u><br><b>WOLF REGENER</b><br>President and Chief Executive Officer</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <p style="text-align: center;"><font style="color: #000000;"><b>KOLIBRI GLOBAL ENERGY INC.</b></font><br><b>3623 Old Conejo Road, Suite 207</b><br><b>Newbury Park, California 91320</b></p>
    <p style="text-align: center;"><b>MANAGEMENT INFORMATION CIRCULAR</b><br><i><b>(Unless otherwise indicated, all information is as at June 22, 2021)</b></i></p>
    <p style="text-align: justify;">The Company is providing this information circular (the "<b>Information Circular</b>") and a form of proxy in connection with management's solicitation of proxies for use at the annual general meeting (the "<b>Meeting</b>") of the Company to be held on Wednesday, July 28, 2021 and at any adjournments thereof.&#160; Unless the context otherwise requires, when we refer in this Information Circular to the Company, its subsidiaries are also included.&#160; The Company will conduct its solicitation by mail and officers and employees of the Company may, without receiving special compensation, also telephone or make other personal contact.&#160; The Company will pay the cost of solicitation.</p>
    <p style="text-align: justify;"><b>Unless otherwise indicated, dollar figures in this Information Circular are in U.S. currency.&#160; Canadian dollars are referred to as "C$" herein.</b></p>
    <p style="text-align: justify; background-color: #ffffff;">This year, out of an abundance of caution, to proactively deal with the unprecedented public health impact of corona virus disease, also known as COVID-19, and to mitigate risks to the health and safety of our communities, shareholders, employees and other stakeholders, we strongly recommend that shareholders vote by proxy or voting instruction form in advance of the Meeting and DO NOT attend the Meeting in person.</p>
    <p style="text-align: justify;">Shareholders can join the Meeting by telephone by requesting the dial-in details to our conference line from Barbara Fox at <u><b>bfox@kolibrienergy.com</b></u>. Please dial-in 5-10 minutes prior to the scheduled start time.</p>
    <p style="text-align: justify;">Shareholders who dial-in to our conference line will be not able to vote through this method. We recommend that you vote by proxy or voting instruction form in advance of the Meeting.</p>
    <p style="text-align: center;"><b>APPOINTMENT OF PROXYHOLDER</b></p>
    <p style="text-align: justify;">The purpose of a proxy is to designate persons who will vote the proxy on a shareholder's behalf in accordance with the instructions given by the shareholder in the proxy.&#160; The persons whose names are printed in the enclosed form of proxy are officers or directors of the Company (the "<b>Management Proxyholders</b>").</p>
    <p style="text-align: justify;"><b>A shareholder has the right to appoint a person other than a Management Proxyholder, to represent the shareholder at the Meeting by inserting the desired person's name in the blank space provided or by executing a proxy in a form similar to the enclosed form. A proxyholder need not be a shareholder.</b></p>
    <p style="text-align: center;"><b>VOTING BY PROXY</b></p>
    <p style="text-align: justify;"><b>Only registered shareholders or duly appointed proxyholders are permitted to vote at the Meeting.&#160; </b>Common shares of the Company ("<b>Shares</b>") represented by a properly executed proxy will be voted or be withheld from voting on each matter referred to in the Notice of Meeting in accordance with the instructions of the shareholder on any ballot that may be called for and if the shareholder specifies a choice with respect to any matter to be acted upon, the Shares will be voted accordingly.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <div id="header_page_5">
        <p style="text-align: center;">- 2 -</p>
    </div>
    <p style="text-align: justify;"><b>If a shareholder does not specify a choice and the shareholder has appointed one of the Management Proxyholders as proxyholder, the Management Proxyholder will vote in favour of the matters specified in the Notice of Meeting and in favour of all other matters proposed by management at the Meeting.</b></p>
    <p style="text-align: justify;"><b>The enclosed form of proxy also gives discretionary authority to the person named therein as proxyholder with respect to amendments or variations to matters identified in the Notice of the Meeting and with respect to other matters which may properly come before the Meeting. </b>At the date of this Information Circular, management of the Company knows of no such amendments, variations or other matters to come before the Meeting.</p>
    <p style="text-align: center;"><b>COMPLETION AND RETURN OF PROXY</b></p>
    <p style="text-align: justify;">Completed forms of proxy must be deposited at the office of the Company's registrar and transfer agent, Computershare Trust Company of Canada, Proxy Department, 100 University Avenue, 8th Floor, Toronto, Ontario M5J 2Y1; or sent by fax to Computershare Trust Company of Canada, Proxy Department at 1-866-249-7775 within North America or (416) 263-9524 outside North America, not later than two business days, excluding Saturdays, Sundays and holidays, prior to the time of the Meeting, unless the chairman of the Meeting elects to exercise his discretion to accept proxies received subsequently.</p>
    <p style="text-align: center;"><b>NOTICE-AND-ACCESS</b></p>
    <p style="text-align: justify;">The Company is not sending this Information Circular to registered or beneficial shareholders using "notice-and-access" as defined under NI 54-101 -<i> Communication with Beneficial Owners of Securities of a Reporting Issuer </i>("<b>NI 54-101</b>") of the Canadian Securities Administrators.</p>
    <p style="text-align: center;"><b>NON-REGISTERED HOLDERS</b></p>
    <p style="text-align: justify;"><b>Only shareholders whose names appear on the records of the Company as the registered holders of Shares or duly appointed proxyholders are permitted to vote at the Meeting.</b><i><b> </b></i>Most shareholders of the Company are "non-registered" shareholders because the Shares they own are not registered in their names but instead are registered in the name of a nominee such as a brokerage firm through which they purchased the Shares; bank, trust company, trustee or administrator of self-administered RRSPs, RRIFs, RESPs and similar plans; or clearing agency such as The Canadian Depository for Securities Limited (a "<b>Nominee</b>"). If you purchased your Shares through a broker, you are likely to be a non-registered holder.</p>
    <p style="text-align: justify;">In accordance with securities regulatory policy, the Company has distributed copies of the Meeting materials, being the Notice of Meeting, this Information Circular and the Proxy, to the Nominees for distribution to non-registered holders.&#160; Nominees are required to forward the Meeting materials to non-registered holders to seek their voting instructions in advance of the Meeting.&#160; Shares held by Nominees can only be voted in accordance with the instructions of the non-registered holder.&#160; The Nominees often have their own form of proxy, mailing procedures and provide their own return instructions.&#160; If you wish to vote by proxy, you should carefully follow the instructions from the Nominee in order that your Shares are voted at the Meeting.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <div id="header_page_6">
        <p style="text-align: center;">- 3 -</p>
    </div>
    <p style="text-align: justify;">If you, as a non-registered holder, wish to vote at the Meeting in person, you should appoint yourself as proxyholder by writing your name in the space provided on the request for voting instructions or proxy provided by the Nominee and return the form to the Nominee in the envelope provided. Do not complete the voting section of the form as your vote will be taken at the Meeting.</p>
    <p style="text-align: justify;">In accordance with the requirements of NI 54-101, the Company has elected to send the Meeting materials directly to "non-objecting beneficial owners" ("<b>NOBOs</b>"). If the Company or its agent has sent these materials directly to you (instead of through a Nominee), your name and address and information about your holdings of securities have been obtained in accordance with applicable securities regulatory requirements from the Nominee holding on your behalf.&#160; By choosing to send these materials to you directly, the Company (and not the Nominee holding on your behalf) has assumed responsibility for (i) delivering these materials to you and (ii) executing your proper voting instructions. Please return your voting instructions as specified in the request for voting instructions.&#160;</p>
    <p style="text-align: justify;">The Company intends to pay for an intermediary to deliver to "objecting beneficial owners" (or "<b>OBOs</b>") the proxy-related materials and Form 54-101F7 <i>Request for Voting Instructions Made by Intermediary</i>.</p>
    <p style="text-align: center;"><b>REVOCABILITY OF PROXY</b></p>
    <p style="text-align: justify;">In addition to revocation in any other manner permitted by law, a shareholder, his or her attorney authorized in writing or, if the shareholder is a corporation, a corporation under its corporate seal or by an officer or attorney thereof duly authorized, may revoke a proxy by instrument in writing, including a proxy bearing a later date. The instrument revoking the proxy must be deposited at the registered office of the Company, at any time up to and including the last business day preceding the date of the Meeting, or any adjournments thereof, or with the chairman of the Meeting on the day of the Meeting.</p>
    <p style="text-align: justify;">Only registered shareholders have the right to revoke a proxy.&#160; Non-registered holders who wish to change their vote must, in sufficient time in advance of the Meeting, arrange for their respective Nominees to revoke the proxy on their behalf.</p>
    <p style="text-align: center;"><b>VOTING SHARES AND PRINCIPAL HOLDERS THEREOF</b></p>
    <p style="text-align: justify;">The Company is authorized to issue an unlimited number of Shares without par value, of which 232,922,625 Shares are issued and outstanding as of at June 22, 2021, the record date for the Meeting (the "<b>Record Date</b>").&#160; Persons who are registered shareholders at the close of business on the Record Date will be entitled to receive notice of and vote at the Meeting and will be entitled to one vote for each Share held. The Company has only one class of shares currently issued and outstanding.</p>
    <p style="text-align: justify;">To the knowledge of the directors and executive officers of the Company, except as disclosed below, no person beneficially owns, controls or directs, directly or indirectly, Shares carrying 10% or more of the voting rights attached to all Shares of the Company.</p>
    <p style="text-align: justify;">On January 3, 2018 Harrington Global Limited ("<b>Harrington Global</b>") which manages and advises Harrington Opportunities Fund Limited (the "<b>Harrington Fund</b>"), filed an early warning report, pursuant to which the Harrington Fund was reported to beneficially own, as at January 3, 2018, 36,223,000 Common Shares, representing approximately 15.57% of the issued and outstanding share capital in the Company.</p>
    <p style="text-align: justify;">According to the Company's filings on SEDI, as at the Record Date, Harrington Global beneficially owned 40,770,500 Shares, representing approximately 17.50% of the issued and outstanding share capital of the Company. The directors and executive officers of the Company are not aware of any change in the foregoing information.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
    <div id="header_page_7">
        <p style="text-align: center;">- 4 -</p>
    </div>
    <p style="text-align: center;"><b>BUSINESS OF THE ANNUAL GENERAL MEETING</b></p>
    <p style="text-align: justify;"><b>Receipt of the Financial Statements and Auditors' Report</b></p>
    <p style="text-align: justify;">The consolidated financial statements of the Company for the year ended December 31, 2020 and the auditors' report thereon will be placed before the shareholders at the Meeting.</p>
    <p style="text-align: justify;">If you wish to receive interim and/or annual<b> </b>financial statements from the Company you are encouraged to send the enclosed return card to Computershare Investor Services Inc. at the address set forth on the return card.</p>
    <p style="text-align: justify;"><b>Election of Directors</b></p>
    <p style="text-align: justify;">The directors of the Company are elected at each annual meeting and hold office until the next annual meeting or until their successors are appointed.</p>
    <p style="text-align: justify;">Shareholder approval will be sought to fix the number of directors of the Company at four (4).</p>
    <p style="text-align: justify;">The Company has an Audit Committee, a Compensation Committee, a Corporate Governance Committee, a Health, Safety and Environmental ("<b>HS&amp;E</b>") Committee and a Reserves Committee.</p>
    <p style="text-align: justify;">Management of the Company proposes to nominate each of the following persons for election as a director.&#160; Information concerning such persons, as furnished by the individuals, is as follows:</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="width: 30%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Name, Jurisdiction of Residence and Position</b></p>
            </td>
            <td style="width: 36%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt;"><b>Principal Occupation, Business or</b><br><b>Employment</b></p>
                <p style="text-align: center; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="width: 13%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Previous</b><br><b>Service</b><br><b>as a Director</b></p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Number of Shares <br>beneficially owned, or</b><br><b>controlled or directed,</b><br><b>directly or indirectly</b><sup><b>(6</b></sup><sup><b>)</b></sup></p>
            </td>
        </tr>
        <tr>
            <td style="margin-bottom: 0pt; vertical-align: top;">
                <p style="margin-bottom: 0pt; margin-top: 0pt;"><b>David Neuhauser</b><sup>(</sup><sup>1)(</sup><sup>2)</sup><sup>(3)</sup><sup>(5)</sup></p>
                <p style="margin-top: 0pt;">Illinois, USA<br>Director</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>Founder and Managing Director of Livermore Partners LLC</p>
            </td>
            <td style="width: 13%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Since <br>November 1, 2016</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">11,946,900<sup>(</sup><sup>9</sup><sup>)</sup></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p><b>Eric Brown</b><sup>(1)</sup><sup>(</sup><sup>2)(</sup><sup>3)</sup><sup>(4)(5)</sup><br>British Columbia, Canada<br>Director</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>President, E M Brown Consulting Corporation</p>
            </td>
            <td style="width: 13%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Since<br>May 26, 2008</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">412,000<sup>(</sup><sup>7</sup><sup>)</sup></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p><b>Leslie O'Connor</b><sup>(</sup><sup>1)(2)(3)(4)(</sup><sup>5)</sup><br>Colorado, USA<br>Director</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>Associate of MHA Petroleum Consultants, LLC. since February 2017. Managing Partner of MHA Petroleum Consultants, LLC. between May 2006 and February 2017.</p>
            </td>
            <td style="width: 13%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Since<br>April 11, 2014</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">25,000</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p><b>Wolf Regener</b><sup>(4)</sup><br>California, USA<br>President, CEO and Director</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>President and CEO of the Company since May 27, 2008</p>
            </td>
            <td style="width: 13%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Since<br>May 25, 2010</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2,575,927<sup>(</sup><sup>8</sup><sup>)</sup></p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; text-align: justify;">(1)<font style="width: 24pt; display: inline-block;">&#160;</font>Member of the Audit Committee.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">(2)<font style="width: 24pt; display: inline-block;">&#160;</font>Member of the Compensation Committee.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">(3)<font style="width: 24pt; display: inline-block;">&#160;</font>Member of the Corporate Governance Committee.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">(4)<font style="width: 24pt; display: inline-block;">&#160;</font>Member of the HS&amp;E Committee.</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">(5)<font style="width: 24pt; display: inline-block;">&#160;</font>Member of the Reserves Committee.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify;">(6)<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Shares beneficially owned, or controlled or directed, directly or indirectly, as at the Record Date, based upon information furnished to the Company by individual directors.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify;">(7)<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>249,000 Shares held through E M Brown Consulting Corp., a company controlled by Mr. Brown.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify;">(8)<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>1,312,661 Shares held through Regener Family Trust; 891,333 Shares held through W&amp;L Regener Family Trust; 218,333 Shares held through NextGen Energy Inc.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -36pt; text-align: justify;">(9)<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>11,946,900 Shares held through Livermore Partners LLC., a company controlled by Mr. Neuhauser.</p>
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    <div id="header_page_8">
        <p style="text-align: center;">- 5 -</p>
    </div>
    <p style="text-align: justify;"><b>Unless otherwise instructed, the persons named as proxyholder in the enclosed form of proxy intend to vote for the fixing of the number of directors at four (4) and for the director nominees listed herein.&#160; </b></p>
    <p style="text-align: justify;">No proposed director is to be elected under any arrangement or understanding between the proposed director and any other person or company, except the directors and executive officers of the Company acting solely in such capacity.</p>
    <p style="text-align: justify;">The Board believes that each director should have the confidence and support of the shareholders of the Company. To this end, the Board has unanimously adopted an Amended and Restated Majority Voting Policy and future nominees for election to the Board will be required to confirm that they will abide by this Amended and Restated Majority Voting Policy. Readers are referred to the full text of the policy, which is set out at Schedule "B" to this Information Circular.</p>
    <p style="text-align: justify;">To the knowledge of the Company, except as set out below, no proposed director:</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">(a)<font style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font>is, as at the date of the Information Circular, or has been, within 10 years before the date of the Information Circular, a director, chief executive officer ("<b>CEO</b>") or chief financial officer ("<b>CFO</b>") of any company (including the Company) that:</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(i)<font style="width: 25.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>was the subject, while the proposed director was acting in the capacity as director, CEO or CFO of such company, of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days; or</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(ii)<font style="width: 23.06pt; text-indent: 0pt; display: inline-block;">&#160;</font>was subject to a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, that was issued after the proposed director ceased to be a director, CEO or CFO but which resulted from an event that occurred while the proposed director was acting in the capacity as director, CEO or CFO of such company; or</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">(b)<font style="width: 24.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>is, as at the date of this Information Circular, or has been within 10 years before the date of the Information Circular, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">(c)<font style="width: 24.9pt; text-indent: 0pt; display: inline-block;">&#160;</font>has, within the 10 years before the date of this Information Circular, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director; or</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">(d)<font style="width: 24.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or</p>
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    <div id="header_page_9">
        <p style="text-align: center;">- 6 -</p>
    </div>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">(e)<font style="width: 24.9pt; text-indent: 0pt; display: inline-block;">&#160;</font>has been subject to any penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder in deciding whether to vote for a proposed director.</p>
    <p style="text-align: justify;">Certain directors of the Company are presently directors of other reporting issuers (see "Participation of Directors in Other Reporting Issuers").</p>
    <p style="text-align: justify;"><b>Appointment of Auditors</b></p>
    <p style="text-align: justify;">The shareholders will be asked to vote for the appointment of KPMG LLP, Chartered Professional Accountants, of Calgary, Alberta, as auditors of the Company until the close of the next annual meeting, at such remuneration as may be approved by the Board.&#160; KPMG were first appointed auditors of the Company in May 2008.</p>
    <p style="text-align: justify;"><b>Unless otherwise instructed, the persons named as proxyholder in the enclosed form of proxy intend to vote for the appointment of KPMG LLP, Chartered Professional</b> <b>Accountants as auditors of the Company.</b></p>
    <p style="text-align: center;"><b>EXECUTIVE COMPENSATION AND REMUNERATION OF DIRECTORS</b></p>
    <p style="text-align: justify;">The following Compensation Discussion and Analysis is intended to provide information about the Company's philosophy, objectives and processes regarding compensation for the executive officers of the Company. It explains how decisions regarding executive compensation are made and the reasoning behind these decisions.</p>
    <p style="text-align: justify;"><b>Compensation Philosophy and Objectives of Compensation Programs</b></p>
    <p style="text-align: justify;">To achieve the Company's objectives, the Company believes it is critical to create and maintain compensation programs that attract and retain committed, highly-qualified personnel and to motivate them to assist in the achievement of the Company's business objectives, by providing appropriate rewards and incentives.</p>
    <p style="text-align: justify;">The Company's compensation program is designed to reward performance that contributes to the achievement of the Company's business strategy on both a short-term and long-term basis, without unduly increasing the risks associated with the Company's business and its business strategy. In furtherance of the foregoing the Company strives to reward qualities that it believes help achieve its strategy such as teamwork, individual performance in light of general economic and industry specific conditions, efforts to mitigate the business, financial and other risks facing the Company, integrity and resourcefulness, the ability to manage the Company's existing assets, the ability to identify and pursue new business opportunities, responsibility and accountability, and tenure with the Company.</p>
    <p style="text-align: justify;"><b>Risk-Management Implications</b></p>
    <p style="text-align: justify;">The Compensation Committee exercises both positive and negative discretion in relation to compensation and the allocation of 'at-risk' compensation (being cash bonuses and securities-based compensation), to encourage and reward performance that does not increase, and where practical mitigates, the Company's exposure to business and financial risks including those identified in the Company's Annual Information Form and Management's Discussion and<b> </b>Analysis.&#160; The nature of the business and the competitive environment in which the Company operates requires some level of risk-taking to achieve growth.&#160; The following aspects of the Company's executive compensation program are designed to encourage practices and activities that should enhance long-term value and sustainable growth and limit incentives that could encourage inappropriate or excessive risk-taking:</p>
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    <div id="header_page_10">
        <p style="text-align: center;">- 7 -</p>
    </div>
    <p style="margin-left: 72pt; margin-bottom: 0pt; text-indent: -39.6pt; text-align: justify;">&#8226;<font style="display: inline-block; width: 40.0pt;">&#160;</font>an annual cash bonus target, determined as a percentage of an executive's annual salary, that may be earned in a calendar year;</p>
    <p style="margin-top: 0pt; margin-left: 72pt; margin-bottom: 0pt; text-indent: -39.6pt; text-align: justify;">&#8226;<font style="display: inline-block; width: 40.0pt;">&#160;</font>staged vesting over a two or three year period of stock options granted to executives with a maximum of one-third vesting per annum; and</p>
    <p style="margin-top: 0pt; margin-left: 72pt; text-indent: -39.6pt; text-align: justify;">&#8226;<font style="display: inline-block; width: 40.0pt;">&#160;</font>staged vesting over a three year period of restricted share units.</p>
    <p style="text-align: justify;">The Compensation Committee regularly considers risks associated with the Company's compensation policies and practices. The Compensation Committee has not identified compensation policies or practices that are reasonably likely to have a material adverse effect on the Company.</p>
    <p style="text-align: justify;">The Company has adopted a policy prohibiting Named Executive Officers (as defined below) or directors from purchasing financial instruments that are designed to hedge or offset a decrease in market value of equity securities of the Company granted as compensation or held, directly or indirectly, by Named Executive Officers or directors.</p>
    <p style="text-align: justify;"><b>Compensation Mix</b></p>
    <p style="text-align: justify;">The Company compensates its executive officers through base salary, cash bonuses, the award of stock options under the Company's stock option plan (the "<b>Option Plan</b>") and the award of restricted share units under the Company's restricted share units plan (the "<b>RSU Plan</b>") at levels which the Compensation Committee believes are reasonable in light of the performance of the Company under the leadership of the executive officers. The objective of the compensation program is to provide a combination of short, medium and long term incentives that reward performance and also are designed to achieve retention of high-quality executives. No bonuses were paid by the Company to its Named Executive Officers for the year ended December 31, 2020.</p>
    <p style="text-align: justify;">The following table provides an overview of the elements of the Company's compensation program.</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p><b>Compensation <br>Element</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p><b>Award <br>Type</b></p>
            </td>
            <td style="width: 39%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><b>Objective</b></p>
            </td>
            <td style="width: 36%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; white-space: nowrap;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><b>Key Features</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>Base Salary</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>Salary</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>Provides a fixed level of regularly paid cash compensation for performing day-to-day executive level responsibilities.</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>Recognizes each officer's unique value and historical contribution to the success of the Company in light of salary norms in the industry and the general marketplace.</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>Annual Cash Bonuses</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>Annual non-equity incentive plan</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>Motivates executive officers to achieve key corporate objectives by rewarding the achievement of these objectives.</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>Discretionary cash payments recommended to the Board by the Compensation Committee based upon contribution to the achievement of corporate objectives and individual performance.</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>Long-Term Incentives</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>Option-based and share-based awards</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: top;">
                <p>Long-term, equity-based, incentive compensation that rewards long-term performance by allowing executive officers to participate in the long-term appreciation of the Company's Shares. The Compensation Committee believes that the granting of stock options and/or restricted share units is required in order for the Company to be competitive with its peers from a total remuneration standpoint and to encourage executive officer retention.</p>
            </td>
            <td style="width: 36%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top;">
                <p style="margin-bottom: 0pt; margin-top: 0pt;">Annual and special incentive stock option awards granted as determined by the Board, typically based on recommendations from the Compensation Committee.&#160; Options are granted at market price, generally vesting over two or three years and having a term of five years.</p>
                <p style="margin-top: 0pt; margin-bottom: 0pt;"><br>Restricted share units vest over a three-year period.</p>
            </td>
        </tr>
    </table>
    <br>
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    <div id="header_page_11">
        <p style="text-align: center;">- 8 -</p>
    </div>
    <p style="text-align: justify;">The Named Executive Officers are also eligible to participate in the same benefits offered to all full-time employees. The Company does not view these benefits as a significant element of its compensation structure but does believe that they can be used in conjunction with base salary to attract, motivate and retain individuals in a competitive environment.</p>
    <p style="text-align: justify;"><b>Assessment of Compensation</b></p>
    <p style="text-align: justify;">In determining appropriate levels of executive compensation the Compensation Committee utilizes publicly available compensation surveys and information contained within annual proxy circulars. The Compensation Committee also takes into account recommendations made by the Chief Executive Officer in respect of the Named Executive Officers (other than himself). In reviewing comparative data, the Compensation Committee does not engage in benchmarking for the purposes of establishing compensation levels relative to any predetermined point. In the Compensation Committee's view, external and third-party survey data provides an insight into external competitiveness, but is not an appropriate single basis for establishing compensation levels. This is primarily due to the differences in the size, scope and location of operations of comparable corporations and the lack of sufficient appropriate matches to provide statistical relevance.</p>
    <p style="text-align: justify;"><b>Salary:</b> Base salary is intended to compensate core competences in the executive role relative to skills, experience and contribution to the Company. Base salary provides fixed compensation determined by reference to competitive market information. The Compensation Committee believes that salaries should be competitive and, as such, should provide the executive officers with an appropriate compensation that reflects their level of responsibility, industry experience, individual performance and contribution to the growth of the Company. The 2020 base salaries of the Named Executive Officers of the Company disclosed in the "<i>Summary Compensation Table</i>", were established primarily on this basis.</p>
    <p style="text-align: justify;"><b>Annual Cash Bonuses:</b><i><b> </b></i>Bonuses are paid at the discretion of the Board on recommendation of the Compensation Committee, based upon the performance of the individual, achievement of corporate objectives and the individual executive's contribution thereto. Bonuses awarded by the Compensation Committee are intended to be competitive with the market while rewarding executive officers for meeting qualitative goals, including delivering near-term financial and operating results, developing long-term growth prospects, improving the efficiency and effectiveness of business operations and building a culture of teamwork focused on creating long-term shareholder value. Consistent with the flexible nature of the annual bonus program, the Compensation Committee does not assign any specific weight to any particular performance goal. The Board can exercise discretion to award compensation absent attainment of a pre-determined performance goal, or to reduce or increase the size of a bonus award.&#160; To date, the Board has not exercised its discretion to award a bonus absent attainment of applicable performance goals. The Compensation Committee considers not only the Company's performance during the year with respect to the qualitative goals, but also with respect to market and economic trends and forces, extraordinary internal and market-driven events, unanticipated developments and other extenuating circumstances. In sum, the Compensation Committee analyzes the total mix of available information on a qualitative, rather than quantitative, basis in making bonus determinations. Target bonuses for Named Executive Officers may be exceeded if an executive officer is instrumental in the achievement of favourable milestones in addition to pre-determined objectives, and in circumstances where an executive's individual commitment and performance is exceptional.</p>
    <p style="text-align: justify;"><b>Long-Term Incentives:</b><i><b> </b></i>The allocation of stock options and restricted share units, and the terms thereof, are integral components of the compensation package of the executive officers of the Company. The Company's Option Plan and RSU Plan are in place for the purpose of providing equity-based compensation to its officers, employees and consultants. The Compensation Committee believes that the grant of options and restricted share units to the executive officers serve to motivate achievement of the Company's long-term strategic objectives and the result will benefit all shareholders of the Company. Stock options and restricted share units are awarded to employees of the Company (including the directors and Named Executive Officers) by the Board based in part upon the recommendation of the Compensation Committee, which bases its recommendations in part upon recommendations of the Chief Executive Officer relative to the level of responsibility and contribution of the individuals toward the Company's goals and objectives.</p>
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    <div id="header_page_12">
        <p style="text-align: center;">- 9 -</p>
    </div>
    <p style="text-align: justify;">To date, stock options granted to Named Executive Officers generally vest in tranches of one-third at the time of grant (subject to any applicable probationary period) and one-third on each of the first and second anniversary date of grant.&#160; The Compensation Committee exercises its discretion to adjust the number of stock options and restricted share units awarded based upon its assessment of individual and corporate performance and the anticipated future hiring requirements of the Company. Also, the Compensation Committee considers the overall number of stock options and restricted share units that are outstanding relative to the number of outstanding Shares of the Company and the overall number of stock options and restricted share units held by each individual optionee relative to the number of stock options and restricted share units that are available under the Option Plan and RSU Plan in determining whether to make any new grants of stock options and restricted share units and the size of such grants. The granting of specific options and share units to Named Executive Officers are generally reviewed by the Compensation Committee for recommendation to the Board for final approval.&#160; To date, the Compensation Committee has not recommended the grant of any restricted share units to Named Executive Officers or directors of the Company.</p>
    <p style="text-align: justify;"><b>Performance Analysis </b></p>
    <p style="text-align: justify;">The following graph compares the yearly change in the cumulative total shareholder return for the Company's five most recently completed financial years, assuming an investment of C$100 was made on January 1, 2016 in the Shares, with the cumulative total return of the S&amp;P/TSX Composite Index for the comparable period.</p>
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    <div id="header_page_13">
        <p style="text-align: center;">- 10 -</p>
    </div>
    <p style="text-align: center;"><img src="exhibit2-6x003.jpg" style="width: 625px;" height="383"></p>
    <p style="text-align: justify;">The trend in the Company's share price shown in the above graph corresponds approximately to the Company's compensation to its Named Executive Officers during the same periods.</p>
    <p style="text-align: justify;">The Compensation Committee reviews and recommends to the Board the remuneration of the Company's Named Executive Officers. The Compensation Committee's recommendations are based on a number of factors, including the Company's performance as measured by the advancement of business objectives, which performance is not necessarily reflected in the trading price of the Shares on the Toronto Stock Exchange (the "<b>TSX</b>"). See "<i>Compensation Discussion and Analysis</i>" above. The trading price of the Shares on the TSX is subject to fluctuation based on a number of factors, many of which are outside the control of the Company. These include, but are not limited to, fluctuations and volatility in commodity prices for crude oil, natural gas and natural gas liquids, fluctuations and volatility in foreign exchange rates, global economic conditions, changes in government, environmental policies, legislation and royalty regimes, and other factors, some of which are disclosed and discussed under the heading "Principal Business Risks" in the Company's most recently filed annual and interim Management's Discussion and Analysis and under the heading "Risk Factors" in the most recently filed Annual Information Form of the Company, all of which are available for viewing under the Company's profile at <font style="color: #0000ff;"><u><i>www.sedar.com</i></u></font>.</p>
    <p style="text-align: justify;"><b>Compensation Governance</b></p>
    <p style="text-align: justify;">The Company's executive compensation program is administered by the Compensation Committee, which is currently comprised solely of independent directors. During the fiscal year ended December 31, 2020, the Compensation Committee was comprised of Messrs. David Neuhauser, Eric Brown and Ford Nicholson. On October 28, 2020, Ford Nicholson was replaced by Leslie O'Connor.&#160; Each member of the Compensation Committee is independent, as defined by applicable securities legislation, and is experienced in dealing with compensation matters by virtue of having previously held senior executive or similar positions requiring such individuals to be directly involved in establishing compensation philosophy and policies and in determining overall compensation of executives.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <div id="header_page_14">
        <p style="text-align: center;">- 11 -</p>
    </div>
    <p style="text-align: justify;">As part of its mandate, the Compensation Committee reviews and recommends to the Board the remuneration of the Company's senior executive officers. The Compensation Committee is also responsible for reviewing the Company's compensation policies and guidelines generally. During 2020, the Compensation Committee held three (3) formal meetings and several informal meetings to address compensation matters including matters relating to hiring decisions and option awards.</p>
    <p style="text-align: justify;">The Compensation Committee has a written mandate that sets out the Compensation Committee's structure, operations, and responsibilities.&#160; Among other things, the mandate requires the Board to appoint to the Compensation Committee three or more directors who meet the independence and experience requirements of applicable securities laws and stock exchange policies, as determined by the Board.&#160; The chair of the Compensation Committee may be designated by the Board or, if it does not do so, the members of the Compensation Committee may elect a chair by majority vote.&#160; Decisions at Committee meetings are decided by a majority of votes cast.&#160; The mandate also grants the Compensation Committee access to officers, employees and information of the Company and the authority to engage independent counsel and advisors as it deems necessary to perform its duties and responsibilities.&#160; The mandate of the Compensation Committee is described under "<i>Corporate Governance Practices - Compensation of Directors and the Chief Executive Officer</i>".</p>
    <p style="text-align: justify;"><b>Summary Compensation Table</b></p>
    <p style="text-align: justify;">The following table (presented in accordance with National Instrument Form 51-102F6 <i>Statement of Executive Compensation</i>)<b> </b>sets forth all annual and long term compensation for services in all capacities to the Company for the three most recently completed financial years of the Company in respect of the following individuals (each, a "<b>Named Executive Officer</b>" or "<b>NEO</b>")::</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">(a)<font style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font>each individual who acted as CEO or CFO for all or any portion of the most recently completed financial year,</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">(b)<font style="width: 24.17pt; text-indent: 0pt; display: inline-block;">&#160;</font>each of the three most highly compensated executive officers, or the three most highly compensated individuals acting in a similar capacity, (other than the CEO and the CFO), whose total compensation was, individually, more than $150,000 for the most recently completed financial year, and</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">(c)<font style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font>any individual who would have satisfied these criteria but for the fact that the individual was neither an executive officer of the Company, nor acting in a similar capacity, at the end of the most recently completed financial year.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <div id="header_page_15">
        <p style="text-align: center;">- 12 -</p>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 18.16%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-left: 3.2pt; white-space: nowrap;" rowspan="2"><b>Name and</b><br><b>Principal Position</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center; white-space: nowrap;" rowspan="2"><b>Year</b></td>
            <td style="width: 12.38%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" rowspan="2"><b>Salary</b><br><b>($)</b></td>
            <td style="width: 7%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" rowspan="2"><b>Share</b><br><b>Based</b><br><b>Awards</b><br><b>($)</b></td>
            <td style="width: 8.52%; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="2"><b>Non-Equity</b><br><b>Incentive Plan</b><br><b>Compensation</b></td>
            <td style="width: 9.98%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" rowspan="2"><b>Pension</b><br><b>Value</b><br><b>($)</b></td>
            <td style="width: 10.42%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" rowspan="2"><b>All</b><br><b>Other</b><br><b>Comp-</b><br><b>ensation</b><sup><b>(4)</b></sup><br><b>($)</b></td>
            <td style="width: 8.5%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;" rowspan="2"><b>Total</b><br><b>Comp-</b><br><b>ensation</b><br><b>($)</b></td>
        </tr>
        <tr>
            <td style="width: 8.52%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Option-</b><br><b>Based</b><br><b>Awards</b><br><sup><b>(1)(2)</b></sup><br><b>($)</b></td>
            <td style="width: 8.86%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Annual</b><br><b>Incentive</b><br><b>Plans</b><sup><b>(3)</b></sup><br><b>($)</b></td>
            <td style="width: 10.78%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Long-Term</b><br><b>Incentive</b><br><b>Plans</b><br><b>($)</b></td>
        </tr>
        <tr>
            <td style="width: 18.16%; vertical-align: top; border-top: 0.75pt solid #000000; padding-left: 3.2pt; background-color: #e6efff;" rowspan="3"><b>Wolf Regener</b><sup>(5)</sup><br>President and Chief Executive Officer</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: #e6efff;">2020</td>
            <td style="width: 12.38%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">326,000</td>
            <td style="width: 7%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 8.52%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 8.86%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 10.78%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 9.98%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 10.42%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 8.5%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">326,000</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: #e6efff;">2019</td>
            <td style="width: 12.38%; vertical-align: top; text-align: center; background-color: #e6efff;">387,400</td>
            <td style="width: 7%; vertical-align: top; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 8.52%; vertical-align: top; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 8.86%; vertical-align: top; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 10.78%; vertical-align: top; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 9.98%; vertical-align: top; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 10.42%; vertical-align: top; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 8.5%; vertical-align: top; text-align: center; background-color: #e6efff;">387,400</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">2018</td>
            <td style="width: 12.38%; vertical-align: top; text-align: center; background-color: #e6efff;">376,100</td>
            <td style="width: 7%; vertical-align: top; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 8.52%; vertical-align: top; text-align: center; background-color: #e6efff;">83,300</td>
            <td style="width: 8.86%; vertical-align: top; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 10.78%; vertical-align: top; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 9.98%; vertical-align: top; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 10.42%; vertical-align: top; text-align: center; background-color: #e6efff;">Nil</td>
            <td style="width: 8.5%; vertical-align: top; text-align: center; background-color: #e6efff;">459,400</td>
        </tr>
        <tr>
            <td style="width: 18.16%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4.75pt;" rowspan="3"><b>Gary Johnson</b><br>Chief Financial Officer and <br>Vice President</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">2020</td>
            <td style="width: 12.38%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center;">257,500</td>
            <td style="width: 7%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 8.52%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 8.86%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 10.78%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 9.98%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 10.42%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 8.5%; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center;">257,500</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">2019</td>
            <td style="width: 12.38%; vertical-align: top; text-align: center;">306,000</td>
            <td style="width: 7%; vertical-align: top; text-align: center;">Nil</td>
            <td style="width: 8.52%; vertical-align: top; text-align: center;">Nil</td>
            <td style="width: 8.86%; vertical-align: top; text-align: center;">Nil</td>
            <td style="width: 10.78%; vertical-align: top; text-align: center;">Nil</td>
            <td style="width: 9.98%; vertical-align: top; text-align: center;">Nil</td>
            <td style="width: 10.42%; vertical-align: top; text-align: center;">Nil</td>
            <td style="width: 8.5%; vertical-align: top; text-align: center;">306,000</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">2018</td>
            <td style="width: 12.38%; vertical-align: top; text-align: center;">297,100</td>
            <td style="width: 7%; vertical-align: top; text-align: center;">Nil</td>
            <td style="width: 8.52%; vertical-align: top; text-align: center;">57,700</td>
            <td style="width: 8.86%; vertical-align: top; text-align: center;">Nil</td>
            <td style="width: 10.78%; vertical-align: top; text-align: center;">Nil</td>
            <td style="width: 9.98%; vertical-align: top; text-align: center;">Nil</td>
            <td style="width: 10.42%; vertical-align: top; text-align: center;">Nil</td>
            <td style="width: 8.5%; vertical-align: top; text-align: center;">354,800</td>
        </tr>
    </table>
    <p style="margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">(1)<font style="width: 7pt; text-indent: 0pt; display: inline-block;">&#160;</font>Represents options to purchase Shares of the Company, with each option upon exercise entitling the holder to acquire one Share.&#160; The grant date fair value has been calculated in accordance with Section 3870 of the CICA Handbook.&#160; The value of option-based awards was determined using the Black-Scholes option pricing model. These options were granted, and the Company's Share trading price is reported in, Canadian dollars.&#160; All amounts above are in US$, calculated using the currency rates in effect on the date of grant.</p>
    <p style="margin-left: 90pt; text-indent: -72pt; text-align: justify;">Wolf Regener:<font style="width: 13.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>In 2018, the value of option-based awards, using the Black-Scholes option pricing model, was 325,000 Shares at C$0.33. The options were granted at an exercise price of C$0.57.&#160; Key additional weighted average assumptions used were: (i) the risk free interest rate, which was 2.16%; (ii) current time to expiration of the option which was assumed to be 5 years; and (iii) the volatility for the Shares on the TSX, which was 67%.&#160;</p>
    <p style="margin-left: 90pt; text-indent: -72pt; text-align: justify;">Gary Johnson:<font style="width: 13.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>In 2018, the value of option-based awards, using the Black-Scholes option pricing model, was 225,000 Shares at C$0.33. The options were granted at an exercise price of C$0.57.&#160; Key additional weighted average assumptions used were: (i) the risk free interest rate, which was 2.16%; (ii) current time to expiration of the option which was assumed to be 5 years; and (iii) the volatility for the Shares on the TSX, which was 67%.&#160;</p>
    <p style="margin-left: 20pt; margin-bottom: 0pt; text-indent: -20pt; text-align: justify;">(2)<font style="width: 8.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>The actual value of the options granted to the Named Executive Officers<b> </b>will be determined based on the market price of the Shares at the time of exercise of such options, which may be greater or less than grant date fair value reflected in the table above.&#160; See "<i>Outstanding Share-Based and Option-Based Awards - Named Executive Officers</i>".</p>
    <p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: -20pt; text-align: justify;">(3)<font style="width: 8.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Annual Incentive Plan amounts represent discretionary cash bonuses earned in the year noted but paid in the following year. See "<i>Compensation Discussion and Analysis</i>". As of the date of this Information Circular, no cash bonuses have been awarded for 2020.</p>
    <p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: -20pt; text-align: justify;">(4)<font style="width: 8.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>"Nil" indicates perquisites and other personal benefits did not exceed C$50,000 or 10 percent of the total of the annual salary of the Named Executive Officer during the reporting period. "All Other Compensation" includes perquisites and other benefits including vehicle allowance, parking, life insurance premiums and club membership fees.</p>
    <p style="margin-top: 0pt; margin-left: 20pt; text-indent: -20pt; text-align: justify;">(5)<font style="width: 8.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Wolf Regener was appointed as Chief Executive Officer on May 27, 2008. Mr. Regener also serves as a director of the Company and was first elected by shareholders on May 25, 2010.</p>
    <p style="text-align: justify;"><b>Outstanding Share-Based Awards and Option-Based Awards - Named Executive Officers</b></p>
    <p style="text-align: justify;">The following table sets forth information with respect to all outstanding stock options granted under the Option Plan and all outstanding restricted share units under the RSU Plan to the Named Executive Officers, as at December 31, 2020.</p>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 15%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="width: 51%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; white-space: nowrap;" colspan="4">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Option-Based Awards</b></p>
            </td>
            <td style="width: 32%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; white-space: nowrap;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Share-based Awards</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 11%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Number of</b><br><b>Securities</b><br><b>Underlying</b><br><b>Unexercised</b><br><b>Options</b><br><b>(#)</b><sup>(1)</sup></p>
            </td>
            <td style="width: 10%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Option</b><br><b>Exercise</b><br><b>Price</b><br><b>(US</b><sup><b>(2)</b></sup><b>/C$)</b></p>
            </td>
            <td style="width: 16%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Option</b><br><b>Expiration</b><br><b>Date</b></p>
            </td>
            <td style="width: 12%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Value of</b><br><b>Unexercised</b><br><b>In-the-Money</b><br><b>Options</b><br><b>(US/C$)</b><sup>(3)</sup></p>
            </td>
            <td style="width: 10%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 4pt 0pt 4.5pt;"><b>Number <br>of shares <br>or units of <br>shares <br>that have <br>not vested </b><br><b>(#)</b></p>
            </td>
            <td style="width: 10%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 4.5pt 0pt 4.5pt;"><b>Market or <br>payout <br>value of <br>share-<br>based <br>awards <br>that have <br>not vested</b><br><b>(S)</b></p>
            </td>
            <td style="width: 11%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 4.5pt 0pt 4pt;"><b>Market or <br>payout <br>value of <br>vested <br>share-<br>based <br>awards not <br>paid out or <br>distributed</b><br><b>(s)</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 15%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;" rowspan="2">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Wolf Regener</p>
            </td>
            <td style="width: 11%; border: 0.75pt solid #000000;">
                <p style="margin-right: 12.6pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">300,000</p>
            </td>
            <td style="width: 10%; border: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.32/0.41</p>
            </td>
            <td style="width: 16%; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 13, 2021</p>
            </td>
            <td style="width: 12%; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10%; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10%; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 11%; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-right: 12.6pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">325,000</p>
            </td>
            <td style="width: 10%; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.45/0.57</p>
            </td>
            <td style="width: 16%; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 25, 2023</p>
            </td>
            <td style="width: 12%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11%; vertical-align: top; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <div id="header_page_16">
        <p style="text-align: center;">- 13 -</p>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 15%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="width: 51%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; white-space: nowrap;" colspan="4">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Option-Based Awards</b></p>
            </td>
            <td style="width: 32%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; white-space: nowrap;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Share-based Awards</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 11%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Number of</b><br><b>Securities</b><br><b>Underlying</b><br><b>Unexercised</b><br><b>Options</b><br><b>(#)</b><sup>(1)</sup></p>
            </td>
            <td style="width: 10%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Option</b><br><b>Exercise</b><br><b>Price</b><br><b>(US</b><sup><b>(2)</b></sup><b>/C$)</b></p>
            </td>
            <td style="width: 16%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Option</b><br><b>Expiration</b><br><b>Date</b></p>
            </td>
            <td style="width: 12%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Value of</b><br><b>Unexercised</b><br><b>In-the-Money</b><br><b>Options</b><br><b>(US/C$)</b><sup>(3)</sup></p>
            </td>
            <td style="width: 10%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 4pt 0pt 4.5pt;"><b>Number<br>of shares <br>or units of <br>shares <br>that have <br>not vested </b><br><b>(#)</b></p>
            </td>
            <td style="width: 10%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 4.5pt 0pt 4.5pt;"><b>Market or<br>payout <br>value of <br>share-<br>based <br>awards <br>that have <br>not vested</b><br><b>(S)</b></p>
            </td>
            <td style="width: 11%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 4.5pt 0pt 4pt;"><b>Market or <br>payout <br>value of <br>vested <br>share-<br>based <br>awards not <br>paid out or <br>distributed</b><br><b>(s)</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 15%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;" rowspan="2">
                <p style="margin-right: 12.6pt; margin-top: 0pt; margin-bottom: 0pt;">Gary Johnson</p>
            </td>
            <td style="width: 11%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-right: 12.6pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">300,000</p>
            </td>
            <td style="width: 10%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.32/0.41</p>
            </td>
            <td style="width: 16%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 13, 2021</p>
            </td>
            <td style="width: 12%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 11%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-right: 12.6pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">225,000</p>
            </td>
            <td style="width: 10%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="margin-right: 9pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.45/0.57</p>
            </td>
            <td style="width: 16%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 25, 2023</p>
            </td>
            <td style="width: 12%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11%; vertical-align: top; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
    </table>
    <p style="margin-left: 20pt; margin-bottom: 0pt; text-indent: -20pt; text-align: justify;">(1)<font style="width: 8.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Options granted to Named Executive Officers are typically subject to vesting on the basis that one-third of the number granted vest on the date of grant, a further one-third vest on the first anniversary of the date of grant and the remaining third vest on the second anniversary of the date of grant.</p>
    <p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: -20pt; text-align: justify;">(2)<font style="width: 8.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>These options were granted, and the Company's Share trading price is reported, in Canadian dollars.&#160; On December 31, 2020, the last trading day of the financial year, the exchange rate as reported by the Bank of Canada was US$0.7854 = Cdn$1.00.</p>
    <p style="margin-top: 0pt; margin-left: 20pt; text-indent: -20pt; text-align: justify;">(3)<font style="width: 8.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Calculated based on the closing price of the Company's Shares of C$0.055 (US$0.04) on December 31, 2020, the last trading day of the financial year.</p>
    <p style="text-align: justify;"><b>Incentive Plan Awards - Value Vested or Earned During the Year</b></p>
    <p style="text-align: justify;">The following table sets forth information in respect of the value of awards under the Option Plan and the RSU Plan to the Named Executive Officers of the Company that vested during the period ending December 31, 2020 and bonuses awarded to Named Executive Officers, for the financial year ending December 31, 2020.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="width: 20%; vertical-align: bottom; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Name</b></p>
            </td>
            <td style="width: 29%; vertical-align: bottom; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Option-Based Awards -</b><br><b>Value Vested During Year</b><sup> (1)(2)</sup><br><b>(US$/C$)</b></p>
            </td>
            <td style="width: 24%; vertical-align: bottom; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Share-Based Awards -</b><br><b>Value Vested During Year</b><br><b>(C$)</b></p>
            </td>
            <td style="width: 24%; vertical-align: bottom; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Non-Equity Incentive Plan</b><br><b>Compensation-</b><br><b>Value Earned During Year</b><br><b>(US$/C$)</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Wolf Regener</p>
            </td>
            <td style="width: 29%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Gary Johnson</p>
            </td>
            <td style="width: 29%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
        </tr>
    </table>
    <p style="margin-left: 20pt; margin-bottom: 0pt; text-indent: -20pt; text-align: justify;">(1)<font style="width: 8pt; text-indent: 0pt; display: inline-block;">&#160;</font>This amount is the dollar value that would have been realized if the options held by such individual had been exercised on the vesting date(s). This amount is computed by obtaining the difference between the market price of the underlying securities at exercise and the exercise or base price of the options under the option-based award on the vesting date.</p>
    <p style="margin-top: 0pt; margin-left: 20pt; text-indent: -20pt; text-align: justify;">(2)<font style="width: 8pt; text-indent: 0pt; display: inline-block;">&#160;</font>This amount is the dollar value realized computed by multiplying the number of Shares by the market value of the underlying shares on the vesting date.</p>
    <p style="text-align: justify;">Additional information regarding the significant terms of the Company's Option Plan and the Company's RSU Plan is provided under "Stock Option Plan" and "RSU Plan" below.</p>
    <p style="text-align: justify;"><b>Pension Plan Benefits</b></p>
    <p style="text-align: justify;">The Company has not established a pension plan for the benefit of its executive officers that provides for payments or benefits at, following, or in connection with retirement.</p>
    <p style="text-align: justify;"><b>Deferred Compensation Plans</b></p>
    <p style="text-align: justify;">The Company does not have any deferred compensation plans relating to a Named Executive Officer.</p>
    <p style="text-align: justify;"><b>Employment Agreements and Termination and Change of Control Benefits</b></p>
    <p style="text-align: justify;">Wolf Regener is employed by the Company as President and Chief Executive Officer.&#160; His salary for 2020 was $326,000 per annum. Mr. Regener's salary was reduced by 20% in March of 2020.&#160; His employment contract provides for a severance payment upon termination of his employment either (a) without cause, or (b) on a "Change of Control", being an event resulting in new persons possessing more than 50% of the voting power of the Company or any successor company, <u>and</u> where one of the following circumstances occurs within twenty-four (24) months of such event:&#160; (i) he is terminated without cause; (ii) his working location is transferred to a location more than fifty (50) miles from the Company's current place of business in Newbury Park, California; (iii) he is demoted to a position of lesser seniority or authority; or (iv) his base salary is reduced to an annual amount at least 25% less than his base salary prior to the acquisition (together, the "<b>triggering events</b>").&#160; Upon occurrence of either of these events, the Company will pay Mr. Regener a severance payment in the amount of twenty-four (24) months' pay calculated on the basis of his base salary at the time of his termination, payable in accordance with the Company's standard payroll schedule. The Company will also reimburse his health care premiums for twenty-four (24) months of medical benefits. In the event of the termination of his employment upon either of the above events, all stock options then held by him will immediately vest and will remain exercisable until the earlier of the expiry date of the said options and the date which is twenty-four (24) months immediately following the date upon which such notice of termination is delivered by the Company. Assuming a triggering event took place on December 31, 2020, the incremental payments, payables and benefits that Mr. Regener would be entitled to are $652,000 plus approximately $116,600 in benefits (amount of premiums and vacation pay).&#160; Mr. Regener would also be entitled to the amount of any bonus awarded but not then paid.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_17"></a>
    <div id="header_page_17">
        <p style="text-align: center;">- 14 -</p>
    </div>
    <p style="text-align: justify;">Gary Johnson is employed by the Company as Chief Financial Officer and Vice President. His salary in 2020 was $257,500 per annum.&#160; Mr. Johnson's salary was reduced by 20% in March of 2020.&#160; If Mr. Johnson's employment agreement is terminated without cause or upon a Change of Control (which is defined, in this instance, as an event in which a person or group acquires more than 50% of the Company's outstanding capital stock, the sale of all or substantially all of the assets of the Company, or the removal of more than 50% of the then incumbent directors of the Company or the election of a majority of members of the board who were not nominees of the Company's incumbent board at the time immediately preceding such election, and where one of the following occurs within twelve (12) months of such event:&#160; (i) his working location is transferred to a location more than fifty (50) miles from the Company's current place of business in Newbury Park, California; (ii) there is a material diminution in his authorities, duties or responsibilities; or (iii) his gross base salary is reduced by at least 10%) his employment contract entitles him, in addition to his final pay and benefits and accrued paid time off through the last date of employment, to the following payments upon termination: a severance payment of twelve (12) months' pay calculated on the basis of his base salary at the time of his termination, payable in accordance with the Company's standard payroll schedule and reimbursement for group health coverage for twelve (12) months.&#160; In addition, under the Company's stock option plan, in the event of Change of Control all stock options then held will immediately vest and, in the event of a termination without cause, all stock options will remain exercisable until the earlier of the expiry date and the date which is ninety (90) days immediately following the date upon which such notice of termination is delivered by the Company. Assuming a termination without cause or a Change of Control took place on December 31, 2020, the incremental payments, payables and benefits that Mr. Johnson would be entitled to as at such date is $257,500 plus approximately $63,500 in benefits (vacation pay and medical benefits).&#160; Mr. Johnson would also be entitled to any bonus awarded and not then paid.</p>
    <p style="text-align: justify;">The Company's Option Plan agreements, including those agreements with the Named Executive Officers, contain a provision that if a Change of Control occurs, all option shares subject to outstanding options will become vested, whereupon such options may be exercised in whole or in part subject to the approval of the TSX, if necessary.</p>
    <p style="text-align: justify;"><b>Compensation of Directors</b></p>
    <p style="text-align: justify;">The Company compensates its executive officers through base salary, cash bonuses and the award of stock options under the Option Plan.&#160; The Company also has the ability to award restricted share units under the RSU Plan. No bonuses were paid by the Company to its directors for the year ended December 31, 2020.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_18"></a>
    <div id="header_page_18">
        <p style="text-align: center;">- 15 -</p>
    </div>
    <p style="text-align: justify;">The following table sets forth the compensation paid to the directors who are not also NEOs for the Company's most recently completed financial year:</p>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 22%; vertical-align: bottom; border-right: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>&#160;</b><br><b>&#160;</b><br><b>&#160;</b><br><b>&#160;</b><br><b>Director</b><br><b>Name</b></td>
            <td style="width: 10%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>&#160;</b><br><b>&#160;</b><br><b>&#160;</b><br><b>Fees </b><br><b>Earned</b><sup><b>(1)</b></sup></td>
            <td style="width: 9%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>&#160;</b><br><b>&#160;</b><br><b>Share-</b><br><b>Based</b><br><b>Awards</b></td>
            <td style="width: 12%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Option-</b><br><b>Based</b><br><b>Awards</b></td>
            <td style="width: 12%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>&#160;</b><br><b>Non-Equity</b><br><b>Incentive</b><br><b>Plan</b><br><b>Compensation</b></td>
            <td style="width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>&#160;</b><br><b>&#160;</b><br><b>&#160;</b><br><b>Pension</b><br><b>Value</b></td>
            <td style="width: 12%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>&#160;</b><br><b>&#160;</b><br><b>&#160;</b><br><b>All Other</b><br><b>Compensation</b></td>
            <td style="width: 9%; vertical-align: bottom; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>&#160;</b><br><b>&#160;</b><br><b>&#160;</b><br><b>&#160;</b><br><b>Total</b></td>
        </tr>
        <tr>
            <td style="width: 22%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="width: 10%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>($)</b></td>
            <td style="width: 9%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>($)</b></td>
            <td style="width: 12%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>($)</b></td>
            <td style="width: 12%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>($)</b></td>
            <td style="width: 7%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>($)</b></td>
            <td style="width: 12%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>($)</b></td>
            <td style="width: 9%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>($)</b></td>
        </tr>
        <tr>
            <td style="width: 22%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 3.2pt;">David Neuhauser</td>
            <td style="width: 10%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">30,700</td>
            <td style="width: 9%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 7%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 9%; vertical-align: middle; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center;">27,100</td>
        </tr>
        <tr>
            <td style="width: 22%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 3.2pt;">Eric Brown</td>
            <td style="width: 10%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">30,700</td>
            <td style="width: 9%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 7%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 9%; vertical-align: middle; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center;">27,100</td>
        </tr>
        <tr>
            <td style="width: 22%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 3.2pt;">Leslie O'Connor</td>
            <td style="width: 10%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">10,400</td>
            <td style="width: 9%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 7%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 9%; vertical-align: middle; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center;">3,800</td>
        </tr>
        <tr>
            <td style="width: 22%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 3.2pt;">Ford Nicholson<sup><b>(2</b></sup><sup><b>)</b></sup></td>
            <td style="width: 10%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">20,200</td>
            <td style="width: 9%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 7%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 9%; vertical-align: middle; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center;">20,200</td>
        </tr>
        <tr>
            <td style="width: 22%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 3.2pt;">Victor Redekop<sup><b>(2</b></sup><sup><b>)</b></sup></td>
            <td style="width: 10%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">6,700</td>
            <td style="width: 9%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 7%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 9%; vertical-align: middle; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center;">6,700</td>
        </tr>
        <tr>
            <td style="width: 22%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 3.2pt;">Wesley Clark<sup><b>(2</b></sup><sup><b>)</b></sup></td>
            <td style="width: 10%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center;">3,700</td>
            <td style="width: 9%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 7%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 12%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center;">Nil</td>
            <td style="width: 9%; vertical-align: middle; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center;">3,700</td>
        </tr>
    </table>
    <p style="margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">(1)<font style="width: 7pt; text-indent: 0pt; display: inline-block;">&#160;</font>Directors' fees are earned in Canadian dollars.&#160; All amounts above are in US$, calculated using the annual average currency rate as reported by the Bank of Canada of US$0.745 = Cdn$1.00.&#160; Directors' fees are comprised of meeting fees of Cdn$1,000 per meeting attended.&#160; Special Committee members are paid $1,500 USD per month for the number of months that the Special Committee is active.</p>
    <p style="margin-top: 0pt; margin-left: 18pt; text-indent: -18pt; text-align: justify;">(2)<font style="width: 7pt; text-indent: 0pt; display: inline-block;">&#160;</font>Director not run for re-election at the annual meeting and ceased to be a director of the Company on October 28, 2020.</p>
    <p style="text-align: justify;">The compensation of Mr. Regener, who is both a director and a Named Executive Officer, is disclosed in the sections above.</p>
    <p style="text-align: justify;"><b>Outstanding Share-Based Awards and Option-Based Awards - Directors</b></p>
    <p style="text-align: justify;">The following table sets forth information with respect to all outstanding share-based and option-based awards to directors who are not Named Executive Officers as at December 31, 2020.</p>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="5">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Option-based Awards</b></p>
            </td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; white-space: nowrap;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Share-based Awards</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 13.78%; vertical-align: bottom; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="margin-left: 4.75pt; margin-top: 0pt; margin-bottom: 0pt;"><b>Name</b></p>
            </td>
            <td style="width: 12.34%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 2.05pt 0pt 2.7pt;"><b>Number of</b><br><b>Securities</b><br><b>Underlying</b><br><b>Unexercised</b><br><b>Options</b><br><b>(#)</b><sup>(1</sup><sup>)</sup></p>
            </td>
            <td style="width: 14.34%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Option</b><br><b>Exercise</b><br><b>Price</b><br><b>(US</b><sup>(2</sup><sup>)</sup><b>/C$)</b></p>
            </td>
            <td style="width: 14.38%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Option</b><br><b>Expiration</b><br><b>Date</b></p>
            </td>
            <td style="width: 12.18%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Value of</b><br><b>Unexercised</b><br><b>In-the-Money</b><br><b>Options</b><sup><b>(</b></sup><sup><b>3</b></sup><sup><b>)</b></sup><br><b>(US</b><sup>(2</sup><sup>)</sup><b>/C$)</b></p>
            </td>
            <td style="width: 10.62%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 4pt 0pt 4.5pt;"><b>Number of <br>shares or <br>units of <br>shares <br>that have <br>not vested </b><br><b>(#)</b></p>
            </td>
            <td style="width: 11.56%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 4.5pt 0pt 4.5pt;"><b>Market or <br>payout <br>value of <br>share-<br>based <br>awards <br>that have <br>not vested</b><br><b>(S)</b></p>
            </td>
            <td style="width: 10.8%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 4.5pt 0pt 4pt;"><b>Market or <br>payout <br>value of <br>vested <br>share-<br>based <br>awards <br>not paid <br>out or <br>distributed</b><br><b>(s)</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 13.78%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; background-color: #e6efff;" rowspan="2">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">David Neuhauser</p>
            </td>
            <td style="width: 12.34%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">300,000</p>
            </td>
            <td style="width: 14.34%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.24/0.31</p>
            </td>
            <td style="width: 14.38%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">November 8, 2021</p>
            </td>
            <td style="width: 12.18%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10.62%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11.56%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10.8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 12.34%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">100,000</p>
            </td>
            <td style="width: 14.34%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.45/0.57</p>
            </td>
            <td style="width: 14.38%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 25, 2023</p>
            </td>
            <td style="width: 12.18%; vertical-align: top; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10.62%; vertical-align: top; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11.56%; vertical-align: top; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10.8%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 13.78%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000;" rowspan="2">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Eric Brown</p>
            </td>
            <td style="width: 12.34%; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">300,000</p>
            </td>
            <td style="width: 14.34%; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.32/0.41</p>
            </td>
            <td style="width: 14.38%; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 13, 2021</p>
            </td>
            <td style="width: 12.18%; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10.62%; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11.56%; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10.8%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 12.34%; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">100,000</p>
            </td>
            <td style="width: 14.34%; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.45/0.57</p>
            </td>
            <td style="width: 14.38%; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 25, 2023</p>
            </td>
            <td style="width: 12.18%; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10.62%; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11.56%; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10.8%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 13.78%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;" rowspan="2">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Leslie O'Connor</p>
            </td>
            <td style="width: 12.34%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">300,000</p>
            </td>
            <td style="width: 14.34%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.32/0.41</p>
            </td>
            <td style="width: 14.38%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 13, 2021</p>
            </td>
            <td style="width: 12.18%; vertical-align: top; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10.62%; vertical-align: top; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11.56%; vertical-align: top; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10.8%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 12.34%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">100,000</p>
            </td>
            <td style="width: 14.34%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.45/0.57</p>
            </td>
            <td style="width: 14.38%; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 25, 2023</p>
            </td>
            <td style="width: 12.18%; vertical-align: top; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10.62%; vertical-align: top; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11.56%; vertical-align: top; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10.8%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 13.78%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;" rowspan="2">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Ford Nicholson</p>
            </td>
            <td style="width: 12.34%; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">300,000</p>
            </td>
            <td style="width: 14.34%; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.32/0.41</p>
            </td>
            <td style="width: 14.38%; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 13, 2021</p>
            </td>
            <td style="width: 12.18%; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10.62%; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11.56%; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10.8%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 12.34%; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">250,000</p>
            </td>
            <td style="width: 14.34%; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.45/0.57</p>
            </td>
            <td style="width: 14.38%; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 25, 2023</p>
            </td>
            <td style="width: 12.18%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11.56%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10.8%; vertical-align: top; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_19"></a>
    <div id="header_page_19">
        <p style="text-align: center;">- 16 -</p>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="5">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Option-based Awards</b></p>
            </td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; white-space: nowrap;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Share-based Awards</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 13.78%; vertical-align: bottom; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="margin-left: 4.75pt; margin-top: 0pt; margin-bottom: 0pt;"><b>Name</b></p>
            </td>
            <td style="width: 12.34%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 2.05pt 0pt 2.7pt;"><b>Number of</b><br><b>Securities</b><br><b>Underlying</b><br><b>Unexercised</b><br><b>Options</b><br><b>(#)</b><sup>(1</sup><sup>)</sup></p>
            </td>
            <td style="width: 14.34%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Option</b><br><b>Exercise</b><br><b>Price</b><br><b>(US</b><sup>(2</sup><sup>)</sup><b>/C$)</b></p>
            </td>
            <td style="width: 14.38%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Option</b><br><b>Expiration</b><br><b>Date</b></p>
            </td>
            <td style="width: 12.18%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Value of</b><br><b>Unexercised</b><br><b>In-the-Money</b><br><b>Options</b><sup><b>(</b></sup><sup><b>3</b></sup><sup><b>)</b></sup><br><b>(US</b><sup>(2</sup><sup>)</sup><b>/C$)</b></p>
            </td>
            <td style="width: 10.62%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 4pt 0pt 4.5pt;"><b>Number of <br>shares or <br>units of <br>shares <br>that have <br>not vested </b><br><b>(#)</b></p>
            </td>
            <td style="width: 11.56%; vertical-align: bottom; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 4.5pt 0pt 4.5pt;"><b>Market or <br>payout <br>value of <br>share-<br>based <br>awards <br>that have <br>not vested</b><br><b>(S)</b></p>
            </td>
            <td style="width: 10.8%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 4.5pt 0pt 4pt;"><b>Market or <br>payout <br>value of <br>vested <br>share-<br>based <br>awards <br>not paid <br>out or <br>distributed</b><br><b>(s)</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 13.78%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;" rowspan="2">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Victor Redekop</p>
            </td>
            <td style="width: 12.34%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">300,000</p>
            </td>
            <td style="width: 14.34%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.32/0.41</p>
            </td>
            <td style="width: 14.38%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 13, 2021</p>
            </td>
            <td style="width: 12.18%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11.56%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10.8%; vertical-align: top; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 12.34%; vertical-align: middle; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">100,000</p>
            </td>
            <td style="width: 14.34%; vertical-align: middle; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.45/0.57</p>
            </td>
            <td style="width: 14.38%; vertical-align: middle; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 25, 2023</p>
            </td>
            <td style="width: 12.18%; vertical-align: top; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10.62%; vertical-align: top; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11.56%; vertical-align: top; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10.8%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 13.78%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;" rowspan="2">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Wesley Clark</p>
            </td>
            <td style="width: 12.34%; vertical-align: middle; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">300,000</p>
            </td>
            <td style="width: 14.34%; vertical-align: middle; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.32/0.41</p>
            </td>
            <td style="width: 14.38%; vertical-align: middle; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 13, 2021</p>
            </td>
            <td style="width: 12.18%; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10.62%; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11.56%; vertical-align: top; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10.8%; vertical-align: top; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 12.34%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">100,000</p>
            </td>
            <td style="width: 14.34%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.45/0.57</p>
            </td>
            <td style="width: 14.38%; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">April 25, 2023</p>
            </td>
            <td style="width: 12.18%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 10.62%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 11.56%; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 10.8%; vertical-align: top; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
    </table>
    <p style="margin-left: 20pt; margin-bottom: 0pt; text-indent: -20pt; text-align: justify;">(1)<font style="width: 8.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Options granted to directors are typically subject to vesting on the basis that one-third of the number granted vest on the date of grant, a further one-third vest on the first anniversary of the date of grant and the remaining third vest on the second anniversary of the date of grant.</p>
    <p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: -20pt; text-align: justify;">(2)<font style="width: 8.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>These options were granted, and the Company's Share trading price is reported, in Canadian dollars. On December 31, 2020, the last trading day of the financial year, the exchange rate as reported by the Bank of Canada was US$0.7854 = Cdn$1.00.</p>
    <p style="margin-top: 0pt; margin-left: 20pt; text-indent: -20pt; text-align: justify;">(3)<font style="width: 8.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Calculated based on the closing price of the Company's Shares of C$0.055 (US$0.04) on December 31, 2020, the last trading day of the financial year.</p>
    <p style="text-align: justify;"><b>Incentive Plan Awards - Value Vested or Earned During the Year </b></p>
    <p style="text-align: justify;">The following table sets forth information in respect of the value of awards under the Option Plan and the RSU Plan to directors that vested during the period ending December 31, 2020 and bonuses awarded to directors, for the financial year ending December 31, 2020.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="width: 20%; vertical-align: bottom; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Name<br><br></b></p>
            </td>
            <td style="width: 29%; vertical-align: bottom; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Option-Based Awards -</b><br><b>Value Vested During Year</b><sup>(1)(2)</sup><br><b>(US$/C$)</b></p>
            </td>
            <td style="width: 24%; vertical-align: bottom; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Share-Based Awards -</b><br><b>Value Vested During Year</b><sup>(</sup><sup>3</sup><sup>)</sup><br><b>(US$/C$)</b></p>
            </td>
            <td style="width: 24%; vertical-align: bottom; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Non-Equity Incentive Plan</b><br><b>Compensation-</b><br><b>Value Earned During Year</b><br><b>(US$/C$)</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; vertical-align: middle;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">David Neuhauser</p>
            </td>
            <td style="width: 29%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; vertical-align: middle;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Eric Brown</p>
            </td>
            <td style="width: 29%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; vertical-align: middle;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Leslie O'Connor</p>
            </td>
            <td style="width: 29%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; vertical-align: middle;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Ford Nicholson</p>
            </td>
            <td style="width: 29%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; vertical-align: middle;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Victor Redekop</p>
            </td>
            <td style="width: 29%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; vertical-align: middle;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Wesley Clark</p>
            </td>
            <td style="width: 29%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 24%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil/Nil</p>
            </td>
        </tr>
    </table>
    <p style="margin-left: 20pt; margin-bottom: 0pt; text-indent: -20pt; text-align: justify;">(1)<font style="width: 8pt; text-indent: 0pt; display: inline-block;">&#160;</font>This amount is the dollar value that would have been realized if the options held by such individual had been exercised on the vesting date(s). This amount is computed by obtaining the difference between the market price of the underlying securities at exercise and the exercise or base price of the options under the option-based award on the vesting date.</p>
    <p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: -20pt; text-align: justify;">(2)<font style="width: 8pt; text-indent: 0pt; display: inline-block;">&#160;</font>The actual value of the options granted to the director will be determined based on the market price of the Shares at the time of exercise of such options, which may be greater or less than the value at the date of vesting reflected in the table above.</p>
    <p style="margin-top: 0pt; margin-left: 18pt; text-indent: -18pt; text-align: justify;">(3)<font style="width: 7.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>This amount is the dollar value realized computed by multiplying the number of Shares by the market value of the underlying shares on the vesting date</p>
    <p style="text-align: center;"><b>INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON</b></p>
    <p style="text-align: justify;">Except as set out herein, no person who has been a director or executive officer of the Company at any time since the beginning of the Company's last financial year, no proposed nominee of management of the Company for election as a director of the Company and no associate or affiliate of the foregoing persons, has any material interest, direct or indirect, by way of beneficial ownership or otherwise, in matters to be acted upon at the Meeting other than the election of directors and the matters described under "Particulars Of Other Matters To Be Acted Upon" in this Information Circular.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_20"></a>
    <div id="header_page_20">
        <p style="text-align: center;">- 17 -</p>
    </div>
    <p style="text-align: center;"><b>INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS</b></p>
    <p style="text-align: justify;">Management of the Company is not aware of any material interest, direct or indirect, of any director or officer of the Company, any person or company who beneficially owns, controls or directs, directly or indirectly, more than 10 percent of the Company's voting securities, or any associate or affiliate of such person in any transaction since January 1, 2020 or in any proposed transaction which in either case has materially affected or will materially affect the Company or its subsidiaries.</p>
    <p style="text-align: center;"><b>MANAGEMENT CONTRACTS</b></p>
    <p style="text-align: justify;">No management functions of the Company or any subsidiaries are performed to any substantial degree by a person other than the directors or executive officers of the Company at any time since the start of the Company's most recent completed financial year.</p>
    <p style="text-align: center;"><b>INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS</b></p>
    <p style="text-align: justify;">At no time since the beginning of the year ended December 31, 2020 has there been any indebtedness of any director or officer, or any associate of any such director or officer, to the Company or to any other entity which is, or at any time has been, the subject of a guarantee, support agreement, letter of credit or other similar arrangement or understanding provided by the Company.</p>
    <p style="text-align: center;"><b>SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS</b></p>
    <p style="text-align: justify;">The following table sets forth information, as at the end of the most recently completed financial year, with respect to the Company's compensation plans under which equity securities are authorized for issuance.</p>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 26%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Plan Category</b></p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 21%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Number of Shares to</b><br><b>be issued upon exercise</b><br><b>of outstanding options, warrants or rights</b><br><b>(a)</b><sup><b>(1)</b></sup></p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 20%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><b>Weighted-average</b><br><b>exercise price of</b><br><b>outstanding</b><br><b>options, warrants or rights</b><br><b>(b)</b></p>
                <p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt;"><b>(C$)</b></p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Number of Shares</b><br><b>remaining available for</b><br><b>future issuance under <br>equity compensation plans <br>(excluding securities</b><br><b>reflected in column (a))</b><sup><b> (2)</b></sup><br><b>(c)</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 26%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin: 0pt 10.8pt 0pt 3.6pt;">Equity compensation plans approved by security holders</p>
            </td>
            <td style="width: 21%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">4,655,000</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.45</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 22%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">18,637,262</p>
            </td>
        </tr>
        <tr>
            <td style="width: 26%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-left: 3.6pt; margin-right: 14.4pt; margin-top: 0pt;">Equity compensation plans not approved by security holders</p>
            </td>
            <td style="width: 21%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 22%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="width: 26%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="margin-left: 6.25pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Total</p>
            </td>
            <td style="width: 21%; vertical-align: middle; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">4,655,000</p>
            </td>
            <td style="width: 20%; vertical-align: middle; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.45</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">18,637,262</p>
            </td>
        </tr>
    </table>
    <p style="margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">(1)<font style="width: 7pt; text-indent: 0pt; display: inline-block;">&#160;</font>Incentive stock options are the only compensation arrangement in respect of which equity securities of the Company are currently authorized for issuance.</p>
    <p style="margin-top: 0pt; margin-left: 18pt; text-indent: -18pt; text-align: justify;">(2)<font style="width: 7pt; text-indent: 0pt; display: inline-block;">&#160;</font>Represents the number of Shares remaining available for future issuance under stock options available for grant as of December 31, 2020 under the Option Plan. The maximum number of Shares which may be issued pursuant to options granted under the Plan is 10% of the issued and outstanding Shares at the time of grant.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_21"></a>
    <div id="header_page_21">
        <p style="text-align: center;">- 18 -</p>
    </div>
    <p style="text-align: center;"><b>STOCK OPTION PLAN</b></p>
    <p style="text-align: justify;">The Company's Option Plan was adopted in 2008 and approved by the shareholders on May 27, 2009.&#160; The Option Plan governs the issuance of stock options to directors, officers, employees, management company employees (as defined in the Option Plan), and consultants and service providers of the Company and its subsidiaries that are retained by the Company and its subsidiaries, (the "<b>Eligible Participants</b>").&#160; The purpose of the Plan is to give to Eligible Participants, as additional compensation, the opportunity to participate in the success of the Company by granting to such individuals options, exercisable over periods of up to ten (10) years as determined by the board of directors of the Company, to buy shares of the Company at a price not less than the market price at the time of grant.</p>
    <p style="text-align: justify;">The directors approved amendments to the Option Plan on May 15, 2019 to facilitate the administration of the Option Plan, including cashless exercise of options and to comply with certain United States state laws.&#160; The amendments to the Option Plan do not prejudice the rights of any optionee and do not fall within any of the specified types of amendments that would require shareholder approval under the terms of the Option Plan or the policies of the TSX.</p>
    <p style="text-align: justify;">The maximum number of Shares reserved for issuance pursuant to the Option Plan, together with any Shares reserved for issuance pursuant to any other security based compensation arrangements (as defined by the rules of the TSX), is 10% of the Company's issued Shares from time to time. As at the Record Date, 10% of the issued and outstanding Shares is 23,292,265.</p>
    <p style="text-align: justify;">Any unallocated entitlements under the Option Plan must be approved and ratified by shareholders every three years. The next date by which unallocated entitlements under the Option Plan require such approval is required is October 28, 2023.</p>
    <p style="text-align: justify;">In addition to the limitation on the number of Shares reserved for issuance, the Option Plan contains the following additional limitations:</p>
    <p style="text-align: justify; margin-left: 72pt; text-indent: -36pt;">(a)<font style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font>the number of Shares reserved for issuance under the Option Plan and all of the Company's other previously established or proposed share compensation arrangements in aggregate shall not exceed 10% of the total number of issued and outstanding Shares at the grant date on a non-diluted basis;</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(b)<font style="width: 24.17pt; text-indent: 0pt; display: inline-block;">&#160;</font>the number of Shares issuable to Insiders at any time under all security based compensation arrangements shall not exceed 10% of the total number of issued and outstanding Shares on a non-diluted basis;</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(c)<font style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font>the number of Shares issued to Insiders as a group within a one year period under all security based compensation arrangements shall not exceed 10% of the total number of issued and outstanding Shares as at the end of such one year period; and</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(d)<font style="width: 24.17pt; text-indent: 0pt; display: inline-block;">&#160;</font>the maximum non-employee director participation under the Option Plan (together with the equity award value of restricted share units granted to each such director under the Company's RSU Plan) is limited to an annual equity award value of $100,000 per non-employee director, provided that this limit does not apply to an initial grant of options to a newly appointed or elected non-employee director.</p>
    <p style="text-align: justify;">The exercise price of each stock option is determined by the Board at the time of granting the stock option, provided that the exercise price of stock options granted pursuant to the Option Plan cannot be lower than the last closing price of the Shares on the TSX at the time of grant.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_22"></a>
    <div id="header_page_22">
        <p style="text-align: center;">- 19 -</p>
    </div>
    <p style="text-align: justify;">Pursuant to the terms of the Option Plan, the Board has the discretion to determine the term and vesting provisions of the stock options at the time of granting the stock options.&#160; Options granted to date typically vest as to one-third on the date of grant and one-third on each of the first and second anniversaries of the date of grant.</p>
    <p style="text-align: justify;">The Option Plan does not contain provisions allowing for the transformation of a stock option into a stock appreciation right.</p>
    <p style="text-align: justify;">If any options issued under the Option Plan are not exercised within their term, the Shares reserved and authorized for issuance pursuant to such stock options will again be available for issuance under the Option Plan.</p>
    <p style="text-align: justify;">Although the maximum term of options granted under the Option Plan is ten years, options granted to date generally have a five year term.&#160; The expiry date of an option is the later of the specified expiry date and, where a blackout period is imposed by the Company and the specified expiry date falls within the blackout period or within 5 trading days after such a blackout period, the date that is 10 trading days following the end of the blackout period.</p>
    <p style="text-align: justify;">Options are non-transferable and non-assignable.&#160; All options held by an Eligible Participant whose office or employment is terminated for cause cease to be exercisable on the date of such termination, whether vested or not.</p>
    <p style="text-align: justify;">If an optionee ceases to be an Eligible Participant other than for cause or as a result of death or disability, options held by such optionee that have vested remain exercisable for a period of not more than 90 days after the optionee ceases to be an Eligible Participant (30 days if the optionee is engaged in investor relations activities), unless a longer period is provided pursuant to the terms of the optionee's employment agreement with the Company.&#160; In the event of the optionee's death or disability, for a period of 365 days subject, in each case, to the option expiry date, if earlier. For greater certainty, options that have not vested at the time an optionee ceases to be an Eligible Participant shall not vest and will be cancelled.</p>
    <p style="text-align: justify;">Upon a change of control (as defined in the Option Plan) all Shares subject to stock options shall immediately become vested and may thereupon be exercisable in whole or in part by the option holder.&#160; The Board has the power to accelerate the expiry date of outstanding stock options in connection with a take-over bid.</p>
    <p style="text-align: justify;">The Option Plan contains a cashless exercise feature whereby the exercise price of options may, at a participant's election, be advanced by an independent brokerage firm.&#160; The advance is deducted from the proceeds of sale of the Shares issued on exercise, and the remaining proceeds are paid to the participant.</p>
    <p style="text-align: justify;">The Option Plan permits the directors to amend, modify and change the provisions of an option or the Option Plan without obtaining approval of shareholders in certain circumstances.&#160; The amendment provisions of the Option Plan are as follows:</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(a)<font style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Board may, at any time and from time to time, amend, suspend or terminate the Option Plan and securities granted thereunder without shareholder approval, provided that no such amendment, suspension or termination may be made without obtaining any required approval of any regulatory authority or stock exchange or the consent or deemed consent of an optionee where such amendment, suspension or termination materially prejudices the rights of that optionee.</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(b) <font style="width: 20.42pt; text-indent: 0pt; display: inline-block;">&#160;</font>notwithstanding the foregoing, the Board may not, without the approval of the shareholders of the Company, make amendments to the Option Plan for any of the following purposes:</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_23"></a>
    <div id="header_page_23">
        <p style="text-align: center;">- 20 -</p>
    </div>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(i) <font style="width: 22.87pt; text-indent: 0pt; display: inline-block;">&#160;</font>to increase the maximum percentage of Shares that may be issued pursuant to options granted under the Option Plan as set out in the Option Plan;</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(ii) <font style="width: 20.31pt; text-indent: 0pt; display: inline-block;">&#160;</font>to reduce the exercise price of options;</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(iii) <font style="width: 17.76pt; text-indent: 0pt; display: inline-block;">&#160;</font>to extend the expiry date of options;&#160;</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(iv)<font style="width: 20.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>to increase the non-employee director participation limit outlined above;</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(v) <font style="width: 20.92pt; text-indent: 0pt; display: inline-block;">&#160;</font>to permit options to be transferable or assignable other than for normal estate settlement purposes; and</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(vi) <font style="width: 18.37pt; text-indent: 0pt; display: inline-block;">&#160;</font>to amend the provisions of this subsection (b).</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(c) <font style="width: 22.04pt; text-indent: 0pt; display: inline-block;">&#160;</font>in addition to changes that may be made pursuant to the Option Plan in connection with a share reorganization, special distribution or corporate organization, the Board may, at any time and from time to time, without the approval of the shareholders of the Company, amend any term of any outstanding option (including, without limitation, the exercise price, vesting and expiry of the option), provided that:</p>
    <p style="text-align: justify; margin-left: 108pt; text-indent: -36pt;">(i) <font style="width: 23.87pt; text-indent: 0pt; display: inline-block;">&#160;</font>any required approval of any regulatory authority or stock exchange is obtained;</p>
    <p style="text-align: justify; margin-left: 108pt; text-indent: -36pt;">(ii) <font style="width: 20.81pt; text-indent: 0pt; display: inline-block;">&#160;</font>if the amendments would reduce the exercise price or extend the expiry date of options, approval of the shareholders of the Company must be obtained;</p>
    <p style="text-align: justify; margin-left: 108pt; text-indent: -36pt;">(iii) <font style="width: 18.76pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Board would have had the authority to initially grant the option under the terms so amended; and</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(iv) <font style="width: 18.37pt; text-indent: 0pt; display: inline-block;">&#160;</font>the consent or deemed consent of the optionee is obtained if the amendment would materially prejudice the rights of the optionee under the option.</p>
    <p style="text-align: justify;">The Option Plan provides for adjustment, subject to approval of the stock exchange on which the Shares are then listed, of the number of option Shares and/or the exercise price in the event of a Share Reorganization or a Special Distribution (each as defined in the Option Plan).&#160; In the case of a Corporate Reorganization (as defined in the Option Plan), an optionee will become entitled to purchase the kind and amount of shares or other securities or property that the optionee would have been entitled to receive had he held the Shares underlying the Options on the effective date of the reorganization, with appropriate adjustments.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_24"></a>
    <div id="header_page_24">
        <p style="text-align: center;">- 21 -</p>
    </div>
    <p style="text-align: justify;"><i>Burn Rate</i> - The Option Plan burn rate for each of the three most recently completed fiscal years is set out below:</p>
    <table style="width: 90%; margin-right: auto; margin-left: auto; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="background-color: #d6dce4; width: 15%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Year End</b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 22%; vertical-align: bottom; background-color: #d6dce4; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Options Granted</b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 22%; vertical-align: bottom; background-color: #d6dce4; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>WASO</b></p>
            </td>
            <td style="background-color: #d6dce4; width: 26%; vertical-align: top; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Burn Rate</b><sup><b>(1)</b></sup></p>
            </td>
        </tr>
        <tr>
            <td style="width: 15%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2020</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 26%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
        </tr>
        <tr>
            <td style="width: 15%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2019</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">330,000</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">232,922,625</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 26%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.14%</p>
            </td>
        </tr>
        <tr>
            <td style="width: 15%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2018</p>
            </td>
            <td style="width: 22%; vertical-align: bottom; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2,005,000</p>
            </td>
            <td style="width: 22%; vertical-align: bottom; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">232,776,689</p>
            </td>
            <td style="width: 26%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.86%</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify; margin-left: 31.5pt; margin-bottom: 0pt; text-indent: -31.5pt;"><sup>(1)</sup><font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Annual burn rate is expressed as a percentage and is calculated by dividing the number of securities granted under the plan by the weighted average number of securities outstanding for the applicable fiscal year.&#160;</p>
    <p style="margin-top: 0pt; text-align: justify;"><br>This summary of certain features of the Option Plan is subject to and qualified in its entirety by reference to the full text of the Option Plan, which is available for viewing on the Company's website at <font style="color: #0000ff;"><u>www.kolibrienergy.com</u></font>. The Option Plan will also be available for inspection by shareholders during normal business hours prior to the date of the Meeting at the Company's records office at Suite 1000, 595 Howe Street, Vancouver, BC, and can also be requested by contacting the Chief Financial Officer of the Company at 3623 Old Conejo Road, Suite 207, Newbury Park, California 91320, tel: (805) 484-3613.</p>
    <p style="text-align: center;"><b>RSU PLAN</b></p>
    <p style="text-align: justify;">The Company's RSU Plan was adopted in 2013 and approved by the shareholders on July 19, 2013.&#160; Pursuant to the RSU Plan, the Company may grant restricted share units to directors, officers and employees of the Company or any subsidiary thereof. The RSU Plan has been established to provide a greater alignment of interests between directors, executive officers and employees of the Company and its affiliates (for the purposes of this section, "<b>Designated Participants</b>") and shareholders of the Company, and to provide a compensation mechanism for Designated Participants that appropriately reflects the responsibility, commitment and risk accompanying their roles. The RSU Plan is also intended to assist the Company to attract, retain and motivate Designated Participants with experience and ability, and to allow Designated Participants to participate in the success of the Company.</p>
    <p style="text-align: justify;">The directors approved amendments to the RSU Plan on May 15, 2019 to facilitate the administration of the RSU Plan and to comply with certain United States state laws.&#160; The amendments to the RSU Plan do not adversely alter or impair any rights of a Designated Participant and do not fall within any of the specified types of amendments that would require shareholder approval under the terms of the RSU Plan or the policies of the TSX.</p>
    <p style="text-align: justify;">Any unallocated entitlements under the RSU Plan must be approved and ratified by shareholders every three years. If the RSU Plan is approved at the Meeting, the next date by which such approval is required is June 25, 2022.</p>
    <p style="text-align: justify;">The following is a summary of certain features of the RSU Plan:</p>
    <p style="text-align: justify;"><i>Awarding RSUs</i></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">The Board has authority to administer and interpret the RSU Plan.</li>
    </ul>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_25"></a>
    <div id="header_page_25">
        <p style="text-align: center;">- 22 -</p>
    </div>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>Restricted share units (the "<b>RSUs</b>") may be granted to such Designated Participants as may be determined by the Board in its sole discretion with effect from such dates as the Board may specify.&#160; As at the date of this Circular, no RSUs have been granted.</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>Whenever a dividend is paid on the Shares, additional RSUs ("<b>dividend equivalent RSUs</b>") will be credited to a Designated Participant's RSU account.&#160; The number of such additional RSUs to be so credited will be calculated by dividing the dividend that would have been paid to such Designated Participant if the RSUs recorded in the Designated Participant's RSU account as at the record date for the dividend had been Shares, whether or not vested, by the five-day volume-weighted average price of the shares on TSX (the "<b>Market Value</b>") on the Trading Day (as defined in the RSU Plan) immediately preceding the date on which the Shares began to trade on an ex-dividend basis, rounded down to the next whole number of RSUs.</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>The Shares which may be made subject to issuance under RSUs from time to time may not exceed 1.5% of the number of outstanding Shares from time to time calculated on a non-diluted basis, and Shares reserved for issuance pursuant to granted RSUs will reduce the number of Shares that may be made subject to Options under the Option Plan.&#160;</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>The maximum number of Shares issuable to insiders, at any time, pursuant to the RSU Plan, together with all of the Company's other security based compensation arrangements, is 10% of the Company's issued and outstanding Shares calculated on a non-diluted basis; and</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>The maximum number of Shares issued to insiders within any one year period pursuant to the RSU Plan, together with all of the Company's other security based compensation arrangements, is 10% of the Company's issued and outstanding Shares calculated on a non-diluted basis; and</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>The equity award value of RSUs granted each year to any one non-employee director, together with the equity award value of options to purchase Shares granted pursuant to the Company's stock option plan in such year, is limited to $100,000, except in the case of an initial grant of RSUs to newly appointed or elected non-employee directors.</p>
        </li>
    </ul>
    <p style="text-align: justify;"><i>Termination of Employment</i></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>If the Designated Participant's employment ceases because of termination for cause or because of the resignation of the Designated Participant other than for good reason, all RSUs (and any dividend equivalent RSUs credited in respect thereof), whether or not vested, shall immediately expire and the Designated Participant shall have no further rights respecting such RSUs (and dividend equivalent RSUs); and</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>If a Designated Participant's RSUs have not vested and the Designated Participant's employment ceases because of termination without cause or resignation for good reason, a pro-rata portion of the Designated Participant's RSUs (and any dividend equivalent RSUs credited in respect thereof) that are scheduled to vest on the next scheduled vesting date set forth in the grant notice shall vest, based on the number of days since the grant date to the date of such termination or resignation in relation to the total number of days from the grant date to such vesting date.</p>
        </li>
    </ul>
    <p style="text-align: justify;"><i>Transferability</i></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">Rights with respect to RSUs shall not be transferable or assignable other than by will or the laws of descent and distribution.</li>
    </ul>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_26"></a>
    <div id="header_page_26">
        <p style="text-align: center;">- 23 -</p>
    </div>
    <p style="text-align: justify;"><i>Vesting</i></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>RSUs granted to a Designated Participant shall vest, as to one-third (1/3) of the number of such RSUs, on each of the first, second and third anniversaries of the Grant Date, unless otherwise directed by the Board, and dividend equivalent RSUs received by a Designated Participant shall vest with the RSUs in respect of which they were credited to the Designated Participant's RSU account.</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>Dividend equivalent RSUs received by a Designated Participant shall vest with the RSUs in respect of which they were credited to the Designated Participant's RSU account.</p>
        </li>
    </ul>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">&#8226;<font style="display: inline-block; width: 32.7pt;">&#160;</font>If a Designated Participant dies, retires, suffers a disability, is terminated without cause or resigns for good reason prior to the vesting of the RSUs granted to the Designated Participant, the Board may determine, in its sole discretion, whether or not any or all of the RSUs and any dividend equivalent RSUs in respect of such RSUs, shall otherwise be considered to have vested, and the date on which the Board determines that some or all of the Designated Participant's RSUs have vested shall be considered to be the vesting date for such Restricted Share Units that have so vested.&#160; If the Board does not so determine:</p>
    <ul style="padding-left: 0pt;" type="circle">
        <li style="margin-left: 47.6pt; text-align: justify; padding-left: 24.4pt;">
            <p>in the case of death, retirement or disability, a pro-rata portion of the Designated Participant's RSUs (and any dividend equivalent RSUs credited in respect thereof) that are scheduled to vest on the next scheduled vesting date for such RSUs shall vest, based on the number of days since the grant date to the date of death, retirement or disability in relation to the total number of days from the grant date to such vesting date, and such Restricted Share Units shall be redeemed and certificates shall be issued to the Designated Participant or the Designated Participant's beneficiary or estate on the next scheduled vesting date set forth in the grant notice; and</p>
        </li>
        <li style="margin-left: 47.6pt; text-align: justify; padding-left: 24.4pt;">
            <p>in the case of termination without cause or resignation for good reason, a pro-rata portion of the Designated Participant's RSUs (and any dividend equivalent RSUs credited in respect thereof) that are scheduled to vest on the next scheduled vesting date for such RSUs shall vest, based on the number of days since the grant date to the date of such termination or resignation in relation to the total number of days from the grant date to such vesting date, and such Restricted Share Units shall be redeemed and certificates shall be issued to the Designated Participant or the Designated Participant's beneficiary or estate on the next scheduled vesting date set forth in the grant notice.</p>
        </li>
    </ul>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">&#8226;<font style="display: inline-block; width: 32.7pt;">&#160;</font>If a Designated Participant is terminated for cause or resigns without good reason, his or her RSUs will immediately expire as of the date of termination.&#160; The date of termination shall be the Designated Participant's last day of active employment and shall not include any period of statutory, contractual or reasonable notice or any period of deemed employment.</p>
    <p style="text-align: justify;"><i>Redemption</i></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>Shares issued pursuant to the RSU Plan shall be considered fully paid in consideration of past services performed for the Company that is no less in value than the fair equivalent of the money the Company would have received if the Shares had been issued for money.</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>Each RSU is redeemed for one Share on the date that is five business days after the date on which the RSU vests.</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>If a vested RSU would otherwise be redeemed during a self-imposed blackout period or within five business days after the date on which such blackout period ends, then, notwithstanding any other provision of the RSU Plan, the RSU shall instead be redeemed on the date which is 10 business days after the date on which the self-imposed blackout period ends.</p>
        </li>
    </ul>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_27"></a>
    <div id="header_page_27">
        <p style="text-align: center;">- 24 -</p>
    </div>
    <p style="text-align: justify;"><i>Change of Control</i></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>If there is (a) an acquisition by any person or group of persons acting jointly or in concert which, when added to all other Shares held by such person or persons, constitutes in the aggregate more than 50% of the outstanding Shares, (b) the removal, by extraordinary resolution of the shareholders of the Company, of more than 50% of the then incumbent members of the Board, or the election of a majority of the directors comprising the Board who were not nominated by the Company's incumbent Board at the time immediately preceding such election, (c) consummation of a sale of substantially all of the assets of the Company; or (d) the consummation of a reorganization, plan of arrangement, merger or other transaction which has substantially the same effect as (a) to (c), a "Change of Control" will have occurred for the purposes of the RSU Plan.</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>In the event of a Change of Control, should the acquirer, an affiliate thereof or the successor to the Company agree to assume all of the obligations of the Company under the RSU Plan and the Board determines that such assumption is consistent with the objectives of the RSU Plan, the RSU Plan and all outstanding awards will continue on the same terms and conditions, except that, if applicable, RSUs may be adjusted to a right to acquire shares of the acquirer or its affiliate.&#160; In the event the RSU Plan is so continued, the RSUs of Designated Participants whose employment thereafter ceases for any reason other than resignation without good reason or termination for cause shall immediately be deemed to vest and the Company shall, at its option, redeem such vested RSUs by issuing Shares or paying to such Designated Participant a cash amount equal to the Market Value of such vested RSUs as of the date of termination.</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>In the event of a Change of Control where the acquirer or an affiliate thereof or the successor to the Company does not agree to assume all of the obligations of the Company under the RSU Plan, or the Board determines that such assumption is not consistent with the objectives of the RSU Plan, all unvested RSUs held by each Designated Participant shall immediately be deemed to be vested and the Company shall, at its option, redeem all such vested RSUs by issuing Shares or paying to such Designated Participant a cash amount equal to the Market Value of such vested RSUs as of the Change of Control date.</p>
        </li>
    </ul>
    <p style="text-align: justify;"><i>Amendments</i></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>Subject to applicable law, including the rules and regulations of the TSX, and the restrictions described below, the Board may amend, suspend or terminate the RSU Plan at any time without shareholder notice or approval for any purpose which, in the opinion of the Board, may be expedient or desirable.</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>The Board shall not materially adversely alter or impair any rights of a Designated Participant or materially increase any obligations of a Designated Participant with respect to RSUs previously awarded without the consent of a Designated Participant.</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">
            <p>The Board may approve amendments relating to the RSU Plan or alterations to the rights or obligations of a Designated Participant with respect to previously granted RSUs without obtaining shareholder approval, to the extent that such amendment:</p>
            <ul style="margin-left: 0pt; padding-left: 0pt;" type="circle">
                <li style="margin-left: 11.6pt; padding-left: 24.4pt; text-align: justify;">
                    <p>is of a typographical, grammatical, clerical or administrative nature or is required to comply with applicable regulatory requirements (including the TSX Rules);</p>
                </li>
            </ul>
        </li>
    </ul>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_28"></a>
    <div id="header_page_28">
        <p style="text-align: center;">- 25 -</p>
    </div>
    <ul style="padding-left: 0pt;" type="circle">
        <li style="margin-left: 47.6pt; text-align: justify; padding-left: 24.4pt;">
            <p>is an amendment relating to administration of the RSU Plan and eligibility for participation under the RSU Plan;</p>
        </li>
        <li style="margin-left: 47.6pt; text-align: justify; padding-left: 24.4pt;">
            <p>changes the terms and conditions on which RSUs may be or have been granted pursuant to the RSU Plan, including change to the vesting provisions of the RSUs;</p>
        </li>
        <li style="margin-left: 47.6pt; text-align: justify; padding-left: 24.4pt;">
            <p>changes the termination provisions of a RSU or the RSU Plan; or</p>
        </li>
        <li style="margin-left: 47.6pt; text-align: justify; padding-left: 24.4pt;">
            <p>is an amendment of a "housekeeping nature".</p>
        </li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">Shareholder approval will be required for the following amendments to the RSU Plan:
            <ul style="margin-left: 0pt; padding-left: 0pt;" type="circle">
                <li style="margin-left: 11.6pt; padding-left: 24.4pt; text-align: justify;">
                    <p>increasing the number of securities issuable under the RSU Plan;</p>
                </li>
                <li style="margin-left: 11.6pt; padding-left: 24.4pt; text-align: justify;">
                    <p>making a change to the class of Designated Participants that would have the potential of broadening or increasing participation by insiders;</p>
                </li>
                <li style="margin-left: 11.6pt; padding-left: 24.4pt; text-align: justify;">
                    <p>increasing the non-employee director participation limit;</p>
                </li>
                <li style="margin-left: 11.6pt; padding-left: 24.4pt; text-align: justify;">
                    <p>amending the restriction on transferability of RSUs;</p>
                </li>
                <li style="margin-left: 11.6pt; padding-left: 24.4pt; text-align: justify;">
                    <p>permitting awards other than RSUs to be made under the RSU Plan; and</p>
                </li>
                <li style="margin-left: 11.6pt; padding-left: 24.4pt; text-align: justify;">
                    <p>deleting or reducing the amendments that require shareholders' approval under the RSU Plan.</p>
                </li>
            </ul>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 25.94pt;">If the Board terminates or suspends the RSU Plan, no new RSUs (other than dividend equivalent RSUs) will be credited to the RSU account of a Designated Participant. On termination of the RSU Plan, the vesting of any and all RSUs not then vested will be accelerated and, on a date or dates selected by the Board in its discretion, payment in the form of Shares will be made to the Designated Participant in respect of RSUs.</li>
    </ul>
    <p style="text-align: justify;">The foregoing summary of certain features of the RSU Plan is subject to and qualified in its entirety by the full text of the RSU Plan, which will be available for inspection by shareholders during normal business hours prior to the date of the Meeting at the Company's records office at Suite 1000, 595 Howe Street, Vancouver, BC, and can also be requested by contacting the Chief Financial Officer of the Company at 3623 Old Conejo Road, Suite 207, Newbury Park, California 91320, tel: (805) 484-3613.</p>
    <p style="text-align: justify;"><i>Burn Rate</i></p>
    <p style="text-align: justify;">The RSU Plan burn rate for each of the three most recently completed fiscal years is set out below:</p>
    <table style="width: 80%; margin-right: auto; margin-left: auto; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="background-color: #d6dce4; width: 15%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Year End</b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 22%; vertical-align: bottom; background-color: #d6dce4; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>RSUs Granted</b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 22%; vertical-align: bottom; background-color: #d6dce4; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>WASO</b></p>
            </td>
            <td style="background-color: #d6dce4; width: 26%; vertical-align: top; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Burn Rate</b><sup><b>(1)</b></sup></p>
            </td>
        </tr>
        <tr>
            <td style="width: 15%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2020</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 26%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
        </tr>
        <tr>
            <td style="width: 15%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2019</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 22%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 26%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
        </tr>
        <tr>
            <td style="width: 15%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2018</p>
            </td>
            <td style="width: 22%; vertical-align: bottom; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
            <td style="width: 22%; vertical-align: bottom; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 26%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify; margin-left: 36pt; text-indent: -18pt;"><sup>(1)</sup><font style="width: 8.17pt; text-indent: 0pt; display: inline-block;">&#160;</font>Annual burn rate is expressed as a percentage and is calculated by dividing the number of securities granted under the plan by the weighted average number of securities outstanding for the applicable fiscal year.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_29"></a>
    <div id="header_page_29">
        <p style="text-align: center;">- 26 -</p>
    </div>
    <p style="text-align: center;"><b>CORPORATE GOVERNANCE PRACTICES</b></p>
    <p style="text-align: justify;">National Instrument 58-101 - <i>Disclosure of Corporate Governance Practices</i>, establishes recommended corporate governance guidelines for all public companies. The following discloses the Company's corporate governance practices relative to the recommendations.</p>
    <p style="text-align: justify;"><b>Independence of Members of Board</b></p>
    <p style="text-align: justify;">The Company's Board currently consists of four (4) directors, three (3) of whom are independent based upon the tests for independence set forth in National Instrument 52-110 - <i>Audit Committees</i> ("<b>NI 52-110</b>").&#160; Therefore, a majority of the directors are independent, including the current chair of the Board, Mr. Neuhauser. Mr. Regener is not independent by virtue of holding the office of Chief Executive Officer of the Company.&#160; The Board holds in camera sessions at which non-independent directors and members of management are not in attendance during Board meetings as needed to facilitate open and candid discussion among its independent directors.</p>
    <p style="text-align: justify;"><b>Board Diversity</b></p>
    <p style="text-align: justify;">The Company does not impose term limits on its directors. The Company believes term limits are an arbitrary mechanism for removing directors, and can result in highly qualified and experienced directors forced out solely based on the length of their service. Please see the section "<i>Nomination of Directors</i>" below for more detail.</p>
    <p style="text-align: justify;">The Company is committed to developing a diverse environment where individual differences are respected and diversity is promoted and valued. The Company believes that a diverse workforce enhances the Company's effectiveness by leveraging access to a broad spectrum of experience, skills, and knowledge. The Company recognizes the benefits from creating and maintaining a diverse and inclusive culture within its workforce, including exposure to different perspectives. Therefore, while opportunities will be primarily based on performance, skill and merit, due consideration will be given to diversity in all aspects of employment of and engagement by an employee, officer or director of the Company, including selection, recruitment, hiring, promotion, compensation, termination, training and development. For clarity, "diversity" means&#160; any element or quality that can be used to differentiate groups and people from one another, including differences based on race, color, religion, gender and gender identity, sexual orientation, family or marital status, political belief, age, national or ethnic origin, citizenship or physical or mental disability, among others.</p>
    <p style="text-align: justify;">The Board currently includes one (1) woman, which represents 25% of the Company's total Board members. The Company has not adopted a written policy in respect of the identification and nomination of women for Board or executive officer appointments, nor established targets regarding the representation of women on the Board or executive officer positions.</p>
    <p style="text-align: justify;"><b>Management Supervision by Board</b></p>
    <p style="text-align: justify;">Management reports upon the operations of the Company generally, on a monthly basis, directly to the Board.&#160; The directors meet at any time they consider necessary, and as the Chairman considers necessary without the presence of any members of management including executive directors. The Company's auditors, legal counsel and employees may be invited to attend.<b> </b>The audit committee is composed entirely of independent directors who meet with the Company's auditors without management in attendance. The independent directors exercise their responsibilities for independent oversight of management through regular reports of management to the full Board. The directors have regular and full access to management.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_30"></a>
    <div id="header_page_30">
        <p style="text-align: center;">- 27 -</p>
    </div>
    <p style="text-align: justify;"><b>Participation of Directors in Other Reporting Issuers</b></p>
    <p style="text-align: justify;">Directors of the Company are also directors of other reporting issuers in Canada or foreign jurisdictions, as described in the table below.</p>
    <table style="width: 86.46%; margin-left: 26.75pt; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p><b>Name of Director</b><br><b> </b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p><b>Name of Reporting Entity</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Eric Brown</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>None</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Wolf Regener</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>None</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Leslie O'Connor</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>None</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>David Neuhauser</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Jadestone Energy Inc., AEX Gold Inc.</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;"><b>Participation of Directors in Board Meetings</b></p>
    <p style="text-align: justify;">The participation of the directors in meetings of the Board and its standing meetings during the year ended December 31, 2020, is described in the following table:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="width: 19%; vertical-align: middle; white-space: nowrap;">
                <p style="margin-right: 35.35pt; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><b>&#160;</b></p>
                <p style="margin-right: 35.35pt; text-align: center; margin-bottom: 0pt;"><b>Director</b></p>
            </td>
            <td style="width: 13%; vertical-align: middle; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Board of</b><br><b>Directors</b></p>
            </td>
            <td style="width: 12%; vertical-align: middle; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Audit </b><br><b>Committee</b></p>
            </td>
            <td style="width: 12%; vertical-align: middle; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Compensation</b><br><b>Committee</b></p>
            </td>
            <td style="width: 14%; vertical-align: middle; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 10.8pt 0pt 10.8pt;"><b>Corporate <br>Governance <br>Committee</b></p>
            </td>
            <td style="width: 13%; vertical-align: middle; white-space: nowrap;">
                <p style="text-align: center; margin: 0pt 10.8pt 0pt 10.8pt;"><b>HS&amp;E</b><br><b>Committee</b></p>
            </td>
            <td style="width: 11%; vertical-align: middle; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Reserves</b><br><b>Committee</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 19%; vertical-align: middle;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">David Neuhauser</p>
            </td>
            <td style="width: 13%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">8/8</p>
            </td>
            <td style="width: 12%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">4/4</p>
            </td>
            <td style="width: 12%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3/3</p>
            </td>
            <td style="width: 14%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">1/1</p>
            </td>
            <td style="width: 13%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 11%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">1/1</p>
            </td>
        </tr>
        <tr>
            <td style="width: 19%; vertical-align: middle;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Eric Brown</p>
            </td>
            <td style="width: 13%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">8/8</p>
            </td>
            <td style="width: 12%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">4/4</p>
            </td>
            <td style="width: 12%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3/3</p>
            </td>
            <td style="width: 14%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">1/1</p>
            </td>
            <td style="width: 13%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">1/1</p>
            </td>
            <td style="width: 11%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
        </tr>
        <tr>
            <td style="width: 19%; vertical-align: middle;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Leslie O'Connor</p>
            </td>
            <td style="width: 13%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">8/8</p>
            </td>
            <td style="width: 12%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">1/1</p>
            </td>
            <td style="width: 12%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3/3</p>
            </td>
            <td style="width: 14%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">1/1</p>
            </td>
            <td style="width: 13%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">1/1</p>
            </td>
            <td style="width: 11%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">1/1</p>
            </td>
        </tr>
        <tr>
            <td style="width: 19%; vertical-align: middle;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Wolf Regener</p>
            </td>
            <td style="width: 13%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">8/8</p>
            </td>
            <td style="width: 12%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 12%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 14%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 13%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">1/1</p>
            </td>
            <td style="width: 11%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
        </tr>
        <tr>
            <td style="width: 19%; vertical-align: middle;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Ford Nicholson<sup>(1)</sup></p>
            </td>
            <td style="width: 13%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">6/6</p>
            </td>
            <td style="width: 12%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 12%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 14%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 13%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 11%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">1/1</p>
            </td>
        </tr>
        <tr>
            <td style="width: 19%; vertical-align: middle;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Victor Redekop<sup>(1)</sup></p>
            </td>
            <td style="width: 13%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">6/6</p>
            </td>
            <td style="width: 12%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3/3</p>
            </td>
            <td style="width: 12%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 14%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 13%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 11%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
        </tr>
        <tr>
            <td style="width: 19%; vertical-align: middle;">
                <p style="margin-left: 3.2pt; margin-top: 0pt; margin-bottom: 0pt;">Wesley Clark<sup>(1)</sup></p>
            </td>
            <td style="width: 13%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">5/6</p>
            </td>
            <td style="width: 12%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 12%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 14%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 13%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
            <td style="width: 11%; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">N/A</p>
            </td>
        </tr>
    </table>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(1)<font style="width: 7pt; text-indent: 0pt; display: inline-block;">&#160;</font>Director did not run for re-election at the annual meeting and ceased to be a director of the Company on October 28, 2020.</p>
    <p style="text-align: justify;"><b>Board Mandate </b></p>
    <p style="text-align: justify;">The Board has adopted a Board Mandate entitled the "Board of Directors Terms of Reference", the text of which is attached as Schedule "A" to this Information Circular.</p>
    <p style="text-align: justify;"><b>Position Descriptions</b></p>
    <p style="text-align: justify;">The Board has adopted a position description for the Chair of the Board, which provides, among other things, that the Chair shall: oversee the discharge of the Board's obligations; chair Board meetings; ensure that the Board works as a cohesive team with adequate resources and proper systems for delegation; ensure that matters for its consideration are addressed in a timely manner and are well documented; and communicate board decisions and expectations to management.</p>
    <p style="text-align: justify;">Specific position descriptions have not been adopted for the chairs of each of its committees as the Board is of the view that the mandates of the committees are sufficiently specific that no separate description is necessary for the chairs of such committees. The Board has developed a position description for the Chief Executive Officer.</p>
    <p style="text-align: justify;"><b>Orientation and Continuing Education</b></p>
    <p style="text-align: justify;">While the Company does not have a formal orientation and training program, new Board members are provided with:</p>
    <p style="text-align: justify;">1.<font style="width: 31.35pt; display: inline-block;">&#160;</font>access to recent, publicly filed documents of the Company;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_31"></a>
    <div id="header_page_31">
        <p style="text-align: center;">- 28 -</p>
    </div>
    <p style="text-align: justify;">2.<font style="width: 31.35pt; display: inline-block;">&#160;</font>access to management;</p>
    <p style="margin-left: 39.6pt; text-indent: -39.6pt; text-align: justify;">3.<font style="width: 31.35pt; text-indent: 0pt; display: inline-block;">&#160;</font>access to legal counsel in the event of any questions relating to the Company's compliance and other obligations; and</p>
    <p style="margin-left: 39.6pt; text-indent: -39.6pt; text-align: justify;">4.<font style="width: 31.35pt; text-indent: 0pt; display: inline-block;">&#160;</font>internal presentations prepared by Company personnel on matters relevant to the Company's business and operations.</p>
    <p style="text-align: justify;">Board members are encouraged to communicate with management, legal counsel and, where applicable, auditors and technical consultants of the Company; to keep themselves current with industry trends and developments and changes in legislation with management's assistance; and to attend related industry seminars and visit the Company's operations. Board members have full access to the Company's records.</p>
    <p style="text-align: justify;"><b>Ethical Business Conduct</b></p>
    <p style="text-align: justify;">The Board views good corporate governance as an integral component to the success of the Company and to meet responsibilities to shareholders.</p>
    <p style="text-align: justify;">The Board adopted a Code of Conduct (the "<b>Code</b>") in 2009.&#160; The Code is available on SEDAR at <font style="color: #0000ff;"><u><i>www.sedar.com</i></u></font><font style="color: #0000ff;"><i>.</i></font> The Board has instructed its management and employees to abide by the Code and to bring any breaches of the Code to the attention of the Corporate Governance Committee, which is currently composed entirely of independent directors. During the fiscal year ended December 31, 2020, the Corporate Governance Committee was comprised of Messrs. David Neuhauser, Leslie O'Connor and Eric Brown Compliance with the Code is monitored primarily through the reporting process within the Company's organizational structure, including through the confidential Whistleblower Policy implemented and overseen by the Audit Committee.</p>
    <p style="text-align: justify;">It is a requirement of applicable corporate law that directors who have an interest in a transaction or agreement with the Company promptly disclose that interest at any meeting of the Board at which the transaction or agreement will be discussed and abstain from discussions and voting in respect to same if the interest is material. The Code imposes a similar disclosure requirement on all non-director executive officers of the Company and requires such persons to report such conflict to the executive officer to whom that person reports in the course of his employment responsibilities, or, in the case of a senior executive officer, to the Corporate Governance Committee and fully inform such person or the committee, as applicable, of the facts and circumstances related to the conflict or potential conflict. The representative is prohibited from taking any further action in respect of the matter or transaction giving rise to such conflict or potential conflict unless and until he is authorized to do so by his reporting officer, or the Corporate Governance Committee.</p>
    <p style="text-align: justify;"><b>Nomination of Directors</b></p>
    <p style="text-align: justify;">The Corporate Governance Committee has responsibility for identifying, reviewing the qualifications of, and recommending potential Board candidates. The Corporate Governance Committee assesses potential Board candidates to fill perceived needs on the Board for required skills, expertise, independence and other factors. Members of the Board and representatives of the oil and gas industry are consulted for possible candidates. The Board has adopted a written charter that sets forth the responsibilities, powers and operations of the Corporate Governance Committee, which include considering what competencies and skills the Board, as a whole, should possess, the appropriate size of the Board in order to facilitate effective decision-making and assessing the same on a periodic basis, reviewing proposed shareholder nominees, and making recommendations to the Board regarding resignations of directors submitted pursuant to the Company's Majority Voting Policy.&#160; The Corporate Governance Committee has the power to retain outside advisors as it considers necessary for the proper functioning of the committee, at the Company's expense. The Corporate Governance Committee meets at least once annually and otherwise as requested by the Board or considered desirable by the chair of the committee.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_32"></a>
    <div id="header_page_32">
        <p style="text-align: center;">- 29 -</p>
    </div>
    <p style="text-align: justify;"><b>Compensation of Directors and the Chief Executive Officer</b></p>
    <p style="text-align: justify;">The members of the Compensation Committee are independent.&#160; The primary function of the Compensation Committee is to assist the Board in fulfilling its oversight responsibilities with respect to human resources policies and executive compensation matters.&#160; In addition, the Compensation Committee reviews the compensation of directors and the overall compensation policies of the Company.</p>
    <p style="text-align: justify;">The Board has adopted a written charter that sets forth the responsibilities, powers and operations of the Compensation Committee, which include: reviewing and recommending for approval by the Board the Company's key human resources policies and its executive compensation philosophy and remuneration policy; reviewing and approving the corporate goals and objectives relevant to the compensation of the CEO; evaluating the CEO's performance in light of the previously established corporate goals and objectives; recommending to the Board the CEO's compensation package based on its evaluation of the CEO's performance; reviewing annually and recommending to the Board the annual compensation package and performance objectives of the other senior officers; reviewing the grants of options to purchase shares of the Company, at the request of the Board; reviewing the adequacy and form of the compensation of directors periodically to determine if the compensation realistically reflects the responsibilities and risks involved in being an effective director, and to report and make recommendations to the Board accordingly; and reviewing executive compensation disclosure of the Company prior to its public disclosure and report annually to the Company's shareholders on executive compensation.</p>
    <p style="text-align: justify;">The Compensation Committee has the power to retain independent legal, accounting or other relevant advisors as it determines necessary to allow it to discharge its responsibilities, at the expense of the Company. The Compensation Committee meets at least once annually and otherwise as requested by the Board or considered desirable by the chair of the committee.</p>
    <p style="text-align: justify;"><b>Health, Safety and Environmental Committee</b></p>
    <p style="text-align: justify;">A majority of the current members of the Health, Safety and Environmental Committee are independent.&#160; During the fiscal year ended December 31, 2020, the Health, Safety and Environmental Committee was comprised of Messrs. Wolf Regener, Eric Brown and Leslie O'Connor. The committee is responsible for overseeing the development and implementation of policies and procedures for ensuring a safe, healthy work environment and sustainable development and that are consistent with the Company's objectives, including the objectives of: focusing resources to achieve shareholder profitability in operations without neglecting its commitment to sustainable development; fostering employee commitment and accountability; the development and implementation of effective, realistic systems to minimize risks to health, safety and the environment; fostering open communication with employees, local stakeholders and governments regarding the Company's plans, programs and performance; cooperation with government agencies, local communities, educational institutions and suppliers; and use of technologies that are designed to improve the safe, efficient use of resources, processes and materials.&#160; The committee has the authority to engage independent consultants to assist it in fulfilling its mandate.</p>
    <p style="text-align: justify;"><b>Reserves Committee</b></p>
    <p style="text-align: justify;">The current members of the Reserves Committee are independent. During the fiscal year ended December 31, 2020, the Reserves Committee was comprised of Messrs. David Neuhauser, Leslie O'Connor and Eric Brown. The purpose of the Reserves Committee is to assist the Board in fulfilling its responsibilities with respect to the Company's oil, natural gas and natural gas liquids reserves and resource evaluation process and public disclosure of reserves data and other information as required under National Instrument 51-101 <i>Standards of Disclosure for Oil and Gas Activities</i>. The committee's objectives include reviewing the Company's procedures relating to proper disclosure of oil and gas activities; approving the appointment and/or replacement of the independent qualified reserves evaluator; meeting with management and the qualified reserves evaluator to review data; monitoring the performance of its independent engineering consultants; and recommending the content and filing of the Company's annual statement of reserves data, and other relevant disclosure documents, to the Board for approval.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_33"></a>
    <div id="header_page_33">
        <p style="text-align: center;">- 30 -</p>
    </div>
    <p style="text-align: justify;"><b>Assessments</b></p>
    <p style="text-align: justify;">A confidential review of the performance and effectiveness of the Board, the directors and its committees is conducted regularly and was conducted most recently in 2020, with the assistance of outside counsel.&#160; The assessment permits subjective evaluation and is designed to allow Board members to evaluate how well the Board, its committees and individual directors are operating and to make suggestions for improvement.&#160; Responses are compiled without attribution by an outside reviewer and provided to the Chairman of the Corporate Governance Committee.&#160; The results of the assessment are reported to the Board and the Chief Executive Officer.</p>
    <p style="text-align: justify;"><b>Audit Committee Information</b></p>
    <p style="text-align: justify;"><b>Audit Committee Mandate</b></p>
    <p style="text-align: justify;">The Company's Audit Committee has a Charter in the form attached to this Information Circular as Schedule "C".</p>
    <p style="text-align: justify;"><b>Composition of Audit Committee</b></p>
    <p style="text-align: justify;">The Audit Committee currently consists of three directors, namely Eric Brown (Chair), Leslie O'Connor and David Neuhauser. All of the members of the Audit Committee are independent and financially literate within the meaning of those terms set forth in NI 52-110.</p>
    <p style="text-align: justify;"><b>Education and Experience</b></p>
    <p style="text-align: justify;">The following is a description of the education and experience of each Audit Committee member that is relevant to the performance of his responsibilities as an Audit Committee member:</p>
    <p style="text-align: justify;"><i>Eric Brown</i> (Chair) is a Chartered Professional Accountant with several years of experience as a director of both private and public Canadian companies.&#160; He has served on public company audit committees in the past.&#160; Eric has 30 years' experience in the financial services industry.</p>
    <p style="text-align: justify;">Leslie O'Connor served as a Managing Partner of MHA Petroleum Consultants, LLC, a petroleum reservoir management consulting firm.&#160; Leslie has more than 30 years of experience in economic and reservoir analysis and property evaluation.&#160; She received her undergraduate degree from North Arizona University and Graduate studies from the Colorado School of Mines.</p>
    <p style="text-align: justify;"><i>David Neuhauser</i> is a Founder and Managing Director of Livermore Partners LLC and a Member of the Chicago Board of Trade. He received his undergraduate degree from Northeastern University and his graduate degree from Roosevelt University.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_34"></a>
    <div id="header_page_34">
        <p style="text-align: center;">- 31 -</p>
    </div>
    <p style="text-align: justify;"><b>Audit Committee Oversight</b></p>
    <p style="text-align: justify;">No recommendation of the Audit Committee to nominate or compensate an external auditor was not adopted by the Company's board of directors.</p>
    <p style="text-align: justify;"><b>Audit Fees and Pre-Approval of Audit Services</b></p>
    <p style="text-align: justify;">Under the terms of the Audit Committee Charter, the Audit Committee is required to review and pre-approve the objectives and scope of the external audit work and proposed fees.&#160; In addition, the Audit Committee is required to review and pre-approve all non-audit services, including tax services, which the Company's external auditors are to perform.&#160; The Audit Committee has adopted specific policies and procedures for the engagement of non-audit services as set out in the Audit Committee Charter.</p>
    <p style="text-align: justify;">Additional information relating to the Company's Audit Committee and external auditor fees, in accordance with NI 52-110, is contained in the Company's most recent Annual Information Form filed on SEDAR on March 31, 2020, at page 35-36.</p>
    <p style="text-align: center;"><b>ADDITIONAL INFORMATION</b></p>
    <p style="text-align: justify;">Additional information relating to the Company is on SEDAR at <font style="color: #0000ff;"><u><i>www.sedar.com</i></u></font><font style="color: #0000ff;"><u><i>.</i></u><i> </i></font>Shareholders may contact the Chief Financial Officer of the Company at 3623 Old Conejo Road, Suite 207, Newbury Park, California 91320, Telephone: (805) 484-3613 to request copies of the Company's financial statements and Management Discussion and Analysis.</p>
    <p style="text-align: justify;">Financial information is provided in the Company's consolidated financial statements and the Management Discussion and Analysis related thereto for the year ended December 31, 2020 which are available on SEDAR at <font style="color: #0000ff;"><u><i>www.sedar.com</i></u></font>.</p>
    <p style="text-align: center;"><b>OTHER MATTERS</b></p>
    <p style="text-align: justify;">Management of the Company is not aware of any matter to come before the Meeting other than as set forth in the Notice of Meeting. If any other matter properly comes before the Meeting, it is the intention of the persons named in the enclosed form of proxy to vote the shares represented thereby in accordance with their best judgment on such matter.</p>
    <p style="text-align: justify;">DATED this 22<sup>nd</sup> day of June, 2021.</p>
    <p style="text-align: justify;"><b>Approved by the Board of Directors of</b><br><b>Kolibri Global Energy Inc.</b></p>
    <p style="text-align: justify;"><u><i>"Wolf Regener"</i></u><u> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; </u><br><b>WOLF REGENER</b><br>President and Chief Executive Officer</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_35"></a>
    <p style="text-align: center;"><b>SCHEDULE "A"</b><br><u><b>BOARD OF DIRECTORS TERMS OF REFERENCE</b></u></p>
    <p style="text-align: justify;">The Board of Directors (the "Board") of Kolibri Global Energy Inc. (the "Corporation") shall have the oversight responsibility, authority and specific duties as described below.</p>
    <p style="text-align: justify;"><u><b>Composition</b></u></p>
    <p style="text-align: justify;"><i>Directors and Chairman of the Board</i></p>
    <p style="text-align: justify;">The Board shall appoint a Chairman of the Board (the "Chairman") and, if the Chairman is not independent, an independent lead director (the "Lead Director") from amongst the directors which comprise the Board shall be appointed as soon as practicable.</p>
    <p style="text-align: justify;">To ensure efficient, independent functioning of the Board, the Chairman or, if a Lead Director has been appointed, the Lead Director shall be the effective leader of the Board.&#160; As such, the Chairman or the Lead Director, as applicable, is responsible for ensuring that the Board's agenda enables the Board to successfully carry out its duties.&#160; The Chairman shall act as chair of all meetings of the Board and shareholders of the Corporation.</p>
    <p style="text-align: justify;"><i>Committees</i></p>
    <p style="text-align: justify;">In addition to any other committees (including special committees) which the Board may in its discretion constitute from time to time, the Board shall have the following standing committees:</p>
    <p style="margin-bottom: 0pt; text-align: justify;">-<font style="width: 32.34pt; display: inline-block;">&#160;</font>Audit Committee</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">-<font style="width: 32.34pt; display: inline-block;">&#160;</font>Corporate Governance and Nominating Committee</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">-<font style="width: 32.34pt; display: inline-block;">&#160;</font>Compensation Committee</p>
    <p style="margin-top: 0pt; text-align: justify;">-<font style="width: 32.34pt; display: inline-block;">&#160;</font>Health, Safety and Environmental Committee</p>
    <p style="text-align: justify;">Certain of the responsibilities of the Board may be delegated to these or other committees of the Board. The composition and responsibilities of these standing committees and any other standing committees of the Board will be as set forth in their terms of reference, as amended from time to time, and approved by the Board. Until such time as when a Nominating, Environment, Health and Safety or Reserves Committee is established, the Board<b> </b>shall be responsible for all such matters as provided in each committee's terms of reference.</p>
    <p style="text-align: justify;">Committee members shall be appointed by the Board.&#160; The chair of each committee may be designated by the Board or, failing that, by the members of the particular committee.&#160; At each meeting of the Board, the chair of each committee (or such committee member as the chair may designate) shall report the results of meetings and any associated recommendations.</p>
    <p style="text-align: justify;"><u><b>Communication</b></u></p>
    <p style="text-align: justify;">To ensure that the Corporation has in place policies and programs that enable the Corporation to communicate effectively and in a timely manner with its shareholders, other stakeholders, analysts and the public generally, the Board has adopted a Corporate Disclosure Policy.&#160; The Board will review the Corporate Disclosure Policy annually to ensure its objectives are being achieved and that the Disclosure Committee is effectively implementing such policy.</p>
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    <p style="text-align: justify;"><u><b>Meetings and Record Keeping</b></u></p>
    <p style="text-align: justify;">Meetings of the Board shall be conducted pursuant to the Company's articles. The following additional provisions shall apply to meetings of the Board:</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">1.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Board shall meet regularly and at least quarterly at such times and at such locations as the Chairman, in consultation with the Lead Director (if one), shall determine;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">2.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>each member of the Board is expected to attend Board meetings and meetings of committees on which he or she is a member and to be familiar with deliberations and decisions as soon as possible after any missed meetings.&#160; Members of the Board are expected to prepare for meetings by reviewing the meeting materials distributed to members of the Board, to the extent feasible, prior to such meetings;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">3.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>the independent directors of the Board shall regularly hold in camera sessions of the Board, with only independent directors present and at such times as the independent directors, Chairman or Lead Director (if one) determine advisable;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">4.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Chairman shall, in consultation with the Lead Director (if one) and management, establish the agenda for the meetings and instruct management to circulate appropriate agenda materials to the Board with sufficient time for study prior to the meeting;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Management shall receive notice of meetings and may attend meetings of the Board at the invitation of the Chairman or Lead Director (if one);</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">6.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Corporate Secretary of the Corporation, or any other person selected by the Board, shall act as secretary for the purpose of recording the minutes of each meeting.</p>
    <p style="text-align: justify;">The minutes of the meeting of the Board shall be placed in the Corporation's minute book.</p>
    <p style="text-align: justify;"><u><b>Responsibilities and Specific Duties</b></u></p>
    <p style="text-align: justify;">In accordance with applicable laws, the Board is required to always act honestly and in good faith with a view to the best interests of the Corporation.</p>
    <p style="text-align: justify;">The Board is responsible for the stewardship of the Corporation and overseeing the operation of the business of the Corporation.&#160; The primary responsibilities of the Board include:</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">1.<font style="width: 27.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>to the extent feasible, satisfying itself as to the integrity of the Chief Executive Officer (the "CEO") and other executive officers and that the CEO and other executive officers create a culture of integrity throughout the Corporation;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">2.<font style="width: 27.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>adopting a strategic planning process and approving, at least on an annual basis, a strategic plan for the Corporation which takes into account, among other things, the opportunities and principal risks of the business;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">3.<font style="width: 27.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>identifying, on at least an annual basis, the principal risks of the Corporation's business, and ensuring appropriate systems are implemented to manage these risks;</p>
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    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">4.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>providing continuing education opportunities for all directors so they may maintain or enhance their skills and abilities as directors, as well as ensure their knowledge and understanding of the Corporation's business remains current;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>adopting a succession plan which includes the appointing, training and monitoring of senior management;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">6.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>adopting and reviewing on an annual basis the Corporation's Corporate Disclosure Policy to ensure that disclosure made by the Corporation is accurate, informative, timely and broadly disseminated all in accordance with applicable laws and stock exchange rules;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">7.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>ensuring that the Corporation has appropriate processes in place to effectively communicate with its employees, government authorities, other stakeholders and the public;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">8.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>ensuring the necessary internal controls and management systems are in place that effectively monitor the Corporation's operations and ensure compliance with applicable laws, regulations and policies, including reviewing on an annual basis the controls and procedures established for the certification of financial and other disclosure made by the Corporation;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">9.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>developing clear position descriptions for the Chairman, the Lead Director (if one), the chairs of each committee and, in consultation with the CEO, the CEO;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">10.<font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>developing or approving the corporate goals and objectives that the CEO is responsible for meeting;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">11.<font style="width: 23.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>monitoring compliance with the Code of Business Conduct;</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">12.<font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>establishing an appropriate system of corporate governance principles and guidelines applicable to the Corporation, including:</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(a)<font style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font>reviewing periodically the size of the Board to ensure its continued effectiveness (including, without limitation, facilitating effective decision-making);</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(b)<font style="width: 24.17pt; text-indent: 0pt; display: inline-block;">&#160;</font>regularly assessing the effectiveness and contribution of the Board, its committees and each member of the Board considering, among other things, the applicable terms of reference for the Board and each committee and in the case of each member of the Board, the competencies and skills each member is expected to bring to the Board; and</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(c)<font style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font>reviewing periodically the general responsibilities and function of the Board and its committees and the chair of each committee, and the roles of the Chairman, Lead Director (if one) and the CEO; and</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">13.<font style="width: 22.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>reviewing the annual corporate governance disclosure of the Corporation in its information circular.</p>
    <p style="text-align: justify;"><u><b>Stakeholder Communication</b></u></p>
    <p style="text-align: justify;">Any stakeholder may contact the Board.&#160; Matters relating to the Corporation's accounting, internal accounting control or audit matters will be referred to the Audit Committee.&#160; Other matters will be referred to the Chairman or the Lead Director (if one).&#160; Stakeholders may also directly contact the Chairman or the Lead Director (if one).</p>
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    <p style="text-align: justify;"><u><b>Review of Terms of Reference</b></u></p>
    <p style="text-align: justify;">The Board shall review and assess these Terms of Reference and any governance principles and guidelines established by the Board at least annually.</p>
    <p style="text-align: justify;">Amendments adopted by the Board of Directors on April 29, 2011.</p>
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    <p style="text-align: center;"><b>SCHEDULE "B"</b><br><b>KOLIBRI GLOBAL ENERGY INC.</b><br><b>(the "Company")</b><br><b>AMENDED AND RESTATED </b><br><b>MAJORITY VOTING POLICY</b></p>
    <p style="text-align: justify;">The Board of Directors believes that each director should have the confidence and support of the shareholders of the Company.&#160; To this end, the Board of Directors has unanimously adopted this Majority Voting Policy and future nominees for election to the Board of Directors will be required to confirm that they will abide by this Majority Voting Policy.</p>
    <p style="text-align: justify;">In an uncontested election of directors of the Company:</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(a)<font style="width: 24.9pt; text-indent: 0pt; display: inline-block;">&#160;</font>nominees shall be listed individually and shareholders shall be allowed to vote in favour of, or to withhold from voting, for each director individually; and</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(b)<font style="width: 24.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>any nominee in respect of whom a greater number of votes "withheld" than votes "for" are validly cast will promptly submit his or her offer of resignation for the consideration of the Corporate Governance Committee.</p>
    <p style="text-align: justify;">If the vote is by a show of hands rather than by ballot, the Company will disclose the number of shares voted by proxy in favour of or withheld for each director.</p>
    <p style="text-align: justify;">Promptly following receipt of an offer of resignation arising from the foregoing circumstances, the Corporate Governance Committee (the "<b>Committee</b>") will meet to review the matter and make a recommendation to the Board of Directors after reviewing the matter.&#160; In considering the resignation offer, the Committee and the Board of Directors will consider all factors they deem relevant, including, but not limited to, any stated reasons why shareholders "withheld" votes from the election of the director and the effect any such resignation may have on the Company's ability to comply with any applicable laws or governance rules or policies.&#160;</p>
    <p style="text-align: justify;">The Board of Directors must take formal action on the Committee's recommendation no later than 90 days following the date of the applicable shareholders' meeting. Absent exceptional circumstances, the Board of Directors must accept the resignation, which resignation will be effective on the date of acceptance.&#160;</p>
    <p style="text-align: justify;">The decision of the Board of Directors as to whether to accept or reject a resignation must be disclosed to the public in a press release and a copy of such press release must be provided to the Toronto Stock Exchange.&#160; If the Board of Directors declines to accept the resignation, it will include in the press release the reason(s) for its decision.</p>
    <p style="text-align: justify;">A director who offers his or her resignation pursuant to this policy will not participate in any meeting of the Board of Directors or the Committee at which the resignation offer is considered.</p>
    <p style="text-align: justify;">This Majority Voting Policy does not apply in circumstances involving contested director elections.</p>
    <p style="text-align: justify;">This Majority Voting Policy was initially adopted by the Board of Directors on June 19, 2013, and was amended and restated by the Board of Directors on May 15, 2019.</p>
    <p style="text-align: right;">By order of the Board of Directors<br>KOLIBRI GLOBAL ENERGY INC.</p>
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    <p style="text-align: center;"><b>SCHEDULE "C"</b><br><u><b>AUDIT COMMITTEE CHARTER</b></u></p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><b>I.</b><font style="width: 46.97pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Mandate</b></p>
    <p style="text-align: justify;">The primary function of the audit committee (the "<b>Committee</b>") is to assist the Board of Directors in fulfilling its financial oversight responsibilities by reviewing the financial reports and other financial information provided by the Company to regulatory authorities and shareholders, the Company's systems of internal controls regarding finance and accounting, and the Company's auditing, accounting and financial reporting processes. Consistent with this function, the Committee will encourage continuous improvement of, and should foster adherence to, the Company's policies, procedures and practices at all levels. The Committee's primary duties and responsibilities are to:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">
            <p>Serve as an independent and objective party to monitor the Company's financial reporting and internal control system and review the Company's financial statements.</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">
            <p>Review and appraise the performance of the Company's external auditors.</p>
        </li>
        <li style="margin-left: 10.06pt; text-align: justify; padding-left: 7.94pt;">
            <p>Provide an open avenue of communication among the Company's auditors, financial and senior management and the Board of Directors.</p>
        </li>
    </ul>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><b>II.</b><font style="width: 42.69pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Composition</b></p>
    <p style="text-align: justify;">The Committee shall be comprised of three directors as determined by the Board of Directors, all of whom shall independent, as such term is defined in National Instrument 52-110 <i>- Audit Committees</i>.</p>
    <p style="text-align: justify;">All members of the Committee shall have accounting or related financial management expertise. All members of the Committee that are not financially literate will work towards becoming financially literate to obtain a working familiarity with basic finance and accounting practices. For the purposes of the this Charter, the definition of "financially literate" is the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can presumably be expected to be raised by the Company's financial statements.</p>
    <p style="text-align: justify;">The members of the Committee shall be elected by the Board of Directors at its first meeting following the annual shareholders' meeting. Unless a Chair is elected by the full Board of Directors, the members of the Committee may designate a Chair by a majority vote of the full Committee membership.</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><b>III.</b><font style="width: 38.41pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Meetings</b></p>
    <p style="text-align: justify;">The Committee shall meet at least quarterly, or more frequently as circumstances dictate. As part of its job to foster open communication, the Committee will meet at least annually with the Chief Financial Officer and the external auditors in separate sessions.</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><b>IV.</b><font style="width: 39.03pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Responsibilities and Duties</b></p>
    <p style="text-align: justify;">To fulfill its responsibilities and duties, the Committee shall:</p>
    <p style="text-align: justify;"><u>Review of Reports, Policies and Procedures</u></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">1.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review and update this Charter annually.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_41"></a>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">2.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review the Company's financial statements, MD&amp;A and any annual and interim earnings press releases before the Company publicly discloses this information and any reports or other financial information (including quarterly financial statements), which are submitted to any governmental body, or to the public, including any certification, report, opinion, or review rendered by the external auditors.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">3.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review with management and make recommendations to the Board in respect of the adequacy and effectiveness of the Company's financial risk management procedures.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">4.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review the monitoring of the Whistleblower Policy for the submission, receipt, retention and treatment of complaints and concerns regarding accounting and auditing matters, and review any developments and responses on reports received thereunder.</p>
    <p style="text-align: justify;"><u>External Auditors</u></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review annually the performance of the external auditors and ensure their independence after reviewing all significant relationships they might have with the Company.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">6.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Take, or recommend that the full Board of Directors take, appropriate action to oversee the independence of the external auditors.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">7.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Recommend to the Board of Directors the selection and, where applicable, the replacement of the external auditors nominated annually for shareholder approval.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">8.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>At each meeting, consult with the external auditors, without the presence of management, about the quality of the Company's accounting principles, internal controls and the completeness and accuracy of the Company's financial statements.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">9.<font style="width: 28.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review and approve the Company's hiring policies regarding partners, employees and former partners and employees of the present and former external auditors of the Company.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">10.<font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review with management and the external auditors the audit plan for the year-end financial statements and intended template for such statements.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">11.<font style="width: 23.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review and pre-approve all audit and audit-related services and the fees and other compensation related thereto, and any non-audit services, provided by the Company's external auditors. The pre-approval requirement is waived with respect to the provision of non-audit services if:</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">i.<font style="width: 30.69pt; text-indent: 0pt; display: inline-block;">&#160;</font>the aggregate amount of all such non-audit services provided to the Company constitutes not more than five percent of the total amount of revenues paid by the Company to its external auditors during the fiscal year in which the non-audit services are provided;</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">ii.<font style="width: 27.64pt; text-indent: 0pt; display: inline-block;">&#160;</font>such services were not recognized by the Company at the time of the engagement to be non-audit services; and</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">iii.<font style="width: 25.08pt; text-indent: 0pt; display: inline-block;">&#160;</font>such services are promptly brought to the attention of the Committee by the Company and approved prior to the completion of the audit by the Committee or by one or more members of the Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Committee.</p>
    <p style="margin-left: 36pt; text-align: justify;">Provided the pre-approval of the non-audit services is presented to the Committee's first scheduled meeting following such approval such authority may be delegated by the Committee to one or more independent members of the Committee.</p>
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    <p style="text-align: justify;"><u>Financial Reporting Processes</u></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">12.<font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>In consultation with the external auditors, review with management the integrity of the Company's financial reporting process, both internal and external.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">13.<font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Consider the external auditors' judgments about the quality and appropriateness of the Company's accounting principles as applied in its financial reporting.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">14.<font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Consider and approve, if appropriate, changes to the Company's auditing and accounting principles and practices as suggested by the external auditors and management.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">15.<font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review significant judgments made by management in the preparation of the financial statements and the view of the external auditors as to appropriateness of such judgments.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">16.<font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Following completion of the annual audit, review separately with management and the external auditors any significant difficulties encountered during the course of the audit, including any restrictions on the scope of work or access to required information.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">17.<font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review any significant disagreement among management and the external auditors in connection with the preparation of the financial statements.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">18.<font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review with the external auditors and management the extent to which changes and improvements in financial or accounting practices have been implemented.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">19.<font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review certification process.</p>
    <p style="text-align: justify;"><u>Other</u></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">20.<font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Review any related-party transactions.</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><b>V.</b><font style="width: 43.31pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Annual Work Plan</b></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">21.<font style="width: 23.25pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Committee reviews and updates annually a work plan for the ensuing year which includes periodic review at specified times and periods of financial reporting and continuous disclosure documents and matters, internal controls and reporting, dealings with external auditors and other related matters.</p>
    <p style="text-align: justify;">This Audit Committee Charter was adopted by the Board of Directors of the Company on the 25th day of March, 2009, and was most recently updated on March 29, 2011.</p>
    <hr width="100%" size="5" color="black" noshade="noshade">
</body>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.7
<SEQUENCE>9
<FILENAME>exhibit2-7.htm
<DESCRIPTION>EXHIBIT 2.7
<TEXT>
<html>

<head>
    <title>Kolibri Global Energy Inc.: Exhibit 2.7 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><img src="exhibit2-7x001.jpg" style="width: 406px;" height="110"></p>
    <p style="margin-bottom: 0pt; text-align: center;">&#160;</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>FORM 51-101F1 - </b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><br><b>STATEMENT OF RESERVES DATA</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>AND OTHER OIL AND GAS INFORMATION</b></p>
    <p style="text-align: center;"><b>For the Year Ended December 31, 2020</b></p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">March 9, 2021</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: center;"><b>TABLE OF CONTENTS</b></p>
    <table style="font-size: 10pt; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_4"><b>PART 1:&#160; INTRODUCTION</b></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_4"><b>4</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_5"><b>PART 2:&#160; DISCLOSURE OF RESERVES DATA</b></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_5"><b>5</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 12.25pt; background-color: #eeeeee;"><a href="#page_5">2.1 Reserves Data (Forecast Prices and Costs)</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_5">5</a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_7"><b>PART 3:&#160; PRICING ASSUMPTIONS</b></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_7"><b>7</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 12.25pt; background-color: #eeeeee;"><a href="#page_7">3.1 Forecast Prices Used in Estimates</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_7">7</a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_8"><b>PART 4:&#160; RECONCILIATIONS OF CHANGES IN RESERVES AND FUTURE NET REVENUE</b></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_8"><b>8</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 12.25pt; background-color: #eeeeee;"><a href="#page_8">4.1 Reserves Reconciliation</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_8">8</a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_9"><b>PART 5:&#160; ADDITIONAL INFORMATION RELATING TO RESERVES DATA</b></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_9"><b>9</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 12.25pt; background-color: #eeeeee;"><a href="#page_9">5.1 Undeveloped Reserves</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_9">9</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 12.25pt;"><a href="#page_9">United States of America Properties</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_9">9</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 12.25pt; background-color: #eeeeee;"><a href="#page_10">5.2 Significant Factors or Uncertainties</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_10">10</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 12.25pt;"><a href="#page_10">5.3 Future Development Costs</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_10">10</a></td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_11"><b>PART 6:&#160; OTHER OIL AND GAS INFORMATION</b></a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_11"><b>11</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 12.25pt;"><a href="#page_11">6.1 Oil and Gas Properties and Wells</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_11">11</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 12.25pt; background-color: #eeeeee;"><a href="#page_13">6.2 Properties with No Attributed Reserves</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_13">13</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 12.25pt;"><a href="#page_13">6.3 Forward Contracts</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_13">13</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 12.25pt; background-color: #eeeeee;"><a href="#page_13">6.4 Tax Horizon</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_13">13</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 12.25pt;"><a href="#page_14">6.5 Costs Incurred</a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_14">14</a></td>
        </tr>
        <tr>
            <td style="text-align: left; padding-left: 12.25pt; background-color: #eeeeee;"><a href="#page_15">6.7 Production Estimates</a></td>
            <td style="width: 10%; text-align: right; background-color: #eeeeee;"><a href="#page_15">15</a></td>
        </tr>
        <tr>
            <td style="text-align: left;"><a href="#page_16"><b>PART 7:&#160; NOTES</b></a></td>
            <td style="width: 10%; text-align: right;"><a href="#page_16"><b>16</b></a></td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: center;"><u><b>GLOSSARY OF TERMS</b></u></p>
    <p style="text-align: justify;"><b>"AIF" </b>refers to the Company's Annual Information Form filed on SEDAR;</p>
    <p style="text-align: justify;"><b>"AIT" </b>stands for 'After Income Taxes';<b> </b></p>
    <p style="text-align: justify;"><b>"BIT" </b>stands for 'Before Income Taxes';</p>
    <p style="text-align: justify;"><b>"Company" </b>or <b>"KEI" </b>means Kolibri Global Energy Inc.;</p>
    <p style="text-align: justify;"><b>"NSAI" </b>means Netherland, Sewell &amp; Associates, Inc., independent petroleum engineering consultants of Houston, Texas, U.S.;</p>
    <p style="text-align: justify;"><b>"NI 51-101" </b>refers to National Instrument 51-101; and</p>
    <p style="text-align: justify;"><b>"Woodford Sale"</b> means the sale by BNK US of its Tishomingo field assets, excluding the Caney and Upper Sycamore formations, the completion of which was announced by the Company on April 21, 2013.</p>
    <p style="text-align: justify;"><i><b>Abbreviations</b></i></p>
    <p style="margin-bottom: 0pt; text-align: justify;">Bbl<font style="width: 129.55pt; display: inline-block;">&#160;</font>Barrel</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">Bbls<font style="width: 125.66pt; display: inline-block;">&#160;</font>Barrels</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">Bcfe<font style="width: 125.12pt; display: inline-block;">&#160;</font>Billion cubic feet of gas equivalent</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">Boe<font style="width: 127.89pt; display: inline-block;">&#160;</font>Barrels of oil equivalent (converted at 6 Mcf to 1 Boe)</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">Bopd<font style="width: 122.33pt; display: inline-block;">&#160;</font>Barrels of oil per day</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">Mbbls<font style="width: 118.44pt; display: inline-block;">&#160;</font>Thousand barrels</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">MMboe<font style="width: 111.78pt; display: inline-block;">&#160;</font>Millions of barrels of oil equivalent</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">Mcf<font style="width: 127.34pt; display: inline-block;">&#160;</font>Thousand cubic feet</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">MMcf<font style="width: 118.45pt; display: inline-block;">&#160;</font>Million cubic feet</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">Mcf/d<font style="width: 119.56pt; display: inline-block;">&#160;</font>Thousand cubic feet per day</p>
    <p style="margin-top: 0pt; text-align: justify;">Bcf<font style="width: 129.56pt; display: inline-block;">&#160;</font>Billion cubic feet</p>
    <p style="margin-top: 0pt; text-align: justify;">&#160;</p>
    <div id="footer_page_3">
        <p style="text-align: center;">- 3 -</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <p style="text-align: justify;"><u><b>PART 1:&#160; INTRODUCTION</b></u></p>
    <p style="text-align: justify;">The effective date of the information being provided in this statement is December 31, 2020. The preparation date of the information being provided in this statement is March 5, 2021. For a glossary of terminology and definitions relating to the information included within this statement (including the aforementioned dates), readers are referred to NI 51-101.</p>
    <p style="text-align: justify;"><u><b>Reserves and Future Net Revenue</b></u></p>
    <p style="text-align: justify;">The following is a summary of the oil and natural gas reserves and the net present values of future net revenue of Kolibri Global Energy Inc.'s wholly owned subsidiary BNK Petroleum (U.S.) Inc. as evaluated by NSAI. The Company's only property with assigned reserves and gathering revenue is the Tishomingo field in Oklahoma, U.S. NSAI is an independent qualified reserves evaluator appointed by the Company pursuant to NI 51-101. Readers should note that totals in the following tables may not add due to rounding.</p>
    <p style="text-align: justify;"><b>The estimated future net revenue figures contained in the following tables do not necessarily represent the fair market value of the Company's reserves. There is no assurance that the forecast prices and cost assumptions used by NSAI in its report to the Company will be attained and variances could be material. NSAI's report to the Company contained additional assumptions relating to costs and other matters. The recovery and reserves estimates attributed to the Company's properties described herein are estimates only. The actual reserves attributed to the Company's properties may be greater or less than those calculated.</b></p>
    <p style="text-align: justify;"><i><b>All dollar values are expressed in U.S. dollars, unless otherwise indicated.</b></i></p>
    <p style="text-align: justify;"><u><b>Cautionary Statements</b></u></p>
    <p style="text-align: justify;">Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.</p>
    <p style="text-align: justify;">BOEs may be misleading, particularly if used in isolation. A boe conversion ratio of six mcf to one barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.&#160;</p>
    <div id="footer_page_4">
        <p style="text-align: center;">- 4 -</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <p style="text-align: justify;"><u><b>PART 2:&#160; DISCLOSURE OF RESERVES DATA</b></u></p>
    <p style="text-align: justify;"><u><b>2.1 Reserves Data (Forecast Prices and Costs)</b></u></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 33%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.4pt; padding-left: 4.9pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 62%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="6">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">United States</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 33%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Tight Oil</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 18%; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Shale Gas</p>
            </td>
            <td style="width: 18%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Natural Gas Liquids</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; white-space: nowrap;">
                <p>Reserve Category</p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">KEI Gross<br>(Mbbl)</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net<br>(Mbbl)</p>
            </td>
            <td style="background-color: #ffffff; width: 8%; vertical-align: bottom; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">KEI Gross<br>(MMcf)</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net<br>(MMcf)</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">KEI Gross<br>(Mbbl)</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net<br>(Mbbl)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>Proved</p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>&#160; Developed Producing</p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2,444</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">1,912</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3,364</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2,637</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">683</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">535</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>&#160; Undeveloped</p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">21,462</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">16,881</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">21,649</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">16,955</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">4,365</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3,419</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p><b>Total Proved</b></p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>23,906</b></p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>18,793</b></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>25,013</b></p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>19,593</b></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>5,047</b></p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>3,954</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>Probable</p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">12,500</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">9,937</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">17,852</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">14,217</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3,600</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2,867</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p><b>Total Proved Plus Probable</b></p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>36,407</b></p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>28,730</b></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>42,864</b></p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>33,810</b></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>8,647</b></p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>6,821</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>Possible</p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">17,759</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">14,236</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">18,987</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">15,162</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3,829</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3,058</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p><b>Total Proved Plus Probable Plus Possible</b></p>
            </td>
            <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>54,166</b></p>
            </td>
            <td style="background-color: #e7e6e6; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>42,966</b></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>61,851</b></p>
            </td>
            <td style="background-color: #e7e6e6; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>48,972</b></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>12,476</b></p>
            </td>
            <td style="background-color: #e7e6e6; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>9,878</b></p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">Notes: May not add due to rounding. The Company's reserves are derived from non-conventional oil and gas activities.&#160; The Company's reserves are contained in a shale oil reservoir from which gas and natural gas liquids are produced as by-products.&#160;</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 97%; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; border-top: 0.75pt solid #000000;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Summary of Oil &amp; Gas Reserves</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 97%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>As of December 31, 2020</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 97%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Forecast Prices &amp; Costs</b></p>
            </td>
        </tr>
        <tr>
            <td style="background-color: #ffffff; width: 53%; vertical-align: bottom; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.9pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 53%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="width: 41%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Reserves</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 53%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="width: 41%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; white-space: nowrap;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Total</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; white-space: nowrap;">
                <p>Reserve Category</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 19%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">KEI Gross (MBOE)</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 19%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net (MBOE)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>Proved</p>
            </td>
            <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 19%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>&#160; Developed Producing</p>
            </td>
            <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3,686</p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2,887</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>&#160; Undeveloped</p>
            </td>
            <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">29,435</p>
            </td>
            <td style="background-color: #ffffff; width: 19%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">23,125</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p><b>Total Proved</b></p>
            </td>
            <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>33,121</b></p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>26,012</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>Probable</p>
            </td>
            <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">19,075</p>
            </td>
            <td style="background-color: #ffffff; width: 19%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">15,174</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p><b>Total Proved Plus Probable</b></p>
            </td>
            <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>52,196</b></p>
            </td>
            <td style="width: 19%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>41,186</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>Possible</p>
            </td>
            <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">24,752</p>
            </td>
            <td style="background-color: #ffffff; width: 19%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">19,820</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p><b>Total Proved Plus Probable Plus Possible</b></p>
            </td>
            <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e7e6e6; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>76,948</b></p>
            </td>
            <td style="background-color: #e7e6e6; width: 19%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>61,006</b></p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">Note: May not add due to rounding.&#160; Boe basis: 6 Mcf to 1 Bbl</p>
    <div id="footer_page_5">
        <p style="text-align: center;">- 5 -</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a><br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="11">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Net Present Value of Future Net Revenue</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; white-space: nowrap;" colspan="11">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>As of December 31, 2020</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="11">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Forecast Prices &amp; Costs</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 20%; white-space: nowrap;">
                <p>&#160;</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 72%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="10">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net Present Value of Future Net Revenue ($ millions)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 20%; white-space: nowrap;">
                <p><b>&#160;</b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 35%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="5">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Before Income Tax</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 35%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="5">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">After Income Tax</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 20%; white-space: nowrap; padding-left: 5.4pt;">
                <p>Reserve Category</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0%</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">5%</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">10%</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">15%</p>
            </td>
            <td style="width: 4%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">20%</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0%</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">5%</p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">10%</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">15%</p>
            </td>
            <td style="width: 5%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">20%</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 20%; padding-left: 5.4pt; background-color: #e6efff;">
                <p><b>United States</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 5%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 20%; padding-left: 5.4pt;">
                <p>Proved</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; vertical-align: bottom; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 5%; vertical-align: bottom; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 20%; padding-left: 5.4pt; background-color: #e6efff;">
                <p>&#160; Developed Producing</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">73.7</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 52.2</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 40.1</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 32.6</p>
            </td>
            <td style="width: 4%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">27.6</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">73.7</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 52.2</p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 40.1</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 32.6</p>
            </td>
            <td style="width: 5%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">27.6</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 20%; padding-left: 5.4pt;">
                <p>&#160; Undeveloped</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">509.1</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">271.5</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">152.8</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">85.8</p>
            </td>
            <td style="width: 4%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">44.7</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">398.0</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">229.3</p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">133.1</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">75.0</p>
            </td>
            <td style="width: 5%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">38.1</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 20%; padding-left: 5.4pt; background-color: #e6efff;">
                <p><b>Total Proved</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>582.7</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>323.7</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>192.9</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>118.5</b></p>
            </td>
            <td style="width: 4%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>72.3</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>471.7</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>281.5</b></p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>173.2</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>107.6</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; background-color: #e6efff;">
                <p><b>&#160; 65.7</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 20%; padding-left: 5.4pt;">
                <p>Probable</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">350.8</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">150.7</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">70.2</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">32.3</p>
            </td>
            <td style="width: 4%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">12.4</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">258.4</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">118.1</p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 53.9</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">22.3</p>
            </td>
            <td style="width: 5%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">5.8</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 20%; padding-left: 5.4pt; background-color: #e6efff;">
                <p><b>Total Proved Plus Probable</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>933.5</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>474.5</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>263.1</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>150.7</b></p>
            </td>
            <td style="width: 4%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>84.7</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>730.1</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>399.6</b></p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>227.1</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>129.9</b></p>
            </td>
            <td style="width: 5%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>71.5</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 20%; padding-left: 5.4pt;">
                <p>Possible</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">607.4</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">229.1</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">101.6</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">48.6</p>
            </td>
            <td style="width: 4%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">23.4</p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">447.6</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">183.2</p>
            </td>
            <td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">78.2</p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160; 33.4</p>
            </td>
            <td style="width: 5%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">12.9</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 20%; padding-left: 5.4pt; background-color: #e6efff;">
                <p><b>Total Proved Plus Probable plus Possible</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>1,540.9</b></p>
            </td>
            <td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>703.6</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>364.7</b></p>
            </td>
            <td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>199.3</b></p>
            </td>
            <td style="background-color: #e6efff; width: 4%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>108.1</b></p>
            </td>
            <td style="background-color: #e6efff; width: 6%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>1,177.7</b></p>
            </td>
            <td style="background-color: #e6efff; width: 4%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>582.8</b></p>
            </td>
            <td style="background-color: #e6efff; width: 5%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>305.3</b></p>
            </td>
            <td style="background-color: #e6efff; width: 4%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>163.3</b></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 5%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>84.4</b></p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">Notes: <font style="width: 4.11pt; display: inline-block;">&#160;</font>May not add due to rounding.&#160; The after income tax net present values presented in the preceding table take into account available non-operating tax losses of $160.8 million and reflect the tax burden on the Company's Tishomingo Field interests on a standalone basis, do not consider the business-entity-level tax situation or tax planning and do not provide an estimate of the value at the level of the business entity, which may be significantly different. The financial statements and the management's discussion and analysis (MD&amp;A) of the Company should be consulted for information at the level of the business entity.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; border-top: 0.75pt solid #000000;" colspan="10">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Total Future Net Revenue (Undiscounted - by Reserve Category)</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt;" colspan="10">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;"><b>As of December 31, 2020</b></font></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt;" colspan="10">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;"><b>Forecast Prices &amp; Costs ($ millions) </b></font></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; width: 27%;">
                <p><font style="font-size: 8pt;">&#160;</font></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 8%;">
                <p><font style="font-size: 8pt;">&#160;</font></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 8%;">
                <p><font style="font-size: 8pt;">&#160;</font></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 8%;">
                <p><font style="font-size: 8pt;">&#160;</font></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 8%;">
                <p><font style="font-size: 8pt;">&#160;</font></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 8%;">
                <p><font style="font-size: 8pt;">&#160;</font></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 8%;">
                <p><font style="font-size: 8pt;">&#160;</font></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 8%;">
                <p><font style="font-size: 8pt;">&#160;</font></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 8%;">
                <p><font style="font-size: 8pt;">&#160;</font></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; width: 8%;">
                <p><font style="font-size: 8pt;">&#160;</font></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left-width: 0.75pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; white-space: nowrap; vertical-align: bottom; border-left-color: #000000; border-left-style: solid; width: 27%;">
                <p><font style="font-size: 8pt;">Reserve Category</font></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 8%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">Company</font><br><font style="font-size: 8pt;">Gross</font><br><font style="font-size: 8pt;">Revenue</font></p>
            </td>
            <td style="background-color: #ffffff; width: 8%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">Royalties</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">Operating</font><br><font style="font-size: 8pt;">Expenses</font></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 8%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">Severance</font><br><font style="font-size: 8pt;">Taxes</font></p>
            </td>
            <td style="background-color: #ffffff; width: 8%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">Develop.</font><br><font style="font-size: 8pt;">Costs</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">Abandonment </font><br><font style="font-size: 8pt;">&amp; </font><br><font style="font-size: 8pt;">Reclamation </font><br><font style="font-size: 8pt;">Costs</font></p>
            </td>
            <td style="background-color: #ffffff; width: 8%; vertical-align: bottom; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">Future Net</font><br><font style="font-size: 8pt;">Revenue</font><br><font style="font-size: 8pt;">BIT</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">Income </font><br><font style="font-size: 8pt;">Taxes</font></p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 8%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">Future</font><br><font style="font-size: 8pt;">Net </font><br><font style="font-size: 8pt;">Revenue </font><br><font style="font-size: 8pt;">AIT</font></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; background-color: #e6efff; width: 27%;">
                <p><font style="font-size: 8pt;">Total Proved</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">1,603.7</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">343.3</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">313.7</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">82.3</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">277.6</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">4.1</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">582.7</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">111.0</font></p>
            </td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">471.7</font></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; width: 27%;">
                <p><font style="font-size: 8pt;">Total Proved Plus Probable</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">2,580.6</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">543.7</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">537.0</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">133.9</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">426.1</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">6.4</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">933.5</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">203.4</font></p>
            </td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">730.1</font></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; background-color: #e6efff; width: 27%;">
                <p><font style="font-size: 8pt;">Total Proved Plus Probable Plus Possible</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">4,050.1</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">836.7</font></p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 8%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">859.4</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">213.1</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">590.6</font></p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 8%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">9.5</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">1,540.9</font></p>
            </td>
            <td style="width: 8%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">363.2</font></p>
            </td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">1,177.7</font></p>
            </td>
        </tr>
    </table>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 97%; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; border-top: 0.75pt solid #000000;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Total Future Net Revenue (NPV discounted 10%, BIT by Reserve Category)</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 97%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>As of December 31, 2020</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 97%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Forecast Prices &amp; Costs </b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 52%; padding-right: 5.4pt; padding-left: 4.9pt; vertical-align: bottom; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="width: 19%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">
                <p>&#160;</p>
            </td>
            <td style="width: 42%; border-width: 0.75pt 1pt 0.75pt 0.75pt; vertical-align: bottom; border-color: #000000; background-color: #ffffff; padding-right: 4.9pt; padding-left: 5.03pt; border-style: solid;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Tishomingo Field - Tight Oil, NGL &amp; Shale Gas</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>Reserve Category</p>
            </td>
            <td style="background-color: #ffffff; width: 21%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$ millions</p>
            </td>
            <td style="background-color: #ffffff; width: 19%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Unit Value ($/boe)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 5.4pt; background-color: #e6efff;">
                <p>Total Proved</p>
            </td>
            <td style="width: 21%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">192.9</p>
            </td>
            <td style="width: 19%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">7.4</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>Total Proved Plus Probable</p>
            </td>
            <td style="width: 21%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">263.1</p>
            </td>
            <td style="width: 19%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">6.4</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; background-color: #e6efff;">
                <p>Total Proved Plus Probable Plus Possible</p>
            </td>
            <td style="background-color: #e6efff; width: 21%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">364.7</p>
            </td>
            <td style="background-color: #e6efff; width: 19%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">6.0</p>
            </td>
        </tr>
    </table>
    <br>
    <div id="footer_page_6">
        <p style="text-align: center;">- 6 -</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
    <p style="text-align: justify;"><u><b>PART 3:&#160; PRICING ASSUMPTIONS</b></u></p>
    <p style="text-align: justify;"><u><b>3.1 Forecast Prices Used in Estimates</b></u></p>
    <p style="text-align: justify;">Forecast benchmark reference product price and inflation rate assumptions are summarized below. These forecast assumptions with adjustments were provided in the NSAI report.</p>
    <table style="width: 60%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;" colspan="5">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Summary of Pricing &amp; Inflation Rate Assumptions</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;" colspan="5">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>As of December 31, 2020</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;" colspan="5">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Forecast Prices &amp; Costs</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; width: 15%;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 15%;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 15%;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000;">
                <p>&#160;</p>
            </td>
            <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border: 0.75pt solid #000000;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">United States</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Year</p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">WTI*</p>
            </td>
            <td style="width: 23%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Henry Hub*</p>
            </td>
            <td style="width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">NGL</p>
            </td>
            <td style="width: 24%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Inflation Rate</p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="background-color: #ffffff; width: 16%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">US$/bbl</p>
            </td>
            <td style="background-color: #ffffff; width: 23%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">US$/MMbtu</p>
            </td>
            <td style="background-color: #ffffff; width: 15%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">US$/bbl</p>
            </td>
            <td style="background-color: #ffffff; width: 24%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">%</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #e6efff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2021</p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">46.00</p>
            </td>
            <td style="width: 23%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.00</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">14.72</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: bottom; background-color: #e6efff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2022</p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">48.00</p>
            </td>
            <td style="width: 23%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.00</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">15.36</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #e6efff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2023</p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">53.00</p>
            </td>
            <td style="width: 23%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.00</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">16.96</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: bottom; background-color: #e6efff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2024</p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">54.06</p>
            </td>
            <td style="width: 23%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.06</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">17.30</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #e6efff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2025</p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">55.14</p>
            </td>
            <td style="width: 23%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.12</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">17.64</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: bottom; background-color: #e6efff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2026</p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">56.24</p>
            </td>
            <td style="width: 23%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.18</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">18.00</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #e6efff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2027</p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">57.37</p>
            </td>
            <td style="width: 23%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.25</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">18.36</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: bottom; background-color: #e6efff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2028</p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">58.52</p>
            </td>
            <td style="width: 23%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.31</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">18.73</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #e6efff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2029</p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">59.69</p>
            </td>
            <td style="width: 23%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.38</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">19.10</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: bottom; background-color: #e6efff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2030</p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">60.88</p>
            </td>
            <td style="width: 23%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.45</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">19.48</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #e6efff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2031</p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">62.10</p>
            </td>
            <td style="width: 23%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3.51</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">19.87</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: bottom; background-color: #e6efff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="background-color: #ffffff; width: 16%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="background-color: #ffffff; width: 23%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="background-color: #ffffff; width: 15%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="background-color: #ffffff; width: 24%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">2.0</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;" colspan="5">
                <p>Note: Sproule Oil &amp; Natural Gas Forecast from NSAI Report to the Company including adjustments for differentials; prices escalated @ 2% after 2031.</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">2020 weighted average prices were: $36.85 for oil, $1.96 for natural gas and $12.94 for NGLs.</p>
    <div id="footer_page_7">
        <p style="text-align: center;">- 7 -</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_8"></a>
    <p style="text-align: justify;"><u><b>PART 4:&#160; RECONCILIATIONS OF CHANGES IN RESERVES AND FUTURE NET REVENUE</b></u></p>
    <p style="text-align: justify;"><u><b>4.1 Reserves Reconciliation</b></u></p>
    <p style="text-align: justify;">A reconciliation of changes to the Company's gross (before deduction of royalties) proved, probable and proved plus probable reserves is provided below. This reconciliation reflects changes to the Company's reserves estimated using forecast prices and costs.&#160;</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; width: 24%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 24%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; text-align: center; width: 72%;" colspan="9"><font style="font-size: 8pt;">United States</font></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 24%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; text-align: center; width: 24%;" colspan="3"><font style="font-size: 8pt;">Tight Oil</font></td>
            <td style="border-bottom: 0.75pt solid #000000; width: 24%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; text-align: center;" colspan="3"><font style="font-size: 8pt;">Shale Gas</font></td>
            <td style="border-bottom: 0.75pt solid #000000; width: 24%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; text-align: center;" colspan="3"><font style="font-size: 8pt;">Natural Gas Liquids</font></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 24%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">Proved</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">Probable</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">Proved + Probable</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">Proved</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">Probable</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">Proved + Probable</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">Proved</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">Probable</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">Proved + Probable</font></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 24%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(Mbbl)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(Mbbl)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(Mbbl)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(MMcf)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(MMcf)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(MMcf)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(Mbbl)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(Mbbl)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(Mbbl)</font></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; text-align: right;"><font style="font-size: 8pt;">31-Dec-19</font></td>
            <td style="width: 8%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">24,074.5</font></td>
            <td style="width: 8%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">12,504.5</font></td>
            <td style="width: 8%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">36,579.0</font></td>
            <td style="width: 8%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">24,542.0</font></td>
            <td style="width: 8%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">17,468.8</font></td>
            <td style="width: 8%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">42,010.8</font></td>
            <td style="width: 8%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">5,258.5</font></td>
            <td style="width: 8%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">3,739.9</font></td>
            <td style="width: 8%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">8,998.4</font></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; text-indent: 8pt;"><font style="font-size: 8pt;">Extensions</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; text-indent: 8pt;"><font style="font-size: 8pt;">Improved Recovery</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; text-indent: 8pt;"><font style="font-size: 8pt;">Technical Revisions</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">119.5</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(4.5)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">115.0</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">841.1</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">382.7</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">1,223.8</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(143.4)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(140.7)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(284.1)</font></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; text-indent: 8pt;"><font style="font-size: 8pt;">Discoveries</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; text-indent: 8pt;"><font style="font-size: 8pt;">Acquisitions</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; text-indent: 8pt;"><font style="font-size: 8pt;">Dispositions</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; text-indent: 8pt;"><font style="font-size: 8pt;">Economic Factors</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; text-indent: 8pt;"><font style="font-size: 8pt;">Production</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(287.5)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(287.5)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(370.6)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(370.6)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(72.1)</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">-</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">(72.1)</font></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 24%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 24%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; text-align: right;"><font style="font-size: 8pt;">31-Dec-20</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">23,906.5</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">12,500.0</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">36,406.5</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">25,012.5</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">17851.5</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">42864.0</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">5,043.0</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">3,599.2</font></td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center;"><font style="font-size: 8pt;">8,642.1</font></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 24%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; width: 8%;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
    </table>
    <p style="text-align: justify;">Note: May not add due to rounding.&#160; Boe basis: 6 Mcf to 1 Bbl. Changes under "Technical Revisions" include all changes due to revisions in forecast parameters associated with all wells.</p>
    <div id="footer_page_8">
        <p style="text-align: center;">- 8 -</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a>
    <p style="text-align: justify;"><u><b>PART 5:&#160; ADDITIONAL INFORMATION RELATING TO RESERVES DATA</b></u></p>
    <p style="text-align: justify;"><u><b>5.1 Undeveloped Reserves </b></u></p>
    <p style="text-align: justify;">The Company's undeveloped reserves exist in the Caney shale of its interests in the Tishomingo Field in Oklahoma, U.S.&#160; Most of these reserves are designated within the undeveloped category because significant capital expenditures will be required in order to render these reserves capable of production.&#160;</p>
    <p style="text-align: justify;">The following tables disclose the proved undeveloped and probable undeveloped reserves from the Company's current net interest in the Tishomingo Field<sup>4</sup> that were first attributed in each of the most recent three financial years:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 20%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: middle; background-color: #ffffff; border: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Proved Undeveloped Reserves</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 15%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Oil (Mbbl)</p>
            </td>
            <td style="width: 17%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: middle; background-color: #ffffff; border: 0.75pt solid #000000; white-space: nowrap;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Natural Gas MMcf</p>
            </td>
            <td style="width: 16%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: middle; background-color: #ffffff; border: 0.75pt solid #000000; white-space: nowrap;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">NGL</p>
            </td>
        </tr>
        <tr>
            <td style="background-color: #ffffff; width: 7%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">First<br>Attributed</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 8%; vertical-align: top; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Booked<br>at Year<br>End</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 9%; vertical-align: middle; background-color: #ffffff; padding-right: 5.4pt; padding-left: 4.9pt; border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">First<br>Attributed</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 8%; vertical-align: top; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Booked<br>at Year<br>End</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 9%; vertical-align: middle; background-color: #ffffff; padding-right: 5.4pt; padding-left: 4.9pt; border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">First<br>Attributed</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 7%; vertical-align: top; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Booked<br>at Year<br>End</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 20%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">12/31/2018</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">4,858.4</p>
            </td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: top; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">17,443.0</p>
            </td>
            <td style="width: 9%; padding-right: 5.4pt; padding-left: 4.9pt; vertical-align: middle; background-color: #e6efff; border-left: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">1,585.0</p>
            </td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: top; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">13,080.9</p>
            </td>
            <td style="width: 9%; padding-right: 5.4pt; padding-left: 4.9pt; vertical-align: middle; background-color: #e6efff; border-left: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">725.9</p>
            </td>
            <td style="width: 7%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">3,248.1</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 20%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">12/31/2019</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">16,832.9</p>
            </td>
            <td style="width: 9%; padding-right: 5.4pt; padding-left: 4.9pt; vertical-align: middle; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">3,408.1</p>
            </td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">16,489.0</p>
            </td>
            <td style="width: 9%; padding-right: 5.4pt; padding-left: 4.9pt; vertical-align: middle; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">281.5</p>
            </td>
            <td style="width: 7%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">3,529.6</p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; width: 20%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; border-left: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">12/31/2020</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">48.2</p>
            </td>
            <td style="background-color: #e6efff; width: 8%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">16,881.1</p>
            </td>
            <td style="background-color: #e6efff; width: 9%; vertical-align: middle; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.9pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">466.3</p>
            </td>
            <td style="background-color: #e6efff; width: 8%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">16,955.3</p>
            </td>
            <td style="background-color: #e6efff; width: 9%; vertical-align: middle; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.9pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="background-color: #e6efff; width: 7%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">3,418.5</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 20%; border: 0.75pt solid #000000;" rowspan="2">
                <p style="text-align: center;">Probable Undeveloped Reserves</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 15%; vertical-align: middle; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Oil (Mbbl)</p>
            </td>
            <td style="width: 17%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: middle; border: 0.75pt solid #000000;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Natural Gas MMcf</p>
            </td>
            <td style="width: 16%; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: middle; border: 0.75pt solid #000000;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">NGL</p>
            </td>
        </tr>
        <tr>
            <td style="width: 7%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">First<br>Attributed</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 8%; vertical-align: top; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Booked<br>at Year<br>End</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 9%; vertical-align: middle; padding-right: 5.4pt; padding-left: 4.9pt; border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">First<br>Attributed</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 8%; vertical-align: top; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Booked<br>at Year<br>End</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 9%; vertical-align: middle; padding-right: 5.4pt; padding-left: 4.9pt; border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">First<br>Attributed</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 7%; vertical-align: top; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Booked<br>at Year<br>End</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 20%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">12/31/2018</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: top; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">10,640.8</p>
            </td>
            <td style="width: 9%; padding-right: 5.4pt; padding-left: 4.9pt; vertical-align: middle; background-color: #e6efff; border-left: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: top; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">11,603.7</p>
            </td>
            <td style="width: 9%; padding-right: 5.4pt; padding-left: 4.9pt; vertical-align: middle; background-color: #e6efff; border-left: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="width: 7%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">2,881.9</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 20%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">12/31/2019</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">9,941.1</p>
            </td>
            <td style="width: 9%; padding-right: 5.4pt; padding-left: 4.9pt; vertical-align: middle; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">2,307.5</p>
            </td>
            <td style="width: 8%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">13,911.2</p>
            </td>
            <td style="width: 9%; padding-right: 5.4pt; padding-left: 4.9pt; vertical-align: middle; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">96.4</p>
            </td>
            <td style="width: 7%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">2,978.3</p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; width: 20%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; border-left: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">12/31/2020</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="background-color: #e6efff; width: 8%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">9,937.2</p>
            </td>
            <td style="background-color: #e6efff; width: 9%; vertical-align: middle; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.9pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">305.7</p>
            </td>
            <td style="background-color: #e6efff; width: 8%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">14,216.9</p>
            </td>
            <td style="background-color: #e6efff; width: 9%; vertical-align: middle; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.9pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="background-color: #e6efff; width: 7%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">2,866.4</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;"><sup>4 </sup>Note: Pursuant to the Woodford Sale, the Company sold its interests in the Woodford formation in the Tishomingo field in 2013.</p>
    <p style="text-align: justify;">Plans for future development of these undeveloped reserves (based on Forecast Prices and Costs) are summarized below:</p>
    <p style="text-align: justify;"><u><b>United States of America Properties</b></u></p>
    <p style="text-align: justify;"><i><b>Tishomingo Field, Oklahoma </b></i></p>
    <p style="text-align: justify;">NSAI assigns 29,435.4 Mboe (Company Gross Working Interest share) Proved Undeveloped and 19,075.1 Mboe (Company Gross Working Interest share) Probable Undeveloped reserves to the Tishomingo Field.&#160; The Proved Undeveloped reserves are forecast to be recoverable from the drilling of 7 wells in 2021 and 24 and 29 wells in 2022 and 2023 respectively (5.58, 23.63 and 26.52 net KEI wells).&#160; The Probable Undeveloped reserves are forecast to be recoverable from the drilling of 1 well in 2022, 7 wells in 2023, and 36, and 17 wells in 2024, and 2025 respectively (0.05, 4.83, 19.39, and 4.66 net KEI wells).</p>
    <p style="text-align: justify;">The production forecast is based on producing the existing wells and drilling the additional wells as listed above and applying the historical production behavior to the undeveloped well locations.&#160;</p>
    <div id="footer_page_9">
        <p style="text-align: center;">- 9 -</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_10"></a>
    <p style="text-align: justify;"><u><b>5.2 Significant Factors or Uncertainties</b></u></p>
    <p style="text-align: justify;">Estimates of economically recoverable oil and natural gas reserves (including natural gas liquids) and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as availability of capital to fund required infrastructure, commodity prices, production performance of the wells drilled, successful drilling of infill wells, the assumed effects of regulation by government agencies and future capital and operating costs.&#160; All of these estimates will vary from actual results. Estimates of the recoverable oil and natural gas reserves attributable to any particular group of properties, classifications of such reserves based on risk of recovery and estimates of future net revenues expected therefrom, will vary. The Company's actual production, revenues, taxes, development and operating expenditures with respect to its reserves will vary from such estimates, and such variances could be material.&#160; Estimates of after-tax net present value are dependent on a number of factors including utilization of tax-loss carry forwards.&#160; In addition to the foregoing, other significant factors or uncertainties that may affect either the Company's reserves or the future net revenue associated with such reserves include material changes to existing taxation or royalty rates and/or regulations, and changes to environmental laws and regulations.</p>
    <p style="text-align: justify;">Information&#160; on other important economic factors or significant uncertainties that may affect components of the reserves data and other oil and gas information contained in this Form 51-101F1 are contained in the Company's Management Discussion and Analysis filed under the Company's profile at <font style="color: #0000ff;"><u>www.SEDAR.com</u></font> and in the AIF under "Risk Factors".</p>
    <p style="text-align: justify;"><u><b>5.3 Future Development Costs</b></u></p>
    <p style="text-align: justify;">A summary of the estimated development costs deducted in the estimation of future net revenue attributable to various reserves categories and prepared under various price and cost assumptions are summarized in the following table. The Company expects to fund its estimated future development costs through some combination of internally generated cash flow and debt or equity financing. There can be no guarantee that funds will be available when required to proceed with the development on the schedule contemplated herein or that the Board of Directors of the Company will allocate funding to develop all of the reserves requiring development.&#160; Failure to develop such reserves could negatively impact future net revenue.</p>
    <table style="width: 80%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 97%; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Summary of Estimated Development Costs Attributed to Reserves</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 97%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Forecast Prices &amp; Costs</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border: 0.75pt solid #000000;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Estimated Development Costs ($ millions)</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>Total Proved</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>Total Proved + Probable</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p><b>United States</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; background-color: #e6efff;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; background-color: #e6efff;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>2021</p>
            </td>
            <td style="width: 29%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">41.5</p>
            </td>
            <td style="width: 30%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">41.5</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p>2022</p>
            </td>
            <td style="width: 29%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">124.4</p>
            </td>
            <td style="width: 30%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">124.4</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>2023</p>
            </td>
            <td style="width: 29%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">111.7</p>
            </td>
            <td style="width: 30%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">153.1</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p>2024</p>
            </td>
            <td style="width: 29%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="margin-right: 3.4pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">-</p>
            </td>
            <td style="width: 30%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">85.6</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>2025+</p>
            </td>
            <td style="width: 29%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="margin-right: 3.4pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">-</p>
            </td>
            <td style="width: 30%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">21.6</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p>Total</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 29%; vertical-align: bottom; background-color: #e6efff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">277.6</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 30%; vertical-align: bottom; background-color: #e6efff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">426.2</p>
            </td>
        </tr>
    </table>
    <br>
    <div id="footer_page_10">
        <p style="text-align: center;">- 10 -</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_11"></a>
    <p style="text-align: justify;"><u><b>PART 6:&#160; OTHER OIL AND GAS INFORMATION</b></u></p>
    <p style="text-align: justify;"><u><b>6.1 Oil and Gas Properties and Wells</b></u></p>
    <p style="text-align: justify;">The following discussion outlines the Company's important properties, plants, facilities and installations:</p>
    <p style="text-align: justify;"><u><b>United States</b></u></p>
    <p style="text-align: justify;"><i><b>Tishomingo Field, Ardmore Basin, Oklahoma</b></i></p>
    <p style="text-align: justify;">In Oklahoma, the Company holds approximately 17,350 net acres of Caney shale acreage in the Tishomingo Field near Ardmore, OK.&#160; The Company sold all of its Woodford shale rights in the Tishomingo Field in April 2013 and commenced the exploration phase to develop the oily Caney shale.&#160; A subsequent transaction in 2015 resulted in the Company obtaining a 4.9% working interest in one section and participating in four Woodford shale horizontal wells which were completed in 2016.&#160; The Company plans additional development drilling in this field with the objective of increasing production and reserves.</p>
    <p style="text-align: justify;">In 2013, the Company drilled 5 Caney horizontal wells to increase its reserves, oil production and to better understand the Caney formation.&#160; By December 31, 2013, the 5 wells were fracture stimulated with 4 wells on production.&#160; The 5<sup>th</sup> well began production in early January 2014.&#160; The Company's exit production from the Tishomingo Field at December 31, 2013 was approximately 1,040 boepd.&#160; KEI's 2013-year end proved reserves, with an effective date of 12/31/13 were 4 million boe.&#160;</p>
    <p style="text-align: justify;">In 2014, the Company drilled 5 Caney horizontal wells, fracture stimulated 3 of them, fracture stimulated one third of another well and completed the stimulation of one well that had been drilled in 2013 that had not been fully stimulated.&#160; The remaining wellbores were stimulated in 2015.&#160; The Company's exit production rate from the field was approximately 1,400 boepd, which did not include one well that began producing oil in early January 2015.&#160; KEI's 2014 year end proved reserves, with an effective date of 12/31/14 in the Tishomingo Field increased to an estimated 12 million boe.</p>
    <p style="text-align: justify;">As noted above, in 2015 the Company completed 2 Caney horizontal wells that had been drilled in 2014.&#160; Due to the drastic drop in the price of oil the Company did not drill any additional wells in 2015.&#160; The Company averaged 1,367 boepd in the fourth quarter of 2015.&#160; KEI's 2015 year end proved reserves in the Tishomingo Field, with an effective date of 12/31/15 increased to 17.7 million boe compared to the December 31, 2014 estimate, primarily due to upgrading into the proved and probable categories.&#160;</p>
    <p style="text-align: justify;">Due to the continued low oil prices through 2016, the Company did not complete any wells in 2016. KEI's 2016 year end proved reserves in the Tishomingo Field increased to 18 million boe, primarily due to technical revisions as a result of the existing wells performing above previous forecasts.&#160; Company production averaged 1,045 BOEPD in 2016.</p>
    <p style="text-align: justify;">The Company's 2017 drilling program, consisted of 3 horizontal Caney wells, two of which were drilled to the east of KEI's previous Caney wells.&#160; These wells were successfully drilled under-budget and demonstrated solid operational execution and extended the play to the east.&#160; Fracture stimulation programs were modified and much higher proppant placement was achieved.&#160; KEI's 2017 year end proved reserves increased by 40% to 25.2 million boe primarily due to probable and possible locations being converted to proved locations.&#160; KEI's 2017 year end proved and probable reserves increased by 13% to 47.6 million boe.&#160; Average production for the year was 1,092 BOEPD since two of the wells came on late in the year.&#160; KEI's 4<sup>th</sup> quarter average production was 1,539 BOEPD.</p>
    <p style="text-align: justify;">In 2018 the Company drilled and participated in 4 horizontal Caney wells, 3 of them were operated by the Company.&#160; The remaining well was a 2-mile lateral, operated by a major oil company, who had the right to be the operator for that section.&#160; All the wells were successfully drilled on and or under budget.&#160; KEI's 2018 year end proved reserves increased by 26% to 33.8 million boe primarily due to the new wells being drilled.&#160; KEI's 2018 year end proved and probable reserves increased by 11% to 53.3 million boe.&#160; Both the proved and probable reserve increases are primarily a result of the new wells converting probable and possible reserve locations to the proven and probable categories. The proved reserves are estimated to be 76% oil, with the balance being shale gas and natural gas liquids. Average production for the year was 1,662 BOEPD.</p>
    <div id="footer_page_11">
        <p style="text-align: center;">- 11 -</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a>
    <p style="text-align: justify;">In 2019 the Company did not drill any wells, but there was one well that was listed as PDNP at the end of 2018 that was brought on production, and KEI completed a few workovers to cleanout wellbores.&#160; KEI's 2019-year end proved reserves were down by 1% to 33.4 million boe.&#160; KEI's 2019-year end proved and probable reserves, decreased by 1% to 52.6 million boe.&#160; There was no significant change to the proved, nor probable reserves since KEI did not drill any wells in 2019. The small change is attributed to the existing wells having had low decline rates matching previous assumptions.&#160; Average production was 1,379 BOEPD.</p>
    <p style="text-align: justify;">In 2020, due to the ultra low oil prices during COVD the Company did not drill any wells.&#160; KEI's 2020 year end proved reserves were down by 1% to 33.1 million boe.&#160; KEI's 2020 year end proved and probable reserves, decreased by 1% to 52.2 million boe.&#160; There was no significant change to the proved, nor probable reserves since KEI did not drill any wells in 2020.&#160; The small change is attributed to the existing wells having had low decline rate matching previous assumptions.&#160; Average production was 1,151 BOEPD.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; border-top: 0.75pt solid #000000; width: 91%;" colspan="9">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; width: 91%;" colspan="9">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Oil &amp; Gas Properties Associated with Reserves</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; width: 91%;" colspan="9">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">As of December 31, 2020</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; width: 91%;" colspan="9">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 14%; padding-right: 5.4pt; padding-left: 4.9pt; vertical-align: bottom; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle; background-color: #ffffff; border: 0.75pt solid #000000; width: 42%;" colspan="6">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Acreage</p>
            </td>
            <td style="width: 21%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;" rowspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Plants, Facilities &amp; Installation</p>
            </td>
        </tr>
        <tr>
            <td style="width: 14%; padding-right: 5.4pt; padding-left: 4.9pt; vertical-align: bottom; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="width: 14%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle; background-color: #ffffff; border: 0.75pt solid #000000;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Developed</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 14%; vertical-align: middle; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Undeveloped</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: middle; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; width: 14%;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Total</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border: 0.75pt solid #000000; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>Properties</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border: 0.75pt solid #000000; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>Location</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gross</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gross</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gross</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p><b>United States</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p><b>&#160;</b></p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; vertical-align: bottom; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 7%; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 7%; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; width: 21%; background-color: #e6efff;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>Tishomingo</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>Oklahoma, U.S.</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">25,652</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">17,093</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">2,560</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: bottom; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">257</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">28,212</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: bottom; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">17,350</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; width: 21%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: bottom; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: bottom; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; width: 21%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: bottom; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: bottom; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; width: 21%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: bottom; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: bottom; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; width: 21%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p>Total</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p>&#160;</p>
            </td>
            <td style="width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">25,652</p>
            </td>
            <td style="width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; border-top: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">17,093</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">2,560</p>
            </td>
            <td style="width: 7%; border-style: solid; border-width: 0.75pt 0.75pt 1pt; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-color: #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">257</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">28,212</p>
            </td>
            <td style="width: 7%; border-style: solid; border-width: 0.75pt 0.75pt 1pt; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-color: #000000; background-color: #e6efff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">17,350</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 21%; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000; text-align: center;" colspan="11"><b>Oil &amp; Gas Properties Associated with Reserves</b></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;" colspan="11">As of December 31, 2020</td>
        </tr>
        <tr>
            <td style="width: 22%; vertical-align: bottom; background-color: #ffffff; border-left: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="width: 7%; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="width: 7%; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="width: 7%; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="width: 7%; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="width: 7%; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="width: 7%; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="width: 10%; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="width: 10%; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="width: 7%; vertical-align: bottom; background-color: #ffffff; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 22%; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; border: 0.75pt solid #000000; text-align: center; width: 42%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;" colspan="6">United States</td>
            <td style="width: 10%; vertical-align: bottom; background-color: #ffffff; border-left: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="width: 10%; vertical-align: bottom; background-color: #ffffff; border-left: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="width: 14%; vertical-align: middle; background-color: #ffffff; border: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;" colspan="2" rowspan="2">Total</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 22%; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; width: 14%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;" colspan="2">Tight Oil</td>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 14%; background-color: #ffffff; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;" colspan="2">Shale Gas</td>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 14%; background-color: #ffffff; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;" colspan="2">Natural Gas Liquids</td>
            <td style="width: 10%; vertical-align: middle; background-color: #ffffff; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; text-align: center; white-space: nowrap;">Suspended (1)</td>
            <td style="margin-top: 0pt; vertical-align: middle; text-align: center; width: 10%; border-right: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">Service (2)</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; width: 22%; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; width: 7%; vertical-align: bottom; background-color: #ffffff; border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">Gross</td>
            <td style="width: 7%; vertical-align: bottom; background-color: #ffffff; border: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">Net</td>
            <td style="border-bottom: 0.75pt solid #000000; width: 7%; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">Gross</td>
            <td style="border-bottom: 0.75pt solid #000000; width: 7%; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">Net</td>
            <td style="border-bottom: 0.75pt solid #000000; width: 7%; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">Gross</td>
            <td style="border-bottom: 0.75pt solid #000000; width: 7%; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">Net</td>
            <td style="background-color: #ffffff; width: 10%; vertical-align: bottom; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="background-color: #ffffff; width: 10%; vertical-align: bottom; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; border-right: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; width: 7%; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">Gross</td>
            <td style="border-bottom: 0.75pt solid #000000; width: 7%; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap;">Net</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; width: 22%; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">Oklahoma Producing&#160;</td>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 7%; background-color: #e6efff; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 7%; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 7%; vertical-align: bottom; background-color: #e6efff; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 7%; background-color: #e6efff; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 7%; vertical-align: bottom; background-color: #e6efff; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 7%; background-color: #e6efff; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 10%; vertical-align: bottom; background-color: #e6efff; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 10%; vertical-align: bottom; background-color: #e6efff; border-left: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 7%; background-color: #e6efff; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 7%; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; width: 22%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">Oklahoma Non-Producing</td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: top; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">18</td>
            <td style="width: 7%; vertical-align: top; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">16.3</td>
            <td style="width: 7%; vertical-align: top; background-color: #ffffff; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">4.0</td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: top; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">0.2</td>
            <td style="width: 7%; vertical-align: top; background-color: #ffffff; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: top; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 10%; vertical-align: top; background-color: #ffffff; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 10%; vertical-align: top; background-color: #ffffff; border-left: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: top; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">22</td>
            <td style="width: 7%; vertical-align: top; background-color: #ffffff; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">16.5</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; width: 22%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: top; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 7%; vertical-align: top; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 7%; vertical-align: top; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: top; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 7%; vertical-align: top; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: top; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 10%; vertical-align: top; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 10%; vertical-align: top; border-left: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="border-left: 0.75pt solid #000000; width: 7%; vertical-align: top; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 7%; vertical-align: top; border-right: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 22%; vertical-align: top; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">Total</td>
            <td style="border-bottom: 0.75pt solid #000000; width: 7%; vertical-align: top; background-color: #e6efff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">18</td>
            <td style="background-color: #e6efff; width: 7%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">16.3</td>
            <td style="width: 7%; vertical-align: top; background-color: #e6efff; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">4.0</td>
            <td style="border-bottom: 0.75pt solid #000000; width: 7%; vertical-align: top; background-color: #e6efff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">0.2</td>
            <td style="width: 7%; vertical-align: top; background-color: #e6efff; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; width: 7%; vertical-align: top; background-color: #e6efff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="width: 10%; vertical-align: top; background-color: #e6efff; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="background-color: #e6efff; width: 10%; vertical-align: top; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; width: 7%; vertical-align: top; background-color: #e6efff; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">22</td>
            <td style="background-color: #e6efff; width: 7%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; padding-left: 5.4pt; padding-right: 5.4pt;">16.5</td>
        </tr>
    </table>
    <p style="text-align: justify;">(1)&#160; Suspended wells may be capable of production but which, for a variety of reasons, including, but not limited to lack of markets or development are not placed on production at the present time. (2) Service wells are used for the disposal or injection of water or other in-field service operations related to oil and gas product.</p>
    <div id="footer_page_12">
        <p style="text-align: center;">- 12 -</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
    <p style="text-align: justify;"><u><b>6.2 Properties with No Attributed Reserves</b></u></p>
    <p style="text-align: justify;">The Company's unproved properties, including those for which the Company expects its rights to explore, develop and exploit to expire within one year, are outlined in the following table.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
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            <td style="border-left: 0.75pt solid #000000; width: 16%; vertical-align: middle; background-color: #ffffff; padding-right: 5.4pt; padding-left: 4.9pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-top: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-top: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-top: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-top: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 28%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 97%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt;" colspan="6">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Properties with no Attributed Reserves</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 97%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt;" colspan="6">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><i><b>As of December 31, 2020</b></i></p>
            </td>
        </tr>
        <tr>
            <td style="width: 16%; padding-right: 5.4pt; padding-left: 4.9pt; vertical-align: middle; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="background-color: #ffffff; width: 28%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="background-color: #ffffff; width: 16%; vertical-align: middle; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.9pt; white-space: nowrap;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="background-color: #ffffff; width: 17%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 18%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Undeveloped Acreage<br>(Acres)</p>
            </td>
            <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Company<br>Interest</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 28%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; border-left: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Work Commitments<br>(existence, nature, timing &amp; cost)</p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; width: 16%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; border-left: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Properties</p>
            </td>
            <td style="background-color: #ffffff; width: 17%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Location</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gross</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net</p>
            </td>
            <td style="background-color: #ffffff; width: 7%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(%)</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 16%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><i><b>United States</b></i></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; background-color: #e6efff;">
                <p>&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 7%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 28%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 16%; vertical-align: middle; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">McIntosh County</p>
            </td>
            <td style="width: 17%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">McIntosh County, OK</p>
            </td>
            <td style="width: 7%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">4,480</p>
            </td>
            <td style="width: 7%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">67</p>
            </td>
            <td style="width: 7%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3</p>
            </td>
            <td style="width: 28%; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Held by production with small interests spread over numerous sections.</p>
            </td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; width: 16%; vertical-align: middle; background-color: #e6efff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Total</p>
            </td>
            <td style="background-color: #e6efff; width: 17%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="background-color: #e6efff; width: 7%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">4,480</p>
            </td>
            <td style="background-color: #e6efff; width: 7%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">67</p>
            </td>
            <td style="background-color: #e6efff; width: 7%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">3</p>
            </td>
            <td style="background-color: #e6efff; width: 28%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt;">
                <p style="text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;"><u><b>6.3 Forward Contracts</b></u><b>&#160; &#160; &#160; &#160; </b></p>
    <p style="text-align: justify;">The Company is not bound by any agreements which may impact the realization of future full market prices for its oil and gas production as described in this report, other than the financial commodity contracts listed below.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p>&#160;</p>
            </td>
            <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Total Volume <br>Hedged<br>(BBLS/MMBTU)</b></p>
            </td>
            <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Price&#160; </b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Commodity</b></p>
            </td>
            <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Period</b></p>
            </td>
            <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>($/BBL or<br>$/MMBTU)</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>Oil - WTI</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>January 1, 2021 to December 31, 2021</p>
            </td>
            <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">72,000</p>
            </td>
            <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$52.66</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Oil - WTI</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>January 1, 2021 to December 31, 2021</p>
            </td>
            <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">60,000</p>
            </td>
            <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$42.32</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>Oil - WTI</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">
                <p>January 1, 2022 to September 30, 2022</p>
            </td>
            <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">54,000</p>
            </td>
            <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">$55.92</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">The Company has no transportation obligations or commitments for future deliveries which exceed its expected related future production from proved reserves, as estimated using forecast prices and costs.</p>
    <p style="text-align: justify;"><u><b>6.4 Tax Horizon</b></u></p>
    <p style="text-align: justify;">The Company does not expect to be required to pay income taxes in the immediate foreseeable future.</p>
    <div id="footer_page_13">
        <p style="text-align: center;">- 13 -</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <p style="text-align: justify;"><u><b>6.5 Costs Incurred</b></u><b>&#160; &#160; &#160; </b></p>
    <p style="text-align: justify;">For the year ended December 31, 2020, the Company incurred costs related to its acquisition, exploration and development activities as outlined in the following table.</p>
    <table style="width: 50%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>&#160;</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p><b>Cost <br>Incurred ($ millions)</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>United States</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;" colspan="1">
                <p>Property Acquisition Costs</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 20pt; padding-right: 5.4pt;">
                <p>Proved Properties</p>
            </td>
            <td style="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 20pt; padding-right: 5.4pt; background-color: #e6efff;">
                <p>Unproved Properties/Wells</p>
            </td>
            <td style="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #e6efff;" colspan="1">
                <p>Exploration Costs</p>
            </td>
            <td style="width: 25%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; border: 0.75pt solid #000000; background-color: #e6efff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Nil</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt;" colspan="1">
                <p>Development Costs</p>
            </td>
            <td style="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.1</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;"><u><b>6.6 Exploration and Development Activities</b></u></p>
    <p style="text-align: justify;">The Company's drilling activity and results for the year ended December 31, 2020, are summarized in the following table. It should be noted that the data outlined in this table reflects those wells that the Company participated in and where the rig was released during the period.</p>
    <table style="width: 80%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 4.9pt; border-top: 0.75pt solid #000000;" colspan="5">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
        </tr>
        <tr>
            <td style="padding-right: 5.4pt; padding-left: 4.9pt; vertical-align: bottom; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>&#160;</b></p>
            </td>
            <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border: 0.75pt solid #000000;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Exploratory Wells</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000;" colspan="2">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Development Wells</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p>&#160;</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gross</p>
            </td>
            <td style="width: 15%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gross</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Net</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid rgb(0, 0, 0); padding-left: 5.4pt; background-color: rgb(230, 239, 255);">
                <p><b>United States</b></p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; background-color: rgb(230, 239, 255); border-left: 0.75pt solid rgb(0, 0, 0);">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="border-left: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; width: 15%; background-color: rgb(230, 239, 255); padding-right: 5.03pt; border-right: 0.75pt solid rgb(0, 0, 0); padding-left: 5.03pt; border-top: 0.75pt solid rgb(0, 0, 0);">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(230, 239, 255); border-top: 0.75pt solid rgb(0, 0, 0);">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="border-left: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; width: 15%; background-color: rgb(230, 239, 255); padding-right: 4.9pt; border-right: 0.75pt solid rgb(0, 0, 0); padding-left: 5.03pt; border-top: 0.75pt solid rgb(0, 0, 0);">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>&#160; Oil Wells</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid rgb(0, 0, 0); padding-left: 5.4pt; background-color: rgb(230, 239, 255);">
                <p>&#160; Gas Wells</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; background-color: rgb(230, 239, 255); border-left: 0.75pt solid rgb(0, 0, 0);">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="border-left: 0.75pt solid rgb(0, 0, 0); width: 15%; vertical-align: bottom; background-color: rgb(230, 239, 255); padding-right: 5.03pt; border-right: 0.75pt solid rgb(0, 0, 0); padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(230, 239, 255);">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="border-left: 0.75pt solid rgb(0, 0, 0); width: 15%; vertical-align: bottom; background-color: rgb(230, 239, 255); padding-right: 4.9pt; border-right: 0.75pt solid rgb(0, 0, 0); padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>&#160; Service Wells</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid rgb(0, 0, 0); padding-left: 5.4pt; background-color: rgb(230, 239, 255);">
                <p>&#160; Stratigraphic Test Wells</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; background-color: rgb(230, 239, 255); border-left: 0.75pt solid rgb(0, 0, 0);">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="border-left: 0.75pt solid rgb(0, 0, 0); width: 15%; vertical-align: bottom; background-color: rgb(230, 239, 255); padding-right: 5.03pt; border-right: 0.75pt solid rgb(0, 0, 0); padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(230, 239, 255);">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="border-left: 0.75pt solid rgb(0, 0, 0); width: 15%; vertical-align: bottom; background-color: rgb(230, 239, 255); padding-right: 4.9pt; border-right: 0.75pt solid rgb(0, 0, 0); padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>&#160; Dry Holes</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 4.9pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); padding-left: 5.4pt; background-color: rgb(230, 239, 255);">
                <p>Total Wells</p>
            </td>
            <td style="border-left: 0.75pt solid rgb(0, 0, 0); width: 15%; vertical-align: bottom; border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.03pt; border-top: 0.75pt solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="width: 15%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border: 0.75pt solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); background-color: rgb(230, 239, 255);">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
            <td style="width: 15%; border-style: solid; border-width: 0.75pt 1pt 0.75pt 0.75pt; padding-right: 4.9pt; padding-left: 5.03pt; vertical-align: bottom; border-color: rgb(0, 0, 0); background-color: rgb(230, 239, 255);">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">0.0</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">The Company's exploration and development activities are summarized as follows:&#160;</p>
    <p style="text-align: justify;"><u><b>United States </b></u></p>
    <p style="text-align: justify;">During fiscal year 2020 KEI did not drill any wells. The Company plans additional development drilling in the Tishomingo Field, OK with the objective of increasing production and reserves.</p>
    <div id="footer_page_14">
        <p style="text-align: center;">- 14 -</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <p style="text-align: justify;"><u><b>6.7 Production Estimates</b></u></p>
    <p style="text-align: justify;">Estimated production volumes (before Royalties) derived from the first year (2021) of the cash flow forecasts prepared in conjunction with the Company's reserves data included in the NSAI Report are provided in the following table.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 97%; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;" colspan="5">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Summary of Production Estimates</b></p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 97%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;" colspan="5">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Proved + Probable Reserves Case</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 97%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt;" colspan="5">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">For Year 2020</p>
            </td>
        </tr>
        <tr>
            <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 17%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">
                <p>&#160;</p>
            </td>
            <td style="width: 53%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; background-color: #ffffff; border: 0.75pt solid #000000;" colspan="3">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">United States</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; padding-left: 5.4pt;">
                <p>&#160;</p>
            </td>
            <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; width: 15%; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Tight Oil</p>
            </td>
            <td style="width: 16%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="margin-bottom: 0pt; text-align: center; margin-top: 0pt;">Shale Gas</p>
            </td>
            <td style="width: 16%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.4pt; border-top: 0.75pt solid #000000; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Natural Gas <br>Liquids</p>
            </td>
            <td style="width: 17%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000; white-space: nowrap;">
                <p style="margin-bottom: 0pt; text-align: center; margin-top: 0pt;">Company Total</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>Reserve Category</p>
            </td>
            <td style="border-bottom: 0.75pt solid #000000; width: 15%; vertical-align: bottom; background-color: #ffffff; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-left: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(Mbbl)</p>
            </td>
            <td style="background-color: #ffffff; width: 16%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(MMcf)</p>
            </td>
            <td style="background-color: #ffffff; width: 16%; vertical-align: bottom; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(Mbbl)</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">&#160;</td>
            <td style="width: 15%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 17%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt; background-color: #e6efff;">
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            <td style="width: 15%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
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            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
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            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
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            <td style="width: 17%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
                <p>Tishomingo, OK</p>
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            <td style="width: 15%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">434.4</p>
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            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">445.1</p>
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            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
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            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 5.4pt;">
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            <td style="width: 15%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
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            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
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            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
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            <td style="width: 17%; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; border-right: 0.75pt solid #000000;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">445.1</p>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">589.3</p>
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    <p style="text-align: justify;"><i> (1)</i><font style="width: 24.67pt; display: inline-block;">&#160;</font><i>Significant fields represent greater than 20% of Company total (by country) of production in the first year of forecast</i></p>
    <p style="text-align: justify;"><u><b>6.8 Production History</b></u></p>
    <p style="text-align: justify;">The Company's historical production and netback data for period ended December 31, 2020 is presented below.</p>
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            <td style="vertical-align: bottom; background-color: #ffffff; text-align: center; border-left: 0.75pt solid #000000;" colspan="15"><b>&#160;</b></td>
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            <td style="background-color: #ffffff; vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="background-color: #ffffff; vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">Q1</td>
            <td style="background-color: #ffffff; vertical-align: bottom; text-align: center; white-space: nowrap; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">Q2</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: center; white-space: nowrap; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">Q3</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: center; white-space: nowrap; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">Q4</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: center; white-space: nowrap; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">Total<br>Year</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: center; white-space: nowrap; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-right: 0.75pt solid #000000;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; background-color: #e6efff; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Company share of daily production before deduction of royalties</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; border-right: 0.75pt solid #000000;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Shale Gas (Mcf/d)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,067</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,033</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,027</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">924</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,013</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; background-color: #e6efff;">Tight Oil (bopd)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">842</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">804</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">761</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">735</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">785</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">NGLs (bopd)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">205</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">187</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">202</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">193</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">197</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Average ($/bbl or $/mcf)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">)</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">(6.54</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">16.20</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160; Price adjustment from commodity contracts</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">3.35</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">12.74</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">7.73</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">7.02</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">7.66</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">&#160; Netback after adjustments</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">24.10</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">21.15</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">24.90</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; vertical-align: bottom; width: 8%; border-bottom: 0.75pt solid #000000;">25.40</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">23.86</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 5.4pt; vertical-align: bottom; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; background-color: #e6efff;">Total Production <br>(mboe before deductions of royalties)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">111.5</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">104.3</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">99.6</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">421.3</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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    <p style="margin-bottom: 0pt; text-align: justify;">Boe basis: 6 Mcf to 1 Bbl</p>
    <div id="footer_page_15">
        <p style="text-align: center;">- 15 -</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <p style="text-align: justify;"><u><b>PART 7:&#160; NOTES </b></u></p>
    <p style="text-align: justify;">The following definitions and guidelines are contained in Section 5.4 of Volume 1 of the Canadian Oil and Gas Evaluation Handbook (Second Edition, September 1, 2007) prepared jointly by The Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy &amp; Petroleum (Petroleum Society) (the "COGE Handbook") and have been prepared by the Standing Committee on Reserves Definitions of the CIM (Petroleum Society). Readers should consult the COGE Handbook for additional explanation and guidance. Certain other terms used in this Listing Application have the meanings assigned to them in NI 51-101 and accompanying Companion Policy 51-101 CP, adopted by the Canadian securities regulatory authorities.&#160;</p>
    <p style="text-align: justify;"><u>Gross</u></p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(a)<font style="width: 6.9pt; text-indent: 0pt; display: inline-block;">&#160;</font>In relation to the Company's interest in production or reserves, its "company gross reserves", which are the Company's working interest (operating or non-operating) share before deduction of royalties and without including any royalty interest of the Company.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(b)<font style="width: 6.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>In relation to wells, the total number of wells in which the Company has an interest.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(c)<font style="width: 6.9pt; text-indent: 0pt; display: inline-block;">&#160;</font>In relation to properties, the total area of properties in which the Company has an interest.</p>
    <p style="text-align: justify;"><u>Net</u></p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(a)<font style="width: 6.9pt; text-indent: 0pt; display: inline-block;">&#160;</font>In relation to the Company's interest in production or reserves, the Company's working interest (operating and non-operating) share after deduction of royalty obligations, plus the Company's royalty interests in production or reserves.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(b)<font style="width: 6.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>In relation to the Company's interest in a property, the total area in which the Company has an interest multiplied by the working interest owned by the Company.</p>
    <p style="text-align: justify;">The following definitions apply to both estimates of individual reserves entities and the aggregate of reserves for multiple entities:</p>
    <p style="text-align: justify;"><u>Reserve Categories </u></p>
    <p style="text-align: justify;">Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations from a given date forward, based on:</p>
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        <li style="margin-left: 27.58pt; text-align: justify; padding-left: 8.42pt;">
            <p>Analysis of drilling, geological, geophysical and engineering data;</p>
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        <li style="margin-left: 27.58pt; text-align: justify; padding-left: 8.42pt;">
            <p>The use of established technology; and</p>
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        <li style="margin-left: 27.58pt; text-align: justify; padding-left: 8.42pt;">
            <p>Specified economic conditions</p>
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    <p style="text-align: justify;">Reserves are classified according to the degree of certainty associated with the estimates:</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(a)<font style="width: 6.9pt; text-indent: 0pt; display: inline-block;">&#160;</font>Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable.&#160; It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(b)<font style="width: 6.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>Probable reserves are those additional reserves that are less certain to be recovered than proved reserves.&#160; It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.</p>
    <p style="text-align: justify;"><u>Development and Production Status</u></p>
    <p style="text-align: justify;">Each of the reserve categories (proved and probable) may be divided into developed and undeveloped categories:</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(a)<font style="width: 6.9pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Developed reserves</b></i> are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (for example, when compared to the cost of drilling a well) to put the reserves on production. The developed category may be subdivided into producing and non-producing.</p>
    <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify;">(i)<font style="width: 8.56pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Developed producing reserves</b></i> are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.</p>
    <div id="footer_page_16">
        <p style="text-align: center;">- 16 -</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_17"></a>
    <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify;">(ii)<font style="width: 5.78pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Developed non-producing reserves</b></i> are those reserves that either have not been on production, or have previously been on production, but are shut-in, and the date of resumption of production is unknown.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(b)<font style="width: 6.34pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Undeveloped reserves</b></i> are those reserves expected to be recovered from known accumulations where a significant expenditure (for example, when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable) to which they are assigned.</p>
    <p style="text-align: justify;">In multi-well pools it may be appropriate to allocate total pool reserves between the developed and undeveloped categories or to subdivide the developed reserves for the pool between developed producing and developed non-producing. This allocation should be based on the estimator's assessment as to the reserves that will be recovered from specific wells, facilities and completion intervals in the pool and their respective development and production status.</p>
    <p style="text-align: justify;"><u>Levels of Certainty for Reported Reserves</u></p>
    <p style="text-align: justify;">The qualitative certainty levels referred to in the definitions above are applicable to individual reserve entities (which refers to the lowest level at which reserves calculations are performed) and to reported reserves (which refers to the highest level sum of individual entity estimates for which reserves are presented). Reported reserves should target the following levels of certainty under a specific set of economic conditions:</p>
    <ul style="padding-left: 0pt;" type="square">
        <li style="margin-left: 45.58pt; text-align: justify; padding-left: 8.42pt;">
            <p>At least a 90 percent probability that the quantities actually recovered will equal or exceed the estimated proved reserves; and</p>
        </li>
        <li style="margin-left: 45.58pt; text-align: justify; padding-left: 8.42pt;">
            <p>At least a 50 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable reserves.</p>
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    <p style="text-align: justify;">A quantitative measure of the certainty levels pertaining to estimates prepared for the various reserves categories is desirable to provide a clearer understanding of the associated risks and uncertainties. However, the majority of reserves estimates will be prepared using deterministic methods that do not provide a mathematically derived quantitative measure of probability. In principle, there should be no difference between estimates prepared using probabilistic or deterministic methods.</p>
    <p style="text-align: justify;"><u>Forecast prices and costs</u></p>
    <p style="text-align: justify;">Future prices and costs that are:</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(a)<font style="width: 6.9pt; text-indent: 0pt; display: inline-block;">&#160;</font>Generally accepted as being a reasonable outlook of the future; and</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">(b)<font style="width: 6.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>If, and only to the extent that, there are fixed or presently determinable future prices or costs to which the Company is legally bound by a contractual or other obligation to supply a physical product, including those for an extension period of a contract that is likely to be extended, those prices or costs rather than the prices and costs referred to in paragraph (a).</p>
    <p style="text-align: justify;">The forecast summary pricing table identifies benchmark reference pricing that apply to the Company.</p>
    <div><br></div>
    <div id="footer_page_17">
        <p style="text-align: center;">- 17 -</p>
    </div>
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<DOCUMENT>
<TYPE>EX-2.8
<SEQUENCE>10
<FILENAME>exhibit2-8.htm
<DESCRIPTION>EXHIBIT 2.8
<TEXT>
<html>

<head>
    <title>Kolibri Global Energy Inc.: Exhibit 2.8 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="margin-bottom: 0pt; text-align: center;">FORM 51-101F2</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">REPORT ON RESERVES DATA</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">BY</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">INDEPENDENT QUALIFIED RESERVES</p>
    <p style="margin-top: 0pt; text-align: center;">EVALUATOR OR AUDITOR</p>
    <p style="text-align: justify;">To the board of directors of Kolibri Global Energy Inc. (the "Company"):</p>
    <p style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">1.<font style="width: 9.75pt; display: inline-block;">&#160;</font>We have evaluated the Company's reserves data as at December 31, 2020. The reserves data are estimates of proved reserves and probable reserves and related future net revenue as at December 31, 2020, estimated using forecast prices and costs.</p>
    <p style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">2.<font style="width: 9.75pt; display: inline-block;">&#160;</font>The reserves data are the responsibility of the Company's management. Our responsibility is to express an opinion on the reserves data based on our evaluation.</p>
    <p style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">3.<font style="width: 9.75pt; display: inline-block;">&#160;</font>We carried out our evaluation in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook as amended from time to time (the "COGE Handbook") maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter).</p>
    <p style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">4.<font style="width: 9.75pt; display: inline-block;">&#160;</font>Those standards require that we plan and perform an evaluation to obtain reasonable assurance as to whether the reserves data are free of material misstatement. An evaluation also includes assessing whether the reserves data are in accordance with principles and definitions presented in the COGE Handbook.</p>
    <p style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">5.<font style="width: 9.75pt; display: inline-block;">&#160;</font>The following table shows the net present value of future net revenue (before deduction of income taxes) attributed to proved plus probable reserves, estimated using forecast prices and costs and calculated using a discount rate of 10 percent, included in the reserves data of the Company evaluated for the year ended December 31, 2020, and identifies the respective portions thereof that we have evaluated and reported on to the Company's management:</p>
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                <td style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; width: 12.604%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; width: 1.66468%; text-align: center;">&#160;</td>
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                <td style="vertical-align: bottom; white-space: nowrap; width: 12.8419%; text-align: center;">Location of</td>
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                <td style="vertical-align: bottom; white-space: nowrap; width: 0.832342%; text-align: center;">&#160;</td>
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                <td style="vertical-align: bottom; white-space: nowrap; width: 10.3448%; text-align: center;">&#160;</td>
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                <td style="vertical-align: bottom; white-space: nowrap; width: 10.3448%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; width: 1.66468%;">&#160;</td>
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                <td style="vertical-align: bottom; white-space: nowrap; width: 2%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; width: 12.604%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; width: 1.66468%; text-align: center;">&#160;</td>
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                <td style="vertical-align: bottom; white-space: nowrap; width: 12.8419%; text-align: center;">Reserves</td>
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                <td style="vertical-align: bottom; white-space: nowrap; width: 0.832342%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; width: 48.157%; text-align: center;" colspan="10">Net Present Value of Future Net Revenue</td>
                <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1.66468%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; white-space: nowrap; text-align: center;">Reserves Evaluator</td>
                <td style="vertical-align: bottom; white-space: nowrap; width: 2%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; width: 1%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; width: 12.604%; text-align: center;">Effective Date of</td>
                <td style="vertical-align: bottom; white-space: nowrap; width: 1.66468%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; width: 0.832342%; text-align: center;">&#160;</td>
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                <td style="vertical-align: bottom; white-space: nowrap; width: 1.66468%; text-align: center;">&#160;</td>
                <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; width: 0.832342%; text-align: center;">&#160;</td>
                <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; width: 48.157%; text-align: center;" colspan="10">(before income taxes, 10% discount rate) (US$)</td>
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                <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; text-align: center;">or Auditor</td>
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                <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; width: 1%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; width: 12.604%; text-align: center;">Evaluation Report</td>
                <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid transparent; width: 1.66468%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; width: 0.832342%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; width: 12.8419%; text-align: center;">Geographic Area)</td>
                <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid transparent; width: 1.66468%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; width: 0.832342%; text-align: center;">&#160;</td>
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                <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; width: 10.3448%; text-align: center;">Evaluated</td>
                <td style="vertical-align: bottom; white-space: nowrap; width: 1.66468%; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; width: 0.832342%; text-align: center;">&#160;</td>
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                <td style="vertical-align: bottom; white-space: nowrap; width: 1.66468%; text-align: center;">&#160;</td>
                <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; width: 0.832342%; text-align: center;">&#160;</td>
                <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; width: 10.3448%; text-align: center;">Total</td>
                <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: center; white-space: nowrap; width: 1.66468%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff;">Netherland, Sewell &amp;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 2%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 1%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 12.604%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 1.66468%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 0.832342%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 12.8419%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 1.66468%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 0.832342%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 9.8692%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 1.66468%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 0.832342%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 10.3448%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 1.66468%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 0.832342%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 10.107%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 1.66468%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 0.832342%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 10.3448%;">&#160;</td>
                <td style="vertical-align: bottom; text-align: left; white-space: nowrap; background-color: #e6efff; width: 1.66468%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; text-align: left; padding-left: 4.5pt; white-space: nowrap; background-color: #e6efff;">Associates, Inc.</td>
                <td style="vertical-align: bottom; text-align: left; width: 2%; white-space: nowrap; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; text-align: right; width: 1%; white-space: nowrap; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 12.604%; white-space: nowrap; background-color: #e6efff; text-align: center;">December 31, 2020</td>
                <td style="vertical-align: bottom; width: 1.66468%; white-space: nowrap; background-color: #e6efff; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; width: 0.832342%; white-space: nowrap; background-color: #e6efff; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; width: 12.8419%; white-space: nowrap; background-color: #e6efff; text-align: center;">United States</td>
                <td style="vertical-align: bottom; width: 1.66468%; white-space: nowrap; background-color: #e6efff; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; width: 0.832342%; white-space: nowrap; background-color: #e6efff; text-align: center;">&#160;</td>
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                <td style="vertical-align: bottom; width: 0.832342%; white-space: nowrap; background-color: #e6efff; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; width: 10.3448%; white-space: nowrap; background-color: #e6efff; text-align: center;">263,117,400</td>
                <td style="vertical-align: bottom; width: 1.66468%; white-space: nowrap; background-color: #e6efff; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; width: 0.832342%; white-space: nowrap; background-color: #e6efff; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; width: 10.107%; white-space: nowrap; background-color: #e6efff; text-align: center;">nil</td>
                <td style="vertical-align: bottom; width: 1.66468%; white-space: nowrap; background-color: #e6efff; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; width: 0.832342%; white-space: nowrap; background-color: #e6efff; text-align: center;">&#160;</td>
                <td style="vertical-align: bottom; width: 10.3448%; white-space: nowrap; background-color: #e6efff; text-align: center;">263,117,400</td>
                <td style="vertical-align: bottom; text-align: left; width: 1.66468%; white-space: nowrap; background-color: #e6efff;">&#160;</td>
            </tr>
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    </div>
    <p style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">6.<font style="width: 9.75pt; display: inline-block;">&#160;</font>In our opinion, the reserves data respectively evaluated by us have, in all material respects, been determined and are in accordance with the COGE Handbook, consistently applied. We express no opinion on the reserves data that we reviewed but did not audit or evaluate.</p>
    <p style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">7.<font style="width: 9.75pt; display: inline-block;">&#160;</font>We have no responsibility to update our report referred to in paragraph 5 for events and circumstances occurring after the effective date of our report.</p>
    <p style="text-align: justify; text-indent: -18pt; margin-left: 18pt;">8.<font style="width: 9.75pt; display: inline-block;">&#160;</font>Because the reserves data are based on judgments regarding future events, actual results will vary and the variations may be material.</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p><img src="exhibit2-8x001.jpg"></p>
    <p style="text-align: justify;">Executed as to our report referred to above:</p>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 50%;">NETHERLAND, SEWELL &amp; ASSOCIATES, INC.</p>
    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 50%;">Texas Registered Engineering Firm F-2699</p>
    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 50%;">Dallas, Texas, USA</p>
    <p style="text-align: justify; margin-top: 0pt; margin-left: 50%;">March 3, 2021</p>
    <table style="width: 100%; font-size: 10pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 5%;">By:</td>
            <td style="width: 45%; border-bottom: 0.75pt solid #000000;">/s/ C.H. (Scott) Rees III</td>
        </tr>
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 5%;">&#160;</td>
            <td style="width: 45%;">C.H. (Scott) Rees III, P.E.</td>
        </tr>
        <tr>
            <td style="width: 50%;">&#160;</td>
            <td style="width: 5%;">&#160;</td>
            <td style="width: 45%;">Chairman and Chief Executive Officer</td>
        </tr>
    </table>
    <p style="text-align: justify;">CBR:SGZ</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="width: 100%; text-align: justify; padding: 6pt;">Please be advised that the digital document you are viewing is provided by Netherland, Sewell &amp; Associates, Inc. (NSAI) as a convenience to our clients. The digital document is intended to be substantively the same as the original signed document maintained by NSAI. The digital document is subject to the parameters, limitations, and conditions stated in the original document. In the event of any differences between the digital document and the original document, the original document shall control and supersede the digital document.</td>
        </tr>
    </table>
    <br>
    <hr width="100%" size="5" color="black" noshade="noshade">
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.9
<SEQUENCE>11
<FILENAME>exhibit2-9.htm
<DESCRIPTION>EXHIBIT 2.9
<TEXT>
<html>

<head>
    <title>Kolibri Global Energy Inc.: Exhibit 2.9 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;"><b>FORM 51-101F3</b><br><b>REPORT OF MANAGEMENT AND DIRECTORS ON RESERVES DATA AND OTHER INFORMATON</b></p>
    <p style="text-align: justify;">Management of Kolibri Global Energy Inc.&#160; (the "Company") is responsible for the preparation and disclosure of information with respect to the Company's oil and gas activities in accordance with securities regulatory requirements. This information includes reserve data.</p>
    <p style="text-align: justify;">An independent qualified reserve evaluator has evaluated and reviewed the Company's reserves data. The report of the independent qualified reserves evaluators will be filed with securities regulatory authorities concurrently with this report.</p>
    <p style="text-align: justify;">The Reserves Committee of the Board of Directors of the Company has:</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-bottom: 0pt;">1.<font style="width: 9.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>a)&#160; reviewed the Company's procedures for providing information to the independent qualified reserves evaluator.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-bottom: 0pt; margin-top: 0pt;">2.<font style="width: 9.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>b)&#160; met with the independent qualified reserves evaluator to determine whether any restrictions affected the ability of the independent qualified reserves evaluator to report without reservation; and</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt;">3.<font style="width: 9.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>c)&#160; reviewed the reserves data with management and the independent qualified reserves evaluator.</p>
    <p style="text-align: justify;">The Reserves Committee of the Board of Directors has reviewed the Company's procedures for assembling and reporting other information associated with oil and gas activities and has reviewed that information with management. The Board of Directors has, on the recommendation of the Reserves Committee, approved:</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-bottom: 0pt;">1.<font style="width: 9.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>a)&#160; the content and filing with securities regulatory authorities of Form 51-101F1 containing reserves data and other oil and gas information.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-bottom: 0pt; margin-top: 0pt;">2.<font style="width: 9.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>b)&#160; the filing of Form 51-101F2, which is the report of the independent qualified reserves evaluators on the reserves data; and</p>
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    <p style="text-align: justify;">Because the reserves data are based on judgments regarding future events, actual results will vary and the variations may be material.</p>
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            <td style="width: 50%; border-bottom: 0.75pt solid #000000;"><i>"Wolf Regener"</i></td>
        </tr>
        <tr>
            <td><b>WOLF REGENER</b>,</td>
        </tr>
        <tr>
            <td>President &amp; Chief Executive Officer</td>
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        <tr>
            <td>&#160;</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000;"><i>"Gary Johnson"</i></td>
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        <tr>
            <td><b>GARY JOHNSON</b>,</td>
        </tr>
        <tr>
            <td>Chief Financial Officer &amp; Vice President</td>
        </tr>
        <tr>
            <td>&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000;"><i>"Leslie O'Connor"</i></td>
        </tr>
        <tr>
            <td><b>LESLIE O'CONNOR</b>,</td>
        </tr>
        <tr>
            <td>Director</td>
        </tr>
        <tr>
            <td>&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000;"><i>"David Neuhauser"</i></td>
        </tr>
        <tr>
            <td><b>DAVID NEUHAUSER</b>,</td>
        </tr>
        <tr>
            <td>Director</td>
        </tr>
    </table>
    <p style="text-align: justify;">Dated this 9<sup>th</sup> day of March, 2021</p>
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<DOCUMENT>
<TYPE>EX-2.10
<SEQUENCE>12
<FILENAME>exhibit2-10.htm
<DESCRIPTION>EXHIBIT 2.10
<TEXT>
<html>

<head>
    <title>Kolibri Global Energy Inc.: Exhibit 2.10 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a><br>
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        <tr>
            <td style="width: 33%; padding-right: 4.9pt; vertical-align: middle; white-space: nowrap; border-top: 0.75pt solid #bfbfbf; border-left: 0.75pt solid #bfbfbf; border-bottom: 0.75pt solid #bfbfbf; padding-left: 4pt;">
                <p style="margin-left: 4.5pt; text-indent: -4.5pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt;"><img src="exhibit2-10x001.jpg" style="width: 209px;" height="57"></p>
            </td>
            <td style="width: 66%; padding-left: 4.9pt; vertical-align: top; white-space: nowrap; padding-right: 4pt; border: 0.75pt solid #bfbfbf;">
                <p style="margin-bottom: 0pt; text-align: right;">3623 Old Conejo Road, Suite 207 <br>Newbury Park, California 91320</p>
                <p style="margin-top: 0pt; text-align: right;">Phone: (805) 484-3613</p>
                <p style="text-align: right; margin-bottom: 0pt;">TSX ticker symbol: KEI<br>OTCQB ticker symbol: KGEIF</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;"><i>For Immediate Release<br><br></i></p>
    <p style="text-align: center;"><b>KOLIBRI GLOBAL ENERGY INC. ANNOUNCES RIGHTS OFFERING</b><br><b> FOR MAXIMUM GROSS PROCEEDS OF C$8.86 MILLION WITH</b><br><b>SHAREHOLDER PARTICIPATION COMMITMENTS TOTALLING MORE THAN 70% OF THE MAXIMUM AMOUNT</b></p>
    <p style="text-align: justify;"><b>Newbury Park, CALIFORNIA,</b> <b>November 23, 2021 - </b>Kolibri Global Energy Inc.<b> </b>(the "<b>Company</b>") (TSX:KEI) announces that it will conduct a rights offering (the "<b>Offering</b>") to raise net proceeds of up to approximately C$8.86 million, through the issuance of rights ("<b>Rights</b>") to all existing shareholders in eligible jurisdictions to subscribe for an aggregate of 126,585,714 common shares of the Company ("<b>Common Shares</b>") at a subscription price of C$0.07 per Common Share (the "<b>Subscription Price</b>").</p>
    <p style="text-align: justify;">The Company will issue one Right for each outstanding Common Share to holders of Common Shares of record at the close of business on December 1, 2021. Each Right will be exercisable to acquire 0.5435 Common Shares of the Company, upon payment of the subscription price per Common Share. Fractional shares will not be issued and any fractions will be rounded down to the nearest whole number. To illustrate: an eligible holder of 10,000 shares as of the record date would be issued 10,000 Rights, which would entitle the holder to subscribe for 5,435 shares (10,000 x 0.5435) for an aggregate price of C$380.45 (5,435 x C$0.07).&#160; Additional information is provided in the Company's rights offering circular dated November 23, 2021 (the "<b>Rights Offering Circular</b>"), which will be available as set out below.</p>
    <p style="text-align: justify;">The Rights will trade on the Toronto Stock Exchange under the symbol "KEI.RT" until 9:00 a.m. (Pacific Time) on December 29, 2021. The Rights will expire at 2:00 p.m. (Pacific Time) on December 29, 2021 (the "<b>Expiry Time</b>"), after which time unexercised Rights will be void and of no value.</p>
    <p style="text-align: justify;">Shareholders who fully exercise their Rights will be entitled to subscribe for Additional Common Shares in the Offering, if available, as a result of unexercised Rights prior to the Expiry Time, subject to certain limitations set out in the Rights Offering Circular (the "<b>Additional Subscription Privilege</b>").</p>
    <p style="text-align: justify;"><u><i>Use of Proceeds and Potential Credit Facility Borrowing Base Increase</i></u></p>
    <p style="text-align: justify;">The Company intends to use the proceeds of the Offering to start a new drilling program in the Company's Tishomingo Field.&#160; When the Company receives the shareholder commitments described below, the Company expects to be in a position to drill and complete at least one well when the Offering is completed. BOK Financial has agreed to increase the borrowing base under the Company's wholly-owned subsidiary, BNK Petroleum US Inc.'s credit facility (the "<b>Credit Facility</b>") by US$2,000,000 if the gross proceeds from the Offering are at least C$8,500,000 and certain other conditions are met.&#160; If the borrowing base is so increased, the Company intends to use the proceeds from the Offering and the borrowing base increase to drill and complete two wells in its Tishomingo Field, Oklahoma.</p>
    <p style="text-align: justify;"><u><i>Shareholder Commitments </i></u></p>
    <p style="text-align: justify;">Livermore Partners LLC ("<b>Livermore</b>"), a shareholder of the Company controlled by David Neuhauser, the Chairman of the board of directors of the Company, has agreed (i) to exercise all of the Rights it receives in the Offering pursuant to its basic subscription privilege and (ii) to subscribe for 29,673,225 additional Common Shares ("<b>Additional Common Shares</b>") pursuant to the Additional Subscription Privilege, representing a total commitment of C$2,531,646 or approximately 28.57% of the fully subscribed Offering.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: justify;">Polygon Global Partners LLP ("<b>Polygon</b>"), a shareholder of the Company, has entered into a Stand-By Commitment Agreement (the "<b>Stand-By Agreement</b>") with the Company. Subject to the terms of the Stand-By Agreement, Polygon will purchase all unsubscribed Common Shares issuable under the Rights Offering to a maximum of 54,249,548 Common Shares (collectively, the "<b>Stand-By Guarantee</b>"), less any Common Shares subscribed for by Polygon or certain third parties pursuant to the exercise of Rights or the Additional Subscription Privilege. Polygon is not required to subscribe for Common Shares that would result in Polygon owning or controlling more than 20% of the issued and outstanding Common Shares.&#160; If the Offering is only comprised of Livermore and Polygon, and no other rights are exercised, Polygon would only be required to purchase a maximum of 51,030,741 Common Shares, provided Polygon continues to hold 12,990,500 Common Shares prior to closing of the Rights Offering.</p>
    <p style="text-align: justify;"><u><i>Exercising Rights</i></u></p>
    <p style="text-align: justify;">A rights offering notice ("<b>Notice</b>") and Rights DRS advice statements ("<b>Rights DRS</b>") will be mailed to each registered shareholder of the Company resident in Canada and certain other eligible jurisdictions as at the record date. Registered shareholders who wish to exercise their Rights must forward the completed Rights DRS, together with the applicable funds, to the Rights agent, Computershare Investor Services Inc., on or before the Expiry Time. Eligible shareholders who own their Common Shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary.</p>
    <p style="text-align: justify;">It is important to note that many intermediaries may have different cut off times prior to the Expiry Time. As such, the Company recommends that all Eligible shareholders who own their Common Shares through an intermediary contact their broker or financial advisor about the Rights Offering to ensure that they can participate by the intermediary's cut off time for subscriptions.</p>
    <p style="text-align: justify;"><u><i>Further Information </i></u></p>
    <p style="text-align: justify;">Further details of the Rights Offering are contained in the Notice of Rights Offering and Rights Offering Circular, which will be filed on SEDAR under the Company's profile at <font style="color: #000000;">www.sedar.com</font> and will be available at the Company's website at www.kolibrienegy.com, from your dealer representative or by contacting Gary Johnson by telephone at 805-484-3613, by email at gjohnson@kolibrienergy.com or at 3623 Old Conejo Road, Suite 207, Newbury Park, California 91320. The Company is also registering the offer and sale of the shares issuable on exercise of the Rights on a Form F-7 registration statement under the U.S. Securities Act of 1933, as amended.&#160; Shareholders in the United States should also review the Company's Registration Statement on Form F-7 which will be filed with the United States Securities and Exchange Commission and can be found at <font style="color: #0000ff;"><u>www.sec.gov</u></font> and may also be obtained by contacting Gary Johnson by telephone at 805-484-3613, by email at gjohnson@kolibrienergy.com or at 3623 Old Conejo Road, Suite 207, Newbury Park, California 91320.</p>
    <p style="text-align: justify;">The Rights Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the Toronto Stock Exchange.</p>
    <p style="text-align: justify;">This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.&#160; No offer, solicitation or sale of these securities shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.</p>
    <p style="margin-bottom: 0pt; text-align: justify;"><b>About Kolibri Global Energy Inc.</b></p>
    <p style="margin-top: 0pt; text-align: justify;"><br><i>Kolibri Global Energy Inc. is an international energy company focused on finding and exploiting energy projects in oil, gas and clean and sustainable energy.&#160; Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQB under the stock symbol KGEIF.</i></p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: justify;"><b>For further information, contact:</b></p>
    <p style="text-align: justify;">Wolf E. Regener<font style="width: 32.96pt; display: inline-block;">&#160;</font>+1 (805) 484-3613<br>Email: <font style="color: #0000ff;"><u>wregener@kolibrienergy.com</u></font><br>Website: <font style="color: #0000ff;"><u>www.kolibrienergy.com</u></font><br><i> </i></p>
    <p style="text-align: justify;"><i>Caution Regarding Forward-Looking Information</i></p>
    <p style="text-align: justify;"><i>Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws and "forward-looking statements" as such term is used in the United States, including statements regarding completion of the Offering, Livermore subscribing for Common Shares pursuant to its Rights and the Additional Committed Common Shares, fulfilment of the Stand-By Guarantee, the increase in the borrowing base under the Credit Facility, the Company's intended use of proceeds, the estimated costs of the Offering; the net proceeds to be available upon completion of the Offering, the adequacy of the net proceeds of the Offering, the use of proceeds from the Offering and anticipated results and the Company's plans and objectives. Forward-looking information and statements are based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data is provided and is subject to several factors and assumptions of management, including that required regulatory approvals will be available when required, that the development plans of the Company and its co-venturers will not change,&#160; that the Company will continue to be able to access sufficient capital through financings, farm-ins or other participation arrangements to maintain its projects, and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business, its ability to advance its business strategy and the industry as a whole. Forward-looking information and statements are subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information or statements in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, the Company not being able to receive of all necessary regulatory approvals, including the acceptance of the Toronto Stock Exchange for the Offering, Livermore not subscribing for Common Shares pursuant to its Rights or the Additional Committed Common Shares, the Stand-By Guarantee not being fulfilled, failure to satisfy the conditions to borrow additional funds under the Credit Facility or those funds otherwise not being available to the Company, that unexpected geological results are encountered, that equipment failures, permitting delays labor or contract disputes or shortages of equipment or labor are encountered, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), the risk of commodity price and foreign exchange rate fluctuations, that the offset operator's operations have unexpected adverse effects on the Company's operations, that completion techniques require further optimization, that production rates do not match the Company's assumptions, that very low or no production rates are achieved, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve, and the other risks and uncertainties applicable to exploration and development activities and the Company's business as set forth in the Company's management discussion and analysis and its annual information form, both of which are available for viewing under the Company's profile at www.sedar.com, any of which could result in delays, cessation in planned work or loss of one or more concessions and have an adverse effect on the Company and its financial condition. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.</i></p>
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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>13
<FILENAME>exhibit3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<html>

<head>
    <title>Kolibri Global Energy Inc.: Exhibit 3.1 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
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    <p style="background-color: rgb(255, 255, 255); text-align: left;"><font style="color: #333333;">&#160;</font></p>
    <p style="background-color: rgb(255, 255, 255); text-align: left; margin-left: 100pt;"><font style="color: #333333;">KPMG LLP<br>205 5th Avenue SW<br>Suite 3100<br>Calgary AB T2P 4B9<br>Tel (403) 691-8000<br>Fax (403) 691-8008<br>www.kpmg.ca</font></p>
    <p style="text-align: center; background-color: #ffffff;"><font style="color: #333333;">&#160;</font></p>
    <p style="text-align: center; background-color: rgb(255, 255, 255); margin-left: 100pt;"><font style="color: rgb(0, 0, 0);"><b>CONSENT OF INDEPENDENT AUDITORS</b></font></p>
    <p style="text-align: justify; background-color: rgb(255, 255, 255); margin-left: 100pt;"><font style="color: rgb(0, 0, 0);">The Board of Directors of Kolibri Global Energy Inc.</font></p>
    <p style="text-align: justify; background-color: rgb(255, 255, 255); margin-left: 100pt;"><font style="color: rgb(0, 0, 0);">We, KPMG LLP, consent to the use of our report dated March 11, 2021, on the consolidated financial statements of Kolibri Global Energy Inc., which comprise the consolidated statements of financial position as at December 31, 2020 and December 31, 2019, the related consolidated statements of operations and comprehensive loss, changes in equity and cash flows for the years then ended, and the related notes, which is included herein included in the registration statement on Form F-7 dated November 23, 2021 of Kolibri Global Energy Inc.</font></p>
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        <p style="text-align: justify; margin-bottom: 0pt; margin-left: 100pt;"><font style="color: rgb(0, 0, 0);"><u>/s/ KPMG LLP</u></font></p>
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        <p style="margin-left: 100pt; text-align: justify; margin-top: 0pt;"><font style="color: rgb(0, 0, 0);">Chartered Professional Accountants</font></p>
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    <p style="background-color: rgb(255, 255, 255); text-align: justify; margin-left: 100pt; margin-bottom: 0pt;"><font style="color: rgb(0, 0, 0);">Calgary, Canada</font></p>
    <p style="background-color: rgb(255, 255, 255); text-align: justify; margin-left: 100pt; margin-top: 0pt;"><font style="color: rgb(0, 0, 0);">November 23, 2021</font></p>
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    <hr width="100%" size="5" color="black" noshade="noshade">
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>14
<FILENAME>exhibit3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
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<head>
    <title>Kolibri Global Energy Inc.: Exhibit 3.2 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <div>
        <p style="text-align: justify;"><img src="exhibit3-2xu001.jpg"></p>
    </div>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><u>CONSENT OF INDEPENDENT PETROLEUM ENGINEERS AND GEOLOGISTS</u></p>
    <p style="text-align: justify;"><font style="background-color: #ffffff;">We hereby consent to the use of our Form 51-101F2 report dated March 3, 2021, and references to our name in the Registration Statement on Form F-7 of Kolibri Global Energy Inc. being filed with the U.S. Securities and Exchange Commission.</font></p>
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            <td style="white-space: nowrap;" colspan="2"><b>NETHERLAND, SEWELL &amp; ASSOCIATES, INC.</b></td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td style="width: 5%;">&#160;</td>
            <td>&#160;</td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td>By:</td>
            <td style="border-bottom: 0.75pt solid #000000;">/s/ Danny D. Simmons</td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td>&#160;</td>
            <td>Danny D. Simmons, P.E.</td>
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        <tr>
            <td>&#160;</td>
            <td>&#160;</td>
            <td>President and Chief Operating Officer</td>
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    <p style="text-align: justify;"><font style="background-color: #ffffff;">&#160;</font></p>
    <p style="margin-bottom: 0pt; text-align: justify;">Houston, Texas</p>
    <p style="margin-top: 0pt; text-align: justify;">November 22, 2021</p>
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<DOCUMENT>
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<SEQUENCE>18
<FILENAME>exhibit2-1x003.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
