Exhibit 99.7

HAMMERHEAD RESOURCES INC.

Evaluation of Petroleum Reserves

Based on Constant Prices and Costs

As of December 31, 2020

HAMMERHEAD RESOURCES INC.

Evaluation of Petroleum Reserves

Based on Constant Prices and Costs

As of December 31, 2020

Prepared For:

Hammerhead Resources Inc.

2700, 525 – 8^th Avenue SW

Calgary, Alberta

T2P 3G6

Prepared By:

McDaniel & Associates Consultants Ltd.

2000, 525 – 8^th Avenue SW

Eighth Avenue Place, East Tower

Calgary, Alberta

T2P 1G1

November 2022

HAMMERHEAD RESOURCES INC.

TABLE OF CONTENTS

Covering Letter
Certificates of Qualification
Summary
Total Company Reserves and Net Present Value	Table A
Figures
Property Location Map
Company Share Sales Volumes
Cash Flow Summary
Reserves Distribution by Reserves Class and Product
Reserves and Net Present Value Distribution for Properties
F1 Summary
F1 Summary Tables
Summary of Oil and Gas Reserves	Table F1-1
Summary of Net Present Value of Future Net Revenue	Table F1-2
Total Future Net Revenue (Undiscounted)	Table F1-3
Future Net Revenue by Product Type	Table F1-4
Future Capital, Abandonment, Decommissioning and Reclamation Costs	Table F1-5
Summary of Price Forecasts
Evaluation Methodology
APPENDIX 1 Total Proved Reserves
Forecast of Production and Revenue Before Tax – Company Share	Table 1
Reserves and Net Present Value by Property	Table 2
APPENDIX 2 Proved Developed Producing Reserves
Forecast of Production and Revenue Before Tax – Company Share	Table 1
Reserves and Net Present Value by Property	Table 2
APPENDIX 3 Proved Undeveloped Reserves
Forecast of Production and Revenue Before Tax – Company Share	Table 1
Reserves and Net Present Value by Property	Table 2
APPENDIX 4 Summary of Reserve Estimates
Summary of Reserve Estimates	Reserve Estimates
APPENDIX 5 Company Interest Data
List of Interests and Burdens	Interest

November 11, 2022

Hammerhead Resources Inc.

2700, 525 – 8^th Avenue SW

Calgary, Alberta

T2P 1G1

Attention:	Mr. Scott W. Sobie, President and Chief Executive Officer
Reference:	Hammerhead Resources Inc. Evaluation of Petroleum Reserves Constant Prices and Costs

Dear Sir:

Pursuant to your request, we have prepared an evaluation of the proved petroleum reserves and the net present values of these reserves for the petroleum interests of Hammerhead Resources Inc., hereinafter referred to as the “Company”, as of December 31, 2020. The reserves estimates and future net revenue forecasts have been prepared and presented in accordance with U.S. Securities Exchange Commission (SEC) standards. The completion date of our report is November 11, 2022. This report was prepared in accordance with guidelines specified in Item 1202(a)(8) of Regulation S-K and is to be used for inclusion in certain filings of the SEC.

The future net revenues and net present values presented in this report were calculated using constant prices and costs based on the average first-day-of-the-month petroleum product prices for the 12 months of 2020 with no inflation of operating or capital costs and were presented in Canadian dollars. All of the future net revenues and net present value estimates in this report are presented before income taxes. The future net revenues presented in this report may not necessarily represent the fair market value of the reserves estimates.

The properties evaluated in this report were indicated to include 100% of the Company’s petroleum interests in Canada. The Company’s principal crude oil properties are located in the Karr, Gold Creek and Simonette areas in the Province of Alberta.

2000, Eighth Avenue Place, East Tower, 525 – 8 Avenue SW, Calgary AB T2P 1G1 Tel: (403) 262-5506 Fax: (403) 233-2744

Hammerhead Resources Inc. Constant Prices and Costs Page 2 November 11, 2022

The Company’s share of remaining reserves and net present values are presented on a total Company basis in the summary section of this report. The location of the Company’s properties and a summary of the forecast production, net revenue and reserves distributions are presented graphically in the summary section. Tables summarizing the reserves, production and revenues for the various reserves classes are presented in Appendices 1 to 4. A summary of the Company’s interests and burdens in each property is presented in Appendix 5. Discussions of the assumptions and methodology employed to prepare the reserves estimates and future revenue forecasts are also contained in the “Evaluation Methodology” section.

In preparing this report, we relied upon factual information including ownership, technical well data, production, prices, revenues, operating costs, capital costs, contracts, and other relevant data from public sources as well as non-public data supplied by the Company. The extent and character of all factual information supplied by the Company were relied upon by us in preparing this report and has been accepted as represented without independent verification. We have relied upon representations made by the Company as to the completeness and accuracy of the data provided and that no material changes in the performance of the properties has occurred nor is expected to occur, from that which was projected in this report, between the date that the data was obtained for this evaluation and the date of this report, and that no new data has come to light that may result in a material change to the evaluation of the reserves presented in this report. We used all methods and procedures as it considered necessary under the circumstances to prepare the report. Assumptions, data, methods and procedures are appropriate for the purpose served by the report.

The reserves estimates presented in this report were prepared on the basis of an overall evaluation of the reserves of the Company. The reserves estimates for all properties evaluated in the report meet the requirements for reasonable certainty in Rule 4-10(a)(24) of Regulation S-X.

Hammerhead Resources Inc. Constant Prices and Costs Page 3 November 11, 2022

We reserve the right to revise any estimates provided herein if any relevant data existing prior to preparation of this report was not made available, if any data between the effective date of the evaluation and the date of this report were to vary significantly from that forecast, or if any data provided was found to be erroneous.

Sincerely,
McDANIEL & ASSOCIATES CONSULTANTS LTD.
APEGA PERMIT NUMBER: P3145
/s/ Michael J. Verney	/s/ Steven W. Carmichael
Michael J. Verney, P.Eng.	Steven W. Carmichael, P.Eng.
November 11, 2022	November 11, 2022
/s/ Josée C. Arpin	/s/ David G. Jenkinson
Josée C. Arpin, P.Eng.	David G. Jenkinson, P.Geol.
	November 11, 2022
MJV/SWC/JCA/DGJ:jep
[22-0155]

CERTIFICATE OF QUALIFICATION

I, Michael Verney, Petroleum Engineer of 2000, 525 - 8th Avenue, S.W., Calgary, Alberta, Canada hereby certify:

1. That I am an Executive Vice President of McDaniel & Associates Consultants Ltd., APEGA Permit Number P3145, which Company did prepare, at the request of Hammerhead Resources Inc., the report entitled “Hammerhead Resources Inc., Evaluation of Petroleum Reserves, Based on Constant Prices and Costs, As of December 31, 2020”, dated November 11, 2022, and that I was involved in the preparation of this report. I am also registered as a Responsible Member as outlined by APEGA for McDaniel & Associates Consultant Ltd. APEGA Permit Number 3145.

2. That I attended the Queen’s University in the years 2002 to 2006 and that I graduated with a Bachelor of Science degree in Civil Engineering and a Bachelor of Arts degree in Economics, that I am a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of Alberta and that I have in excess of 15 years of experience in oil and gas reservoir studies and evaluations.

3. That I have no direct or indirect interest in the properties or securities of Hammerhead Resources Inc., nor do I expect to receive any direct or indirect interest in the properties or securities of Hammerhead Resources Inc., or any affiliate thereof.

4. That the aforementioned report was not based on a personal field examination of the properties in question, however, such an examination was not deemed necessary in view of the extent and accuracy of the information available on the properties in question.

APEGA ID 90680

Calgary, Alberta

Dated: November 11, 2022

CERTIFICATE OF QUALIFICATION

I, Steven W. Carmichael, Petroleum Engineer of 2000, 525 - 8th Avenue, S.W., Calgary, Alberta, Canada hereby certify:

1. That I am a Vice President of McDaniel & Associates Consultants Ltd., APEGA Permit Number P3145, which Company did prepare, at the request of Hammerhead Resources Inc., the report entitled “Hammerhead Resources Inc., Evaluation of Petroleum Reserves, Based on Constant Prices and Costs, As of December 31, 2020”, dated November 11, 2022, and that I was involved in the preparation of this report. I am also registered as a Responsible Member as outlined by APEGA for McDaniel & Associates Consultant Ltd. APEGA Permit Number 3145.

2. That I attended the University of Calgary in the years 1999 to 2003 and that I graduated with a Bachelor of Science degree in Mechanical Engineering, that I am a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of Alberta; that I am a member of the Society of Petroleum Engineers and that I have in excess of 15 years of experience in oil and gas reservoir studies and evaluations.

3. That I have no direct or indirect interest in the properties or securities of Hammerhead Resources Inc., nor do I expect to receive any direct or indirect interest in the properties or securities of Hammerhead Resources Inc., or any affiliate thereof.

4. That the aforementioned report was not based on a personal field examination of the properties in question, however, such an examination was not deemed necessary in view of the extent and accuracy of the information available on the properties in question.

APEGA ID 69935

Calgary, Alberta

Dated: November 11, 2022

CERTIFICATE OF QUALIFICATION

I, Josée C. Arpin, Petroleum Engineer of 2000, 525 - 8th Avenue, S.W., Calgary, Alberta, Canada hereby certify:

1. That I am an Evaluation Engineer of McDaniel & Associates Consultants Ltd., APEGA Permit Number P3145, which Company did prepare, at the request of Hammerhead Resources Inc., the report entitled “Hammerhead Resources Inc., Evaluation of Petroleum Reserves, Based on Constant Prices and Costs, As of December 31, 2020”, dated November 11, 2022, and that I was involved in the preparation of this report.

2. That I attended the University of Calgary in the years 2012 to 2017 and that I graduated with a Bachelor of Science in Oil and Gas Engineering, and that I am a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of Alberta and that I have in excess of four years of experience in oil and gas reservoir studies and evaluations.

3. That I have no direct or indirect interest in the properties or securities of Hammerhead Resources Inc., nor do I expect to receive any direct or indirect interest in the properties or securities of Hammerhead Resources Inc., or any affiliate thereof.

4. That the aforementioned report was not based on a personal field examination of the properties in question, however, such an examination was not deemed necessary in view of the extent and accuracy of the information available on the properties in question.

APEGA ID 205608

Calgary, Alberta

Dated: November 11, 2022

CERTIFICATE OF QUALIFICATION

I, David G. Jenkinson, Petroleum Geologist of 2000, 525 - 8th Avenue, S.W., Calgary, Alberta, Canada hereby certify:

1. That I am an Executive Vice President for McDaniel & Associates Consultants Ltd., APEGA Permit Number P3145, which Company did prepare, at the request of Hammerhead Resources Inc., the report entitled “Hammerhead Resources Inc., Evaluation of Petroleum Reserves, Based on Constant Prices and Costs, As of December 31, 2020”, dated November 11, 2022 and that I was involved in the preparation of this report. I am also registered as a Responsible Member as outlined by APEGA for McDaniel & Associates Consultant Ltd. APEGA Permit Number 3145.

2. That I attended the University of Saskatchewan in the years 2000 to 2004, graduating with a Bachelor of Science degree in Geology; that I am a registered Professional Geologist with the Association of Professional Engineers and Geoscientists of Alberta and that I have in excess of 15 years of experience in oil and gas reservoir studies and evaluations.

3. That I have no direct or indirect interest in the properties or securities of Hammerhead Resources Inc., nor do I expect to receive any direct or indirect interest in the properties or securities of Hammerhead Resources Inc., or any affiliate thereof.

4. That the aforementioned report was not based on a personal field examination of the properties in question, however, such an examination was not deemed necessary in view of the extent and accuracy of the information available on the properties in question.

APEGA ID 81046

Calgary, Alberta

Dated: November 11, 2022

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Total Company Reserves and Net Present Value Constant Prices and Costs as of December 31, 2020   Total Company Table A

	PDP		PNP		PUD		TP
Crude Oil (Mbbl)
Working Interest Volume		8,820.3		—		23,317.5		32,137.8
Royalty Interest Volume		—		—		—		—
Net Volume		8,098.3		—		21,881.8		29,980.1
Natural Gas (MMcf)
Working Interest Volume		162,996.2		—		265,844.4		428,840.5
Royalty Interest Volume		—		—		—		—
Net Volume		153,787.8		—		252,552.1		406,339.9
Condensate (Mbbl)
Working Interest Volume		99.0		—		—		99.0
Royalty Interest Volume		—		—		—		—
Net Volume		65.6		—		—		65.6
Natural Gas Liquids (Mbbl) (1)
Working Interest Volume		4,993.1		—		8,223.1		13,216.2
Royalty Interest Volume		—		—		—		—
Net Volume		4,412.0		—		7,647.9		12,059.9
Total (MBOE) (2)
Working Interest Volume		41,078.5		—		75,848.0		116,926.5
Royalty Interest Volume		—		—		—		—
Net Volume		38,207.2		—		71,621.7		109,828.9
Net Present Value Before Tax (M$)
0.0%		243,591.9		—		41,486.1		285,078.0
5.0%		237,019.8		—		-12,162.7		224,857.1
10.0%		220,482.6		—		-46,241.8		174,240.8
15.0%		204,722.6		—		-67,164.9		137,557.7
20.0%		191,241.6		—		-79,495.9		111,745.7
$/BOE Before Tax (3)
0.0%		5.93		—		0.55		2.44
5.0%		5.77		—		-0.16		1.92
10.0%		5.37		—		-0.61		1.49
15.0%		4.98		—		-0.89		1.18
20.0%		4.66		—		-1.05		0.96
Net Present Value After Tax (M$)
0.0%		243,591.9		—		41,486.1		285,078.0
5.0%		237,019.8		—		-12,162.7		224,857.1
10.0%		220,482.6		—		-46,241.8		174,240.8
15.0%		204,722.6		—		-67,164.9		137,557.7
20.0%		191,241.6		—		-79,495.9		111,745.7

(1) Natural Gas Liquids volumes do not include Condensate.

(2) Barrels of Oil Equivalent based on 6:1 for Natural Gas, 1:1 for Condensate and C5+, 1:1 for Ethane,1:1 for Propane, 1:1 for Butanes. BOE’s 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.

(3) NPV/BOE based on Company Share BOE reserves.

     22-0155      2022-09-02 3:18:26 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Company Share Sales Volumes Constant Prices and Costs as of December 31, 2020 Total Reserves   Total Company

Historical production data is estimated based on the company share interest as of the reference date.

     22-0155      2022-09-02 3:18:22 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Cash Flow Summary Constant Prices and Costs as of December 31, 2020 Total Reserves   Total Company   Company Share Revenue (MM$)

Net Operating Income (MM$)

Total Capital (MM$)

Future Net Revenue Before Tax (MM$)

     22-0155      2022-09-02 3:18:22 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Reserves Distribution by Reserves Class and Product Constant Prices and Costs as of December 31, 2020 Total Reserves   Total Company   Reserves Distribution by Reserves Class

Reserves Distribution by Product

Total Proved Reserves

(1) Distribution percentages may not add up to 100% due to rounding.

     22-0155      2022-09-02 3:18:22 PM

Prices:      YE2019 SEC Prices Eff. Date: December 31, 2019 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value Distribution for Properties Constant Prices and Costs as of December 31, 2019 Total Proved Reserves   Total Company   Top Properties by 10% NPV

Top Crude Oil Properties by Volume	Top Natural Gas Properties by Volume	Top Condensate Properties by Volume

(1) Distribution percentages may not add up to 100% due to rounding.

     22-0163      2022-09-07 8:25:57 AM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Summary of Oil and Gas Reserves Constant Prices and Costs as of December 31, 2020 Total Reserves   Total Company Table F1-1

Reserves

	Light & Medium Oil				Heavy Oil				Tight Oil
Reserves Category	Gross (1) (Mbbl)		Net (2) (Mbbl)		Gross (1) (Mbbl)		Net (2) (Mbbl)		Gross (1) (Mbbl)		Net (2) (Mbbl)
Proved
Developed Producing		—		—		—		—		8,820.3		8,098.3
Developed Non-Producing		—		—		—		—		—		—
Undeveloped		—		—		—		—		23,317.5		21,881.8
Total Proved		—		—		—		—		32,137.8		29,980.1

	Conventional Natural Gas				Shale Gas				Natural Gas Liquids (3)
Reserves Category	Gross (1) (MMcf)		Net (2) (MMcf)		Gross (1) (MMcf)		Net (2) (MMcf)		Gross (1) (Mbbl)		Net (2) (Mbbl)
Proved		—		—
Developed Producing		—		—		162,996.2		153,787.8		5,092.1		4,477.6
Developed Non-Producing		—		—		—		—		—		—
Undeveloped		—		—		265,844.4		252,552.1		8,223.1		7,647.9
Total Proved						428,840.5		406,339.9		13,315.2		12,125.5

(1) Gross reserves are working interest reserves before royalty deductions.

(2) Net reserves are working interest reserves after royalty deductions plus royalty interest reserves.

(3) Natural Gas Liquids include Condensate volumes.

     22-0155      2022-09-02 3:18:35 PM

Prices: YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Summary of Net Present Value of Future Net Revenue Constant Prices and Costs as of December 31, 2020 Total Reserves   Total Company Table F1-2

Net Present Values of Future Net Revenue

	Before Income Taxes Discounted at (%/year)										After Income Taxes Discounted at (%/year)										Unit Value Before Tax @10.0% (1) ($/BOE)
Reserves Category	@0.0% (M$)		@5.0% (M$)		@10.0% (M$)		@15.0% (M$)		@20.0% (M$)		@0.0% (M$)		@5.0% (M$)		@10.0% (M$)		@15.0% (M$)		@20.0% (M$)
Proved
Developed Producing		243,591.9		237,019.8		220,482.6		204,722.6		191,241.6		243,591.9		237,019.8		220,482.6		204,722.6		191,241.6		5.77
Developed Non-Producing		—		—		—		—		—		—		—		—		—		—		—
Undeveloped		41,486.1		-12,162.7		-46,241.8		-67,164.9		-79,495.9		41,486.1		-12,162.7		-46,241.8		-67,164.9		-79,495.9		-0.65
Total Proved		285,078.0		224,857.1		174,240.8		137,557.7		111,745.7		285,078.0		224,857.1		174,240.8		137,557.7		111,745.7		1.59

(1) The unit values are based on net reserve volumes.

     22-0155      2022-09-02 3:18:35 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Total Future Net Revenue (Undiscounted) Constant Prices and Costs as of December 31, 2020 Total Reserves   Total Company Table F1-3

Reserves Category	Revenue (1) M$		Royalties (2) M$		Operating Costs M$		Development Costs M$		ADR Costs M$		Future Net Revenue Before Income Taxes M$		Income Taxes M$		Future Net Revenue After Income Taxes M$
Total Proved Reserves		2,847,838		139,000		1,558,885		824,988		39,887		285,078		—		285,078

(1) Includes all product revenues and other revenues as forecast.

(2) Royalties include any net profits interests paid, as well as the Saskatchewan Corporation Capital Tax Surcharge.

     22-0155      2022-09-02 3:18:35 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Future Net Revenue by Product Type Constant Prices and Costs as of December 31, 2020 Total Reserves   Total Company Table F1-4

Reserves Category	Product Type	Future Net Revenue Before Income Taxes (discounted @ 10%) M$		Unit Value (1) $/Mcf $/bbl
Total Proved Reserves	Tight Oil (Including Solution Gas and By-products)		170,129		5.67
	Shale Gas (Including By-products)		4,112		0.50
	Total		174,241

(1) Unit values are calculated using the 10% discount rate divided by the Major Product Type Net reserves for each group.

     22-0155      2022-09-02 3:18:35 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Future Capital, Abandonment, Decommissioning and Reclamation Costs Constant Prices and Costs as of December 31, 2020 Total Reserves   Total Company Table F1-5

	2021		2022		2023		2024		2025		2026		2027		2028		2029		2030		2031		2032		2033		2034		2035		Remaining		Total
Development Cost Forecast (M$)
Total Proved
Undiscounted		57,688		153,600		150,500		212,450		227,950		2,400		2,400		2,400		2,400		2,400		2,160		1,920		1,680		1,440		1,200		2,400		824,988
Discounted @ 10.0%		54,100		131,175		117,015		152,924		149,425		1,415		1,287		1,170		1,063		967		791		639		508		396		300		498		613,673
Abandonment, Decommissioning and Reclamation Cost Forecast (M$)
Total Proved
Undiscounted		—		—		300		—		—		—		—		—		—		—		—		—		—		—		240		39,347		39,887
Discounted @ 10.0%		—		—		235		—		—		—		—		—		—		—		—		—		—		—		61		3,422		3,718

     22-0155      2022-09-02 3:18:36 PM

McDaniel & Associates Consultants Ltd.

December 31, 2020 Constant Product Price Schedule

Crude Oil Prices
West Texas Intermediate ($U.S./bbl) (1)	39.54
Edmonton Light Crude ($Cdn./bbl) (1)	45.56
Natural Gas
U.S. Henry Hub ($U.S./MMBtu) (1)	2.00
AECO Spot ($Cdn./MMBtu) (1)	2.23
Natural Gas Liquids (Edmonton Reference Price $Cdn./bbl)
Propane Edmonton (2)	16.25
Field Butane Edmonton (2)	23.25
Natural Gasolines & Condensate (2)	49.92
Exchange Rate (1)
$US/$CAN	0.74

1) Based on the average first-day-of-the-month price for the previous 12 months.

2) Based on average to benchmark prices.

C201231

HAMMERHEAD RESOURCES INC.

Evaluation of Petroleum Reserves

Based on Constant Prices and Costs

As of December 31, 2020

Evaluation Methodology

INTRODUCTION

Estimates of the proved petroleum reserves and the associated net present values before income taxes attributable to the properties of the Company have been presented in this report as of December 31, 2020. Reserves estimates were prepared for three properties in which the Company was indicated to have an interest in Western Canada based on detailed studies of the reservoir and performance characteristics as well as historical revenues and costs.

The basic information employed in the preparation of this report was obtained from the Company’s files, public sources and from our own non-confidential files. A field inspection of the properties was not conducted in view of the generally accepted reliability of the data sources for Western Canadian properties.

The effective date of this report is December 31, 2020. The reserves estimates presented herein were based upon a number of factors and assumptions, including the operating and economic conditions and development status as of that date except for changes planned for the immediate future or in the process of implementation, commodity prices, future operating and capital costs, availability of future capital, and the assumed effects of regulation by governmental agencies, including with respect to royalty payments, all of which may vary considerably from actual results. The reserves estimates and future net revenue forecasts have been prepared and presented in accordance with U.S. Securities Exchange Commission (SEC) standards. As of December 31, 2020, there are no proved undeveloped reserves that will remain undeveloped for five years or more. A brief review of the methodology employed in arriving at the reserves and net present value estimates is presented in this section.

RESERVES ESTIMATES

There are numerous uncertainties inherent in estimating economically recoverable quantities of oil, NGLs and natural gas reserves, including many factors beyond our control. All oil, NGLs and natural gas reserve estimates are uncertain to some degree, and classifications of oil, NGLs and natural gas reserves are only attempts to define the degree of uncertainty involved. For those reasons, estimates of the quantity of oil, NGLs and natural gas economically recoverable from a group of properties and the classification of such oil, NGLs and natural gas reserves, when prepared by different engineers or by the same engineers at different times, may vary substantially. Additionally, estimates with respect to oil, NGLs and natural gas reserves are often based upon volumetric calculations and upon analogy to similar types of reserves, rather than upon actual production history. Oil, NGLs and natural gas reserve estimates based on these methods are generally less reliable than those based on actual production history. Subsequent evaluation of the same reserves based upon production history will result in variations in the estimated reserves and these variations may be material.

Hammerhead Resources Inc. Constant Prices and Costs Page 2 November 11, 2022

Crude Oil

The crude oil reserves estimates presented in this report were based on a review of the volumetric data and performance characteristics of the individual wells and reservoirs in question. Volumetric estimates of the original oil in-place were based on individual well petrophysical interpretations, geological studies of pool configurations, and in some cases on published estimates. In those cases where indicative oil production decline and/or increasing gas-oil and oil cut trends were evident, the remaining reserves were determined by extrapolating these trends to economic limiting conditions. Where definitive production information was not yet available, the reserves estimates were usually volumetrically determined using recovery factors based on analogy with similar wells or reservoirs or on estimates of recovery efficiencies. The cumulative production figures were taken from published sources or from records of the Company and estimated for those recent periods where such data were not available.

Natural Gas and Products

The natural gas reserves estimates for non-associated gas and gas cap pools were based on a study of the volumetric data and performance characteristics of the individual wells and reservoirs in question. Volumetric estimates of the initial gas in-place were based on individual well petrophysical interpretations, geological studies of the pools and areas, and in some cases on published estimates. Material balance estimates of the initial gas in-place were employed where sufficient information was available for a reliable estimate. The reserves recoverable from the currently producing properties were estimated from studies of production performance characteristics and/or reservoir pressure histories. In those cases where indicative gas production decline and/or increasing oil-gas ratio and water-gas ratio trends were evident, the remaining reserves were determined by extrapolating these trends to economic limiting conditions. In cases of competitive drainage in multi-well pools the reserves were based on an analysis of the relevant factors relating to the future pool depletion by existing and possible future wells. The recovery factors for the non-producing properties were estimated from a consideration of test rates, reservoir pressures and by analogy with similar wells or reservoirs.

Natural gas reserves estimates for solution gas production from producing crude oil properties were based on an analysis of producing gas-oil ratios and existing sales gas recoveries. Solution gas reserves were assigned to non-producing oil properties where there was a likelihood of those reserves being recovered and sold from existing facilities or facilities that are expected to be available in the near future.

The natural gas products reserves estimates for the producing properties were based on historical and anticipated future recoveries of these products from the natural gas reserves. The natural gas products recoveries from the non-producing natural gas reserves were estimated from gas analyses, well test information and from analogy with similar reservoirs. Natural gas products reserves were only assigned to non-producing properties in those cases where there was a likelihood that the gas production would be processed through existing facilities capable of extracting these products or where such a facility will be available in the near future.

Hammerhead Resources Inc. Constant Prices and Costs Page 3 November 11, 2022

SEC RESERVES DEFINITIONS

The proved reserves and net present values estimates presented in this report were prepared to comply with the United States Securities and Exchange Commission (SEC) reserves definitions.

Proved oil and gas reserves. Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.

(i) The area of the reservoir considered as proved includes:

a. The area identified by drilling and limited by fluid contacts, if any, and

b. Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.

(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.

(iii) Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.

(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:

a. Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and

Hammerhead Resources Inc. Constant Prices and Costs Page 4 November 11, 2022

b. The project has been approved for development by all necessary parties and entities, including governmental entities.

(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

Developed oil and gas reserves. Developed oil and gas reserves are reserves of any category that can be expected to be recovered:

(i) Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and

(ii) Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.

Undeveloped oil and gas reserves. Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.

(i) Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances.

(ii) Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time.

(iii) Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, or by other evidence using reliable technology establishing reasonable certainty.

Hammerhead Resources Inc. Constant Prices and Costs Page 5 November 11, 2022

Reasonable certainty. If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.

NET PRESENT VALUE ESTIMATES

The net present values of the petroleum reserves were obtained by employing future production and revenue analyses. The future crude oil production was generally predicated on the anticipated performance characteristics of the individual wells and reservoirs in question. The future natural gas production was also predicated on the anticipated performance characteristics of the individual wells and reservoirs in question with an allowance for any gas sales contract or gas processing facility restrictions. In those areas where shut-in natural gas reserves exist, the commencement of production was based on the proximity to a pipeline connection and the relevant factors relating to the future marketing of the reserves. The future production of gas-cap reserves was assumed to occur near the end of the oil producing life. Solution gas production was based on the forecast of the oil producing rates and current and forecast sales gas-oil ratios. The natural gas products production forecasts were based on the anticipated recoveries of these products from the produced natural gas.

The Company’s share of future crude oil revenue was derived by employing the Company’s share of production and the indicated reference crude oil price less the historical quality and transportation price differential for each respective field. The initial benchmark price for Edmonton Light Crude Oil was $45.56CAD/bbl, with average realized prices after adjustments for location and quality differentials of $45.03CAD/bbl on a Total Proved basis. The indicated natural gas prices with an adjustment for the heating value of the gas were employed to calculate the Company’s share of future natural gas revenues. The indicated reference natural gas products prices with adjustments to reflect historical price differentials realized by the Company in each respective property were employed to calculate the Company’s share of future natural gas products revenues. The initial benchmark price for AECO Spot was $2.23CAD/MMbtu and the average realized gas price was $2.45CAD/MMBtu on a Total Proved basis. Royalties and mineral taxes payable to the Crown were estimated based on the methods in effect as of December 31, 2020. Freehold and overriding royalties payable to others were estimated based on the indicated applicable rates. In those cases where a proportionate share of the natural gas gathering and processing charges were indicated to be payable by the Crown or royalties owned by others, these charges have been deducted in determining the net royalties payable.

Hammerhead Resources Inc. Constant Prices and Costs Page 6 November 11, 2022

In all cases, estimates of the applicable capital expenditures and operating costs with no allowance for inflation were deducted in arriving at the Company’s share of future net revenues. An allowance for future abandonment, decommissioning and reclamation (ADR) costs were included in this report. ADR costs related to the proved undeveloped reserves presented in the report have been included. ADR costs include but are not limited to items such as: producing wells, suspended wells, service wells, gathering systems, facilities, and surface land development. These costs and their respective timing have been supplied and represented by the Company and incorporated into this report without review. The ADR costs were included for all company properties. The net present values were then obtained by employing 5, 10, 15 and 20 percent nominal annual discount rates compounded monthly.

The Company’s share of remaining reserves and net present values are presented on a total Company basis in the summary section of this report.

The information relating to estimated proved reserves of the petroleum reserves contained in this report has been prepared in accordance with Paragraphs 932-235-50-4, 932-235-50-6, 932-235-50-7, 932-235-50-9, 932-235-50-30 and 932-235-50-31 of the Accounting Standards Update 932-235-50, Extractive Industries – Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures (January 2010) of the Financial Accounting Standards Board and Rules 4–10(a) (1)–(32) of Regulation S–X and Rules 302(b), 1201, and 1202(a) (1), (2), (3), (4), (5), (8) of Regulation S-K of the Securities and Exchange Commission.

All of the future net revenues and net present values estimated in this report are presented before income taxes, although future net revenues and net present value estimates were presented after income tax in selected tables in this summary report at the corporate level.

Summaries of the Company’s share of remaining reserves together with forecast future revenues, royalties, taxes, operating and capital costs, abandonments, decommissioning and reclamation costs, future net revenue, and net present values are presented in detailed tabulations for each reserves category in Appendices 1 to 4.

Prices:      YE2020 SEC Prices	Hammerhead Resources Inc.	Table 1
Eff. Date: December 31, 2020
Currency: CAD	Forecast of Production and Revenue Before Tax - Company Share
	Constant Prices and Costs as of December 31, 2020
	Total Proved Reserves
	Total Company

			Crude Oil						Natural Gas						Condensate						Natural Gas Liquids						Sulphur & Other Revenue M$		Company Share Revenue M$		BOE/ d
			WI & RI		Sales		Sales		WI & RI		Sales		Sales		WI & RI		Sales		Sales		WI & RI		Sales		Sales
	WI		Volume		Price		Revenue		Volume		Price		Revenue		Volume		Price		Revenue		Volume		Price		Revenue
Year	Wells		Mbbl		$/bbl		M$		MMcf		$/Mcf		M$		Mbbl		$/bbl		M$		Mbbl		$/bbl		M$
2021		121.8		2831.2		45.03		127482.9		41910.8		2.45		102833.9		24.6		49.92		1228.2		1281.9		25.99		33319.8		—		264864.8		30474
2022		126.5		2732.1		44.99		122918.2		43144.7		2.45		105848.9		16.4		49.92		818.7		1319.8		26.06		34398.8		—		263984.7		30847
2023		129.5		3498.7		45.07		157698.2		46029.2		2.45		112909.6		10.5		49.92		524.4		1416.4		25.93		36721.3		—		307853.4		34513
2024		148.7		4194.1		45.10		189152.6		47893.5		2.45		117482.7		9.1		49.92		452.1		1475.5		25.88		38187.1		—		345274.5		37325
2025		172.9		5306.6		45.14		239559.4		54778.3		2.45		134371.3		7.9		49.92		394.7		1692.8		25.76		43611.4		—		417936.9		44211
2026		171.9		3626.5		45.15		163747.8		44143.3		2.45		108283.4		7.0		49.92		350.6		1366.3		25.70		35117.6		—		307499.5		33855
2027		169.9		2295.0		45.13		103568.2		32365.5		2.45		79392.6		6.3		49.92		314.7		1000.7		25.75		25762.1		—		209037.5		23825
2028		166.3		1734.2		45.12		78240.2		25915.1		2.45		63569.8		5.7		49.92		284.0		800.8		25.77		20633.6		—		162727.5		18743
2029		160.2		1380.4		45.11		62268.3		21314.1		2.45		52283.4		4.8		49.92		241.4		658.4		25.78		16973.0		—		131766.0		15331
2030		143.8		1084.1		45.09		48887.7		17222.4		2.45		42246.6		3.1		49.92		153.3		531.6		25.81		13719.9		—		105007.6		12299
2031		132.8		890.2		45.09		40136.0		14257.9		2.45		34974.7		1.6		49.92		77.6		439.9		25.83		11360.6		—		86549.0		10159
2032		127.4		760.6		45.08		34291.9		12254.4		2.45		30060.1		1.3		49.92		64.7		378.0		25.83		9764.9		—		74181.6		8695
2033		124.2		662.4		45.08		29864.0		10656.3		2.45		26140.0		0.8		49.92		39.4		328.8		25.83		8491.0		—		64534.3		7584
2034		102.9		514.7		45.10		23209.5		8191.2		2.45		20092.9		—		—		—		252.9		25.80		6524.4		—		49826.8		5843
2035		60.9		310.0		45.17		14000.2		4463.1		2.45		10948.0		—		—		—		138.5		25.60		3546.1		—		28494.3		3267
Rem.		—		317.1		45.23		14340.2		4300.7		2.45		10549.5		—		—		—		134.1		25.43		3409.5		—		28299.2		799
Total		—		32137.8		45.10		1449365.2		428840.5		2.45		1051987.5		99.0		49.92		4943.9		13216.2		25.84		341541.1		—		2847837.6		—

	Crown Royalties						Freehold Royalties						Overriding Royalties														NPI Pymts. M$
	Unadj.		Royalty		Adj.		Unadj.		Royalty		Adj.		Unadj.		Royalty		Adj.		Mineral		Sask. Cap.
	Royalty		Adj.		Royalty		Royalty		Adj.		Royalty		Royalty		Adj.		Royalty		Tax		Surch.		Total Royalties & Taxes
Year	M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		%
2021		16614.0		3867.4		12746.6		—		—		—		836.0		—		836.0		—		—		13582.5		5.1		—
2022		15937.3		3967.9		11969.4		—		—		—		611.4		—		611.4		—		—		12580.7		4.8		—
2023		18039.1		4293.9		13745.2		—		—		—		471.1		—		471.1		—		—		14216.3		4.6		—
2024		19959.3		4659.1		15300.2		—		—		—		370.1		—		370.1		—		—		15670.3		4.5		—
2025		23527.5		5466.2		18061.3		—		—		—		269.0		—		269.0		—		—		18330.3		4.4		—
2026		17738.3		4697.9		13040.4		—		—		—		209.7		—		209.7		—		—		13250.0		4.3		—
2027		12928.8		3642.7		9286.2		—		—		—		185.9		—		185.9		—		—		9472.1		4.5		—
2028		11070.4		3063.1		8007.3		—		—		—		161.7		—		161.7		—		—		8169.0		5.0		—
2029		9563.7		2591.0		6972.7		—		—		—		125.3		—		125.3		—		—		7098.1		5.4		—
2030		7875.4		1489.8		6385.7		—		—		—		74.7		—		74.7		—		—		6460.3		6.2		—
2031		6610.2		1239.5		5370.7		—		—		—		50.3		—		50.3		—		—		5421.0		6.3		—
2032		5722.7		1066.5		4656.2		—		—		—		44.0		—		44.0		—		—		4700.2		6.3		—
2033		4869.4		919.4		3950.0		—		—		—		33.4		—		33.4		—		—		3983.4		6.2		—
2034		3609.8		697.3		2912.6		—		—		—		18.6		—		18.6		—		—		2931.1		5.9		—
2035		2009.1		370.7		1638.4		—		—		—		1.5		—		1.5		—		—		1639.9		5.8		—
Rem.		1838.8		344.2		1494.6		—		—		—		—		—		—		—		—		1494.6		5.3		—
Total		177913.7		42376.3		135537.4		—		—		—		3462.5		—		3462.5		—		—		139000.0		4.9		—

									Capital Costs						Future Net Revenue Before Tax
					ADR		Net Op.		Drilling		Equip. &		Total						NPV
	Operating Costs				Costs		Income		& Compl.		Facility		Capital		Annual		Cum.		@10.0%
Year	M$		$/BOE		M$		M$		M$		M$		M$		M$		M$		M$
2021		130642.5		11.75		—		120639.7		49287.5		8400.0		57687.5		62952.2		62952.2		61323.0
2022		132471.7		11.77		—		118932.2		132800.0		20800.0		153600.0		-34667.8		28284.4		-28123.7
2023		145055.7		11.51		299.5		148281.8		130500.0		20000.0		150500.0		-2218.2		26066.3		342.2
2024		158201.8		11.58		—		171402.5		146050.0		66400.0		212450.0		-41047.5		-14981.3		-29936.6
2025		184738.3		11.45		—		214868.3		200750.0		27200.0		227950.0		-13081.7		-28063.0		-9875.8
2026		151987.4		12.30		—		142262.1		—		2400.0		2400.0		139862.1		111799.1		83301.5
2027		119110.3		13.70		—		80455.1		—		2400.0		2400.0		78055.1		189854.2		42179.2
2028		101968.0		14.86		—		52590.5		—		2400.0		2400.0		50190.5		240044.7		24649.9
2029		89144.8		15.93		—		35523.1		—		2400.0		2400.0		33123.1		273167.9		14785.7
2030		74613.6		16.62		—		23933.6		—		2400.0		2400.0		21533.6		294701.5		8739.2
2031		64699.0		17.45		—		16429.0		—		2160.0		2160.0		14269.0		308970.4		5266.4
2032		58615.0		18.42		—		10866.4		—		1920.0		1920.0		8946.4		317916.8		3005.9
2033		54182.2		19.57		—		6368.7		—		1680.0		1680.0		4688.7		322605.6		1434.5
2034		43582.3		20.43		—		3313.3		—		1440.0		1440.0		1873.3		324478.9		524.0
2035		24613.9		20.64		240.0		2000.5		—		1200.0		1200.0		800.5		325279.5		204.1
Rem.		25258.7		21.63		39347.4		-37801.5		—		2400.0		2400.0		-40201.5		285078.0		-3578.6
Total		1558885.2		13.33		39886.9		1110065.5		659387.5		165600.0		824987.5		285078.0		—		174240.8

	Remaining Reserves
Product	Gross Lease		W.I.		R.I.		Net
Crude Oil (Mbbl)		32,541.7		32,137.8		—		29,980.1
Natural Gas (MMcf)		430,941.5		428,840.5		—		406,339.9
Condensate (Mbbl)		99.0		99.0		—		65.6
Natural Gas Liquids (Mbbl)		13,282.4		13,216.2		—		12,059.9
Total (MBOE)		117,746.7		116,926.5		—		109,828.9

Net Present Value Before Tax - M$
@ 0.0%	@5.0%	@10.0%	@15.0%	@20.0%
285,078.0	224,857.1	174,240.8	137,557.7	111,745.7

RLI	8.56 yrs
Remaining Life	18.66 yrs
Price Schedule	C201231

     22-0155      2022-09-02 3:18:36 PM

Prices:     YE2020 SEC Prices	Hammerhead Resources Inc.	Table AT
Eff. Date: December 31, 2020
Currency: CAD	Forecast of Revenue After Tax - Company Share
	Constant Prices and Costs as of December 31, 2020
	Total Proved Reserves
	Total Company

	Capital Cost Allowance						Cdn. Oil & Gas Property Expense								Canadian Development Expense
	Initial				Expense		Initial				Expense		CEE		Initial				Expense		FEDE		Tax Pool
	Balance		Additions		Claim		Balance		Additions		Claim		Claim		Balance		Additions		Claim		Claim		Claims
Year	M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$
2021		508363.2		8400.0		130240.8		141859.6		—		14186.0		207103.5		429377.9		49287.5		150992.8		—		502523.0
2022		386522.4		20800.0		104430.6		127673.7		—		12767.4		—		327672.7		132800.0		158061.8		—		275259.8
2023		302891.8		20000.0		83223.0		114906.3		—		11490.6		—		302410.9		130500.0		149448.3		—		244161.8
2024		239668.9		66400.0		76517.2		103415.7		—		10341.6		—		283462.6		146050.0		139807.5		—		226666.3
2025		229551.6		27200.0		64187.9		93074.1		—		9307.4		—		289705.1		200750.0		162192.8		—		235688.1
2026		192563.7		2400.0		48740.9		83766.7		—		8376.7		—		328262.3		—		98478.7		—		155596.3
2027		146222.8		2400.0		37155.7		75390.0		—		7539.0		—		229783.6		—		68935.1		—		113629.8
2028		111467.1		2400.0		28166.8		67851.0		—		6785.1		—		160848.5		—		48254.6		—		83206.4
2029		85700.3		2400.0		21725.1		61065.9		—		6106.6		—		112594.0		—		33778.2		—		61609.9
2030		66375.2		2400.0		16893.8		54959.3		—		5495.9		—		78815.8		—		23644.7		—		46034.5
2031		51881.4		2160.0		13240.4		49463.4		—		4946.3		—		55171.0		—		16551.3		—		34738.0
2032		40801.1		1920.0		10440.3		44517.1		—		4451.7		—		38619.7		—		11585.9		—		26477.9
2033		32280.8		1680.0		8280.2		40065.4		—		4006.5		—		27033.8		—		8110.1		—		20396.9
2034		25680.6		1440.0		6600.2		36058.8		—		3605.9		—		18923.7		—		5677.1		—		15883.1
2035		20520.5		1200.0		5280.1		32452.9		—		3245.3		—		13246.6		—		3974.0		—		12499.4
Rem.				2400.0		18725.7				—		24823.7		—				—		9257.5		—		52806.9
Total				165600.0		673848.5				—		137475.7		207103.5				659387.5		1088750.3		—		2107178.1

	Revenue								Royalties & Expenses								Taxable		Deductions
									Crown		Other		Op. Costs,		Total		Income				Non-capital		Tax
	WI Sales		Royalty		Other		Total		Royalty		Royalty		ADR Costs		Royalties &		Before		Tax Pool		Loss Carry-		Loss		Taxable
	Revenue		Revenue		Revenue		Revenue		Payable		Payable		& Taxes		Expenses		Deductions		Claims		forward		Claim		Income
Year	M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$
2021		264864.8		—		—		264864.8		12746.6		836.0		130642.5		144225.0		120639.7		502523.0		363309.2		—		—
2022		263984.7		—		—		263984.7		11969.4		611.4		132471.7		145052.5		118932.2		275259.8		745192.5		—		—
2023		307853.4		—		—		307853.4		13745.2		471.1		145355.2		159571.6		148281.8		244161.8		901520.1		—		—
2024		345274.5		—		—		345274.5		15300.2		370.1		158201.8		173872.0		171402.5		226666.3		997400.1		—		—
2025		417936.9		—		—		417936.9		18061.3		269.0		184738.3		203068.6		214868.3		235688.1		1052663.9		—		—
2026		307499.5		—		—		307499.5		13040.4		209.7		151987.4		165237.4		142262.1		155596.3		1073483.7		—		—
2027		209037.5		—		—		209037.5		9286.2		185.9		119110.3		128582.4		80455.1		113629.8		1086818.0		—		—
2028		162727.5		—		—		162727.5		8007.3		161.7		101968.0		110137.0		52590.5		83206.4		1119992.6		—		—
2029		131766.0		—		—		131766.0		6972.7		125.3		89144.8		96242.9		35523.1		61609.9		1150608.5		—		—
2030		105007.6		—		—		105007.6		6385.7		74.7		74613.6		81074.0		23933.6		46034.5		1176695.3		—		—
2031		86549.0		—		—		86549.0		5370.7		50.3		64699.0		70120.0		16429.0		34738.0		1198796.1		—		—
2032		74181.6		—		—		74181.6		4656.2		44.0		58615.0		63315.2		10866.4		26477.9		1217105.2		—		—
2033		64534.3		—		—		64534.3		3950.0		33.4		54182.2		58165.5		6368.7		20396.9		1232716.7		—		—
2034		49826.8		—		—		49826.8		2912.6		18.6		43582.3		46513.4		3313.3		15883.1		1246744.8		—		—
2035		28494.3		—		—		28494.3		1638.4		1.5		24853.9		26493.8		2000.5		12499.4		1259314.6		—		—
Rem.		28299.2		—		—		28299.2		1494.6		—		64606.1		66100.7		-37801.5		52806.9				—		—
Total		2847837.6		—		—		2847837.6		135537.4		3462.5		1598772.1		1737772.1		1110065.5		2107178.1				—		—

	Federal						Provincial						Cash Flow
															Total Tax						NPV
	Taxable Income		Tax Rate		Tax Payable		Taxable Income		Tax Rate		Tax Payable		BTCF		Payable		ATCF		Cum. ATCF		@10.00%
Year	M$		%		M$		M$		%		M$		M$		M$		M$		M$		M$
2021		—		—		—		—		—		—		62952.2		—		62952.2		62952.2		61323.0
2022		—		—		—		—		—		—		-34667.8		—		-34667.8		28284.4		-28123.7
2023		—		—		—		—		—		—		-2218.2		—		-2218.2		26066.3		342.2
2024		—		—		—		—		—		—		-41047.5		—		-41047.5		-14981.3		-29936.6
2025		—		—		—		—		—		—		-13081.7		—		-13081.7		-28063.0		-9875.8
2026		—		—		—		—		—		—		139862.1		—		139862.1		111799.1		83301.5
2027		—		—		—		—		—		—		78055.1		—		78055.1		189854.2		42179.2
2028		—		—		—		—		—		—		50190.5		—		50190.5		240044.7		24649.9
2029		—		—		—		—		—		—		33123.1		—		33123.1		273167.9		14785.7
2030		—		—		—		—		—		—		21533.6		—		21533.6		294701.5		8739.2
2031		—		—		—		—		—		—		14269.0		—		14269.0		308970.4		5266.4
2032		—		—		—		—		—		—		8946.4		—		8946.4		317916.8		3005.9
2033		—		—		—		—		—		—		4688.7		—		4688.7		322605.6		1434.5
2034		—		—		—		—		—		—		1873.3		—		1873.3		324478.9		524.0
2035		—		—		—		—		—		—		800.5		—		800.5		325279.5		204.1
Rem.		—		—		—		—		—		—		-40201.5		—		-40201.5		285078.0		-3578.6
Total		—		—		—		—		—		—		285078.0		—		285078.0				174240.8

	Net Present Value - M$
	@0.0%		@5.0%		@10.0%		@15.0%		@20.0%
Before Tax Cash Flow		285078.0		224857.1		174240.8		137557.7		111745.7
After Tax Cash Flow		285078.0		224857.1		174240.8		137557.7		111745.7

     22-0155      2022-09-02 3:18:39 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2020 Total Proved Reserves   Total Company Table 2

							Company WI & RI Reserves								Net Present Value Before Tax (M$)
	Company				Reserve		Oil		Gas		Cond.		NGL
Area and Property	Interest %		Zones		Class		Mbbl		MMcf		Mbbl		Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
Alberta
Reserves
A Corporate
Facility
Corp ADR Facility CAPEX		W-100.000		Facility		NRA		—		—		—		—		-12,072.7		-2,811.6		-714.3		-196.6
Corp ADR Well CAPEX		W-100.000		Facility		NRA		—		—		—		—		-15,274.2		-3,698.9		-1,089.2		-438.8
Corp Field CAPEX		W-100.000		Facility		NRA		—		—		—		—		-48,000.0		-41,380.0		-35,920.2		-31,377.5
Corp G&A		W-100.000		Facility		NRA		—		—		—		—		-57,250.7		-45,303.3		-37,043.9		-31,108.3
Corp Maint CAPEX		W-100.000		Facility		NRA		—		—		—		—		-34,000.0		-23,874.0		-17,778.5		-13,883.1
Corp Water CAPEX		W-100.000		Facility		NRA		—		—		—		—		—		—		—		—
Subtotal Facility								—		—		—		—		-166,597.6		-117,067.9		-92,546.1		-77,004.3
Subtotal A Corporate								—		—		—		—		-166,597.6		-117,067.9		-92,546.1		-77,004.3
Gold Creek
1.0 PDP
100/05-29-067-03W6/0		W-100.000		MONT G1		PDP		26.7		655.0		—		20.0		641.4		600.7		565.7		535.5
100/13-29-067-03W6/0		W-100.000		MONT G1		PDP		47.4		1097.6		—		33.5		1,301.5		1,184.8		1,089.3		1,009.9
100/04-30-067-03W6/0		W-100.000		MONT G1		PDP		56.8		1263.6		—		38.5		1,714.4		1,537.8		1,396.2		1,280.8
100/16-30-067-03W6/0		W-100.000		MONT G1		PDP		63.6		996.5		—		30.4		1,442.8		1,276.6		1,145.6		1,040.3
100/15-15-067-04W6/0		W-100.000		MONT G1		PDP		9.4		117.5		—		3.6		80.3		78.0		75.9		73.9
102/15-15-067-04W6/0		W-100.000		MONT G1		PDP		31.6		506.7		—		15.5		649.4		605.8		568.6		536.4
100/04-25-067-04W6/0		W-100.000		MONT G1		PDP		54.5		1299.7		—		39.6		1,581.5		1,421.9		1,293.8		1,189.3
102/04-25-067-04W6/0		W-100.000		MONT G1		PDP		75.4		1903.9		—		58.1		2,558.2		2,235.7		1,988.7		1,794.8
100/16-25-067-04W6/0		W-100.000		MONT G1		PDP		26.5		495.5		—		15.1		456.2		425.5		399.3		376.8
100/13-26-067-04W6/2		W-100.000		MONT G1		PDP		32.5		463.1		—		14.1		699.9		657.3		620.5		588.5
102/04-34-067-04W6/0		W-100.000		MONT G1		PDP		18.9		660.4		—		20.1		525.3		497.0		472.2		450.4
103/04-34-067-04W6/0		W-100.000		MONT G1		PDP		71.7		1531.9		—		46.7		2,159.1		1,944.9		1,773.4		1,633.5
104/04-34-067-04W6/0		W-100.000		MONT F3		PDP		16.9		420.8		—		12.8		424.0		406.3		390.5		376.3
100/05-34-067-04W6/0		W-100.000		MONT G1		PDP		12.2		537.9		—		16.4		308.7		293.8		280.7		268.9
102/05-34-067-04W6/0		W-100.000		MONT F3		PDP		20.7		454.8		—		13.9		474.2		451.7		431.8		414.2
103/05-34-067-04W6/0		W-100.000		MONT F3		PDP		27.5		735.0		—		22.4		811.7		766.8		727.7		693.3
100/12-34-067-04W6/0		W-100.000		MONT G1		PDP		33.1		2071.3		—		63.2		1,755.7		1,577.3		1,434.4		1,317.9
102/12-34-067-04W6/0		W-100.000		MONT G1		PDP		17.0		1075.9		—		32.8		775.5		723.2		678.5		639.9
103/12-34-067-04W6/0		W-100.000		MONT F3		PDP		20.0		747.6		—		22.8		713.2		675.7		643.0		614.1
102/13-34-067-04W6/0		W-100.000		MONT G1		PDP		—		4181.0		32.9		127.5		2,778.6		2,342.2		2,024.9		1,786.7
100/14-34-067-04W6/0		W-100.000		MONT G1		PDP		—		2677.3		27.1		81.7		1,495.3		1,310.5		1,168.4		1,056.4
102/14-34-067-04W6/0		W-100.000		MONT G1		PDP		—		2101.9		26.0		64.1		1,080.1		964.9		873.9		800.4
102/15-34-067-04W6/0		W-100.000		MONT G1		PDP		25.8		1838.3		—		56.1		1,454.4		1,322.4		1,214.4		1,124.9
100/16-34-067-04W6/0		W-100.000		MONT G1		PDP		71.9		4410.8		—		134.5		4,753.4		4,019.9		3,488.8		3,090.5
100/12-35-067-04W6/0		W-100.000		MONT G1		PDP		101.0		1798.3		—		54.8		3,175.1		2,747.6		2,426.6		2,178.4
100/13-35-067-04W6/0		W-100.000		MONT G1		PDP		78.6		1609.6		—		49.1		2,369.8		2,067.3		1,836.1		1,654.9
102/13-35-067-04W6/0		W-100.000		MONT G1		PDP		39.4		1192.4		—		36.4		1,255.8		1,146.8		1,057.0		982.0
100/12-36-067-04W6/0		W-100.000		MONT G1		PDP		132.6		1179.9		—		36.0		2,600.0		2,044.0		1,663.0		1,392.1
102/13-36-067-04W6/0		W-100.000		MONT G1		PDP		56.5		855.4		—		26.1		1,358.9		1,240.7		1,143.8		1,063.2
100/03-05-068-03W6/0		W-100.000		MONT G1		PDP		105.3		3635.8		—		110.9		5,278.4		4,527.5		3,975.8		3,556.5
100/05-05-068-03W6/0		W-100.000		MONT G1		PDP		127.3		4316.9		—		131.7		6,712.1		5,817.3		5,156.6		4,651.8
100/06-05-068-03W6/0		W-100.000		MONT G1		PDP		105.9		3405.0		—		103.9		5,227.2		4,584.3		4,099.6		3,722.8
100/12-05-068-03W6/0		W-100.000		MONT G1		PDP		128.2		5396.1		—		164.6		7,817.5		6,768.6		5,996.1		5,406.8
100/13-05-068-03W6/0		W-100.000		MONT G1		PDP		110.3		3829.8		—		116.8		5,809.1		5,059.3		4,501.0		4,071.4
102/13-05-068-03W6/0		W-100.000		MONT G1		PDP		105.9		2909.1		—		88.7		4,614.1		4,045.9		3,616.1		3,281.3
103/13-05-068-03W6/0		W-100.000		MONT F3		PDP		95.8		2651.0		—		80.9		4,083.3		3,606.8		3,241.5		2,953.8
102/01-09-068-03W6/0		W-100.000		MONT G1		PDP		210.2		5097.4		—		155.5		10,151.3		8,911.5		7,997.3		7,297.8
103/01-09-068-03W6/0		W-100.000		MONT G1		PDP		186.2		4364.4		—		133.1		8,607.0		7,616.2		6,872.8		6,296.5
100/08-09-068-03W6/0		W-100.000		MONT G1		PDP		200.7		4406.2		—		134.4		9,074.3		8,014.4		7,222.7		6,610.9
100/09-09-068-03W6/0		W-100.000		MONT G1		PDP		207.1		4406.2		—		134.4		9,288.5		8,168.1		7,336.2		6,696.4
102/09-09-068-03W6/0		W-100.000		MONT G1		PDP		233.9		4642.3		—		141.6		10,107.9		8,936.8		8,061.0		7,383.4
100/16-09-068-03W6/0		W-100.000		MONT G1		PDP		210.0		4754.8		—		145.0		9,736.2		8,572.5		7,709.3		7,045.7
102/16-09-068-03W6/0		W-100.000		MONT G1		PDP		233.9		4721.0		—		144.0		10,239.1		9,052.8		8,164.3		7,475.8
103/16-09-068-03W6/0		W-100.000		MONT F3		PDP		161.1		3224.1		—		98.3		6,892.5		6,120.5		5,536.8		5,081.1
102/04-01-068-04W6/0		W-100.000		MONT G1		PDP		12.3		328.8		—		10.0		189.7		181.6		174.4		168.0
100/12-01-068-04W6/0		W-100.000		MONT G1		PDP		57.1		1625.8		—		49.6		1,905.9		1,682.7		1,508.5		1,369.6
102/13-01-068-04W6/0		W-100.000		MONT G1		PDP		55.3		1673.4		—		51.0		1,913.8		1,689.4		1,514.3		1,374.7
100/05-02-068-04W6/0		W-100.000		MONT G1		PDP		77.4		1033.9		—		31.5		1,768.4		1,564.7		1,405.5		1,278.4
102/16-02-068-04W6/0		W-100.000		MONT G1		PDP		83.0		1108.5		—		33.8		2,100.0		1,868.8		1,687.5		1,542.2
100/04-09-068-04W6/0		W-100.000		MONT G1		PDP		66.6		1980.5		—		60.4		2,485.2		2,184.0		1,951.5		1,767.7
100/16-09-068-04W6/0		W-100.000		MONT G1		PDP		235.1		3032.9		—		92.5		9,275.6		8,418.1		7,760.3		7,239.5
102/16-09-068-04W6/0		W-100.000		MONT G1		PDP		235.1		3032.9		—		92.5		9,273.6		8,416.4		7,758.9		7,238.4
100/06-10-068-04W6/0		W-100.000		MONT G1		PDP		67.2		1674.5		—		51.1		2,249.8		1,991.5		1,789.9		1,629.0
102/06-10-068-04W6/0		W-100.000		MONT G1		PDP		36.5		536.0		—		16.3		681.3		634.2		594.1		559.7
100/12-10-068-04W6/0		W-100.000		MONT F3		PDP		18.6		307.0		—		9.4		309.4		295.4		283.0		271.9
103/12-10-068-04W6/0		W-100.000		MONT G1		PDP		235.1		3032.9		—		92.5		9,288.7		8,428.7		7,768.9		7,246.7
100/01-12-068-04W6/0		W-100.000		MONT G1		PDP		52.0		716.9		—		21.9		1,286.4		1,187.5		1,104.7		1,034.5
100/01-15-068-04W6/0		W-100.000		MONT G1		PDP		38.5		307.2		—		9.4		716.2		674.4		638.2		606.6
100/04-15-068-04W6/0		W-100.000		MONT G1		PDP		41.2		622.8		—		19.0		723.6		660.5		608.2		564.3
100/12-15-068-04W6/0		W-100.000		MONT G1		PDP		107.6		1203.1		—		36.7		2,911.2		2,564.9		2,297.3		2,085.5
100/02-16-068-04W6/0		W-100.000		MONT G1		PDP		235.1		3032.9		—		92.5		9,259.8		8,405.1		7,749.5		7,230.5
100/06-16-068-04W6/0		W-100.000		MONT G1		PDP		235.1		3032.9		—		92.5		9,249.1		8,396.2		7,741.9		7,224.1
100/07-16-068-04W6/0		W-100.000		MONT G1		PDP		65.2		609.5		—		18.6		1,246.9		1,134.5		1,042.6		966.5
102/07-16-068-04W6/0		W-100.000		MONT G1		PDP		235.1		3032.9		—		92.5		9,261.2		8,406.2		7,750.4		7,231.3
100/08-16-068-04W6/0		W-100.000		MONT G1		PDP		33.2		295.3		—		9.0		574.5		541.0		512.0		486.6
100/13-12-068-05W6/0		W-100.000		MONT G1		PDP		76.2		658.0		—		20.1		1,428.4		1,258.2		1,124.9		1,018.3
Subtotal 1.0 PDP								5,888.7		133,518.3		85.9		4,072.3		233,131.3		206,953.6		187,126.2		171,629.8
3.0 PUD
GC Core 4-6 Por 2400m-01		W-100.000		MONT G1		PUD		166.5		2166.0		—		66.1		733.9		267.3		-74.2		-320.4
GC Core 4-6 Por 2400m-02		W-100.000		MONT G1		PUD		166.5		2166.0		—		66.1		733.3		264.7		-73.5		-313.4

     22-0155      2022-09-02 3:18:39 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2020 Total Proved Reserves   Total Company Table 2

							Company WI & RI Reserves								Net Present Value Before Tax (M$)
	Company				Reserve		Oil		Gas		Cond.		NGL
Area and Property	Interest %		Zones		Class		Mbbl		MMcf		Mbbl		Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
GC Core 4-6 Por 2400m-03		W-100.000		MONT G1		PUD		167.1		2176.0		—		66.4		733.0		263.2		-73.6		-310.8
GC Core 4-6 Por 2400m-04		W-100.000		MONT G1		PUD		166.8		2171.4		—		66.2		734.4		265.0		-69.2		-302.7
GC Core 4-6 Por 2400m-05		W-100.000		MONT G1		PUD		166.5		2166.3		—		66.1		733.9		262.9		-69.7		-300.3
GC Core 4-6 Por 2400m-06		W-100.000		MONT G1		PUD		165.8		2156.1		—		65.8		732.7		259.8		-69.3		-293.8
GC Core 4-6 Por 2400m-07		W-100.000		MONT G1		PUD		166.5		2166.0		—		66.1		731.5		257.4		-68.2		-286.9
GC Core 4-6 Por 2400m-08		W-100.000		MONT G1		PUD		167.1		2176.0		—		66.4		731.1		256.1		-68.2		-284.4
GC Core 4-6 Por 2400m-09		W-100.000		MONT G1		PUD		166.8		2171.1		—		66.2		731.3		255.3		-67.2		-280.4
GC Core 4-6 Por 2400m-10		W-100.000		MONT G1		PUD		166.5		2166.0		—		66.1		730.6		253.2		-67.8		-278.2
GC Core 4-6 Por 2400m-11		W-100.000		MONT G1		PUD		166.8		2171.1		—		66.2		730.6		252.8		-66.4		-274.2
GC Core 4-6 Por 2400m-12		W-100.000		MONT G1		PUD		166.5		2166.0		—		66.1		729.9		250.7		-67.0		-272.0
GC Core 4-6 Por 2400m-13		W-100.000		MONT G1		PUD		166.5		2166.0		—		66.1		729.9		250.7		-67.0		-272.0
GC Core 4-6 Por 2400m-14		W-100.000		MONT G1		PUD		167.1		2176.0		—		66.4		729.6		249.4		-67.1		-269.7
GC Core 4-6 Por 2400m-15		W-100.000		MONT G1		PUD		167.1		2176.0		—		66.4		729.6		249.4		-67.1		-269.7
GC Core 4-6 Por 2400m-16		W-100.000		MONT G1		PUD		166.8		2171.3		—		66.2		730.4		249.8		-64.5		-264.3
GC Core 4-6 Por 2400m-17		W-100.000		MONT G1		PUD		166.8		2171.3		—		66.2		730.4		249.8		-64.5		-264.3
GC Core 4-6 Por 2400m-18		W-100.000		MONT G1		PUD		166.5		2166.2		—		66.1		729.8		247.9		-65.1		-262.2
GC Core 4-6 Por 2400m-19		W-100.000		MONT G1		PUD		166.5		2166.2		—		66.1		729.8		247.9		-65.1		-262.2
GC Core 4-6 Por 2400m-20		W-100.000		MONT G1		PUD		166.5		2165.8		—		66.1		725.8		236.0		-62.9		-238.1
GC Core 4-6 Por 2400m-21		W-100.000		MONT G1		PUD		167.1		2175.9		—		66.4		725.5		234.7		-63.1		-236.2
GC Core 4-6 Por 2400m-22		W-100.000		MONT G1		PUD		166.8		2171.3		—		66.2		726.8		236.2		-59.5		-230.1
GC Core 4-6 Por 2400m-23		W-100.000		MONT G1		PUD		166.5		2166.2		—		66.1		726.2		234.3		-59.9		-228.3
GC Core 4-6 Por 2400m-24		W-100.000		MONT G1		PUD		166.2		2161.2		—		65.9		726.0		233.4		-59.1		-225.1
GC Core 4-6 Por 2400m-25		W-100.000		MONT G1		PUD		165.8		2156.0		—		65.8		724.9		231.3		-59.7		-223.5
GC Core 4-6 Por 2400m-26		W-100.000		MONT G1		PUD		166.8		2171.1		—		66.2		724.9		231.2		-58.3		-220.0
GC Core 6+ Por 2600-01		W-100.000		MONT G1		PUD		224.2		4935.9		—		150.5		5,086.1		3,777.1		2,813.7		2,090.0
GC Core 6+ Por 2600-02		W-100.000		MONT G1		PUD		224.2		4935.9		—		150.5		5,086.1		3,777.1		2,813.7		2,090.0
GC Core 6+ Por 2600-03		W-100.000		MONT G1		PUD		224.2		4935.9		—		150.5		5,086.1		3,777.1		2,813.7		2,090.0
GC Core 6+ Por 2600-04		W-100.000		MONT G1		PUD		225.2		4963.5		—		151.4		5,085.6		3,703.0		2,707.1		1,975.2
GC Core 6+ Por 2600-05		W-100.000		MONT G1		PUD		225.0		4956.8		—		151.2		5,085.6		3,688.5		2,686.7		1,953.7
GC Core 6+ Por 2600-06		W-100.000		MONT G1		PUD		225.5		4970.4		—		151.6		5,085.1		3,672.8		2,664.3		1,929.6
GC Core F3 2400-01		W-100.000		MONT F3		PUD		151.3		2806.5		—		85.6		1,408.6		822.9		395.1		85.0
GC Core F3 2400-02		W-100.000		MONT F3		PUD		151.3		2806.5		—		85.6		1,408.0		815.7		388.5		82.7
GC Core F3 2400-03		W-100.000		MONT F3		PUD		151.3		2806.5		—		85.6		1,408.0		815.7		388.5		82.7
GC Core F3 2400-04		W-100.000		MONT F3		PUD		151.3		2806.5		—		85.6		1,404.4		775.4		352.9		72.3
GC Core F3 2400-05		W-100.000		MONT F3		PUD		151.3		2806.5		—		85.6		1,404.4		775.4		352.9		72.3
GC Core F3 2400-06		W-100.000		MONT F3		PUD		151.0		2800.1		—		85.4		1,399.6		731.7		315.2		59.6
GC Core F3 2400-07		W-100.000		MONT F3		PUD		151.0		2800.1		—		85.4		1,399.6		731.7		315.2		59.6
GC Core F3 2400-08		W-100.000		MONT F3		PUD		151.0		2800.1		—		85.4		1,399.6		731.7		315.2		59.6
GC Core F3 2400-09		W-100.000		MONT F3		PUD		151.6		2813.1		—		85.8		1,400.8		731.6		316.2		62.5
GC Core F3 2400-10		W-100.000		MONT F3		PUD		151.3		2806.9		—		85.6		1,400.3		727.8		312.8		60.9
GC Core F3 2400-11		W-100.000		MONT F3		PUD		151.1		2800.7		—		85.4		1,400.3		725.0		310.7		60.8
GC Core F3 2400-12		W-100.000		MONT F3		PUD		150.8		2794.4		—		85.2		1,399.5		721.1		307.3		59.2
GC Core F3 2600-01		W-100.000		MONT F3		PUD		163.6		3018.4		—		92.1		1,700.5		1,071.8		582.7		202.5
GC Core F3 2600-02		W-100.000		MONT F3		PUD		163.6		3018.4		—		92.1		1,700.5		1,071.8		582.7		202.5
GC Core F3 2600-03		W-100.000		MONT F3		PUD		163.6		3018.4		—		92.1		1,700.5		1,071.8		582.7		202.5
GC Core F3 2600-04		W-100.000		MONT F3		PUD		164.1		3030.9		—		92.4		1,699.1		1,051.0		561.8		193.3
GC Core F3 2600-05		W-100.000		MONT F3		PUD		163.8		3024.8		—		92.3		1,699.2		1,047.1		558.1		192.1
GC Core F3 2600-06		W-100.000		MONT F3		PUD		164.1		3030.9		—		92.4		1,698.5		1,042.1		552.7		188.7
GC Core F3 2800-02		W-100.000		MONT F3		PUD		177.7		3285.2		—		100.2		2,030.0		1,288.7		729.3		306.1
GC Core F3 2800-03		W-100.000		MONT F3		PUD		177.7		3285.2		—		100.2		2,030.0		1,288.7		729.3		306.1
GC Core F3 2800-04		W-100.000		MONT F3		PUD		177.7		3285.2		—		100.2		2,030.0		1,288.7		729.3		306.1
GC Core F3 2800-05		W-100.000		MONT F3		PUD		177.7		3285.2		—		100.2		2,030.0		1,288.7		729.3		306.1
Subtotal 3.0 PUD								9,188.6		151,007.6		—		4,605.7		84,641.9		49,501.6		25,190.6		8,368.5
Subtotal Gold Creek								15,077.3		284,525.8		85.9		8,678.0		317,773.3		256,455.2		212,316.8		179,998.3
Karr
1.0 PDP
100/04-32-063-01W6/0		W-35.000		MONT G1		PDP		25.1		112.9		—		3.6		444.1		421.5		401.7		384.3
100/15-06-064-01W6/0		W-35.000		MONT F3		PDP		6.8		23.2		—		0.7		81.3		79.6		78.0		76.6
102/13-01-064-03W6/0		W-35.000		MONT G		PDP		104.5		407.1		—		12.8		3,273.7		3,065.8		2,893.8		2,749.1
100/01-11-064-03W6/0		W-100.000		MONT G1		PDP		102.6		2001.5		—		63.0		3,205.8		2,857.0		2,582.0		2,360.6
100/05-16-064-03W6/0		W-100.000		MONT F3		PDP		98.8		1259.8		—		39.7		2,089.2		1,864.8		1,686.0		1,540.8
100/04-21-064-03W6/2		W-100.000		MONT F3		PDP		140.5		1015.4		—		32.0		2,400.9		2,114.8		1,891.3		1,713.1
100/14-21-064-03W6/0		W-100.000		MONT F3		PDP		154.9		790.0		—		24.9		3,021.2		2,737.4		2,507.2		2,317.5
102/13-26-064-03W6/0		W-100.000		MONT F3		PDP		146.8		1565.3		—		49.3		3,869.5		3,471.5		3,154.5		2,896.9
1S0/02-28-064-03W6/0		W-100.000		MONT F3		PDP		6.6		29.9		—		0.9		63.9		62.6		61.4		60.3
100/04-32-064-03W6/0		W-100.000		MONT F3		PDP		21.7		166.0		—		5.2		121.5		116.4		111.8		107.7
100/11-32-064-03W6/2		W-100.000		MONT G1		PDP		74.7		777.6		—		24.5		1,545.4		1,422.2		1,319.5		1,232.8
103/13-32-064-03W6/0		W-100.000		MONT F3		PDP		117.2		1067.6		—		33.6		2,891.8		2,600.4		2,366.5		2,175.5
100/15-03-065-03W6/2		W-100.000		MONT BD		PDP		9.8		41.7		—		1.3		38.0		37.2		36.4		35.6
100/16-03-065-03W6/0		W-100.000		MONT SXMTH		PDP		48.5		33.4		—		1.1		489.1		464.8		443.5		424.5
1S0/04-05-065-03W6/0		W-100.000		MONT F3		PDP		34.5		425.5		—		13.4		663.1		629.2		599.5		573.1
100/12-06-065-03W6/0		W-100.000		MONT G1		PDP		209.9		2355.0		—		74.2		7,075.6		6,409.2		5,877.5		5,444.4
100/07-08-065-03W6/0		W-100.000		MONT G1		PDP		17.1		145.6		—		4.6		130.5		126.2		122.3		118.8
100/08-08-065-03W6/0		W-100.000		MONT F3		PDP		55.3		499.6		—		15.7		1,085.3		1,011.5		948.6		894.4
102/04-16-065-03W6/0		W-100.000		DUN		PDP		8.9		46.7		—		1.5		45.5		44.5		43.6		42.7
100/02-21-065-03W6/0		W-100.000		MONT F3		PDP		8.3		91.9		—		2.9		55.6		54.3		53.1		52.1
100/14-21-065-03W6/0		W-100.000		MONT F3		PDP		3.5		118.6		—		3.7		35.0		33.9		33.0		32.1
100/04-23-065-03W6/2		W-100.000		MONT F3		PDP		—		105.9		3.5		3.3		25.0		24.4		23.9		23.4
102/13-27-065-03W6/0		W-100.000		MONT F3		PDP		3.7		57.7		—		1.8		25.5		25.0		24.4		23.9
102/13-28-065-03W6/0		W-100.000		MONT F3		PDP		8.3		119.5		—		3.8		76.1		74.4		72.9		71.4
102/15-28-065-03W6/0		W-100.000		MONT F3		PDP		6.0		120.7		—		3.8		44.7		43.7		42.8		41.9
100/16-28-065-03W6/3		W-100.000		MONT F3		PDP		4.3		109.7		—		3.5		32.3		31.5		30.8		30.2
102/16-31-065-03W6/0		W-100.000		MONT G1		PDP		14.8		100.6		—		3.2		85.0		82.6		80.4		78.3
100/14-33-065-03W6/0		W-100.000		MONT F3		PDP		5.2		72.3		—		2.3		31.2		30.5		29.8		29.2
100/09-01-065-04W6/2		W-100.000		MONT G1		PDP		157.9		1581.5		—		49.8		4,956.7		4,488.3		4,114.6		3,810.6
103/09-01-065-04W6/0		W-100.000		MONT F3		PDP		170.6		1890.1		—		59.5		5,443.9		4,960.9		4,570.8		4,250.0
100/16-01-065-04W6/3		W-100.000		MONT G1		PDP		115.2		1801.5		—		56.7		3,577.2		3,218.7		2,933.5		2,702.1

     22-0155      2022-09-02 3:18:39 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2020 Total Proved Reserves   Total Company Table 2

							Company WI & RI Reserves								Net Present Value Before Tax (M$)
	Company				Reserve		Oil		Gas		Cond.		NGL
Area and Property	Interest %		Zones		Class		Mbbl		MMcf		Mbbl		Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
102/16-01-065-04W6/0		W-100.000		MONT F3		PDP		71.0		454.6		—		14.3		1,668.7		1,578.5		1,500.3		1,431.8
100/13-34-065-04W6/4		W-100.000		MONT G1		PDP		120.9		951.5		—		30.0		2,535.4		2,277.8		2,072.1		1,904.6
100/04-02-066-03W6/3		W-100.000		MONT F3		PDP		6.1		61.8		—		1.9		40.0		39.2		38.5		37.8
103/01-07-066-03W6/0		W-100.000		MONT G1		PDP		142.5		690.4		—		21.7		2,937.4		2,637.4		2,397.4		2,201.7
104/01-07-066-03W6/0		W-100.000		MONT G1		PDP		142.8		1103.0		—		34.7		3,128.3		2,820.2		2,572.1		2,368.8
100/08-07-066-03W6/0		W-100.000		MONT F3		PDP		25.5		130.5		—		4.1		263.8		254.2		245.5		237.6
100/16-08-066-03W6/2		W-75.000		MONT F3		PDP		3.1		66.4		—		2.1		19.1		18.6		18.2		17.8
102/13-09-066-03W6/0		W-100.000		MONT G1		PDP		4.6		57.4		—		1.8		23.2		22.6		22.1		21.7
100/16-10-066-03W6/2		W-75.000		MONT G1		PDP		8.4		26.9		—		0.8		32.6		31.9		31.3		30.7
100/02-16-066-03W6/0		W-100.000		MONT G1		PDP		10.0		38.3		—		1.2		62.3		60.9		59.6		58.4
100/08-21-066-03W6/0		W-100.000		MONT G1		PDP		31.2		182.9		—		5.8		387.5		370.0		354.4		340.5
102/14-13-066-04W6/2		W-100.000		MONT G1		PDP		—		116.7		9.6		3.7		22.1		21.5		20.9		20.4
102/16-23-066-04W6/0		W-100.000		MONT G1		PDP		5.2		48.3		—		1.5		36.6		35.7		34.9		34.1
100/12-24-066-04W6/0		W-100.000		MONT G1		PDP		121.0		1477.7		—		46.5		3,312.6		2,992.9		2,736.3		2,526.6
102/12-24-066-04W6/0		W-100.000		MONT F3		PDP		98.7		2151.0		—		67.8		3,543.5		3,184.7		2,899.2		2,667.5
103/12-24-066-04W6/0		W-100.000		MONT G1		PDP		183.7		2613.1		—		82.3		5,715.6		5,038.2		4,516.8		4,105.3
Subtotal 1.0 PDP								2,856.8		29,104.3		13.1		916.8		70,652.3		63,989.2		58,654.6		54,299.2
3.0 PUD
100/16-13-064-03W6/0		W-50.000		MONT G		PUD		146.7		1061.2		—		33.4		2,436.9		2,055.1		1,737.5		1,472.5
102/05-21-064-03W6/0		W-100.000		MONT F3		PUD		251.7		1804.4		—		56.8		496.8		-84.2		-456.9		-688.1
100/12-21-064-03W6/0		W-100.000		MONT F3		PUD		251.7		1804.4		—		56.8		501.5		-81.4		-455.3		-687.2
100/13-21-064-03W6/0		W-100.000		MONT F3		PUD		251.7		1804.4		—		56.8		505.5		-79.1		-454.0		-686.4
102/14-21-064-03W6/0		W-100.000		MONT F3		PUD		251.7		1804.4		—		56.8		502.0		-81.1		-455.2		-687.1
100/07-06-066-03W6/0		W-100.000		MONT G1		PUD		187.0		1230.3		—		38.8		1,787.3		1,414.8		1,093.8		820.2
102/09-06-066-03W6/0		W-100.000		MONT F3		PUD		187.0		1230.3		—		38.8		1,787.3		1,414.8		1,093.8		820.2
PR-KNW F-3000m-001		W-100.000		MONT F3		PUD		251.4		2565.6		—		80.8		421.4		-279.3		-759.0		-1,082.6
PR-KNW F-3000m-002		W-100.000		MONT F3		PUD		251.4		2565.6		—		80.8		421.4		-279.3		-759.0		-1,082.6
PR-KNW F-3000m-003		W-100.000		MONT F3		PUD		251.4		2565.6		—		80.8		421.4		-279.3		-759.0		-1,082.6
PR-KNW F-3000m-004		W-100.000		MONT F3		PUD		251.0		2560.3		—		80.6		420.4		-279.7		-754.7		-1,071.8
PR-KNW F-3000m-005		W-100.000		MONT F3		PUD		251.4		2565.6		—		80.8		413.6		-257.6		-629.6		-819.8
PR-KNW F-3000m-006		W-100.000		MONT F3		PUD		251.4		2565.6		—		80.8		413.6		-257.6		-629.6		-819.8
PR-KNW F-3000m-007		W-100.000		MONT F3		PUD		251.8		2570.8		—		81.0		411.4		-249.8		-590.4		-746.1
PR-KNW F-3000m-008		W-100.000		MONT F3		PUD		252.6		2581.1		—		81.3		411.0		-249.3		-586.5		-738.4
PR-KNW F-3000m-009		W-100.000		MONT F3		PUD		252.2		2576.0		—		81.1		411.1		-247.9		-581.3		-729.1
PR-KNW F-3000m-010		W-100.000		MONT F3		PUD		251.8		2570.8		—		81.0		410.5		-248.0		-577.9		-721.8
PR-KNW G-2400m-001		W-100.000		MONT G		PUD		245.0		2020.0		—		63.6		1,044.8		354.4		-83.3		-354.4
PR-KNW G-2400m-002		W-100.000		MONT G		PUD		245.0		2020.0		—		63.6		1,044.8		354.4		-83.3		-354.4
PR-KNW G-3000m-001		W-100.000		MONT G		PUD		317.7		2630.5		—		82.9		2,244.4		1,154.2		402.0		-119.2
PR-KNW G-3000m-002		W-100.000		MONT G		PUD		317.7		2630.5		—		82.9		2,244.4		1,154.2		402.0		-119.2
PR-KNW G-3000m-003		W-100.000		MONT G		PUD		317.7		2630.5		—		82.9		2,244.4		1,154.2		402.0		-119.2
PR-KNW G-3000m-004		W-100.000		MONT G		PUD		317.2		2626.2		—		82.7		2,243.8		1,148.1		397.1		-119.8
PR-KNW G-3000m-005		W-100.000		MONT G		PUD		318.1		2634.7		—		83.0		2,243.4		1,142.5		392.5		-120.3
PR-KNW G-3000m-006		W-100.000		MONT G		PUD		317.7		2630.8		—		82.9		2,244.9		1,142.1		395.4		-111.7
PR-KNW G-3000m-007		W-100.000		MONT G		PUD		317.3		2626.5		—		82.7		2,244.1		1,136.1		390.7		-112.1
PR-KNW G-3000m-008		W-100.000		MONT G		PUD		317.3		2626.3		—		82.7		2,239.4		1,078.9		353.0		-99.1
PR-KNW G-3000m-009		W-100.000		MONT G		PUD		317.6		2630.4		—		82.9		2,235.5		1,042.0		329.6		-91.6
PR-KNW G-3000m-010		W-100.000		MONT G		PUD		317.6		2630.4		—		82.9		2,235.5		1,042.0		329.6		-91.6
PR-KNW G-3000m-011		W-100.000		MONT G		PUD		316.4		2617.6		—		82.5		2,233.8		1,016.2		314.4		-84.7
PR-KNW G-3000m-012		W-100.000		MONT G		PUD		316.0		2613.3		—		82.3		2,233.2		1,012.3		312.6		-82.8
PR-KNW G-3000m-013		W-100.000		MONT G		PUD		317.2		2626.0		—		82.7		2,232.4		1,007.5		309.3		-82.9
PR-KNW G-3000m-014		W-100.000		MONT G		PUD		318.0		2634.6		—		83.0		2,231.9		1,002.7		305.8		-83.1
PR-KNW G-3000m-015		W-100.000		MONT G		PUD		317.6		2630.4		—		82.9		2,232.0		999.1		304.1		-81.3
PR-KSO-2600m-05		W-100.000		MONT F3,G		PUD		251.7		1804.4		—		56.8		501.5		-81.4		-455.3		-687.2
PR-KSO-2600m-06		W-100.000		MONT F3,G		PUD		251.7		1804.4		—		56.8		501.5		-81.4		-455.3		-687.2
PR-KSO-2600m-07		W-100.000		MONT F3,G		PUD		250.6		1791.0		—		56.4		498.9		-77.9		-404.4		-576.6
PR-KSO-2600m-08		W-100.000		MONT F3,G		PUD		250.6		1791.0		—		56.4		498.9		-77.9		-404.4		-576.6
PR-KSO-3000m-01		W-100.000		MONT F3,G		PUD		294.2		2131.2		—		67.1		1,015.3		214.1		-267.5		-546.9
PR-KSO-3000m-02		W-100.000		MONT F3,G		PUD		294.2		2131.2		—		67.1		1,015.3		214.1		-267.5		-546.9
PR-KSO-3000m-03		W-100.000		MONT F3,G		PUD		294.2		2131.2		—		67.1		1,015.3		214.1		-267.5		-546.9
PR-KSO-3000m-04		W-100.000		MONT F3,G		PUD		295.0		2140.2		—		67.4		1,014.9		212.7		-266.3		-541.7
PR-KSO-3000m-05		W-100.000		MONT F3,G		PUD		295.0		2140.2		—		67.4		1,014.9		212.7		-266.3		-541.7
PR-KSO-3000m-06		W-100.000		MONT F3,G		PUD		295.0		2140.2		—		67.4		1,014.9		212.7		-266.3		-541.7
PR-KSO-3000m-07		W-100.000		MONT F3,G		PUD		295.0		2140.3		—		67.4		1,014.0		207.5		-250.4		-497.4
PR-KSO-3000m-08		W-100.000		MONT F3,G		PUD		294.6		2135.9		—		67.3		1,014.2		207.2		-247.6		-490.7
PR-KSO-3000m-09		W-100.000		MONT F3,G		PUD		294.2		2131.3		—		67.1		1,013.5		205.1		-246.9		-486.3
PR-KSO-3000m-10		W-100.000		MONT F3,G		PUD		294.2		2131.3		—		67.1		1,013.5		205.1		-246.9		-486.3
PR-KSO-3000m-11		W-100.000		MONT F3,G		PUD		294.6		2135.8		—		67.3		1,012.9		203.5		-246.0		-481.8
PR-KSO-3000m-12		W-100.000		MONT F3,G		PUD		294.2		2131.3		—		67.1		1,012.9		203.0		-243.4		-475.4
PR-KSO-3000m-13		W-100.000		MONT F3,G		PUD		295.0		2140.3		—		67.4		1,012.5		201.6		-242.4		-471.0
Subtotal 3.0 PUD								14,128.9		114,836.8		—		3,617.4		63,030.6		21,266.5		-4,393.6		-19,940.1
Subtotal Karr								16,985.7		143,941.1		13.1		4,534.1		133,682.9		85,255.8		54,261.0		34,359.2
Simonette
1.0 PDP
100/12-29-063-25W5/0		W-100.000		MONT F3		PDP		24.2		158.9		—		1.7		56.5		55.0		53.5		52.2
100/02-13-063-26W5/0		W-100.000		MONT F3		PDP		18.4		72.0		—		0.8		80.4		78.6		77.0		75.5
100/01-24-063-26W5/0		W-100.000		MONT F3		PDP		6.2		27.2		—		0.3		17.4		16.9		16.5		16.1
100/01-36-063-26W5/0		W-100.000		MONT F3		PDP		4.8		40.4		—		0.4		14.0		13.6		13.3		13.0
100/13-01-064-26W5/2		W-100.000		DUV		PDP		11.5		25.7		—		0.3		28.7		28.1		27.5		27.0
100/16-12-064-26W5/0		W-100.000		MONT F3		PDP		9.7		49.4		—		0.5		22.5		21.9		21.4		20.8
Subtotal 1.0 PDP								74.8		373.6		—		4.0		219.4		214.1		209.1		204.6

     22-0155      2022-09-02 3:18:39 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2020 Total Proved Reserves   Total Company Table 2

							Company WI & RI Reserves								Net Present Value Before Tax (M$)
	Company				Reserve		Oil		Gas		Cond.		NGL
Area and Property	Interest %		Zones		Class		Mbbl		MMcf		Mbbl		Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
3.0 PNP
100/08-02-064-27W5/4		W-100.000		DUV		PA		—		—		—		—		—		—		—		—
Subtotal Simonette								74.8		373.6		—		4.0		219.4		214.1		209.1		204.6
Subtotal Reserves								32,137.8		428,840.5		99.0		13,216.2		285,078.0		224,857.1		174,240.8		137,557.7
zDEL
Simonette
Facility
A Simonette Field CAPEX (DEL)		W-100.000		Facility		NRA		—		—		—		—		—		—		—		—
Total								32,137.8		428,840.5		99.0		13,216.2		285,078.0		224,857.1		174,240.8		137,557.7

     22-0155      2022-09-02 3:18:39 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Forecast of Production and Revenue Before Tax - Company Share Constant Prices and Costs as of December 31, 2020 Proved Developed Producing Reserves   Total Company Table 1

			Crude Oil						Natural Gas						Condensate						Natural Gas Liquids						Sulphur & Other Revenue M$		Company Share Revenue M$		BOE/ d
			WI & RI		Sales		Sales		WI & RI		Sales		Sales		WI & RI		Sales		Sales		WI & RI		Sales		Sales
	WI		Volume		Price		Revenue		Volume		Price		Revenue		Volume		Price		Revenue		Volume		Price		Revenue
Year	Wells		Mbbl		$/bbl		M$		MMcf		$/Mcf		M$		Mbbl		$/bbl		M$		Mbbl		$/bbl		M$
2021		116.6		2490.1		45.01		112088.7		39096.1		2.45		95929.4		24.6		49.92		1228.2		1194.9		26.01		31078.4		—		240324.6		28016
2022		106.5		1485.7		45.03		66897.0		26157.4		2.45		64179.0		16.4		49.92		818.7		800.3		26.00		20806.2		—		152700.9		18252
2023		89.3		1049.7		45.02		47257.9		19622.8		2.45		48134.8		10.5		49.92		524.4		602.2		26.03		15674.6		—		111591.6		13515
2024		83.0		814.5		45.02		36667.3		15696.9		2.45		38504.4		9.1		49.92		452.1		481.8		26.03		12538.3		—		88162.1		10714
2025		76.2		650.7		45.02		29293.3		12786.1		2.45		31364.4		7.9		49.92		394.7		392.5		26.02		10212.8		—		71265.2		8718
2026		67.4		524.3		45.02		23601.4		10507.0		2.45		25773.8		7.0		49.92		350.6		322.5		26.02		8392.0		—		58117.9		7137
2027		65.4		450.7		45.02		20289.0		9135.6		2.45		22409.6		6.3		49.92		314.7		280.4		26.02		7296.5		—		50309.8		6192
2028		61.8		386.9		45.02		17416.0		7917.3		2.45		19421.1		5.7		49.92		284.0		243.1		26.02		6323.4		—		43444.5		5342
2029		55.7		317.8		45.01		14304.8		6637.0		2.45		16280.5		4.8		49.92		241.4		203.7		26.02		5301.0		—		36127.7		4473
2030		40.5		209.7		44.94		9421.5		4835.2		2.45		11860.7		3.1		49.92		153.3		148.0		26.13		3867.3		—		25302.7		3196
2031		30.3		147.6		44.88		6625.4		3544.4		2.45		8694.5		1.6		49.92		77.6		108.2		26.22		2838.1		—		18235.7		2324
2032		25.3		113.8		44.86		5104.4		2812.7		2.45		6899.7		1.3		49.92		64.7		85.8		26.26		2253.3		—		14322.1		1830
2033		22.7		94.4		44.86		4235.3		2305.5		2.45		5655.3		0.8		49.92		39.4		70.3		26.27		1847.0		—		11777.0		1506
2034		18.4		73.5		44.86		3296.9		1708.6		2.45		4191.2		—		—		—		52.1		26.27		1368.8		—		8856.9		1124
2035		2.6		10.8		44.86		484.8		233.6		2.45		572.9		—		—		—		7.1		26.27		187.1		—		1244.8		156
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		—		8820.3		45.01		396983.6		162996.2		2.45		399871.3		99.0		49.92		4943.9		4993.1		26.03		129984.8		—		931783.5		—

	Crown Royalties						Freehold Royalties						Overriding Royalties														NPI Pymts. M$
	Unadj.		Royalty		Adj.		Unadj.		Royalty		Adj.		Unadj.		Royalty		Adj.		Mineral		Sask. Cap.
	Royalty		Adj.		Royalty		Royalty		Adj.		Royalty		Royalty		Adj.		Royalty		Tax		Surch.		Total Royalties & Taxes
Year	M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		%
2021		15413.3		3620.5		11792.8		—		—		—		836.0		—		836.0		—		—		12628.8		5.3		—
2022		10533.5		2436.3		8097.2		—		—		—		611.4		—		611.4		—		—		8708.5		5.7		—
2023		8320.1		1834.3		6485.8		—		—		—		471.1		—		471.1		—		—		6957.0		6.2		—
2024		6752.5		1460.1		5292.4		—		—		—		370.1		—		370.1		—		—		5662.5		6.4		—
2025		5719.1		1200.1		4519.1		—		—		—		269.0		—		269.0		—		—		4788.1		6.7		—
2026		4749.7		994.1		3755.7		—		—		—		209.7		—		209.7		—		—		3965.3		6.8		—
2027		3960.4		820.2		3140.3		—		—		—		185.9		—		185.9		—		—		3326.2		6.6		—
2028		3428.0		711.1		2716.9		—		—		—		161.7		—		161.7		—		—		2878.5		6.6		—
2029		2811.6		595.1		2216.6		—		—		—		125.3		—		125.3		—		—		2341.9		6.5		—
2030		1960.4		438.0		1522.4		—		—		—		74.7		—		74.7		—		—		1597.0		6.3		—
2031		1416.9		323.8		1093.1		—		—		—		50.3		—		50.3		—		—		1143.4		6.3		—
2032		1077.3		256.6		820.7		—		—		—		44.0		—		44.0		—		—		864.7		6.0		—
2033		839.6		208.1		631.4		—		—		—		33.4		—		33.4		—		—		664.9		5.6		—
2034		615.6		152.9		462.7		—		—		—		18.6		—		18.6		—		—		481.3		5.4		—
2035		90.8		21.2		69.6		—		—		—		1.5		—		1.5		—		—		71.1		5.7		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		67688.8		15072.1		52616.7		—		—		—		3462.5		—		3462.5		—		—		56079.2		6.0		—

									Capital Costs						Future Net Revenue Before Tax
					ADR		Net Op.		Drilling		Equip. &		Total						NPV
	Operating Costs				Costs		Income		& Compl.		Facility		Capital		Annual		Cum.		@10.0%
Year	M$		$/BOE		M$		M$		M$		M$		M$		M$		M$		M$
2021		121899.9		11.92		—		105795.9		—		1600.0		1600.0		104195.9		104195.9		100023.5
2022		87020.5		13.06		—		56971.9		—		1600.0		1600.0		55371.9		159567.8		48203.7
2023		67776.9		13.74		299.5		36558.3		—		1600.0		1600.0		34958.3		194526.1		27645.2
2024		56910.5		14.51		—		25589.1		—		1600.0		1600.0		23989.1		218515.1		17246.7
2025		48514.3		15.25		—		17962.8		—		1600.0		1600.0		16362.8		234878.0		10691.5
2026		41144.3		15.79		—		13008.3		—		1440.0		1440.0		11568.3		246446.2		6871.5
2027		37511.4		16.60		—		9472.2		—		1280.0		1280.0		8192.2		254638.4		4425.1
2028		33878.7		17.33		—		6687.2		—		1120.0		1120.0		5567.2		260205.6		2736.3
2029		28536.6		17.48		—		5249.2		—		960.0		960.0		4289.2		264494.9		1915.9
2030		20188.7		17.31		—		3517.0		—		800.0		800.0		2717.0		267211.9		1103.9
2031		14730.6		17.37		—		2361.7		—		640.0		640.0		1721.7		268933.5		636.3
2032		11922.9		17.80		—		1534.5		—		480.0		480.0		1054.5		269988.0		354.9
2033		10274.3		18.69		—		837.9		—		320.0		320.0		517.9		270505.9		158.9
2034		8099.8		19.74		—		275.9		—		160.0		160.0		115.9		270621.8		33.0
2035		1156.2		20.33		—		17.6		—				—		17.6		270639.3		4.5
Rem.		—		—		27047.4		-27047.4		—				—		-27047.4		243591.9		-1568.4
Total		589565.5		14.35		27346.9		258791.9		—		15200.0		15200.0		243591.9		—		220482.6

	Remaining Reserves
Product	Gross Lease		W.I.		R.I.		Net
Crude Oil (Mbbl)		9,077.5		8,820.3		—		8,098.3
Natural Gas (MMcf)		164,036.0		162,996.2		—		153,787.8
Condensate (Mbbl)		99.0		99.0		—		65.6
Natural Gas Liquids (Mbbl)		5,025.8		4,993.1		—		4,412.0
Total (MBOE)		41,541.7		41,078.5		—		38,207.2

Net Present Value Before Tax - M$
@ 0.0%	@5.0%	@10.0%	@15.0%	@20.0%
243,591.9	237,019.8	220,482.6	204,722.6	191,241.6

RLI	3.01 yrs
Remaining Life	14.83 yrs
Price Schedule	C201231

     22-0155      2022-09-02 3:18:46 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2020 Proved Developed Producing Reserves   Total Company Table 2

							Company WI & RI Reserves								Net Present Value Before Tax (M$)
	Company				Reserve		Oil		Gas		Cond.		NGL
Area and Property	Interest %		Zones		Class		Mbbl		MMcf		Mbbl		Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
Alberta
Reserves
A Corporate
Facility
Corp ADR Facility CAPEX		W-100.000		Facility		NRA		—		—		—		—		-12,072.7		-2,811.6		-714.3		-196.6
Corp ADR Well CAPEX		W-100.000		Facility		NRA		—		—		—		—		-15,274.2		-3,698.9		-1,089.2		-438.8
Corp G&A		W-100.000		Facility		NRA		—		—		—		—		-17,864.3		-15,691.3		-14,004.2		-12,666.6
Corp Maint CAPEX		W-100.000		Facility		NRA		—		—		—		—		-15,200.0		-11,935.3		-9,699.7		-8,109.0
Subtotal Facility								—		—		—		—		-60,411.2		-34,137.1		-25,507.4		-21,411.0
Subtotal A Corporate								—		—		—		—		-60,411.2		-34,137.1		-25,507.4		-21,411.0
Gold Creek
1.0 PDP
100/05-29-067-03W6/0		W-100.000		MONT G1		PDP		26.7		655.0		—		20.0		641.4		600.7		565.7		535.5
100/13-29-067-03W6/0		W-100.000		MONT G1		PDP		47.4		1097.6		—		33.5		1,301.5		1,184.8		1,089.3		1,009.9
100/04-30-067-03W6/0		W-100.000		MONT G1		PDP		56.8		1263.6		—		38.5		1,714.4		1,537.8		1,396.2		1,280.8
100/16-30-067-03W6/0		W-100.000		MONT G1		PDP		63.6		996.5		—		30.4		1,442.8		1,276.6		1,145.6		1,040.3
100/15-15-067-04W6/0		W-100.000		MONT G1		PDP		9.4		117.5		—		3.6		80.3		78.0		75.9		73.9
102/15-15-067-04W6/0		W-100.000		MONT G1		PDP		31.6		506.7		—		15.5		649.4		605.8		568.6		536.4
100/04-25-067-04W6/0		W-100.000		MONT G1		PDP		54.5		1299.7		—		39.6		1,581.5		1,421.9		1,293.8		1,189.3
102/04-25-067-04W6/0		W-100.000		MONT G1		PDP		75.4		1903.9		—		58.1		2,558.2		2,235.7		1,988.7		1,794.8
100/16-25-067-04W6/0		W-100.000		MONT G1		PDP		26.5		495.5		—		15.1		456.2		425.5		399.3		376.8
100/13-26-067-04W6/2		W-100.000		MONT G1		PDP		32.5		463.1		—		14.1		699.9		657.3		620.5		588.5
102/04-34-067-04W6/0		W-100.000		MONT G1		PDP		18.9		660.4		—		20.1		525.3		497.0		472.2		450.4
103/04-34-067-04W6/0		W-100.000		MONT G1		PDP		71.7		1531.9		—		46.7		2,159.1		1,944.9		1,773.4		1,633.5
104/04-34-067-04W6/0		W-100.000		MONT F3		PDP		16.9		420.8		—		12.8		424.0		406.3		390.5		376.3
100/05-34-067-04W6/0		W-100.000		MONT G1		PDP		12.2		537.9		—		16.4		308.7		293.8		280.7		268.9
102/05-34-067-04W6/0		W-100.000		MONT F3		PDP		20.7		454.8		—		13.9		474.2		451.7		431.8		414.2
103/05-34-067-04W6/0		W-100.000		MONT F3		PDP		27.5		735.0		—		22.4		811.7		766.8		727.7		693.3
100/12-34-067-04W6/0		W-100.000		MONT G1		PDP		33.1		2071.3		—		63.2		1,755.7		1,577.3		1,434.4		1,317.9
102/12-34-067-04W6/0		W-100.000		MONT G1		PDP		17.0		1075.9		—		32.8		775.5		723.2		678.5		639.9
103/12-34-067-04W6/0		W-100.000		MONT F3		PDP		20.0		747.6		—		22.8		713.2		675.7		643.0		614.1
102/13-34-067-04W6/0		W-100.000		MONT G1		PDP		—		4181.0		32.9		127.5		2,778.6		2,342.2		2,024.9		1,786.7
100/14-34-067-04W6/0		W-100.000		MONT G1		PDP		—		2677.3		27.1		81.7		1,495.3		1,310.5		1,168.4		1,056.4
102/14-34-067-04W6/0		W-100.000		MONT G1		PDP		—		2101.9		26.0		64.1		1,080.1		964.9		873.9		800.4
102/15-34-067-04W6/0		W-100.000		MONT G1		PDP		25.8		1838.3		—		56.1		1,454.4		1,322.4		1,214.4		1,124.9
100/16-34-067-04W6/0		W-100.000		MONT G1		PDP		71.9		4410.8		—		134.5		4,753.4		4,019.9		3,488.8		3,090.5
100/12-35-067-04W6/0		W-100.000		MONT G1		PDP		101.0		1798.3		—		54.8		3,175.1		2,747.6		2,426.6		2,178.4
100/13-35-067-04W6/0		W-100.000		MONT G1		PDP		78.6		1609.6		—		49.1		2,369.8		2,067.3		1,836.1		1,654.9
102/13-35-067-04W6/0		W-100.000		MONT G1		PDP		39.4		1192.4		—		36.4		1,255.8		1,146.8		1,057.0		982.0
100/12-36-067-04W6/0		W-100.000		MONT G1		PDP		132.6		1179.9		—		36.0		2,600.0		2,044.0		1,663.0		1,392.1
102/13-36-067-04W6/0		W-100.000		MONT G1		PDP		56.5		855.4		—		26.1		1,358.9		1,240.7		1,143.8		1,063.2
100/03-05-068-03W6/0		W-100.000		MONT G1		PDP		105.3		3635.8		—		110.9		5,278.4		4,527.5		3,975.8		3,556.5
100/05-05-068-03W6/0		W-100.000		MONT G1		PDP		127.3		4316.9		—		131.7		6,712.1		5,817.3		5,156.6		4,651.8
100/06-05-068-03W6/0		W-100.000		MONT G1		PDP		105.9		3405.0		—		103.9		5,227.2		4,584.3		4,099.6		3,722.8
100/12-05-068-03W6/0		W-100.000		MONT G1		PDP		128.2		5396.1		—		164.6		7,817.5		6,768.6		5,996.1		5,406.8
100/13-05-068-03W6/0		W-100.000		MONT G1		PDP		110.3		3829.8		—		116.8		5,809.1		5,059.3		4,501.0		4,071.4
102/13-05-068-03W6/0		W-100.000		MONT G1		PDP		105.9		2909.1		—		88.7		4,614.1		4,045.9		3,616.1		3,281.3
103/13-05-068-03W6/0		W-100.000		MONT F3		PDP		95.8		2651.0		—		80.9		4,083.3		3,606.8		3,241.5		2,953.8
102/01-09-068-03W6/0		W-100.000		MONT G1		PDP		210.2		5097.4		—		155.5		10,151.3		8,911.5		7,997.3		7,297.8
103/01-09-068-03W6/0		W-100.000		MONT G1		PDP		186.2		4364.4		—		133.1		8,607.0		7,616.2		6,872.8		6,296.5
100/08-09-068-03W6/0		W-100.000		MONT G1		PDP		200.7		4406.2		—		134.4		9,074.3		8,014.4		7,222.7		6,610.9
100/09-09-068-03W6/0		W-100.000		MONT G1		PDP		207.1		4406.2		—		134.4		9,288.5		8,168.1		7,336.2		6,696.4
102/09-09-068-03W6/0		W-100.000		MONT G1		PDP		233.9		4642.3		—		141.6		10,107.9		8,936.8		8,061.0		7,383.4
100/16-09-068-03W6/0		W-100.000		MONT G1		PDP		210.0		4754.8		—		145.0		9,736.2		8,572.5		7,709.3		7,045.7
102/16-09-068-03W6/0		W-100.000		MONT G1		PDP		233.9		4721.0		—		144.0		10,239.1		9,052.8		8,164.3		7,475.8
103/16-09-068-03W6/0		W-100.000		MONT F3		PDP		161.1		3224.1		—		98.3		6,892.5		6,120.5		5,536.8		5,081.1
102/04-01-068-04W6/0		W-100.000		MONT G1		PDP		12.3		328.8		—		10.0		189.7		181.6		174.4		168.0
100/12-01-068-04W6/0		W-100.000		MONT G1		PDP		57.1		1625.8		—		49.6		1,905.9		1,682.7		1,508.5		1,369.6
102/13-01-068-04W6/0		W-100.000		MONT G1		PDP		55.3		1673.4		—		51.0		1,913.8		1,689.4		1,514.3		1,374.7
100/05-02-068-04W6/0		W-100.000		MONT G1		PDP		77.4		1033.9		—		31.5		1,768.4		1,564.7		1,405.5		1,278.4
102/16-02-068-04W6/0		W-100.000		MONT G1		PDP		83.0		1108.5		—		33.8		2,100.0		1,868.8		1,687.5		1,542.2
100/04-09-068-04W6/0		W-100.000		MONT G1		PDP		66.6		1980.5		—		60.4		2,485.2		2,184.0		1,951.5		1,767.7
100/16-09-068-04W6/0		W-100.000		MONT G1		PDP		235.1		3032.9		—		92.5		9,275.6		8,418.1		7,760.3		7,239.5
102/16-09-068-04W6/0		W-100.000		MONT G1		PDP		235.1		3032.9		—		92.5		9,273.6		8,416.4		7,758.9		7,238.4
100/06-10-068-04W6/0		W-100.000		MONT G1		PDP		67.2		1674.5		—		51.1		2,249.8		1,991.5		1,789.9		1,629.0
102/06-10-068-04W6/0		W-100.000		MONT G1		PDP		36.5		536.0		—		16.3		681.3		634.2		594.1		559.7
100/12-10-068-04W6/0		W-100.000		MONT F3		PDP		18.6		307.0		—		9.4		309.4		295.4		283.0		271.9
103/12-10-068-04W6/0		W-100.000		MONT G1		PDP		235.1		3032.9		—		92.5		9,288.7		8,428.7		7,768.9		7,246.7
100/01-12-068-04W6/0		W-100.000		MONT G1		PDP		52.0		716.9		—		21.9		1,286.4		1,187.5		1,104.7		1,034.5
100/01-15-068-04W6/0		W-100.000		MONT G1		PDP		38.5		307.2		—		9.4		716.2		674.4		638.2		606.6
100/04-15-068-04W6/0		W-100.000		MONT G1		PDP		41.2		622.8		—		19.0		723.6		660.5		608.2		564.3
100/12-15-068-04W6/0		W-100.000		MONT G1		PDP		107.6		1203.1		—		36.7		2,911.2		2,564.9		2,297.3		2,085.5
100/02-16-068-04W6/0		W-100.000		MONT G1		PDP		235.1		3032.9		—		92.5		9,259.8		8,405.1		7,749.5		7,230.5
100/06-16-068-04W6/0		W-100.000		MONT G1		PDP		235.1		3032.9		—		92.5		9,249.1		8,396.2		7,741.9		7,224.1
100/07-16-068-04W6/0		W-100.000		MONT G1		PDP		65.2		609.5		—		18.6		1,246.9		1,134.5		1,042.6		966.5
102/07-16-068-04W6/0		W-100.000		MONT G1		PDP		235.1		3032.9		—		92.5		9,261.2		8,406.2		7,750.4		7,231.3
100/08-16-068-04W6/0		W-100.000		MONT G1		PDP		33.2		295.3		—		9.0		574.5		541.0		512.0		486.6
100/13-12-068-05W6/0		W-100.000		MONT G1		PDP		76.2		658.0		—		20.1		1,428.4		1,258.2		1,124.9		1,018.3
Subtotal 1.0 PDP								5,888.7		133,518.3		85.9		4,072.3		233,131.3		206,953.6		187,126.2		171,629.8
Subtotal Gold Creek								5,888.7		133,518.3		85.9		4,072.3		233,131.3		206,953.6		187,126.2		171,629.8
Karr
1.0 PDP
100/04-32-063-01W6/0		W-35.000		MONT G1		PDP		25.1		112.9		—		3.6		444.1		421.5		401.7		384.3

     22-0155      2022-09-02 3:18:47 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2020 Proved Developed Producing Reserves   Total Company Table 2

							Company WI & RI Reserves								Net Present Value Before Tax (M$)
	Company				Reserve		Oil		Gas		Cond.		NGL
Area and Property	Interest %		Zones		Class		Mbbl		MMcf		Mbbl		Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
100/15-06-064-01W6/0		W-35.000		MONT F3		PDP		6.8		23.2		—		0.7		81.3		79.6		78.0		76.6
102/13-01-064-03W6/0		W-35.000		MONT G		PDP		104.5		407.1		—		12.8		3,273.7		3,065.8		2,893.8		2,749.1
100/01-11-064-03W6/0		W-100.000		MONT G1		PDP		102.6		2001.5		—		63.0		3,205.8		2,857.0		2,582.0		2,360.6
100/05-16-064-03W6/0		W-100.000		MONT F3		PDP		98.8		1259.8		—		39.7		2,089.2		1,864.8		1,686.0		1,540.8
100/04-21-064-03W6/2		W-100.000		MONT F3		PDP		140.5		1015.4		—		32.0		2,400.9		2,114.8		1,891.3		1,713.1
100/14-21-064-03W6/0		W-100.000		MONT F3		PDP		154.9		790.0		—		24.9		3,021.2		2,737.4		2,507.2		2,317.5
102/13-26-064-03W6/0		W-100.000		MONT F3		PDP		146.8		1565.3		—		49.3		3,869.5		3,471.5		3,154.5		2,896.9
1S0/02-28-064-03W6/0		W-100.000		MONT F3		PDP		6.6		29.9		—		0.9		63.9		62.6		61.4		60.3
100/04-32-064-03W6/0		W-100.000		MONT F3		PDP		21.7		166.0		—		5.2		121.5		116.4		111.8		107.7
100/11-32-064-03W6/2		W-100.000		MONT G1		PDP		74.7		777.6		—		24.5		1,545.4		1,422.2		1,319.5		1,232.8
103/13-32-064-03W6/0		W-100.000		MONT F3		PDP		117.2		1067.6		—		33.6		2,891.8		2,600.4		2,366.5		2,175.5
100/15-03-065-03W6/2		W-100.000		MONT BD		PDP		9.8		41.7		—		1.3		38.0		37.2		36.4		35.6
100/16-03-065-03W6/0		W-100.000		MONT SXMTH		PDP		48.5		33.4		—		1.1		489.1		464.8		443.5		424.5
1S0/04-05-065-03W6/0		W-100.000		MONT F3		PDP		34.5		425.5		—		13.4		663.1		629.2		599.5		573.1
100/12-06-065-03W6/0		W-100.000		MONT G1		PDP		209.9		2355.0		—		74.2		7,075.6		6,409.2		5,877.5		5,444.4
100/07-08-065-03W6/0		W-100.000		MONT G1		PDP		17.1		145.6		—		4.6		130.5		126.2		122.3		118.8
100/08-08-065-03W6/0		W-100.000		MONT F3		PDP		55.3		499.6		—		15.7		1,085.3		1,011.5		948.6		894.4
102/04-16-065-03W6/0		W-100.000		DUN		PDP		8.9		46.7		—		1.5		45.5		44.5		43.6		42.7
100/02-21-065-03W6/0		W-100.000		MONT F3		PDP		8.3		91.9		—		2.9		55.6		54.3		53.1		52.1
100/14-21-065-03W6/0		W-100.000		MONT F3		PDP		3.5		118.6		—		3.7		35.0		33.9		33.0		32.1
100/04-23-065-03W6/2		W-100.000		MONT F3		PDP		—		105.9		3.5		3.3		25.0		24.4		23.9		23.4
102/13-27-065-03W6/0		W-100.000		MONT F3		PDP		3.7		57.7		—		1.8		25.5		25.0		24.4		23.9
102/13-28-065-03W6/0		W-100.000		MONT F3		PDP		8.3		119.5		—		3.8		76.1		74.4		72.9		71.4
102/15-28-065-03W6/0		W-100.000		MONT F3		PDP		6.0		120.7		—		3.8		44.7		43.7		42.8		41.9
100/16-28-065-03W6/3		W-100.000		MONT F3		PDP		4.3		109.7		—		3.5		32.3		31.5		30.8		30.2
102/16-31-065-03W6/0		W-100.000		MONT G1		PDP		14.8		100.6		—		3.2		85.0		82.6		80.4		78.3
100/14-33-065-03W6/0		W-100.000		MONT F3		PDP		5.2		72.3		—		2.3		31.2		30.5		29.8		29.2
100/09-01-065-04W6/2		W-100.000		MONT G1		PDP		157.9		1581.5		—		49.8		4,956.7		4,488.3		4,114.6		3,810.6
103/09-01-065-04W6/0		W-100.000		MONT F3		PDP		170.6		1890.1		—		59.5		5,443.9		4,960.9		4,570.8		4,250.0
100/16-01-065-04W6/3		W-100.000		MONT G1		PDP		115.2		1801.5		—		56.7		3,577.2		3,218.7		2,933.5		2,702.1
102/16-01-065-04W6/0		W-100.000		MONT F3		PDP		71.0		454.6		—		14.3		1,668.7		1,578.5		1,500.3		1,431.8
100/13-34-065-04W6/4		W-100.000		MONT G1		PDP		120.9		951.5		—		30.0		2,535.4		2,277.8		2,072.1		1,904.6
100/04-02-066-03W6/3		W-100.000		MONT F3		PDP		6.1		61.8		—		1.9		40.0		39.2		38.5		37.8
103/01-07-066-03W6/0		W-100.000		MONT G1		PDP		142.5		690.4		—		21.7		2,937.4		2,637.4		2,397.4		2,201.7
104/01-07-066-03W6/0		W-100.000		MONT G1		PDP		142.8		1103.0		—		34.7		3,128.3		2,820.2		2,572.1		2,368.8
100/08-07-066-03W6/0		W-100.000		MONT F3		PDP		25.5		130.5		—		4.1		263.8		254.2		245.5		237.6
100/16-08-066-03W6/2		W-75.000		MONT F3		PDP		3.1		66.4		—		2.1		19.1		18.6		18.2		17.8
102/13-09-066-03W6/0		W-100.000		MONT G1		PDP		4.6		57.4		—		1.8		23.2		22.6		22.1		21.7
100/16-10-066-03W6/2		W-75.000		MONT G1		PDP		8.4		26.9		—		0.8		32.6		31.9		31.3		30.7
100/02-16-066-03W6/0		W-100.000		MONT G1		PDP		10.0		38.3		—		1.2		62.3		60.9		59.6		58.4
100/08-21-066-03W6/0		W-100.000		MONT G1		PDP		31.2		182.9		—		5.8		387.5		370.0		354.4		340.5
102/14-13-066-04W6/2		W-100.000		MONT G1		PDP		—		116.7		9.6		3.7		22.1		21.5		20.9		20.4
102/16-23-066-04W6/0		W-100.000		MONT G1		PDP		5.2		48.3		—		1.5		36.6		35.7		34.9		34.1
100/12-24-066-04W6/0		W-100.000		MONT G1		PDP		121.0		1477.7		—		46.5		3,312.6		2,992.9		2,736.3		2,526.6
102/12-24-066-04W6/0		W-100.000		MONT F3		PDP		98.7		2151.0		—		67.8		3,543.5		3,184.7		2,899.2		2,667.5
103/12-24-066-04W6/0		W-100.000		MONT G1		PDP		183.7		2613.1		—		82.3		5,715.6		5,038.2		4,516.8		4,105.3
Subtotal 1.0 PDP								2,856.8		29,104.3		13.1		916.8		70,652.3		63,989.2		58,654.6		54,299.2
Subtotal Karr								2,856.8		29,104.3		13.1		916.8		70,652.3		63,989.2		58,654.6		54,299.2
Simonette
1.0 PDP
100/12-29-063-25W5/0		W-100.000		MONT F3		PDP		24.2		158.9		—		1.7		56.5		55.0		53.5		52.2
100/02-13-063-26W5/0		W-100.000		MONT F3		PDP		18.4		72.0		—		0.8		80.4		78.6		77.0		75.5
100/01-24-063-26W5/0		W-100.000		MONT F3		PDP		6.2		27.2		—		0.3		17.4		16.9		16.5		16.1
100/01-36-063-26W5/0		W-100.000		MONT F3		PDP		4.8		40.4		—		0.4		14.0		13.6		13.3		13.0
100/13-01-064-26W5/2		W-100.000		DUV		PDP		11.5		25.7		—		0.3		28.7		28.1		27.5		27.0
100/16-12-064-26W5/0		W-100.000		MONT F3		PDP		9.7		49.4		—		0.5		22.5		21.9		21.4		20.8
Subtotal 1.0 PDP								74.8		373.6		—		4.0		219.4		214.1		209.1		204.6
Subtotal Simonette								74.8		373.6		—		4.0		219.4		214.1		209.1		204.6
Subtotal Reserves								8,820.3		162,996.2		99.0		4,993.1		243,591.9		237,019.8		220,482.6		204,722.6
Total								8,820.3		162,996.2		99.0		4,993.1		243,591.9		237,019.8		220,482.6		204,722.6

     22-0155      2022-09-02 3:18:47 PM

Prices:      YE2020 SEC Prices	Hammerhead Resources Inc.	Table 1
Eff. Date: December 31, 2020
Currency: CAD	Forecast of Production and Revenue Before Tax - Company Share
	Constant Prices and Costs as of December 31, 2020
	Proved Undeveloped Reserves
	Total Company

			Crude Oil						Natural Gas						Condensate						Natural Gas Liquids						Sulphur & Other Revenue M$		Company Share Revenue M$
Year	WI Wells		WI & RI Volume Mbbl		Sales Price $/bbl		Sales Revenue M$		WI & RI Volume MMcf		Sales Price $/Mcf		Sales Revenue M$		WI & RI Volume Mbbl		Sales Price $/bbl		Sales Revenue M$		WI & RI Volume Mbbl		Sales Price $/bbl		Sales Revenue M$						BOE/d
2021		5.3		341.1		45.13		15394.2		2814.7		2.45		6904.5		—		—		—		86.9		25.78		2241.5		—		24540.2		2458
2022		20.0		1246.3		44.95		56021.2		16987.3		2.45		41669.9		—		—		—		519.5		26.17		13592.7		—		111283.8		12595
2023		40.2		2449.0		45.10		110440.3		26406.3		2.45		64774.8		—		—		—		814.2		25.85		21046.7		—		196261.8		20998
2024		65.7		3379.6		45.12		152485.2		32196.6		2.45		78978.4		—		—		—		993.7		25.81		25648.8		—		257112.4		26610
2025		96.7		4655.8		45.16		210266.1		41992.2		2.45		103006.9		—		—		—		1300.4		25.68		33398.6		—		346671.6		35493
2026		104.5		3102.2		45.18		140146.3		33636.2		2.45		82509.6		—		—		—		1043.8		25.60		26725.6		—		249381.6		26718
2027		104.5		1844.3		45.16		83279.2		23229.9		2.45		56983.1		—		—		—		720.2		25.64		18465.5		—		158727.7		17633
2028		104.5		1347.3		45.14		60824.2		17997.8		2.45		44148.6		—		—		—		557.7		25.66		14310.2		—		119283.1		13401
2029		104.5		1062.6		45.14		47963.5		14677.1		2.45		36002.9		—		—		—		454.6		25.67		11672.0		—		95638.3		10859
2030		103.3		874.5		45.13		39466.2		12387.3		2.45		30386.0		—		—		—		383.6		25.69		9852.7		—		79704.9		9103
2031		102.5		742.6		45.13		33510.7		10713.5		2.45		26280.2		—		—		—		331.6		25.70		8522.5		—		68313.3		7835
2032		102.0		646.8		45.12		29187.5		9441.7		2.45		23160.4		—		—		—		292.2		25.71		7511.5		—		59859.5		6865
2033		101.5		568.0		45.12		25628.7		8350.9		2.45		20484.7		—		—		—		258.4		25.71		6643.9		—		52757.2		6077
2034		84.5		441.2		45.13		19912.6		6482.6		2.45		15901.8		—		—		—		200.8		25.68		5155.6		—		40969.9		4719
2035		58.3		299.2		45.18		13515.4		4229.6		2.45		10375.1		—		—		—		131.4		25.57		3359.0		—		27249.5		3111
Rem.		—		317.1		45.23		14340.2		4300.7		2.45		10549.5		—		—		—		134.1		25.43		3409.5		—		28299.2		799
Total		—		23317.5		45.13		1052381.6		265844.4		2.45		652116.2		—		—		-8223.1				25.73		211556.3		—		1916054.1		—

	Crown Royalties						Freehold Royalties						Overriding Royalties
	Unadj.		Royalty		Adj.		Unadj.		Royalty		Adj.		Unadj.		Royalty		Adj.		Mineral		Sask. Cap.						NPI
	Royalty		Adj.		Royalty		Royalty		Adj.		Royalty		Royalty		Adj.		Royalty		Tax		Surch.		Total Royalties & Taxes				Pymts.
Year	M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
2021		1200.7		247.0		953.7		—		—		—		—		—		—		—		—		953.7		3.9		—
2022		5403.8		1531.6		3872.2		—		—		—		—		—		—		—		—		3872.2		3.5		—
2023		9719.0		2459.6		7259.4		—		—		—		—		—		—		—		—		7259.4		3.7		—
2024		13206.8		3199.0		10007.7		—		—		—		—		—		—		—		—		10007.7		3.9		—
2025		17808.4		4266.1		13542.3		—		—		—		—		—		—		—		—		13542.3		3.9		—
2026		12988.5		3703.8		9284.7		—		—		—		—		—		—		—		—		9284.7		3.7		—
2027		8968.4		2822.5		6145.9		—		—		—		—		—		—		—		—		6145.9		3.9		—
2028		7642.4		2352.0		5290.5		—		—		—		—		—		—		—		—		5290.5		4.4		—
2029		6752.1		1995.9		4756.2		—		—		—		—		—		—		—		—		4756.2		5.0		—
2030		5915.1		1051.7		4863.3		—		—		—		—		—		—		—		—		4863.3		6.1		—
2031		5193.3		915.7		4277.6		—		—		—		—		—		—		—		—		4277.6		6.3		—
2032		4645.4		809.9		3835.5		—		—		—		—		—		—		—		—		3835.5		6.4		—
2033		4029.8		711.3		3318.5		—		—		—		—		—		—		—		—		3318.5		6.3		—
2034		2994.3		544.4		2449.9		—		—		—		—		—		—		—		—		2449.9		6.0		—
2035		1918.3		349.5		1568.7		—		—		—		—		—		—		—		—		1568.7		5.8		—
Rem.		1838.8		344.2		1494.6		—		—		—		—		—		—		—		—		1494.6		5.3		—
Total		110224.9		27304.1		82920.7		—		—		—		—		—		—		—		—		82920.7		4.3		—

									Capital Costs						Future Net Revenue Before Tax
					ADR		Net Op.		Drilling		Equip. &		Total						NPV
	Operating Costs				Costs		Income		& Compl.		Facility		Capital		Annual		Cum.		@10.0%
Year	M$		$/BOE		M$		M$		M$		M$		M$		M$		M$		M$
2021		8742.6		9.75		—		14843.8		49287.5		6800.0		56087.5		-41243.7		-41243.7		-38700.5
2022		45451.2		9.89		—		61960.3		132800.0		19200.0		152000.0		-90039.7		-131283.4		-76327.4
2023		77278.9		10.08		—		111723.5		130500.0		18400.0		148900.0		-37176.5		-168459.8		-27303.0
2024		101291.3		10.40		—		145813.4		146050.0		64800.0		210850.0		-65036.6		-233496.4		-47183.4
2025		136223.9		10.52		—		196905.4		200750.0		25600.0		226350.0		-29444.6		-262941.0		-20567.3
2026		110843.1		11.37		—		129253.8		—		960.0		960.0		128293.8		-134647.2		76429.9
2027		81598.9		12.68		—		70983.0		—		1120.0		1120.0		69863.0		-64784.2		37754.0
2028		68089.3		13.88		—		45903.3		—		1280.0		1280.0		44623.3		-20160.9		21913.6
2029		60608.3		15.29		—		30273.9		—		1440.0		1440.0		28833.9		8673.0		12869.8
2030		54424.9		16.38		—		20416.6		—		1600.0		1600.0		18816.6		27489.6		7635.4
2031		49968.5		17.47		—		14067.3		—		1520.0		1520.0		12547.3		40036.9		4630.2
2032		46692.1		18.58		—		9331.9		—		1440.0		1440.0		7891.9		47928.8		2651.0
2033		43907.9		19.79		—		5530.8		—		1360.0		1360.0		4170.8		52099.7		1275.6
2034		35482.6		20.60		—		3037.5		—		1280.0		1280.0		1757.5		53857.2		491.0
2035		23457.8		20.66		240.0		1983.0		—		1200.0		1200.0		783.0		54640.1		199.6
Rem.		25258.7		21.63		12300.0		-10754.1		—		2400.0		2400.0		-13154.1		41486.1		-2010.2
Total		969319.8		12.78		12540.0		851273.6		659387.5		150400.0		809787.5		41486.1		—		-46241.8

	Remaining Reserves
Product	Gross Lease		W.I.		R.I.		Net
Crude Oil (Mbbl)		23,464.2		23,317.5		—		21,881.8
Natural Gas (MMcf)		266,905.5		265,844.4		—		252,552.1
Natural Gas Liquids (Mbbl)		8,256.5		8,223.1		—		7,647.9
Total (MBOE)		76,205.0		75,848.0		—		71,621.7

Net Present Value Before Tax - M$
@ 0.0%	@5.0%	@10.0%	@15.0%	@20.0%
41,486.1	-12,162.7	-46,241.8	-67,164.9	-79,495.9

RLI	50+ yrs
Remaining Life	18.66 yrs
Price Schedule	C201231

     22-0155      2022-09-02 3:18:49 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2020 Proved Undeveloped Reserves   Total Company Table 2

							Company WI & RI Reserves								Net Present Value Before Tax (M$)
Area and Property	Company Interest %		Zones		Reserve Class		Oil Mbbl		Gas MMcf		Cond. Mbbl		NGL Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
Alberta
Reserves
A Corporate
Facility
Corp Field CAPEX		W-100.000		Facility		NRA		—		—		—		—		-48,000.0		-41,380.0		-35,920.2		-31,377.5
Corp G&A		W-100.000		Facility		NRA		—		—		—		—		-39,386.5		-29,612.1		-23,039.7		-18,441.7
Corp Maint CAPEX		W-100.000		Facility		NRA		—		—		—		—		-18,800.0		-11,938.7		-8,078.8		-5,774.1
Subtotal Facility								—		—		—		—		-106,186.5		-82,930.8		-67,038.7		-55,593.3
Subtotal A Corporate								—		—		—		—		-106,186.5		-82,930.8		-67,038.7		-55,593.3
Gold Creek
3.0 PUD
GC Core 4-6 Por 2400m-01		W-100.000		MONT G1		PUD		166.5		2166.0		—		66.1		733.9		267.3		-74.2		-320.4
GC Core 4-6 Por 2400m-02		W-100.000		MONT G1		PUD		166.5		2166.0		—		66.1		733.3		264.7		-73.5		-313.4
GC Core 4-6 Por 2400m-03		W-100.000		MONT G1		PUD		167.1		2176.0		—		66.4		733.0		263.2		-73.6		-310.8
GC Core 4-6 Por 2400m-04		W-100.000		MONT G1		PUD		166.8		2171.4		—		66.2		734.4		265.0		-69.2		-302.7
GC Core 4-6 Por 2400m-05		W-100.000		MONT G1		PUD		166.5		2166.3		—		66.1		733.9		262.9		-69.7		-300.3
GC Core 4-6 Por 2400m-06		W-100.000		MONT G1		PUD		165.8		2156.1		—		65.8		732.7		259.8		-69.3		-293.8
GC Core 4-6 Por 2400m-07		W-100.000		MONT G1		PUD		166.5		2166.0		—		66.1		731.5		257.4		-68.2		-286.9
GC Core 4-6 Por 2400m-08		W-100.000		MONT G1		PUD		167.1		2176.0		—		66.4		731.1		256.1		-68.2		-284.4
GC Core 4-6 Por 2400m-09		W-100.000		MONT G1		PUD		166.8		2171.1		—		66.2		731.3		255.3		-67.2		-280.4
GC Core 4-6 Por 2400m-10		W-100.000		MONT G1		PUD		166.5		2166.0		—		66.1		730.6		253.2		-67.8		-278.2
GC Core 4-6 Por 2400m-11		W-100.000		MONT G1		PUD		166.8		2171.1		—		66.2		730.6		252.8		-66.4		-274.2
GC Core 4-6 Por 2400m-12		W-100.000		MONT G1		PUD		166.5		2166.0		—		66.1		729.9		250.7		-67.0		-272.0
GC Core 4-6 Por 2400m-13		W-100.000		MONT G1		PUD		166.5		2166.0		—		66.1		729.9		250.7		-67.0		-272.0
GC Core 4-6 Por 2400m-14		W-100.000		MONT G1		PUD		167.1		2176.0		—		66.4		729.6		249.4		-67.1		-269.7
GC Core 4-6 Por 2400m-15		W-100.000		MONT G1		PUD		167.1		2176.0		—		66.4		729.6		249.4		-67.1		-269.7
GC Core 4-6 Por 2400m-16		W-100.000		MONT G1		PUD		166.8		2171.3		—		66.2		730.4		249.8		-64.5		-264.3
GC Core 4-6 Por 2400m-17		W-100.000		MONT G1		PUD		166.8		2171.3		—		66.2		730.4		249.8		-64.5		-264.3
GC Core 4-6 Por 2400m-18		W-100.000		MONT G1		PUD		166.5		2166.2		—		66.1		729.8		247.9		-65.1		-262.2
GC Core 4-6 Por 2400m-19		W-100.000		MONT G1		PUD		166.5		2166.2		—		66.1		729.8		247.9		-65.1		-262.2
GC Core 4-6 Por 2400m-20		W-100.000		MONT G1		PUD		166.5		2165.8		—		66.1		725.8		236.0		-62.9		-238.1
GC Core 4-6 Por 2400m-21		W-100.000		MONT G1		PUD		167.1		2175.9		—		66.4		725.5		234.7		-63.1		-236.2
GC Core 4-6 Por 2400m-22		W-100.000		MONT G1		PUD		166.8		2171.3		—		66.2		726.8		236.2		-59.5		-230.1
GC Core 4-6 Por 2400m-23		W-100.000		MONT G1		PUD		166.5		2166.2		—		66.1		726.2		234.3		-59.9		-228.3
GC Core 4-6 Por 2400m-24		W-100.000		MONT G1		PUD		166.2		2161.2		—		65.9		726.0		233.4		-59.1		-225.1
GC Core 4-6 Por 2400m-25		W-100.000		MONT G1		PUD		165.8		2156.0		—		65.8		724.9		231.3		-59.7		-223.5
GC Core 4-6 Por 2400m-26		W-100.000		MONT G1		PUD		166.8		2171.1		—		66.2		724.9		231.2		-58.3		-220.0
GC Core 6+ Por 2600-01		W-100.000		MONT G1		PUD		224.2		4935.9		—		150.5		5,086.1		3,777.1		2,813.7		2,090.0
GC Core 6+ Por 2600-02		W-100.000		MONT G1		PUD		224.2		4935.9		—		150.5		5,086.1		3,777.1		2,813.7		2,090.0
GC Core 6+ Por 2600-03		W-100.000		MONT G1		PUD		224.2		4935.9		—		150.5		5,086.1		3,777.1		2,813.7		2,090.0
GC Core 6+ Por 2600-04		W-100.000		MONT G1		PUD		225.2		4963.5		—		151.4		5,085.6		3,703.0		2,707.1		1,975.2
GC Core 6+ Por 2600-05		W-100.000		MONT G1		PUD		225.0		4956.8		—		151.2		5,085.6		3,688.5		2,686.7		1,953.7
GC Core 6+ Por 2600-06		W-100.000		MONT G1		PUD		225.5		4970.4		—		151.6		5,085.1		3,672.8		2,664.3		1,929.6
GC Core F3 2400-01		W-100.000		MONT F3		PUD		151.3		2806.5		—		85.6		1,408.6		822.9		395.1		85.0
GC Core F3 2400-02		W-100.000		MONT F3		PUD		151.3		2806.5		—		85.6		1,408.0		815.7		388.5		82.7
GC Core F3 2400-03		W-100.000		MONT F3		PUD		151.3		2806.5		—		85.6		1,408.0		815.7		388.5		82.7
GC Core F3 2400-04		W-100.000		MONT F3		PUD		151.3		2806.5		—		85.6		1,404.4		775.4		352.9		72.3
GC Core F3 2400-05		W-100.000		MONT F3		PUD		151.3		2806.5		—		85.6		1,404.4		775.4		352.9		72.3
GC Core F3 2400-06		W-100.000		MONT F3		PUD		151.0		2800.1		—		85.4		1,399.6		731.7		315.2		59.6
GC Core F3 2400-07		W-100.000		MONT F3		PUD		151.0		2800.1		—		85.4		1,399.6		731.7		315.2		59.6
GC Core F3 2400-08		W-100.000		MONT F3		PUD		151.0		2800.1		—		85.4		1,399.6		731.7		315.2		59.6
GC Core F3 2400-09		W-100.000		MONT F3		PUD		151.6		2813.1		—		85.8		1,400.8		731.6		316.2		62.5
GC Core F3 2400-10		W-100.000		MONT F3		PUD		151.3		2806.9		—		85.6		1,400.3		727.8		312.8		60.9
GC Core F3 2400-11		W-100.000		MONT F3		PUD		151.1		2800.7		—		85.4		1,400.3		725.0		310.7		60.8
GC Core F3 2400-12		W-100.000		MONT F3		PUD		150.8		2794.4		—		85.2		1,399.5		721.1		307.3		59.2
GC Core F3 2600-01		W-100.000		MONT F3		PUD		163.6		3018.4		—		92.1		1,700.5		1,071.8		582.7		202.5
GC Core F3 2600-02		W-100.000		MONT F3		PUD		163.6		3018.4		—		92.1		1,700.5		1,071.8		582.7		202.5
GC Core F3 2600-03		W-100.000		MONT F3		PUD		163.6		3018.4		—		92.1		1,700.5		1,071.8		582.7		202.5
GC Core F3 2600-04		W-100.000		MONT F3		PUD		164.1		3030.9		—		92.4		1,699.1		1,051.0		561.8		193.3
GC Core F3 2600-05		W-100.000		MONT F3		PUD		163.8		3024.8		—		92.3		1,699.2		1,047.1		558.1		192.1
GC Core F3 2600-06		W-100.000		MONT F3		PUD		164.1		3030.9		—		92.4		1,698.5		1,042.1		552.7		188.7
GC Core F3 2800-02		W-100.000		MONT F3		PUD		177.7		3285.2		—		100.2		2,030.0		1,288.7		729.3		306.1
GC Core F3 2800-03		W-100.000		MONT F3		PUD		177.7		3285.2		—		100.2		2,030.0		1,288.7		729.3		306.1
GC Core F3 2800-04		W-100.000		MONT F3		PUD		177.7		3285.2		—		100.2		2,030.0		1,288.7		729.3		306.1
GC Core F3 2800-05		W-100.000		MONT F3		PUD		177.7		3285.2		—		100.2		2,030.0		1,288.7		729.3		306.1
Subtotal 3.0 PUD								9,188.6		151,007.6		—		4,605.7		84,641.9		49,501.6		25,190.6		8,368.5
Subtotal Gold Creek								9,188.6		151,007.6		—		4,605.7		84,641.9		49,501.6		25,190.6		8,368.5
Karr
3.0 PUD
100/16-13-064-03W6/0		W-50.000		MONT G		PUD		146.7		1061.2		—		33.4		2,436.9		2,055.1		1,737.5		1,472.5
102/05-21-064-03W6/0		W-100.000		MONT F3		PUD		251.7		1804.4		—		56.8		496.8		-84.2		-456.9		-688.1
100/12-21-064-03W6/0		W-100.000		MONT F3		PUD		251.7		1804.4		—		56.8		501.5		-81.4		-455.3		-687.2
100/13-21-064-03W6/0		W-100.000		MONT F3		PUD		251.7		1804.4		—		56.8		505.5		-79.1		-454.0		-686.4
102/14-21-064-03W6/0		W-100.000		MONT F3		PUD		251.7		1804.4		—		56.8		502.0		-81.1		-455.2		-687.1
100/07-06-066-03W6/0		W-100.000		MONT G1		PUD		187.0		1230.3		—		38.8		1,787.3		1,414.8		1,093.8		820.2
102/09-06-066-03W6/0		W-100.000		MONT F3		PUD		187.0		1230.3		—		38.8		1,787.3		1,414.8		1,093.8		820.2
PR-KNW F-3000m-001		W-100.000		MONT F3		PUD		251.4		2565.6		—		80.8		421.4		-279.3		-759.0		-1,082.6
PR-KNW F-3000m-002		W-100.000		MONT F3		PUD		251.4		2565.6		—		80.8		421.4		-279.3		-759.0		-1,082.6
PR-KNW F-3000m-003		W-100.000		MONT F3		PUD		251.4		2565.6		—		80.8		421.4		-279.3		-759.0		-1,082.6
PR-KNW F-3000m-004		W-100.000		MONT F3		PUD		251.0		2560.3		—		80.6		420.4		-279.7		-754.7		-1,071.8
PR-KNW F-3000m-005		W-100.000		MONT F3		PUD		251.4		2565.6		—		80.8		413.6		-257.6		-629.6		-819.8
PR-KNW F-3000m-006		W-100.000		MONT F3		PUD		251.4		2565.6		—		80.8		413.6		-257.6		-629.6		-819.8
PR-KNW F-3000m-007		W-100.000		MONT F3		PUD		251.8		2570.8		—		81.0		411.4		-249.8		-590.4		-746.1

     22-0155      2022-09-02 3:18:49 PM

Prices:      YE2020 SEC Prices Eff. Date: December 31, 2020 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2020 Proved Undeveloped Reserves   Total Company Table 2

							Company WI & RI Reserves								Net Present Value Before Tax (M$)
Area and Property	Company Interest %		Zones		Reserve Class		Oil Mbbl		Gas MMcf		Cond. Mbbl		NGL Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
PR-KNW F-3000m-008		W-100.000		MONT F3		PUD		252.6		2581.1		—		81.3		411.0		-249.3		-586.5		-738.4
PR-KNW F-3000m-009		W-100.000		MONT F3		PUD		252.2		2576.0		—		81.1		411.1		-247.9		-581.3		-729.1
PR-KNW F-3000m-010		W-100.000		MONT F3		PUD		251.8		2570.8		—		81.0		410.5		-248.0		-577.9		-721.8
PR-KNW G-2400m-001		W-100.000		MONT G		PUD		245.0		2020.0		—		63.6		1,044.8		354.4		-83.3		-354.4
PR-KNW G-2400m-002		W-100.000		MONT G		PUD		245.0		2020.0		—		63.6		1,044.8		354.4		-83.3		-354.4
PR-KNW G-3000m-001		W-100.000		MONT G		PUD		317.7		2630.5		—		82.9		2,244.4		1,154.2		402.0		-119.2
PR-KNW G-3000m-002		W-100.000		MONT G		PUD		317.7		2630.5		—		82.9		2,244.4		1,154.2		402.0		-119.2
PR-KNW G-3000m-003		W-100.000		MONT G		PUD		317.7		2630.5		—		82.9		2,244.4		1,154.2		402.0		-119.2
PR-KNW G-3000m-004		W-100.000		MONT G		PUD		317.2		2626.2		—		82.7		2,243.8		1,148.1		397.1		-119.8
PR-KNW G-3000m-005		W-100.000		MONT G		PUD		318.1		2634.7		—		83.0		2,243.4		1,142.5		392.5		-120.3
PR-KNW G-3000m-006		W-100.000		MONT G		PUD		317.7		2630.8		—		82.9		2,244.9		1,142.1		395.4		-111.7
PR-KNW G-3000m-007		W-100.000		MONT G		PUD		317.3		2626.5		—		82.7		2,244.1		1,136.1		390.7		-112.1
PR-KNW G-3000m-008		W-100.000		MONT G		PUD		317.3		2626.3		—		82.7		2,239.4		1,078.9		353.0		-99.1
PR-KNW G-3000m-009		W-100.000		MONT G		PUD		317.6		2630.4		—		82.9		2,235.5		1,042.0		329.6		-91.6
PR-KNW G-3000m-010		W-100.000		MONT G		PUD		317.6		2630.4		—		82.9		2,235.5		1,042.0		329.6		-91.6
PR-KNW G-3000m-011		W-100.000		MONT G		PUD		316.4		2617.6		—		82.5		2,233.8		1,016.2		314.4		-84.7
PR-KNW G-3000m-012		W-100.000		MONT G		PUD		316.0		2613.3		—		82.3		2,233.2		1,012.3		312.6		-82.8
PR-KNW G-3000m-013		W-100.000		MONT G		PUD		317.2		2626.0		—		82.7		2,232.4		1,007.5		309.3		-82.9
PR-KNW G-3000m-014		W-100.000		MONT G		PUD		318.0		2634.6		—		83.0		2,231.9		1,002.7		305.8		-83.1
PR-KNW G-3000m-015		W-100.000		MONT G		PUD		317.6		2630.4		—		82.9		2,232.0		999.1		304.1		-81.3
PR-KSO-2600m-05		W-100.000		MONT F3,G		PUD		251.7		1804.4		—		56.8		501.5		-81.4		-455.3		-687.2
PR-KSO-2600m-06		W-100.000		MONT F3,G		PUD		251.7		1804.4		—		56.8		501.5		-81.4		-455.3		-687.2
PR-KSO-2600m-07		W-100.000		MONT F3,G		PUD		250.6		1791.0		—		56.4		498.9		-77.9		-404.4		-576.6
PR-KSO-2600m-08		W-100.000		MONT F3,G		PUD		250.6		1791.0		—		56.4		498.9		-77.9		-404.4		-576.6
PR-KSO-3000m-01		W-100.000		MONT F3,G		PUD		294.2		2131.2		—		67.1		1,015.3		214.1		-267.5		-546.9
PR-KSO-3000m-02		W-100.000		MONT F3,G		PUD		294.2		2131.2		—		67.1		1,015.3		214.1		-267.5		-546.9
PR-KSO-3000m-03		W-100.000		MONT F3,G		PUD		294.2		2131.2		—		67.1		1,015.3		214.1		-267.5		-546.9
PR-KSO-3000m-04		W-100.000		MONT F3,G		PUD		295.0		2140.2		—		67.4		1,014.9		212.7		-266.3		-541.7
PR-KSO-3000m-05		W-100.000		MONT F3,G		PUD		295.0		2140.2		—		67.4		1,014.9		212.7		-266.3		-541.7
PR-KSO-3000m-06		W-100.000		MONT F3,G		PUD		295.0		2140.2		—		67.4		1,014.9		212.7		-266.3		-541.7
PR-KSO-3000m-07		W-100.000		MONT F3,G		PUD		295.0		2140.3		—		67.4		1,014.0		207.5		-250.4		-497.4
PR-KSO-3000m-08		W-100.000		MONT F3,G		PUD		294.6		2135.9		—		67.3		1,014.2		207.2		-247.6		-490.7
PR-KSO-3000m-09		W-100.000		MONT F3,G		PUD		294.2		2131.3		—		67.1		1,013.5		205.1		-246.9		-486.3
PR-KSO-3000m-10		W-100.000		MONT F3,G		PUD		294.2		2131.3		—		67.1		1,013.5		205.1		-246.9		-486.3
PR-KSO-3000m-11		W-100.000		MONT F3,G		PUD		294.6		2135.8		—		67.3		1,012.9		203.5		-246.0		-481.8
PR-KSO-3000m-12		W-100.000		MONT F3,G		PUD		294.2		2131.3		—		67.1		1,012.9		203.0		-243.4		-475.4
PR-KSO-3000m-13		W-100.000		MONT F3,G		PUD		295.0		2140.3		—		67.4		1,012.5		201.6		-242.4		-471.0
Subtotal 3.0 PUD								14,128.9		114,836.8		—		3,617.4		63,030.6		21,266.5		-4,393.6		-19,940.1
Subtotal Karr								14,128.9		114,836.8		—		3,617.4		63,030.6		21,266.5		-4,393.6		-19,940.1
Subtotal Reserves								23,317.5		265,844.4		—		8,223.1		41,486.1		-12,162.7		-46,241.8		-67,164.9
Total								23,317.5		265,844.4		—		8,223.1		41,486.1		-12,162.7		-46,241.8		-67,164.9

     22-0155      2022-09-02 3:18:49 PM