Exhibit 99.6

HAMMERHEAD RESOURCES INC.

Evaluation of Petroleum Reserves

Based on Constant Prices and Costs

As of December 31, 2021

HAMMERHEAD RESOURCES INC.

Evaluation of Petroleum Reserves

Based on Constant Prices and Costs

As of December 31, 2021

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

Exhibit 99.6

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, 2021. 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 September 9, 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 2021 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 and Gold Creek 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
[22-0154]

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, 2021”, 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, 2021”, 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, 2021”, 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, 2021”, 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:	December 2021 SEC	Hammerhead Resources Inc.	Table A
Eff. Date:	December 31, 2021
Currency:	CAD	Total Company Reserves and Net Present Value
		Constant Prices and Costs as of December 31, 2021
		Total Company

	PDP		PNP		PUD		TP
Crude Oil (Mbbl)
Working Interest Volume		10,633.9		—		35,184.7		45,818.6
Royalty Interest Volume		—		—		—		—
Net Volume		8,849.8		—		30,384.4		39,234.2
Natural Gas (MMcf)
Working Interest Volume		204,878.1		—		359,254.3		564,132.4
Royalty Interest Volume		—		—		—		—
Net Volume		187,537.6		—		332,613.5		520,151.1
Condensate (Mbbl)
Working Interest Volume		145.6		—		—		145.6
Royalty Interest Volume		—		—		—		—
Net Volume		97.6		—		—		97.6
Natural Gas Liquids (Mbbl) (1)
Working Interest Volume		7,567.8		—		13,133.5		20,701.3
Royalty Interest Volume		—		—		—		—
Net Volume		5,824.6		—		10,710.7		16,535.3
Total (MBOE) (2)
Working Interest Volume		52,493.6		—		108,194.0		160,687.6
Royalty Interest Volume		—		—		—		—
Net Volume		46,028.2		—		96,530.6		142,558.9
Net Present Value Before Tax (M$)
0.0%		870,047.0		—		1,582,524.7		2,452,571.7
5.0%		756,602.0		—		1,129,171.2		1,885,773.3
10.0%		667,794.1		—		828,881.6		1,496,675.6
15.0%		600,308.6		—		621,515.5		1,221,824.2
20.0%		548,137.2		—		473,076.1		1,021,213.3
$/BOE Before Tax (3)
0.0%		16.57		—		14.63		15.26
5.0%		14.41		—		10.44		11.74
10.0%		12.72		—		7.66		9.31
15.0%		11.44		—		5.74		7.60
20.0%		10.44		—		4.37		6.36
Net Present Value After Tax (M$)
0.0%		870,047.0		—		1,359,254.6		2,229,301.6
5.0%		756,602.0		—		972,042.4		1,728,644.4
10.0%		667,794.1		—		713,910.8		1,381,704.9
15.0%		600,308.6		—		534,800.0		1,135,108.6
20.0%		548,137.2		—		406,075.1		954,212.3

(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.

      22-0154      2022-09-02 3:28:28 PM

Prices:	December 2021 SEC	Hammerhead Resources Inc.
Eff. Date:	December 31, 2021
Currency:	CAD	Company Share Sales Volumes
		Constant Prices and Costs as of December 31, 2021
		Total Reserves
		Total Company

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

      22-0154      2022-09-02 3:28:25 PM

Prices:      December 2021 SEC	Hammerhead Resources Inc.
Eff. Date: December 31, 2021
Currency: CAD	Cash Flow Summary
	Constant Prices and Costs as of December 31, 2021
	Total Reserves
	Total Company

Company Share Revenue (MM$)

Net Operating Income (MM$)

Total Capital (MM$)

Future Net Revenue Before Tax (MM$)

     22-0154      2022-09-02 3:28:22 PM

Prices:      December 2021 SEC	Hammerhead Resources Inc.
Eff. Date: December 31, 2021
Currency: CAD	Reserves Distribution by Reserves Class and Product
	Constant Prices and Costs as of December 31, 2021
	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.

     22-0154      2022-09-02 3:28:36 PM

Prices:      December 2021 SEC	Hammerhead Resources Inc.
Eff. Date: December 31, 2021
Currency: CAD	Reserves and Net Present Value Distribution for Properties
	Constant Prices and Costs as of December 31, 2021
	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.

     22-0154      2022-09-07 8:35:39 AM

Prices:      December 2021 SEC	Hammerhead Resources Inc.	Table F1-1
Eff. Date: December 31, 2021
Currency: CAD	Summary of Oil and Gas Reserves
	Constant Prices and Costs as of December 31, 2021
	Total Reserves
	Total Company
	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		—		—		—		—		10,633.9		8,849.8
Developed Non-Producing		—		—		—		—		—		—
Undeveloped		—		—		—		—		35,184.7		30,384.4
Total Proved		—		—		—		—		45,818.6		39,234.2
	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		—		—		204,878.1		187,537.6		7,713.4		5,922.2
Developed Non-Producing		—		—		—		—		—		—
Undeveloped		—		—		359,254.3		332,613.5		13,133.5		10,710.7
Total Proved		—		—		564,132.4		520,151.1		20,846.9		16,632.9

(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.

     22-0154      2022-09-02 3:28:26 PM

Prices:      December 2021 SEC	Hammerhead Resources Inc.	Table F1-2
Eff. Date: December 31, 2021
Currency: CAD	Summary of Net Present Value of Future Net Revenue
	Constant Prices and Costs as of December 31, 2021
	Total Reserves
	Total Company 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		870,047.0		756,602.0		667,794.1		600,308.6		548,137.2		870,047.0		756,602.0		667,794.1		600,308.6		548,137.2		14.51
Developed Non-Producing		—		—		—		—		—		—		—		—		—		—		—
Undeveloped		1,582,524.7		1,129,171.2		828,881.6		621,515.5		473,076.1		1,359,254.6		972,042.4		713,910.8		534,800.0		406,075.1		8.59
Total Proved		2,452,571.7		1,885,773.3		1,496,675.6		1,221,824.2		1,021,213.3		2,229,301.6		1,728,644.4		1,381,704.9		1,135,108.6		954,212.3		10.50

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

     22-0154      2022-09-02 3:28:26 PM

Prices:      December 2021 SEC	Hammerhead Resources Inc.	Table F1-3
Eff. Date: December 31, 2021
Currency: CAD	Total Future Net Revenue (Undiscounted)
	Constant Prices and Costs as of December 31, 2021
	Total Reserves
	Total Company

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		6,876,987		801,955		2,402,132		1,176,005		44,324		2,452,572		223,270		2,229,302

(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.

     22-0154      2022-09-02 3:28:27 PM

Prices:      December 2021 SEC	Hammerhead Resources Inc.	Table F1-4
Eff. Date: December 31, 2021
Currency: CAD	Future Net Revenue by Product Type
	Constant Prices and Costs as of December 31, 2021
	Total Reserves
	Total Company

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)		1,481,860		37.77
	Shale Gas (Including By-products)		14,816		1.78
	Total		1,496,676

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

     22-0154      2022-09-02 3:28:28 PM

Prices:      December 2021 SEC	Hammerhead Resources Inc.	Table F1-5
Eff. Date: December 31, 2021
Currency: CAD	Future Capital, Abandonment, Decommissioning and Reclamation Costs
	Constant Prices and Costs as of December 31, 2021
	Total Reserves
	Total Company

	2022		2023		2024		2025		2026		2027		2028		2029		2030		2031		2032		2033		2034		2035		2036		Remaining		Total
Development Cost Forecast (M$)
Total Proved
Undiscounted		255,820		218,270		215,935		240,065		223,115		2,400		2,400		2,400		2,400		2,400		2,160		1,920		1,680		1,440		1,200		2,400		1,176,005
Discounted @ 10.0%		244,359		185,259		169,474		173,492		146,396		1,415		1,287		1,170		1,063		967		791		639		508		396		300		498		928,014
Abandonment, Decommissioning and Reclamation Cost Forecast (M$)
Total Proved
Undiscounted		—		—		300		—		—		—		—		—		—		—		—		—		—		—		150		43,874		44,324
Discounted @ 10.0%		—		—		235		—		—		—		—		—		—		—		—		—		—		—		38		3,085		3,358

     22-0154      2022-09-02 3:28:28 PM

McDaniel & Associates Consultants Ltd.

December 31, 2021 Constant Product Price Schedule

Crude Oil Prices
West Texas Intermediate ($U.S./bbl) (1)	66.55
Edmonton Light Crude ($Cdn./bbl) (1)	78.15
Natural Gas
U.S. Henry Hub ($U.S./MMBtu) (1)	3.64
AECO Spot ($Cdn./MMBtu) (1)	3.57
Natural Gas Liquids (Edmonton Reference Price $Cdn./bbl)
Propane Edmonton (2)	42.25
Field Butane Edmonton (2)	49.00
Natural Gasolines & Condensate (2)	83.96
Exchange Rate (1)
$US/$CAN	.798

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

²⁾ Based on average to benchmark prices.

C211231

HAMMERHEAD RESOURCES INC.

Evaluation of Petroleum Reserves

Based on Constant Prices and Costs

As of December 31, 2021

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, 2021. Reserves estimates were prepared for two 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, 2021. 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, 2021, 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 $78.15CAD/bbl, with average realized prices after adjustments for location and quality differentials of $77.48CAD/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 $3.57CAD/MMbtu and the average realized gas price was $3.93CAD/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, 2021. 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:	December 2021 SEC	Hammerhead Resources Inc.	Table 1
Eff. Date:	December 31, 2021	Forecast of Production and Revenue Before Tax - Company Share Constant Prices and Costs as of December 31, 2021 Total Proved Reserves Total Company
Currency:	CAD

			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		$/bbl		M$
2022		139.6		3313.9		77.48		256752.0		48058.9		3.93		188727.2		23.7		79.76		1887.9		1776.1		52.61		93441.1		—		540808.2		35955
2023		168.0		4117.0		77.56		319303.0		51253.9		3.93		201274.1		19.7		79.76		1569.2		1890.8		52.65		99556.4		—		621702.8		39917
2024		193.6		5171.1		77.64		401493.8		55941.7		3.93		219683.0		16.8		79.76		1343.2		2056.4		52.74		108452.5		—		730972.5		45268
2025		225.7		6130.2		77.69		476244.7		62084.7		3.93		243806.8		14.6		79.76		1166.6		2275.3		52.81		120166.8		—		841384.8		51418
2026		254.6		6266.1		77.69		486794.9		62740.0		3.93		246379.8		12.9		79.76		1031.3		2297.3		52.83		121376.1		—		855582.1		52145
2027		259.5		4356.1		77.69		338434.5		50557.4		3.93		198539.0		11.6		79.76		922.2		1849.5		52.86		97759.1		—		635654.9		40119
2028		255.8		2880.3		77.66		223694.8		37930.3		3.93		148952.4		9.5		79.76		757.1		1389.1		52.83		73385.6		—		446789.8		28963
2029		251.4		2211.3		77.65		171701.2		30733.6		3.93		120690.9		8.4		79.76		672.9		1126.2		52.81		59482.6		—		352547.6		23201
2030		246.5		1808.2		77.64		140383.6		25938.3		3.93		101859.7		7.1		79.76		562.7		950.9		52.81		50211.7		—		293017.7		19422
2031		238.3		1524.5		77.63		118354.1		22178.6		3.93		87095.2		3.8		79.76		303.0		813.2		52.80		42937.0		—		248689.4		16542
2032		234.0		1319.5		77.63		102434.9		19453.8		3.93		76394.9		3.4		79.76		273.5		713.4		52.80		37665.0		—		216768.2		14422
2033		226.6		1146.1		77.63		88973.1		16991.1		3.93		66723.9		3.1		79.76		245.4		623.0		52.80		32896.3		—		188838.7		12614
2034		220.6		1007.4		77.63		78199.7		15021.6		3.93		58989.6		2.8		79.76		220.9		550.8		52.80		29083.7		—		166494.0		11136
2035		216.4		894.4		77.63		69429.9		13364.4		3.93		52482.1		2.5		79.76		198.8		490.1		52.80		25874.9		—		147985.7		9902
2036		207.5		788.6		77.63		61222.9		11733.7		3.93		46078.4		2.2		79.76		179.4		430.2		52.80		22714.9		—		130195.6		8679
Rem.		—		2883.8		77.66		223963.5		40150.4		3.93		157670.6		3.5		79.76		280.2		1469.0		52.85		77641.1		—		459555.3		3025
Total		—		45818.6		77.64		3557380.6		564132.4		3.93		2215347.7		145.6		79.76		11614.3		20701.3		52.78		1092644.7		—		6876987.4		—

	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$		%
2022		53357.1		5523.0		47834.1		—		—		—		1127.9		—		1127.9		—		—		48962.0		9.1		—
2023		66372.0		6688.8		59683.3		—		—		—		910.0		—		910.0		—		—		60593.3		9.7		—
2024		76259.1		7780.5		68478.6		—		—		—		744.7		—		744.7		—		—		69223.3		9.5		—
2025		89598.7		9276.0		80322.8		—		—		—		595.3		—		595.3		—		—		80918.1		9.6		—
2026		99609.0		10517.8		89091.2		—		—		—		502.5		—		502.5		—		—		89593.7		10.5		—
2027		90061.9		10107.5		79954.5		—		—		—		445.4		—		445.4		—		—		80399.9		12.6		—
2028		79301.5		9155.6		70145.9		—		—		—		384.6		—		384.6		—		—		70530.5		15.8		—
2029		62821.3		7694.4		55126.9		—		—		—		341.4		—		341.4		—		—		55468.3		15.7		—
2030		51603.6		6535.3		45068.3		—		—		—		286.1		—		286.1		—		—		45354.4		15.5		—
2031		43100.6		3482.2		39618.4		—		—		—		219.6		—		219.6		—		—		39837.9		16.0		—
2032		36431.4		2948.8		33482.5		—		—		—		194.2		—		194.2		—		—		33676.7		15.5		—
2033		30425.6		2454.4		27971.2		—		—		—		139.8		—		139.8		—		—		28111.0		14.9		—
2034		25319.7		2038.5		23281.2		—		—		—		112.7		—		112.7		—		—		23393.9		14.1		—
2035		20812.6		1670.4		19142.2		—		—		—		101.4		—		101.4		—		—		19243.6		13.0		—
2036		16752.0		1337.6		15414.4		—		—		—		91.5		—		91.5		—		—		15505.9		11.9		—
Rem.		44742.9		3772.6		40970.3		—		—		—		171.9		—		171.9		—		—		41142.1		9.0		—
Total		886569.2		90983.4		795585.8		—		—		—		6368.7		—		6368.7		—		—		801954.5		11.7		—

									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$
2022		141265.3		10.76		—		350581.0		149220.0		106600.0		255820.0		94761.0		94761.0		89782.7
2023		160221.0		11.00		—		400888.5		147550.0		70720.0		218270.0		182618.5		277379.5		161852.3
2024		185215.4		11.18		299.5		476234.3		181815.0		34120.0		215935.0		260299.3		537678.8		206109.4
2025		212572.2		11.33		—		547894.6		205805.0		34260.0		240065.0		307829.6		845508.3		219357.8
2026		221687.1		11.65		—		544301.3		195315.0		27800.0		223115.0		321186.3		1166694.7		207788.7
2027		187742.0		12.82		—		367513.1		—		2400.0		2400.0		365113.1		1531807.7		217304.6
2028		152776.1		14.41		—		223483.3		—		2400.0		2400.0		221083.3		1752891.0		119366.0
2029		133617.1		15.78		—		163462.2		—		2400.0		2400.0		161062.2		1913953.2		78987.2
2030		120782.5		17.04		—		126880.8		—		2400.0		2400.0		124480.8		2038434.0		55483.1
2031		109843.6		18.19		—		99007.8		—		2400.0		2400.0		96607.8		2135041.8		39139.3
2032		102386.3		19.40		—		80705.2		—		2160.0		2160.0		78545.2		2213587.0		28929.6
2033		94920.9		20.62		—		65806.8		—		1920.0		1920.0		63886.8		2277473.9		21387.2
2034		88801.1		21.85		—		54299.0		—		1680.0		1680.0		52619.0		2330092.9		16013.0
2035		83975.5		23.23		—		44766.6		—		1440.0		1440.0		43326.6		2373419.5		11986.9
2036		78099.4		24.59		150.3		36440.1		—		1200.0		1200.0		35240.1		2408659.5		8866.3
Rem.		328227.0		29.71		43874.1		46312.1		—		2400.0		2400.0		43912.1		2452571.7		14321.7
Total		2402132.3		14.95		44323.9		3628576.7		879705.0		296300.0		1176005.0		2452571.7		—		1496675.6

	Remaining Reserves
Product	Gross Lease		W.I.		R.I.		Net
Crude Oil (Mbbl)		51,877.1		45,818.6		—		39,234.2
Natural Gas (MMcf)		590,489.2		564,132.4		—		520,151.1
Condensate (Mbbl)		145.6		145.6		—		97.6
Natural Gas Liquids (Mbbl)		21,605.5		20,701.3		—		16,535.3
Total (MBOE)		172,043.0		160,687.6		—		142,558.9

Net Present Value Before Tax - M$
@ 0.0%	@ 5.0%	@ 10.0%	@ 15.0%	@ 20.0%
2,452,571.7	1,885,773.3	1,496,675.6	1,221,824.2	1,021,213.3

RLI	12.75 yrs
Remaining Life	24.66 yrs
Price Schedule	C211231

     22-0154      2022-09-02 3:28:28 PM

Prices:	December 2021 SEC	Hammerhead Resources Inc.	Table AT
Eff. Date:	December 31, 2021	Forecast of Revenue After Tax - Company Share Constant Prices and Costs as of December 31, 2021 Total Proved Reserves Total Company
Currency:	CAD

	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$
2022		541374.4		106600.0		175318.6		120067.5		—		12006.7		207104.3		387265.4		149220.0		183328.6		—		577758.3
2023		472655.8		70720.0		144683.9		108060.7		—		10806.1		—		353156.8		147550.0		172344.5		—		327834.6
2024		398691.8		34120.0		108203.0		97254.6		—		9725.5		—		328362.2		181815.0		166689.3		—		284617.7
2025		324608.9		34260.0		89717.2		87529.2		—		8752.9		—		343487.9		205805.0		180223.3		—		278693.4
2026		269151.7		27800.0		74237.9		78776.3		—		7877.6		—		369069.7		195315.0		183964.0		—		266079.6
2027		222713.7		2400.0		56278.4		70898.6		—		7089.9		—		380420.7		—		114126.2		—		177494.5
2028		168835.3		2400.0		42508.8		63808.8		—		6380.9		—		266294.5		—		79888.3		—		128778.0
2029		128726.5		2400.0		32481.6		57427.9		—		5742.8		—		186406.1		—		55921.8		—		94146.2
2030		98644.9		2400.0		24961.2		51685.1		—		5168.5		—		130484.3		—		39145.3		—		69275.0
2031		76083.6		2400.0		19320.9		46516.6		—		4651.7		—		91339.0		—		27401.7		—		51374.3
2032		59162.7		2160.0		15060.7		41864.9		—		4186.5		—		63937.3		—		19181.2		—		38428.4
2033		46262.1		1920.0		11805.5		37678.4		—		3767.8		—		44756.1		—		13426.8		—		29000.2
2034		36376.5		1680.0		9304.1		33910.6		—		3391.1		—		31329.3		—		9398.8		—		22094.0
2035		28752.4		1440.0		7368.1		30519.5		—		3052.0		—		21930.5		—		6579.1		—		16999.2
2036		22824.3		1200.0		5856.1		27467.6		—		2746.8		—		15351.3		—		4605.4		—		13208.2
Rem.				2400.0		20347.1				—		20140.0		—				—		10710.2		—		51197.3
Total				296300.0		837453.2				—		115486.6		207104.3				879705.0		1266934.7		—		2426978.8

	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$
2022		540808.2		—		—		540808.2		47834.1		1127.9		141265.3		190227.2		350581.0		577758.3		286008.4		—		—
2023		621702.8		—		—		621702.8		59683.3		910.0		160221.0		220814.3		400888.5		327834.6		513185.7		73054.0		—
2024		730972.5		—		—		730972.5		68478.6		744.7		185514.9		254738.2		476234.3		284617.7		440131.7		191616.5		—
2025		841384.8		—		—		841384.8		80322.8		595.3		212572.2		293490.3		547894.6		278693.4		248515.1		248515.1		20686.0
2026		855582.1		—		—		855582.1		89091.2		502.5		221687.1		311280.8		544301.3		266079.6		—		—		278221.8
2027		635654.9		—		—		635654.9		79954.5		445.4		187742.0		268141.8		367513.1		177494.5		—		—		190018.6
2028		446789.8		—		—		446789.8		70145.9		384.6		152776.1		223306.6		223483.3		128778.0		—		—		94705.2
2029		352547.6		—		—		352547.6		55126.9		341.4		133617.1		189085.4		163462.2		94146.2		—		—		69316.0
2030		293017.7		—		—		293017.7		45068.3		286.1		120782.5		166136.9		126880.8		69275.0		—		—		57605.8
2031		248689.4		—		—		248689.4		39618.4		219.6		109843.6		149681.5		99007.8		51374.3		—		—		47633.6
2032		216768.2		—		—		216768.2		33482.5		194.2		102386.3		136063.0		80705.2		38428.4		—		—		42276.9
2033		188838.7		—		—		188838.7		27971.2		139.8		94920.9		123031.9		65806.8		29000.2		—		—		36806.6
2034		166494.0		—		—		166494.0		23281.2		112.7		88801.1		112195.0		54299.0		22094.0		—		—		32205.0
2035		147985.7		—		—		147985.7		19142.2		101.4		83975.5		103219.1		44766.6		16999.2		—		—		27767.4
2036		130195.6		—		—		130195.6		15414.4		91.5		78249.7		93755.6		36440.1		13208.2		—		—		23231.8
Rem.		459555.3		—		—		459555.3		40970.3		171.9		372101.1		413243.2		46312.1		51197.3				—		50265.0
Total		6876987.4		—		—		6876987.4		795585.8		6368.7		2446456.2		3248410.7		3628576.7		2426978.8				513185.7		970739.6

	Federal						Provincial						Cash Flow
Year	Taxable Income M$		Tax Rate %		Tax Payable M$		Taxable Income M$		Tax Rate %		Tax Payable M$		BTCF M$		Total Tax Payable M$		ATCF M$		Cum. ATCF M$		NPV @ 10.00% M$
2022		—		—		—		—		—		—		94761.0		—		94761.0		94761.0		89782.7
2023		—		—		—		—		—		—		182618.5		—		182618.5		277379.5		161852.3
2024		—		—		—		—		—		—		260299.3		—		260299.3		537678.8		206109.4
2025		20686.0		15.0		3102.9		20686.0		8.0		1654.9		307829.6		4757.8		303071.8		840750.6		215948.3
2026		278221.8		15.0		41733.3		278221.8		8.0		22257.7		321186.3		63991.0		257195.3		1097945.9		166100.3
2027		190018.6		15.0		28502.8		190018.6		8.0		15201.5		365113.1		43704.3		321408.8		1419354.7		191420.8
2028		94705.2		15.0		14205.8		94705.2		8.0		7576.4		221083.3		21782.2		199301.1		1618655.7		107638.3
2029		69316.0		15.0		10397.4		69316.0		8.0		5545.3		161062.2		15942.7		145119.5		1763775.3		71183.9
2030		57605.8		15.0		8640.9		57605.8		8.0		4608.5		124480.8		13249.3		111231.5		1875006.7		49587.6
2031		47633.6		15.0		7145.0		47633.6		8.0		3810.7		96607.8		10955.7		85652.1		1960658.8		34707.5
2032		42276.9		15.0		6341.5		42276.9		8.0		3382.1		78545.2		9723.7		68821.6		2029480.4		25353.8
2033		36806.6		15.0		5521.0		36806.6		8.0		2944.5		63886.8		8465.5		55421.3		2084901.7		18557.1
2034		32205.0		15.0		4830.8		32205.0		8.0		2576.4		52619.0		7407.2		45211.8		2130113.5		13761.8
2035		27767.4		15.0		4165.1		27767.4		8.0		2221.4		43326.6		6386.5		36940.1		2167053.6		10222.4
2036		23231.8		15.0		3484.8		23231.8		8.0		1858.5		35240.1		5343.3		29896.8		2196950.4		7524.3
Rem.		50265.0		15.0		7539.8		50265.0		8.0		4021.2		43912.1		11561.0		32351.2		2229301.6		11954.5
Total		970739.6		—		145610.9		970739.6		—		77659.2		2452571.7		223270.1		2229301.6				1381704.9

	Net Present Value - M$
	@0.0%		@5.0%		@10.0%		@15.0%		@20.0%
Before Tax Cash Flow		2452571.7		1885773.3		1496675.6		1221824.2		1021213.3
After Tax Cash Flow		2229301.6		1728644.4		1381704.9		1135108.6		954212.3

     22-0154      2022-09-02 3:28:35 PM

Prices:      December 2021 SEC Eff. Date: December 31, 2021 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2021 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		—		—		—		—		-10,426.7		-2,405.9		-594.7		-156.5
Corp ADR Well CAPEX	W-100.000	Facility		NRA		—		—		—		—		-16,287.2		-4,012.1		-1,185.2		-470.9
Corp Field CAPEX	W-100.000	Facility		NRA		—		—		—		—		-134,100.0		-129,598.7		-125,658.7		-122,186.8
Corp G&A	W-100.000	Facility		NRA		—		—		—		—		-5,000.0		-4,489.3		-4,051.0		-3,672.2
Corp Maint CAPEX	W-100.000	Facility		NRA		—		—		—		—		-34,800.0		-24,653.2		-18,538.2		-14,624.8
Corp Water CAPEX	W-100.000	Facility		NRA		—		—		—		—		-5,000.0		-4,489.3		-4,051.0		-3,672.2
Subtotal Facility						—		—		—		—		-205,613.9		-169,648.4		-154,078.8		-144,783.5
Subtotal A Corporate						—		—		—		—		-205,613.9		-169,648.4		-154,078.8		-144,783.5
Gold Creek
1.0 PDP
100/05-29-067-03W6/0	W-100.000	MONT G1		PDP		31.7		1513.0		—		56.3		4,098.6		3,412.5		2,921.2		2,556.7
100/13-29-067-03W6/0	W-100.000	MONT G1		PDP		48.9		1248.8		—		46.5		3,939.6		3,334.0		2,895.3		2,566.2
100/04-30-067-03W6/0	W-100.000	MONT G1		PDP		59.6		1836.2		—		68.3		6,280.3		5,224.1		4,488.5		3,952.8
100/16-30-067-03W6/0	W-100.000	MONT G1		PDP		61.3		1428.9		—		53.2		4,917.0		4,038.8		3,424.2		2,975.9
100/06-33-067-03W6/0	W-100.000	MONT G1		PDP		174.2		2174.3		—		80.9		14,486.6		12,893.8		11,746.1		10,878.7
102/06-33-067-03W6/0	W-100.000	MONT F3		PDP		165.3		3084.4		—		114.7		16,953.8		14,812.5		13,302.7		12,180.2
100/11-33-067-03W6/0	W-100.000	MONT F3		PDP		165.3		3084.4		—		114.7		16,979.8		14,837.0		13,325.8		12,202.1
100/12-33-067-03W6/0	W-100.000	MONT F3		PDP		165.3		3084.4		—		114.7		16,976.2		14,833.6		13,322.6		12,199.1
102/12-33-067-03W6/0	W-100.000	MONT G1		PDP		174.5		2179.0		—		81.1		14,516.9		12,820.7		11,592.7		10,660.0
100/13-33-067-03W6/0	W-100.000	MONT G1		PDP		174.5		2179.0		—		81.1		14,395.0		12,707.8		11,487.6		10,561.8
100/15-15-067-04W6/0	W-100.000	MONT G1		PDP		21.8		268.5		—		10.0		765.4		697.9		642.1		595.4
102/15-15-067-04W6/0	W-100.000	MONT G1		PDP		45.4		639.7		—		23.8		2,450.7		2,139.2		1,902.9		1,718.7
100/04-25-067-04W6/0	W-100.000	MONT G1		PDP		59.2		1499.9		—		55.8		5,020.2		4,169.2		3,570.1		3,130.8
102/04-25-067-04W6/0	W-100.000	MONT G1		PDP		81.2		2098.0		—		78.0		7,537.7		6,099.8		5,128.0		4,437.3
100/16-25-067-04W6/0	W-100.000	MONT G1		PDP		33.2		876.6		—		32.6		2,383.8		2,050.1		1,800.4		1,608.4
100/13-26-067-04W6/2	W-100.000	MONT G1		PDP		51.3		632.1		—		23.5		2,842.3		2,499.2		2,237.3		2,032.0
102/04-34-067-04W6/0	W-100.000	MONT G1		PDP		21.4		769.9		—		28.6		1,653.3		1,464.9		1,317.0		1,198.5
103/04-34-067-04W6/0	W-100.000	MONT G1		PDP		68.7		1510.4		—		56.2		5,127.7		4,322.8		3,748.2		3,321.7
104/04-34-067-04W6/0	W-100.000	MONT F3		PDP		28.9		635.1		—		23.6		1,859.0		1,679.8		1,536.2		1,419.1
100/05-34-067-04W6/0	W-100.000	MONT G1		PDP		11.8		607.0		—		22.6		1,253.8		1,125.7		1,021.7		936.0
102/05-34-067-04W6/0	W-100.000	MONT F3		PDP		25.3		515.5		—		19.2		1,520.8		1,387.7		1,279.0		1,188.7
103/05-34-067-04W6/0	W-100.000	MONT F3		PDP		34.2		968.0		—		36.0		2,583.5		2,274.9		2,037.8		1,851.0
100/12-34-067-04W6/0	W-100.000	MONT G1		PDP		27.0		1997.6		—		74.3		5,430.6		4,589.9		3,975.4		3,511.9
102/12-34-067-04W6/0	W-100.000	MONT G1		PDP		17.6		1019.5		—		37.9		2,371.6		2,080.4		1,854.6		1,675.6
103/12-34-067-04W6/0	W-100.000	MONT F3		PDP		27.3		724.2		—		26.9		1,837.3		1,644.6		1,492.0		1,368.7
102/13-34-067-04W6/0	W-100.000	MONT G1		PDP		—		3991.9		22.7		148.5		9,336.7		7,404.3		6,128.1		5,237.6
100/14-34-067-04W6/0	W-100.000	MONT G1		PDP		—		2626.1		26.9		97.7		5,957.2		4,871.0		4,121.3		3,580.2
102/14-34-067-04W6/0	W-100.000	MONT G1		PDP		—		2130.9		36.3		79.3		5,010.6		4,131.0		3,516.6		3,069.1
102/15-34-067-04W6/0	W-100.000	MONT G1		PDP		27.8		1955.4		—		72.7		5,221.8		4,420.1		3,836.3		3,397.0
100/16-34-067-04W6/0	W-100.000	MONT G1		PDP		65.4		4099.2		—		152.5		12,766.3		10,153.3		8,436.3		7,241.5
100/12-35-067-04W6/0	W-100.000	MONT G1		PDP		79.2		1882.8		—		70.0		7,053.2		5,752.4		4,867.5		4,235.5
100/13-35-067-04W6/0	W-100.000	MONT G1		PDP		85.4		1879.4		—		69.9		7,291.0		5,912.9		4,981.6		4,319.9
102/13-35-067-04W6/0	W-100.000	MONT G1		PDP		48.6		1455.5		—		54.1		4,468.0		3,753.8		3,242.7		2,862.9
100/12-36-067-04W6/0	W-100.000	MONT G1		PDP		33.4		294.1		—		10.9		808.6		703.9		621.6		555.9
102/13-36-067-04W6/0	W-100.000	MONT G1		PDP		60.5		1065.2		—		39.6		4,058.9		3,448.5		3,006.8		2,675.6
100/08-04-068-03W6/0	W-100.000	MONT G1		PDP		170.5		3256.6		—		121.1		17,197.6		14,793.9		13,141.5		11,938.7
100/09-04-068-03W6/0	W-100.000	MONT F3		PDP		191.1		3700.8		—		137.7		19,547.2		16,688.3		14,751.7		13,356.8
102/09-04-068-03W6/0	W-100.000	MONT G1		PDP		225.4		4295.8		—		159.8		23,125.7		19,569.2		17,202.8		15,519.6
103/09-04-068-03W6/0	W-100.000	MONT F3		PDP		158.1		3858.9		—		143.5		18,603.7		15,907.4		14,063.7		12,728.3
100/16-04-068-03W6/0	W-100.000	MONT G1		PDP		213.2		5051.1		—		187.9		25,180.9		21,213.8		18,585.8		16,723.7
102/16-04-068-03W6/0	W-100.000	MONT F3		PDP		157.2		4191.9		—		155.9		19,806.3		16,895.2		14,910.7		13,477.1
100/03-05-068-03W6/0	W-100.000	MONT G1		PDP		99.2		3704.1		—		137.8		13,460.7		10,712.3		8,926.8		7,691.0
100/05-05-068-03W6/0	W-100.000	MONT G1		PDP		94.5		3995.7		—		148.6		14,424.5		11,709.9		9,918.5		8,660.9
100/06-05-068-03W6/0	W-100.000	MONT G1		PDP		83.7		3131.3		—		116.5		11,126.1		9,149.4		7,814.4		6,861.6
100/12-05-068-03W6/0	W-100.000	MONT G1		PDP		98.0		4531.5		—		168.6		16,425.2		13,254.2		11,183.3		9,740.5
100/13-05-068-03W6/0	W-100.000	MONT G1		PDP		94.5		3879.5		—		144.3		14,035.1		11,357.5		9,593.7		8,358.0
102/13-05-068-03W6/0	W-100.000	MONT G1		PDP		83.2		2652.1		—		98.7		9,573.2		7,889.0		6,742.2		5,919.5
103/13-05-068-03W6/0	W-100.000	MONT F3		PDP		82.6		2344.9		—		87.2		8,611.9		7,125.9		6,105.7		5,369.6
102/01-09-068-03W6/0	W-100.000	MONT G1		PDP		99.5		4784.1		—		178.0		18,471.0		15,255.3		13,061.5		11,488.1
103/01-09-068-03W6/0	W-100.000	MONT G1		PDP		128.5		4896.5		—		182.2		19,894.5		16,244.5		13,818.6		12,108.9
100/08-09-068-03W6/0	W-100.000	MONT G1		PDP		107.0		4437.2		—		165.1		17,444.5		14,352.9		12,261.0		10,768.8
100/09-09-068-03W6/0	W-100.000	MONT G1		PDP		81.8		3703.2		—		137.8		14,138.5		11,907.9		10,337.0		9,182.5
102/09-09-068-03W6/0	W-100.000	MONT G1		PDP		92.4		3958.3		—		147.2		15,408.1		12,898.2		11,154.5		9,885.7
100/16-09-068-03W6/0	W-100.000	MONT G1		PDP		46.2		1663.4		—		61.9		6,253.6		5,567.3		5,038.3		4,620.2
102/16-09-068-03W6/0	W-100.000	MONT G1		PDP		98.1		3471.1		—		129.1		14,289.4		12,098.9		10,571.6		9,454.8
103/16-09-068-03W6/0	W-100.000	MONT F3		PDP		39.8		2146.1		—		79.8		7,923.4		7,021.8		6,325.3		5,774.5
102/04-01-068-04W6/0	W-100.000	MONT G1		PDP		17.3		685.1		—		25.5		1,369.6		1,206.5		1,079.2		977.6
100/12-01-068-04W6/0	W-100.000	MONT G1		PDP		68.2		2101.9		—		78.2		7,164.7		5,801.7		4,879.7		4,224.4
102/13-01-068-04W6/0	W-100.000	MONT G1		PDP		55.2		1871.9		—		69.6		5,947.5		4,876.0		4,137.2		3,604.6
100/05-02-068-04W6/0	W-100.000	MONT G1		PDP		94.2		1077.4		—		40.1		5,321.3		4,376.1		3,722.1		3,249.3
102/16-02-068-04W6/0	W-100.000	MONT G1		PDP		59.2		1173.1		—		43.6		4,291.1		3,622.7		3,143.2		2,786.3
100/04-09-068-04W6/0	W-100.000	MONT G1		PDP		78.2		2597.0		—		96.6		8,958.8		7,206.5		6,036.6		5,212.2
100/16-09-068-04W6/0	W-100.000	MONT G1		PDP		82.0		1323.0		—		49.2		6,642.9		5,906.6		5,352.1		4,920.4
102/16-09-068-04W6/0	W-100.000	MONT G1		PDP		122.3		1421.7		—		52.9		8,551.1		7,495.8		6,726.5		6,142.7
100/06-10-068-04W6/0	W-100.000	MONT G1		PDP		62.1		2021.2		—		75.2		6,652.8		5,487.2		4,680.9		4,097.0
102/06-10-068-04W6/0	W-100.000	MONT G1		PDP		35.6		658.1		—		24.5		2,036.6		1,784.7		1,590.5		1,437.3
100/12-10-068-04W6/0	W-100.000	MONT F3		PDP		24.5		398.7		—		14.8		1,110.3		1,003.5		916.9		845.4
103/12-10-068-04W6/0	W-100.000	MONT G1		PDP		27.8		339.5		—		12.6		1,815.4		1,704.5		1,609.6		1,527.6
100/01-12-068-04W6/0	W-100.000	MONT G1		PDP		46.2		630.5		—		23.5		2,645.0		2,358.1		2,134.0		1,954.7
100/01-15-068-04W6/0	W-100.000	MONT G1		PDP		64.5		500.3		—		18.6		3,263.4		2,857.2		2,547.3		2,304.3
100/04-15-068-04W6/0	W-100.000	MONT G1		PDP		54.0		807.2		—		30.0		2,979.6		2,517.8		2,178.9		1,922.4
100/12-15-068-04W6/0	W-100.000	MONT G1		PDP		109.7		1353.0		—		50.3		7,280.0		6,058.5		5,214.4		4,602.5

     22-0154      2022-09-02 3:28:36 PM

Prices:      December 2021 SEC Eff. Date: December 31, 2021 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2021 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%
100/02-16-068-04W6/0	W-100.000	MONT G1		PDP		99.6		1201.9		—		44.7		7,195.2		6,401.4		5,805.0		5,341.5
100/06-16-068-04W6/0	W-100.000	MONT G1		PDP		134.9		1104.7		—		41.1		8,634.7		7,545.0		6,752.7		6,152.9
100/07-16-068-04W6/0	W-100.000	MONT G1		PDP		90.1		832.6		—		31.0		4,479.0		3,741.3		3,217.5		2,831.0
102/07-16-068-04W6/0	W-100.000	MONT G1		PDP		101.2		1194.6		—		44.4		7,144.5		6,323.1		5,711.1		5,238.7
100/08-16-068-04W6/0	W-100.000	MONT G1		PDP		56.0		492.4		—		18.3		2,666.6		2,340.3		2,091.1		1,895.8
100/13-12-068-05W6/0	W-100.000	MONT G1		PDP		159.0		755.5		—		28.1		6,657.5		5,296.2		4,390.1		3,755.3
Subtotal 1.0 PDP						6,261.5		160,150.2		85.9		5,957.6		657,902.8		555,215.6		484,233.0		432,555.0
3.0 PUD
GC Core 4-6 Por 2400m-01	W-100.000	MONT G1		PUD		175.9		2199.1		—		81.8		9,880.3		7,999.7		6,642.1		5,625.7
GC Core 4-6 Por 2400m-02	W-100.000	MONT G1		PUD		175.9		2199.1		—		81.8		9,880.3		7,999.7		6,642.1		5,625.7
GC Core 4-6 Por 2400m-03	W-100.000	MONT G1		PUD		175.9		2199.1		—		81.8		9,877.5		7,835.4		6,379.8		5,303.4
GC Core 4-6 Por 2400m-04	W-100.000	MONT G1		PUD		175.9		2199.1		—		81.8		9,877.5		7,835.4		6,379.8		5,303.4
GC Core 4-6 Por 2400m-05	W-100.000	MONT G1		PUD		175.9		2199.1		—		81.8		9,877.5		7,835.4		6,379.8		5,303.4
GC Core 4-6 Por 2400m-06	W-100.000	MONT G1		PUD		175.8		2196.9		—		81.7		9,873.9		7,554.0		5,913.7		4,710.2
GC Core 4-6 Por 2400m-07	W-100.000	MONT G1		PUD		175.8		2196.9		—		81.7		9,873.9		7,554.0		5,913.7		4,710.2
GC Core 4-6 Por 2400m-08	W-100.000	MONT G1		PUD		175.8		2196.9		—		81.7		9,872.1		7,553.0		5,941.6		4,779.2
GC Core 4-6 Por 2400m-09	W-100.000	MONT G1		PUD		175.8		2196.9		—		81.7		9,870.5		7,490.7		5,847.1		4,668.6
GC Core 4-6 Por 2400m-10	W-100.000	MONT G1		PUD		175.8		2196.9		—		81.7		9,870.5		7,490.7		5,847.1		4,668.6
GC Core 4-6 Por 2400m-11	W-100.000	MONT G1		PUD		175.9		2199.1		—		81.8		9,868.8		7,427.0		5,751.1		4,556.8
GC Core 4-6 Por 2400m-12	W-100.000	MONT G1		PUD		175.6		2194.8		—		81.6		9,867.4		7,367.4		5,662.5		4,454.6
GC Core 4-6 Por 2400m-13	W-100.000	MONT G1		PUD		175.9		2199.0		—		81.8		9,865.2		7,306.8		5,572.6		4,351.7
GC Core 4-6 Por 2400m-14	W-100.000	MONT G1		PUD		175.9		2199.0		—		81.8		9,864.0		7,246.9		5,484.3		4,251.1
GC Core 4-6 Por 2400m-15	W-100.000	MONT G1		PUD		175.8		2196.9		—		81.7		9,861.1		7,127.6		5,310.9		4,056.0
GC Core 4-6 Por 2400m-16	W-100.000	MONT G1		PUD		175.9		2199.0		—		81.8		9,859.4		7,066.8		5,223.3		3,958.4
GC Core 4-6 Por 2400m-17	W-100.000	MONT G1		PUD		175.6		2194.8		—		81.6		9,858.9		7,012.2		5,145.5		3,872.7
GC Core 4-6 Por 2400m-18	W-100.000	MONT G1		PUD		175.8		2196.9		—		81.7		9,854.2		6,840.4		4,904.2		3,610.0
GC Core 4-6 Por 2400m-19	W-100.000	MONT G1		PUD		175.9		2199.0		—		81.8		9,853.2		6,811.2		4,863.7		3,566.4
GC Core 4-6 Por 2400m-20	W-100.000	MONT G1		PUD		175.8		2196.9		—		81.7		9,852.4		6,783.7		4,825.9		3,526.0
GC Core 4-6 Por 2400m-21	W-100.000	MONT G1		PUD		175.9		2199.0		—		81.8		9,851.3		6,754.6		4,786.0		3,483.4
GC Core 4-6 Por 2400m-22	W-100.000	MONT G1		PUD		175.9		2199.0		—		81.8		9,851.3		6,754.6		4,786.0		3,483.4
GC Core 4-6 Por 2400m-23	W-100.000	MONT G1		PUD		175.9		2199.0		—		81.8		9,850.5		6,725.6		4,746.2		3,441.1
GC Core 4-6 Por 2400m-24	W-100.000	MONT G1		PUD		175.8		2197.0		—		81.7		9,851.1		6,702.4		4,714.3		3,407.5
GC Core 4-6 Por 2400m-25	W-100.000	MONT G1		PUD		175.6		2194.8		—		81.6		9,849.5		6,673.4		4,675.3		3,366.5
GC Core 4-6 Por 2400m-26	W-100.000	MONT G1		PUD		175.8		2196.9		—		81.7		9,848.7		6,646.8		4,639.2		3,328.6
GC Core 4-6 Por 2400m-27	W-100.000	MONT G1		PUD		175.9		2199.1		—		81.8		9,847.7		6,618.5		4,601.1		3,288.6
GC Core 4-6 Por 2400m-28	W-100.000	MONT G1		PUD		175.8		2196.9		—		81.7		9,847.1		6,591.9		4,565.5		3,251.6
GC Core 4-6 Por 2800m-01	W-100.000	MONT G1		PUD		206.3		2562.1		—		95.3		11,917.9		7,979.2		5,545.7		3,971.1
GC Core 4-6 Por 2800m-02	W-100.000	MONT G1		PUD		206.1		2559.9		—		95.2		11,916.7		7,945.1		5,500.0		3,923.4
GC Core 6+ Por 2000-01	W-100.000	MONT G1		PUD		182.8		4012.4		—		149.3		16,747.8		13,325.0		10,998.2		9,324.8
GC Core 6+ Por 2000-02	W-100.000	MONT G1		PUD		182.8		4012.4		—		149.3		16,747.8		13,325.0		10,998.2		9,324.8
GC Core 6+ Por 2000-03	W-100.000	MONT G1		PUD		182.8		4012.4		—		149.3		16,747.8		13,325.0		10,998.2		9,324.8
GC Core 6+ Por 2600-01	W-100.000	MONT G1		PUD		237.0		5216.5		—		194.1		22,750.2		18,563.2		15,744.7		13,725.5
GC Core 6+ Por 2600-02	W-100.000	MONT G1		PUD		237.0		5216.5		—		194.1		22,750.2		18,563.2		15,744.7		13,725.5
GC Core F3 2000-01	W-100.000	MONT F3		PUD		135.9		2515.0		—		93.6		9,962.2		8,031.7		6,652.5		5,628.4
GC Core F3 2000-02	W-100.000	MONT F3		PUD		135.9		2515.0		—		93.6		9,962.2		8,031.7		6,652.5		5,628.4
GC Core F3 2400-01	W-100.000	MONT F3		PUD		165.3		3084.8		—		114.8		12,795.7		10,366.1		8,652.8		7,389.5
GC Core F3 2400-02	W-100.000	MONT F3		PUD		165.3		3084.8		—		114.8		12,795.7		10,366.1		8,652.8		7,389.5
GC Core F3 2400-03	W-100.000	MONT F3		PUD		165.3		3084.8		—		114.8		12,795.7		10,366.1		8,652.8		7,389.5
GC Core F3 2400-04	W-100.000	MONT F3		PUD		165.3		3084.7		—		114.7		12,791.6		10,153.4		8,311.6		6,966.9
GC Core F3 2400-05	W-100.000	MONT F3		PUD		165.3		3084.7		—		114.7		12,791.6		10,153.4		8,311.6		6,966.9
GC Core F3 2400-06	W-100.000	MONT F3		PUD		165.3		3084.7		—		114.7		12,791.6		10,153.4		8,311.6		6,966.9
GC Core F3 2400-07	W-100.000	MONT F3		PUD		165.3		3084.9		—		114.8		12,789.8		9,830.7		7,781.1		6,296.4
GC Core F3 2400-08	W-100.000	MONT F3		PUD		165.3		3084.7		—		114.7		12,786.3		9,788.1		7,740.6		6,277.7
GC Core F3 2400-09	W-100.000	MONT F3		PUD		165.3		3084.7		—		114.7		12,786.3		9,788.1		7,740.6		6,277.7
GC Core F3 2400-10	W-100.000	MONT F3		PUD		165.3		3084.7		—		114.7		12,785.0		9,707.9		7,617.9		6,132.7
GC Core F3 2400-11	W-100.000	MONT F3		PUD		165.3		3084.7		—		114.7		12,785.0		9,707.9		7,617.9		6,132.7
GC Core F3 2400-12	W-100.000	MONT F3		PUD		165.3		3084.6		—		114.7		12,782.8		9,625.8		7,493.6		5,986.7
GC Core F3 2400-13	W-100.000	MONT F3		PUD		165.3		3084.8		—		114.8		12,782.8		9,549.5		7,378.3		5,852.3
GC Core F3 2400-14	W-100.000	MONT F3		PUD		165.3		3084.8		—		114.8		12,781.5		9,471.2		7,261.4		5,717.1
GC Core F3 2400-15	W-100.000	MONT F3		PUD		165.3		3084.8		—		114.8		12,780.2		9,393.7		7,146.4		5,585.1
GC Core F3 2400-16	W-100.000	MONT F3		PUD		165.3		3084.8		—		114.8		12,774.5		9,090.6		6,705.6		5,088.3
GC Core F3 2400-17	W-100.000	MONT F3		PUD		165.3		3084.8		—		114.8		12,773.8		9,054.3		6,653.7		5,030.8
GC Core F3 2400-18	W-100.000	MONT F3		PUD		165.3		3084.8		—		114.8		12,773.1		9,016.1		6,599.4		4,970.7
GC Core F3 2600-01	W-100.000	MONT F3		PUD		178.2		3307.6		—		123.0		13,901.0		11,457.2		9,735.5		8,463.7
GC Core F3 2600-02	W-100.000	MONT F3		PUD		178.2		3307.6		—		123.0		13,901.0		11,457.2		9,735.5		8,463.7
GC Feature 1400m-1	W-100.000	MONT G1		PUD		127.2		1778.1		—		66.1		6,948.9		5,097.0		3,830.3		2,939.1
GC Feature 1400m-2	W-100.000	MONT G1		PUD		127.2		1778.1		—		66.1		6,948.2		5,075.0		3,798.4		2,903.3
GC Feature 1400m-3	W-100.000	MONT G1		PUD		127.2		1778.3		—		66.2		6,948.9		5,058.0		3,773.3		2,875.4
GC Feature 1400m-4	W-100.000	MONT G1		PUD		127.2		1778.3		—		66.2		6,948.2		5,036.3		3,742.2		2,840.8
GC Feature 1400m-5	W-100.000	MONT G1		PUD		127.2		1778.4		—		66.2		6,948.2		5,016.5		3,713.5		2,809.0
GC Feature 1400m-6	W-100.000	MONT G1		PUD		127.1		1776.0		—		66.1		6,946.6		4,994.5		3,682.6		2,775.0
Subtotal 3.0 PUD						10,724.8		166,967.0		—		6,211.2		715,292.3		539,468.5		421,620.1		339,016.6
Subtotal Gold Creek						16,986.3		327,117.2		85.9		12,168.8		1,373,195.2		1,094,684.1		905,853.1		771,571.6
Karr
1.0 PDP
100/04-32-063-01W6/0	W-35.000	MONT G1		PDP		21.3		89.5		—		3.2		668.7		613.2		567.4		529.2
100/15-06-064-01W6/0	W-35.000	MONT F3		PDP		9.9		33.6		—		1.2		246.4		235.5		225.9		217.3
102/13-01-064-03W6/0	W-35.000	MONT G		PDP		65.6		852.6		—		30.7		5,039.4		4,532.7		4,148.0		3,846.1
100/01-11-064-03W6/0	W-100.000	MONT G1		PDP		111.7		3133.0		—		112.8		10,851.6		8,899.3		7,562.1		6,600.5
100/16-13-064-03W6/0	W-50.000	MONT G1		PDP		82.7		671.0		—		24.2		5,438.7		4,993.8		4,639.9		4,351.8
100/05-16-064-03W6/0	W-100.000	MONT F3		PDP		113.6		2191.9		—		78.9		7,756.6		6,352.8		5,377.9		4,670.7
100/04-21-064-03W6/2	W-100.000	MONT F3		PDP		172.3		1563.7		—		56.3		8,059.6		6,518.0		5,467.8		4,717.7
100/14-21-064-03W6/0	W-100.000	MONT F3		PDP		173.7		1289.7		—		46.4		8,135.7		6,768.8		5,813.6		5,115.7
102/13-26-064-03W6/0	W-100.000	MONT F3		PDP		172.5		1651.9		—		59.5		9,744.4		8,067.3		6,912.6		6,078.5
100/04-32-064-03W6/0	W-100.000	MONT F3		PDP		42.7		349.0		—		12.6		1,238.3		1,098.2		986.6		896.2
100/11-32-064-03W6/2	W-100.000	MONT G1		PDP		106.0		1040.4		—		37.5		4,984.2		4,233.2		3,686.5		3,274.5
103/13-32-064-03W6/0	W-100.000	MONT F3		PDP		108.1		833.2		—		30.0		5,183.5		4,490.2		3,977.2		3,584.6

     22-0154      2022-09-02 3:28:36 PM

Prices:      December 2021 SEC Eff. Date: December 31, 2021 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2021 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%
100/15-03-065-03W6/2	W-100.000	MONT BD		PDP		31.5		442.4		—		15.9		1,127.7		1,017.8		928.2		854.1
100/16-03-065-03W6/0	W-100.000	MONT SXMTH		PDP		72.6		107.8		—		3.9		2,140.2		1,913.1		1,732.0		1,584.9
1S0/04-05-065-03W6/0	W-100.000	MONT F3		PDP		54.6		680.2		—		24.5		2,880.3		2,584.2		2,348.6		2,157.2
100/12-06-065-03W6/0	W-100.000	MONT G1		PDP		215.6		2016.9		—		72.6		13,778.6		11,687.5		10,231.1		9,164.4
100/07-08-065-03W6/0	W-100.000	MONT G1		PDP		35.9		369.9		—		13.3		1,112.3		1,006.8		920.5		848.9
100/08-08-065-03W6/0	W-100.000	MONT F3		PDP		79.9		706.3		—		25.4		4,320.2		3,740.0		3,302.1		2,962.6
102/04-16-065-03W6/0	W-100.000	DUN		PDP		6.8		40.0		—		1.4		79.5		76.8		74.3		72.1
100/02-21-065-03W6/0	W-100.000	MONT F3		PDP		18.7		269.5		—		9.7		545.6		507.9		475.7		447.9
100/14-21-065-03W6/0	W-100.000	MONT F3		PDP		16.1		298.2		—		10.7		591.9		545.6		506.5		473.3
100/04-23-065-03W6/2	W-100.000	MONT F3		PDP		—		224.9		9.3		8.1		203.4		189.2		177.2		166.8
102/13-27-065-03W6/0	W-100.000	MONT F3		PDP		9.9		130.5		—		4.7		216.4		205.3		195.5		186.9
102/13-28-065-03W6/0	W-100.000	MONT F3		PDP		13.4		220.8		—		7.9		437.4		410.5		387.2		366.8
102/15-28-065-03W6/0	W-100.000	MONT F3		PDP		3.6		107.9		—		3.9		100.0		96.3		92.9		89.9
100/16-28-065-03W6/3	W-100.000	MONT F3		PDP		1.6		31.5		—		1.1		30.9		29.9		28.9		28.1
102/16-31-065-03W6/0	W-100.000	MONT G1		PDP		28.4		117.0		—		4.2		484.7		450.5		421.2		396.1
100/14-33-065-03W6/0	W-100.000	MONT F3		PDP		9.9		181.8		—		6.5		289.8		272.4		257.2		244.0
100/09-01-065-04W6/2	W-100.000	MONT G1		PDP		117.2		650.6		—		23.4		6,464.0		5,667.1		5,063.6		4,593.4
103/09-01-065-04W6/0	W-100.000	MONT F3		PDP		151.3		2320.7		—		83.5		12,040.2		10,251.8		8,985.2		8,045.9
100/16-01-065-04W6/3	W-100.000	MONT G1		PDP		112.5		1289.1		—		46.4		6,119.6		5,249.4		4,613.1		4,131.0
102/16-01-065-04W6/0	W-100.000	MONT F3		PDP		67.7		488.9		—		17.6		3,567.6		3,227.0		2,953.4		2,729.6
100/13-34-065-04W6/4	W-100.000	MONT G1		PDP		144.5		1234.6		—		44.4		6,929.3		5,773.8		4,959.1		4,360.2
100/04-02-066-03W6/3	W-100.000	MONT F3		PDP		13.9		125.9		—		4.5		287.8		273.1		260.2		248.7
100/07-06-066-03W6/0	W-100.000	MONT G1		PDP		126.0		822.1		—		29.6		7,774.3		6,922.1		6,267.0		5,749.7
102/09-06-066-03W6/0	W-100.000	MONT F3		PDP		103.9		926.5		—		33.4		6,798.2		6,060.0		5,490.1		5,038.5
103/01-07-066-03W6/0	W-100.000	MONT G1		PDP		162.6		845.0		—		30.4		7,134.3		5,986.4		5,177.9		4,583.9
104/01-07-066-03W6/0	W-100.000	MONT G1		PDP		190.3		1401.5		—		50.5		9,555.2		7,833.7		6,657.5		5,813.4
100/08-07-066-03W6/0	W-100.000	MONT F3		PDP		41.4		264.7		—		9.5		1,550.0		1,410.8		1,296.4		1,201.0
100/16-08-066-03W6/2	W-75.000	MONT F3		PDP		6.7		165.6		—		6.0		190.9		181.6		173.4		166.0
102/13-09-066-03W6/0	W-100.000	MONT G1		PDP		12.9		180.4		—		6.5		348.9		327.7		309.3		293.2
100/16-10-066-03W6/2	W-75.000	MONT G1		PDP		12.3		31.9		—		1.1		132.1		126.2		120.9		116.1
100/02-16-066-03W6/0	W-100.000	MONT G1		PDP		25.1		99.5		—		3.6		485.3		456.2		430.9		408.9
100/08-21-066-03W6/0	W-100.000	MONT G1		PDP		68.7		453.5		—		16.3		2,954.4		2,601.4		2,326.7		2,108.3
102/14-13-066-04W6/2	W-100.000	MONT G1		PDP		—		450.4		50.5		16.2		1,104.7		974.0		872.4		791.7
102/15-14-066-04W6/0	W-100.000	MONT G1		PDP		291.8		2372.5		—		85.4		20,422.6		18,390.2		16,905.3		15,769.8
102/16-14-066-04W6/2	W-100.000	MONT G1		PDP		291.8		2372.5		—		85.4		19,714.3		17,717.0		16,263.9		15,157.3
103/16-14-066-04W6/0	W-100.000	MONT F3		PDP		232.1		2357.0		—		84.9		17,593.6		16,004.1		14,814.2		13,887.4
102/16-23-066-04W6/0	W-100.000	MONT G1		PDP		26.0		178.3		—		6.4		613.5		572.2		536.7		506.1
100/12-24-066-04W6/0	W-100.000	MONT G1		PDP		127.9		1411.8		—		50.8		7,041.1		5,948.3		5,166.9		4,585.6
102/12-24-066-04W6/0	W-100.000	MONT F3		PDP		111.3		2273.4		—		81.8		8,616.2		7,184.2		6,179.7		5,443.6
103/12-24-066-04W6/0	W-100.000	MONT G1		PDP		156.0		2366.6		—		85.2		10,934.0		9,064.8		7,771.9		6,833.7
Subtotal 1.0 PDP						4,372.4		44,727.9		59.8		1,610.2		254,058.1		219,739.7		195,040.7		176,490.1
3.0 PUD
PR-KNE-3000m-01	W-100.000	MONT F3		PUD		276.4		1625.0		—		58.5		9,067.8		6,020.3		4,102.7		2,853.3
PR-KNE-3000m-02	W-100.000	MONT F3		PUD		277.1		1630.1		—		58.7		9,066.3		5,994.1		4,068.0		2,817.8
PR-KNW F-2400m-001	W-100.000	MONT F3		PUD		214.9		2202.7		—		79.3		9,260.4		7,374.9		5,992.5		4,948.7
PR-KNW F-2400m-002	W-100.000	MONT F3		PUD		214.9		2202.7		—		79.3		9,260.4		7,374.9		5,992.5		4,948.7
PR-KNW F-2400m-003	W-100.000	MONT F3		PUD		214.3		2195.0		—		79.0		9,238.2		6,463.2		4,641.7		3,406.6
PR-KNW F-2400m-004	W-100.000	MONT F3		PUD		214.5		2197.4		—		79.1		9,234.6		6,381.8		4,529.6		3,286.8
PR-KNW F-2400m-005	W-100.000	MONT F3		PUD		214.9		2202.7		—		79.3		9,234.4		6,356.7		4,494.9		3,250.0
PR-KNW F-2400m-006	W-100.000	MONT F3		PUD		214.5		2197.7		—		79.1		9,229.8		6,177.1		4,252.6		2,997.4
PR-KNW F-2400m-007	W-100.000	MONT F3		PUD		214.1		2192.3		—		78.9		9,226.7		6,123.3		4,181.8		2,924.9
PR-KNW F-2400m-008	W-100.000	MONT F3		PUD		214.1		2192.3		—		78.9		9,226.7		6,123.3		4,181.8		2,924.9
PR-KNW F-2400m-009	W-100.000	MONT F3		PUD		213.9		2189.7		—		78.8		9,225.7		6,098.6		4,149.5		2,892.1
PR-KNW F-2400m-010	W-100.000	MONT F3		PUD		213.9		2189.7		—		78.8		9,225.7		6,098.6		4,149.5		2,892.1
PR-KNW F-2400m-011	W-100.000	MONT F3		PUD		214.5		2197.4		—		79.1		9,224.3		6,072.5		4,115.0		2,856.9
PR-KNW F-3000m-001	W-100.000	MONT F3		PUD		272.8		2776.6		—		100.0		12,468.3		9,304.0		7,141.9		5,604.3
PR-KNW F-3000m-002	W-100.000	MONT F3		PUD		272.6		2774.0		—		99.9		12,467.2		9,263.9		7,082.5		5,536.1
PR-KNW F-3000m-003	W-100.000	MONT F3		PUD		272.6		2774.1		—		99.9		12,466.3		9,190.7		6,974.1		5,412.8
PR-KNW F-3000m-004	W-100.000	MONT F3		PUD		272.2		2768.9		—		99.7		12,461.9		9,001.4		6,698.6		5,102.9
PR-KNW F-3000m-005	W-100.000	MONT F3		PUD		273.0		2779.1		—		100.0		12,459.9		8,892.3		6,541.5		4,928.6
PR-KNW F-3000m-006	W-100.000	MONT F3		PUD		272.8		2776.5		—		100.0		12,458.9		8,854.0		6,487.1		4,868.6
PR-KNW F-3000m-007	W-100.000	MONT F3		PUD		272.6		2773.9		—		99.9		12,457.8		8,815.7		6,432.8		4,808.9
PR-KNW F-3000m-008	W-100.000	MONT F3		PUD		272.8		2776.7		—		100.0		12,458.9		8,786.3		6,390.9		4,763.6
PR-KNW F-3000m-009	W-100.000	MONT F3		PUD		272.6		2774.1		—		99.9		12,457.6		8,748.6		6,338.0		4,706.0
PR-KNW F-3000m-010	W-100.000	MONT F3		PUD		273.0		2779.3		—		100.1		12,457.5		8,714.3		6,289.6		4,653.5
PR-KNW F-3000m-011	W-100.000	MONT F3		PUD		272.8		2776.7		—		100.0		12,456.5		8,677.0		6,237.6		4,597.2
PR-KNW F-3000m-018	W-100.000	MONT F3		PUD		272.8		2776.8		—		100.0		12,450.2		8,363.3		5,807.7		4,141.3
PR-KNW G-2400m-001	W-100.000	MONT G1		PUD		266.9		2184.8		—		78.7		11,668.6		9,302.5		7,602.9		6,335.9
PR-KNW G-2400m-002	W-100.000	MONT G1		PUD		266.9		2184.8		—		78.7		11,668.6		9,302.5		7,602.9		6,335.9
PR-KNW G-2400m-003	W-100.000	MONT G1		PUD		266.9		2184.8		—		78.7		11,646.7		8,191.1		5,940.2		4,415.8
PR-KNW G-2400m-004	W-100.000	MONT G1		PUD		267.1		2186.9		—		78.7		11,644.8		8,121.5		5,842.6		4,310.0
PR-KNW G-2400m-006	W-100.000	MONT G1		PUD		266.9		2184.8		—		78.7		11,637.9		7,796.4		5,398.0		3,838.9
PR-KNW G-2400m-007	W-100.000	MONT G1		PUD		267.4		2189.2		—		78.8		11,636.8		7,763.4		5,353.6		3,792.7
PR-KNW G-2400m-008	W-100.000	MONT G1		PUD		267.4		2189.2		—		78.8		11,636.8		7,763.4		5,353.6		3,792.7
PR-KNW G-2400m-009	W-100.000	MONT G1		PUD		267.2		2187.0		—		78.7		11,635.7		7,730.0		5,309.2		3,746.8
PR-KNW G-2400m-010	W-100.000	MONT G1		PUD		266.9		2184.8		—		78.7		11,635.1		7,699.0		5,268.1		3,704.6
PR-KNW G-2400m-011	W-100.000	MONT G1		PUD		267.2		2187.0		—		78.7		11,633.8		7,666.0		5,224.5		3,659.8
PR-KNW G-3000m-001	W-100.000	MONT G1		PUD		339.9		2778.7		—		100.0		15,662.8		11,696.9		9,028.2		7,145.5
PR-KNW G-3000m-002	W-100.000	MONT G1		PUD		339.7		2776.5		—		100.0		15,661.7		11,647.0		8,953.6		7,059.2
PR-KNW G-3000m-003	W-100.000	MONT G1		PUD		339.7		2776.5		—		100.0		15,660.3		11,554.5		8,816.2		6,901.4
PR-KNW G-3000m-004	W-100.000	MONT G1		PUD		339.7		2776.5		—		100.0		15,656.5		11,317.9		8,468.8		6,506.9
PR-KNW G-3000m-005	W-100.000	MONT G1		PUD		340.1		2780.9		—		100.1		15,655.1		11,180.8		8,270.1		6,284.5
PR-KNW G-3000m-006	W-100.000	MONT G1		PUD		339.9		2778.7		—		100.0		15,654.3		11,133.1		8,201.8		6,208.5
PR-KNW G-3000m-007	W-100.000	MONT G1		PUD		339.7		2776.5		—		100.0		15,653.2		11,085.4		8,133.6		6,133.0
PR-KNW G-3000m-008	W-100.000	MONT G1		PUD		339.5		2774.5		—		99.9		15,654.1		11,047.2		8,079.2		6,073.5
PR-KNW G-3000m-009	W-100.000	MONT G1		PUD		339.3		2772.2		—		99.8		15,652.4		11,000.0		8,012.7		6,000.5
PR-KNW G-3000m-010	W-100.000	MONT G1		PUD		339.1		2770.0		—		99.7		15,651.4		10,956.1		7,950.9		5,933.1
PR-KNW G-3000m-011	W-100.000	MONT G1		PUD		340.3		2783.0		—		100.2		15,650.2		10,910.3		7,886.0		5,862.0
PR-KNW G-3000m-012	W-100.000	MONT G1		PUD		340.1		2780.9		—		100.1		15,650.1		10,867.0		7,825.3		5,796.2

     22-0154      2022-09-02 3:28:36 PM

Prices:      December 2021 SEC Eff. Date: December 31, 2021 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2021 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%
PR-KNW G-3000m-013		W-100.000		MONT G1		PUD		339.9		2778.7		—		100.0		15,649.3		10,820.9		7,761.0		5,726.6
PR-KNW G-3000m-018		W-100.000		MONT G1		PUD		339.5		2774.5		—		99.9		15,645.6		10,516.9		7,342.9		5,280.7
PR-KNW G-3000m-019		W-100.000		MONT G1		PUD		339.3		2772.2		—		99.8		15,643.9		10,472.0		7,282.4		5,217.2
PR-KNW G-3000m-020		W-100.000		MONT G1		PUD		339.1		2770.0		—		99.7		15,642.8		10,430.1		7,226.2		5,158.6
PR-KNW G-3000m-021		W-100.000		MONT G1		PUD		340.3		2783.0		—		100.2		15,641.6		10,386.5		7,167.2		5,096.7
PR-KNW G-3000m-022		W-100.000		MONT G1		PUD		340.1		2780.9		—		100.1		15,641.4		10,345.2		7,112.0		5,039.5
PR-KSO SE-3000m-01		W-35.000		MONT F3,G		PUD		116.9		474.5		—		17.1		3,647.2		2,822.0		2,213.0		1,750.9
PR-KSO SE-3000m-02		W-35.000		MONT F3,G		PUD		116.9		474.5		—		17.1		3,647.2		2,822.0		2,213.0		1,750.9
PR-KSO SE-3000m-03		W-35.000		MONT F3,G		PUD		116.9		474.5		—		17.1		3,647.2		2,822.0		2,213.0		1,750.9
PR-KSO SE-3000m-04		W-35.000		MONT F3,G		PUD		116.9		474.5		—		17.1		3,647.2		2,822.0		2,213.0		1,750.9
PR-KSO SE-3000m-05		W-35.000		MONT F3,G		PUD		117.0		475.0		—		17.1		3,643.9		2,698.2		2,036.4		1,560.0
PR-KSO SE-3000m-06		W-35.000		MONT F3,G		PUD		116.9		474.5		—		17.1		3,643.7		2,687.5		2,020.9		1,542.7
PR-KSO SE-3000m-07		W-35.000		MONT F3,G		PUD		117.1		475.6		—		17.1		3,643.4		2,676.1		2,004.1		1,523.9
PR-KSO SE-3000m-08		W-35.000		MONT F3,G		PUD		117.0		475.0		—		17.1		3,643.4		2,665.5		1,988.9		1,507.0
PR-KSO SE-3000m-09		W-35.000		MONT F3,G		PUD		116.9		474.5		—		17.1		3,643.0		2,654.0		1,972.3		1,488.6
PR-KSO SE-3000m-10		W-35.000		MONT F3,G		PUD		116.8		473.9		—		17.1		3,642.6		2,642.5		1,955.7		1,470.4
PR-KSO SE-3000m-11		W-35.000		MONT F3,G		PUD		116.7		473.3		—		17.0		3,642.2		2,631.9		1,940.7		1,453.9
PR-KSO SE-3000m-12		W-35.000		MONT F3,G		PUD		117.1		475.6		—		17.1		3,641.0		2,598.8		1,893.7		1,402.6
PR-KSO SE-3000m-13		W-35.000		MONT F3,G		PUD		117.1		475.6		—		17.1		3,641.0		2,598.8		1,893.7		1,402.6
PR-KSO SE-3000m-14		W-35.000		MONT F3,G		PUD		117.0		475.0		—		17.1		3,640.7		2,587.5		1,877.7		1,385.2
PR-KSO SE-3000m-15		W-35.000		MONT F3,G		PUD		117.0		475.0		—		17.1		3,640.7		2,587.5		1,877.7		1,385.2
PR-KSO SE-3000m-16		W-35.000		MONT F3,G		PUD		116.9		474.5		—		17.1		3,641.1		2,579.2		1,866.0		1,372.9
PR-KSO SE-3000m-17		W-35.000		MONT F3,G		PUD		116.9		474.5		—		17.1		3,641.1		2,579.2		1,866.0		1,372.9
PR-KSO SE-3000m-18		W-35.000		MONT F3,G		PUD		117.0		475.0		—		17.1		3,640.8		2,568.1		1,850.5		1,356.1
PR-KSO SE-3000m-19		W-35.000		MONT F3,G		PUD		117.1		475.6		—		17.1		3,637.7		2,473.3		1,720.6		1,219.2
PR-KSO SE-3000m-20		W-35.000		MONT F3,G		PUD		117.1		475.6		—		17.1		3,637.7		2,473.3		1,720.6		1,219.2
PR-KSO SE-3000m-21		W-35.000		MONT F3,G		PUD		117.0		475.0		—		17.1		3,637.3		2,462.5		1,706.0		1,204.1
PR-KSO SE-3000m-22		W-35.000		MONT F3,G		PUD		117.0		475.0		—		17.1		3,637.3		2,462.5		1,706.0		1,204.1
PR-KSO SE-3000m-23		W-35.000		MONT F3,G		PUD		116.9		474.5		—		17.1		3,637.6		2,454.5		1,695.4		1,193.3
PR-KSO SE-3000m-24		W-35.000		MONT F3,G		PUD		116.9		474.5		—		17.1		3,637.6		2,454.5		1,695.4		1,193.3
PR-KSO SE-3000m-25		W-35.000		MONT F3,G		PUD		117.0		475.0		—		17.1		3,637.2		2,443.9		1,681.3		1,178.8
PR-KSO-2600m-01		W-100.000		MONT F3,G		PUD		272.4		1976.5		—		71.2		11,089.0		8,616.7		6,826.5		5,495.1
PR-KSO-2600m-02		W-100.000		MONT F3,G		PUD		272.4		1976.5		—		71.2		11,089.0		8,616.7		6,826.5		5,495.1
PR-KSO-2600m-03		W-100.000		MONT F3,G		PUD		272.4		1976.5		—		71.2		11,089.0		8,616.7		6,826.5		5,495.1
PR-KSO-2600m-04		W-100.000		MONT F3,G		PUD		272.4		1976.5		—		71.2		11,089.0		8,616.7		6,826.5		5,495.1
PR-KSO-2600m-05		W-100.000		MONT F3,G		PUD		272.4		1976.5		—		71.2		11,089.0		8,616.7		6,826.5		5,495.1
PR-KSO-2600m-06		W-100.000		MONT F3,G		PUD		272.4		1976.5		—		71.2		11,089.0		8,616.7		6,826.5		5,495.1
PR-KSO-2600m-07		W-100.000		MONT F3,G		PUD		272.6		1978.8		—		71.2		11,062.0		7,459.9		5,162.8		3,652.2
PR-KSO-2600m-08		W-100.000		MONT F3,G		PUD		272.4		1976.5		—		71.2		11,060.6		7,427.5		5,119.7		3,607.8
PR-KSO-2600m-09		W-100.000		MONT F3,G		PUD		272.8		1981.1		—		71.3		11,060.2		7,398.2		5,080.4		3,567.3
PR-KSO-3000m-01		W-100.000		MONT F3,G		PUD		316.3		2310.4		—		83.2		13,297.8		10,816.6		8,975.9		7,565.9
PR-KSO-3000m-02		W-100.000		MONT F3,G		PUD		316.3		2310.4		—		83.2		13,297.8		10,816.6		8,975.9		7,565.9
PR-KSO-3000m-03		W-100.000		MONT F3,G		PUD		316.3		2310.4		—		83.2		13,297.8		10,816.6		8,975.9		7,565.9
PR-KSO-3000m-04		W-100.000		MONT F3,G		PUD		316.5		2312.7		—		83.3		13,290.5		10,339.4		8,222.6		6,654.7
PR-KSO-3000m-05		W-100.000		MONT F3,G		PUD		316.5		2312.7		—		83.3		13,290.5		10,339.4		8,222.6		6,654.7
PR-KSO-3000m-06		W-100.000		MONT F3,G		PUD		316.5		2312.7		—		83.3		13,290.5		10,339.4		8,222.6		6,654.7
PR-KSO-3000m-07		W-100.000		MONT F3,G		PUD		316.5		2312.7		—		83.3		13,290.5		10,339.4		8,222.6		6,654.7
PR-KSO-3000m-08		W-100.000		MONT F3,G		PUD		316.5		2312.7		—		83.3		13,290.5		10,339.4		8,222.6		6,654.7
PR-KSO-3000m-09		W-100.000		MONT F3,G		PUD		316.5		2312.7		—		83.3		13,290.5		10,339.4		8,222.6		6,654.7
PR-KSO-3000m-10		W-100.000		MONT F3,G		PUD		316.7		2314.9		—		83.3		13,282.7		9,883.0		7,532.5		5,853.5
PR-KSO-3000m-11		W-100.000		MONT F3,G		PUD		316.5		2312.6		—		83.3		13,281.7		9,840.7		7,470.1		5,782.7
PR-KSO-3000m-12		W-100.000		MONT F3,G		PUD		316.3		2310.4		—		83.2		13,281.2		9,801.4		7,412.5		5,717.6
PR-KSO-3000m-13		W-100.000		MONT F3,G		PUD		316.1		2308.1		—		83.1		13,279.9		9,759.2		7,350.9		5,648.2
Subtotal 3.0 PUD								24,460.0		192,287.3		—		6,922.3		1,030,932.4		740,997.9		549,860.7		418,546.0
Subtotal Karr								28,832.3		237,015.2		59.8		8,532.5		1,284,990.4		960,737.6		744,901.4		595,036.1
zSimonette
1.0 PDP
100/12-29-063-25W5/0		—		MONT F3		PDP		—		—		—		—		—		—		—		—
100/02-13-063-26W5/0		—		MONT F3		PDP		—		—		—		—		—		—		—		—
100/01-24-063-26W5/0		—		MONT F3		PDP		—		—		—		—		—		—		—		—
100/01-36-063-26W5/0		—		MONT F3		PDP		—		—		—		—		—		—		—		—
100/13-01-064-26W5/2		—		DUV		PDP		—		—		—		—		—		—		—		—
100/16-12-064-26W5/0		—		MONT F3		PDP		—		—		—		—		—		—		—		—
Subtotal 1.0 PDP								—		—		—		—		—		—		—		—
3.0 PNP
100/08-02-064-27W5/4		—		DUV		PA		—		—		—		—		—		—		—		—
Subtotal zSimonette								—		—		—		—		—		—		—		—
Subtotal Reserves								45,818.6		564,132.4		145.6		20,701.3		2,452,571.7		1,885,773.3		1,496,675.6		1,221,824.2
Total								45,818.6		564,132.4		145.6		20,701.3		2,452,571.7		1,885,773.3		1,496,675.6		1,221,824.2

     22-0154      2022-09-02 3:28:36 PM

Prices:      December 2021 SEC	Hammerhead Resources Inc.	Table 1
Eff. Date: December 31, 2021
Currency: CAD	Forecast of Production and Revenue Before Tax - Company Share
	Constant Prices and Costs as of December 31, 2021
	Proved Developed Producing 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		$/bbl		M$
2022		127.1		2519.6		77.49		195249.4		39683.7		3.93		155838.0		23.7		79.76		1887.9		1465.8		52.62		77133.9		—		430109.3		29104
2023		127.1		1506.3		77.49		116731.0		27774.6		3.93		109070.9		19.7		79.76		1569.2		1025.7		52.63		53980.6		—		281351.7		19674
2024		124.7		1123.9		77.50		87098.9		21687.4		3.93		85166.3		16.8		79.76		1343.2		800.8		52.63		42146.9		—		215755.3		15181
2025		122.2		896.9		77.50		69511.2		17766.4		3.93		69768.8		14.6		79.76		1166.6		656.0		52.63		34526.6		—		174973.1		12407
2026		116.7		739.2		77.49		57280.8		14984.9		3.93		58845.7		12.9		79.76		1031.3		553.4		52.63		29123.7		—		146281.5		10419
2027		112.7		625.4		77.49		48459.4		12934.2		3.93		50792.5		11.6		79.76		922.2		477.7		52.62		25140.0		—		125314.1		8960
2028		109.0		545.2		77.49		42246.2		11318.6		3.93		44448.1		9.5		79.76		757.1		418.1		52.62		22000.2		—		109451.6		7812
2029		104.6		470.9		77.48		36483.0		9939.2		3.93		39031.4		8.4		79.76		672.9		367.2		52.62		19321.1		—		95508.4		6858
2030		99.8		410.1		77.48		31772.3		8765.2		3.93		34420.8		7.1		79.76		562.7		323.8		52.62		17038.9		—		83794.7		6032
2031		91.5		354.1		77.48		27433.8		7528.9		3.93		29566.1		3.8		79.76		303.0		278.1		52.62		14635.4		—		71938.4		5180
2032		87.3		310.0		77.48		24020.4		6647.4		3.93		26104.3		3.4		79.76		273.5		245.6		52.62		12922.2		—		63320.4		4555
2033		79.9		263.6		77.48		20426.2		5688.3		3.93		22338.0		3.1		79.76		245.4		210.1		52.62		11057.3		—		54067.0		3904
2034		73.9		223.4		77.47		17308.9		4918.2		3.93		19313.9		2.8		79.76		220.9		181.7		52.61		9561.6		—		46405.4		3363
2035		69.7		192.2		77.46		14885.2		4283.9		3.93		16823.0		2.5		79.76		198.8		158.3		52.61		8328.7		—		40235.8		2923
2036		60.7		155.5		77.47		12046.8		3536.4		3.93		13887.3		2.2		79.76		179.4		130.7		52.61		6875.0		—		32988.5		2398
Rem.		—		297.6		77.42		23043.6		7420.7		3.93		29141.1		3.5		79.76		280.2		274.6		52.58		14438.9		—		66903.7		709
Total		—		10633.9		77.49		823997.1		204878.1		3.93		804556.3		145.6		79.76		11614.3		7567.8		52.62		398231.1		—		2038398.8		—

	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$		%
2022		47174.4		4809.2		42365.3		—		—		—		1127.9		—		1127.9		—		—		43493.2		10.1		—
2023		43003.1		4108.5		38894.7		—		—		—		910.0		—		910.0		—		—		39804.7		14.1		—
2024		35833.2		3352.3		32480.9		—		—		—		744.7		—		744.7		—		—		33225.6		15.4		—
2025		28875.5		2724.2		26151.3		—		—		—		595.3		—		595.3		—		—		26746.6		15.3		—
2026		23969.6		2274.3		21695.2		—		—		—		502.5		—		502.5		—		—		22197.7		15.2		—
2027		20154.0		1965.7		18188.2		—		—		—		445.4		—		445.4		—		—		18633.6		14.9		—
2028		17311.2		1698.6		15612.6		—		—		—		384.6		—		384.6		—		—		15997.2		14.6		—
2029		14810.6		1464.8		13345.8		—		—		—		341.4		—		341.4		—		—		13687.2		14.3		—
2030		12678.6		1261.8		11416.8		—		—		—		286.1		—		286.1		—		—		11702.9		14.0		—
2031		10610.8		1055.0		9555.8		—		—		—		219.6		—		219.6		—		—		9775.3		13.6		—
2032		8961.2		893.6		8067.5		—		—		—		194.2		—		194.2		—		—		8261.7		13.0		—
2033		7313.6		730.6		6583.0		—		—		—		139.8		—		139.8		—		—		6722.8		12.4		—
2034		5924.8		598.6		5326.2		—		—		—		112.7		—		112.7		—		—		5438.8		11.7		—
2035		4743.0		484.9		4258.1		—		—		—		101.4		—		101.4		—		—		4359.6		10.8		—
2036		3609.3		372.4		3236.9		—		—		—		91.5		—		91.5		—		—		3328.4		10.1		—
Rem.		6158.2		673.9		5484.3		—		—		—		171.9		—		171.9		—		—		5656.1		8.5		—
Total		291131.1		28468.5		262662.6		—		—		—		6368.7		—		6368.7		—		—		269031.3		13.2		—

									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$
2022		119583.2		11.26		—		267032.9		—		1600.0		1600.0		265432.9		265432.9		254534.5
2023		91723.6		12.77		—		149823.4		—		1600.0		1600.0		148223.4		413656.3		128958.0
2024		78099.4		14.06		299.5		104130.9		—		1600.0		1600.0		102530.9		516187.2		81011.1
2025		69098.4		15.26		—		79128.1		—		1600.0		1600.0		77528.1		593715.3		55659.2
2026		61677.4		16.22		—		62406.4		—		1600.0		1600.0		60806.4		654521.6		39677.5
2027		56134.3		17.16		—		50546.2		—		1440.0		1440.0		49106.2		703627.8		29125.7
2028		51931.8		18.16		—		41522.7		—		1280.0		1280.0		40242.7		743870.5		21700.4
2029		47721.8		19.07		—		34099.4		—		1120.0		1120.0		32979.4		776849.9		16163.7
2030		43934.5		19.95		—		28157.3		—		960.0		960.0		27197.3		804047.2		12118.3
2031		39198.0		20.73		—		22965.0		—		800.0		800.0		22165.0		826212.2		8978.7
2032		36220.6		21.73		—		18838.1		—		640.0		640.0		18198.1		844410.3		6703.0
2033		32368.1		22.72		—		14976.2		—		480.0		480.0		14496.2		858906.4		4853.9
2034		29103.1		23.71		—		11863.5		—		320.0		320.0		11543.5		870449.9		3513.9
2035		26689.4		25.01		—		9186.9		—		160.0		160.0		9026.9		879476.8		2498.5
2036		22882.4		26.07		150.3		6627.4		—		—		—		6627.4		886104.2		1668.7
Rem.		51040.7		28.16		26264.1		-16057.2		—		—		—		-16057.2		870047.0		628.9
Total		857406.6		16.33		26713.9		885247.0		—		15200.0		15200.0		870047.0		—		667794.1

	Remaining Reserves
Product	Gross Lease		W.I.		R.I.		Net
Crude Oil (Mbbl)		11,262.7		10,633.9		—		8,849.8
Natural Gas (MMcf)		209,190.8		204,878.1		—		187,537.6
Condensate (Mbbl)		145.6		145.6		—		97.6
Natural Gas Liquids (Mbbl)		7,678.4		7,567.8		—		5,824.6
Total (MBOE)		53,951.9		52,493.6		—		46,028.2

Net Present Value Before Tax - M$
@ 0.0%	@5.0%	@10.0%	@15.0%	@20.0%
870,047.0	756,602.0	667,794.1	600,308.6	548,137.2

RLI	4.17 yrs
Remaining Life	23 yrs
Price Schedule	C211231

     22-0154      2022-09-02 3:28:49 PM

Prices:      December 2021 SEC Eff. Date: December 31, 2021 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2021 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		—		—		—		—		-10,426.7		-2,405.9		-594.7		-156.5
Corp ADR Well CAPEX	W-100.000	Facility		NRA		—		—		—		—		-16,287.2		-4,012.1		-1,185.2		-470.9
Corp Maint CAPEX	W-100.000	Facility		NRA		—		—		—		—		-15,200.0		-11,935.3		-9,699.7		-8,109.0
Subtotal Facility						—		—		—		—		-41,913.9		-18,353.3		-11,479.6		-8,736.4
Subtotal A Corporate						—		—		—		—		-41,913.9		-18,353.3		-11,479.6		-8,736.4
Gold Creek
1.0 PDP
100/05-29-067-03W6/0	W-100.000	MONT G1		PDP		31.7		1513.0		—		56.3		4,098.6		3,412.5		2,921.2		2,556.7
100/13-29-067-03W6/0	W-100.000	MONT G1		PDP		48.9		1248.8		—		46.5		3,939.6		3,334.0		2,895.3		2,566.2
100/04-30-067-03W6/0	W-100.000	MONT G1		PDP		59.6		1836.2		—		68.3		6,280.3		5,224.1		4,488.5		3,952.8
100/16-30-067-03W6/0	W-100.000	MONT G1		PDP		61.3		1428.9		—		53.2		4,917.0		4,038.8		3,424.2		2,975.9
100/06-33-067-03W6/0	W-100.000	MONT G1		PDP		174.2		2174.3		—		80.9		14,486.6		12,893.8		11,746.1		10,878.7
102/06-33-067-03W6/0	W-100.000	MONT F3		PDP		165.3		3084.4		—		114.7		16,953.8		14,812.5		13,302.7		12,180.2
100/11-33-067-03W6/0	W-100.000	MONT F3		PDP		165.3		3084.4		—		114.7		16,979.8		14,837.0		13,325.8		12,202.1
100/12-33-067-03W6/0	W-100.000	MONT F3		PDP		165.3		3084.4		—		114.7		16,976.2		14,833.6		13,322.6		12,199.1
102/12-33-067-03W6/0	W-100.000	MONT G1		PDP		174.5		2179.0		—		81.1		14,516.9		12,820.7		11,592.7		10,660.0
100/13-33-067-03W6/0	W-100.000	MONT G1		PDP		174.5		2179.0		—		81.1		14,395.0		12,707.8		11,487.6		10,561.8
100/15-15-067-04W6/0	W-100.000	MONT G1		PDP		21.8		268.5		—		10.0		765.4		697.9		642.1		595.4
102/15-15-067-04W6/0	W-100.000	MONT G1		PDP		45.4		639.7		—		23.8		2,450.7		2,139.2		1,902.9		1,718.7
100/04-25-067-04W6/0	W-100.000	MONT G1		PDP		59.2		1499.9		—		55.8		5,020.2		4,169.2		3,570.1		3,130.8
102/04-25-067-04W6/0	W-100.000	MONT G1		PDP		81.2		2098.0		—		78.0		7,537.7		6,099.8		5,128.0		4,437.3
100/16-25-067-04W6/0	W-100.000	MONT G1		PDP		33.2		876.6		—		32.6		2,383.8		2,050.1		1,800.4		1,608.4
100/13-26-067-04W6/2	W-100.000	MONT G1		PDP		51.3		632.1		—		23.5		2,842.3		2,499.2		2,237.3		2,032.0
102/04-34-067-04W6/0	W-100.000	MONT G1		PDP		21.4		769.9		—		28.6		1,653.3		1,464.9		1,317.0		1,198.5
103/04-34-067-04W6/0	W-100.000	MONT G1		PDP		68.7		1510.4		—		56.2		5,127.7		4,322.8		3,748.2		3,321.7
104/04-34-067-04W6/0	W-100.000	MONT F3		PDP		28.9		635.1		—		23.6		1,859.0		1,679.8		1,536.2		1,419.1
100/05-34-067-04W6/0	W-100.000	MONT G1		PDP		11.8		607.0		—		22.6		1,253.8		1,125.7		1,021.7		936.0
102/05-34-067-04W6/0	W-100.000	MONT F3		PDP		25.3		515.5		—		19.2		1,520.8		1,387.7		1,279.0		1,188.7
103/05-34-067-04W6/0	W-100.000	MONT F3		PDP		34.2		968.0		—		36.0		2,583.5		2,274.9		2,037.8		1,851.0
100/12-34-067-04W6/0	W-100.000	MONT G1		PDP		27.0		1997.6		—		74.3		5,430.6		4,589.9		3,975.4		3,511.9
102/12-34-067-04W6/0	W-100.000	MONT G1		PDP		17.6		1019.5		—		37.9		2,371.6		2,080.4		1,854.6		1,675.6
103/12-34-067-04W6/0	W-100.000	MONT F3		PDP		27.3		724.2		—		26.9		1,837.3		1,644.6		1,492.0		1,368.7
102/13-34-067-04W6/0	W-100.000	MONT G1		PDP		—		3991.9		22.7		148.5		9,336.7		7,404.3		6,128.1		5,237.6
100/14-34-067-04W6/0	W-100.000	MONT G1		PDP		—		2626.1		26.9		97.7		5,957.2		4,871.0		4,121.3		3,580.2
102/14-34-067-04W6/0	W-100.000	MONT G1		PDP		—		2130.9		36.3		79.3		5,010.6		4,131.0		3,516.6		3,069.1
102/15-34-067-04W6/0	W-100.000	MONT G1		PDP		27.8		1955.4		—		72.7		5,221.8		4,420.1		3,836.3		3,397.0
100/16-34-067-04W6/0	W-100.000	MONT G1		PDP		65.4		4099.2		—		152.5		12,766.3		10,153.3		8,436.3		7,241.5
100/12-35-067-04W6/0	W-100.000	MONT G1		PDP		79.2		1882.8		—		70.0		7,053.2		5,752.4		4,867.5		4,235.5
100/13-35-067-04W6/0	W-100.000	MONT G1		PDP		85.4		1879.4		—		69.9		7,291.0		5,912.9		4,981.6		4,319.9
102/13-35-067-04W6/0	W-100.000	MONT G1		PDP		48.6		1455.5		—		54.1		4,468.0		3,753.8		3,242.7		2,862.9
100/12-36-067-04W6/0	W-100.000	MONT G1		PDP		33.4		294.1		—		10.9		808.6		703.9		621.6		555.9
102/13-36-067-04W6/0	W-100.000	MONT G1		PDP		60.5		1065.2		—		39.6		4,058.9		3,448.5		3,006.8		2,675.6
100/08-04-068-03W6/0	W-100.000	MONT G1		PDP		170.5		3256.6		—		121.1		17,197.6		14,793.9		13,141.5		11,938.7
100/09-04-068-03W6/0	W-100.000	MONT F3		PDP		191.1		3700.8		—		137.7		19,547.2		16,688.3		14,751.7		13,356.8
102/09-04-068-03W6/0	W-100.000	MONT G1		PDP		225.4		4295.8		—		159.8		23,125.7		19,569.2		17,202.8		15,519.6
103/09-04-068-03W6/0	W-100.000	MONT F3		PDP		158.1		3858.9		—		143.5		18,603.7		15,907.4		14,063.7		12,728.3
100/16-04-068-03W6/0	W-100.000	MONT G1		PDP		213.2		5051.1		—		187.9		25,180.9		21,213.8		18,585.8		16,723.7
102/16-04-068-03W6/0	W-100.000	MONT F3		PDP		157.2		4191.9		—		155.9		19,806.3		16,895.2		14,910.7		13,477.1
100/03-05-068-03W6/0	W-100.000	MONT G1		PDP		99.2		3704.1		—		137.8		13,460.7		10,712.3		8,926.8		7,691.0
100/05-05-068-03W6/0	W-100.000	MONT G1		PDP		94.5		3995.7		—		148.6		14,424.5		11,709.9		9,918.5		8,660.9
100/06-05-068-03W6/0	W-100.000	MONT G1		PDP		83.7		3131.3		—		116.5		11,126.1		9,149.4		7,814.4		6,861.6
100/12-05-068-03W6/0	W-100.000	MONT G1		PDP		98.0		4531.5		—		168.6		16,425.2		13,254.2		11,183.3		9,740.5
100/13-05-068-03W6/0	W-100.000	MONT G1		PDP		94.5		3879.5		—		144.3		14,035.1		11,357.5		9,593.7		8,358.0
102/13-05-068-03W6/0	W-100.000	MONT G1		PDP		83.2		2652.1		—		98.7		9,573.2		7,889.0		6,742.2		5,919.5
103/13-05-068-03W6/0	W-100.000	MONT F3		PDP		82.6		2344.9		—		87.2		8,611.9		7,125.9		6,105.7		5,369.6
102/01-09-068-03W6/0	W-100.000	MONT G1		PDP		99.5		4784.1		—		178.0		18,471.0		15,255.3		13,061.5		11,488.1
103/01-09-068-03W6/0	W-100.000	MONT G1		PDP		128.5		4896.5		—		182.2		19,894.5		16,244.5		13,818.6		12,108.9
100/08-09-068-03W6/0	W-100.000	MONT G1		PDP		107.0		4437.2		—		165.1		17,444.5		14,352.9		12,261.0		10,768.8
100/09-09-068-03W6/0	W-100.000	MONT G1		PDP		81.8		3703.2		—		137.8		14,138.5		11,907.9		10,337.0		9,182.5
102/09-09-068-03W6/0	W-100.000	MONT G1		PDP		92.4		3958.3		—		147.2		15,408.1		12,898.2		11,154.5		9,885.7
100/16-09-068-03W6/0	W-100.000	MONT G1		PDP		46.2		1663.4		—		61.9		6,253.6		5,567.3		5,038.3		4,620.2
102/16-09-068-03W6/0	W-100.000	MONT G1		PDP		98.1		3471.1		—		129.1		14,289.4		12,098.9		10,571.6		9,454.8
103/16-09-068-03W6/0	W-100.000	MONT F3		PDP		39.8		2146.1		—		79.8		7,923.4		7,021.8		6,325.3		5,774.5
102/04-01-068-04W6/0	W-100.000	MONT G1		PDP		17.3		685.1		—		25.5		1,369.6		1,206.5		1,079.2		977.6
100/12-01-068-04W6/0	W-100.000	MONT G1		PDP		68.2		2101.9		—		78.2		7,164.7		5,801.7		4,879.7		4,224.4
102/13-01-068-04W6/0	W-100.000	MONT G1		PDP		55.2		1871.9		—		69.6		5,947.5		4,876.0		4,137.2		3,604.6
100/05-02-068-04W6/0	W-100.000	MONT G1		PDP		94.2		1077.4		—		40.1		5,321.3		4,376.1		3,722.1		3,249.3
102/16-02-068-04W6/0	W-100.000	MONT G1		PDP		59.2		1173.1		—		43.6		4,291.1		3,622.7		3,143.2		2,786.3
100/04-09-068-04W6/0	W-100.000	MONT G1		PDP		78.2		2597.0		—		96.6		8,958.8		7,206.5		6,036.6		5,212.2
100/16-09-068-04W6/0	W-100.000	MONT G1		PDP		82.0		1323.0		—		49.2		6,642.9		5,906.6		5,352.1		4,920.4
102/16-09-068-04W6/0	W-100.000	MONT G1		PDP		122.3		1421.7		—		52.9		8,551.1		7,495.8		6,726.5		6,142.7
100/06-10-068-04W6/0	W-100.000	MONT G1		PDP		62.1		2021.2		—		75.2		6,652.8		5,487.2		4,680.9		4,097.0
102/06-10-068-04W6/0	W-100.000	MONT G1		PDP		35.6		658.1		—		24.5		2,036.6		1,784.7		1,590.5		1,437.3
100/12-10-068-04W6/0	W-100.000	MONT F3		PDP		24.5		398.7		—		14.8		1,110.3		1,003.5		916.9		845.4
103/12-10-068-04W6/0	W-100.000	MONT G1		PDP		27.8		339.5		—		12.6		1,815.4		1,704.5		1,609.6		1,527.6
100/01-12-068-04W6/0	W-100.000	MONT G1		PDP		46.2		630.5		—		23.5		2,645.0		2,358.1		2,134.0		1,954.7
100/01-15-068-04W6/0	W-100.000	MONT G1		PDP		64.5		500.3		—		18.6		3,263.4		2,857.2		2,547.3		2,304.3
100/04-15-068-04W6/0	W-100.000	MONT G1		PDP		54.0		807.2		—		30.0		2,979.6		2,517.8		2,178.9		1,922.4
100/12-15-068-04W6/0	W-100.000	MONT G1		PDP		109.7		1353.0		—		50.3		7,280.0		6,058.5		5,214.4		4,602.5
100/02-16-068-04W6/0	W-100.000	MONT G1		PDP		99.6		1201.9		—		44.7		7,195.2		6,401.4		5,805.0		5,341.5
100/06-16-068-04W6/0	W-100.000	MONT G1		PDP		134.9		1104.7		—		41.1		8,634.7		7,545.0		6,752.7		6,152.9
100/07-16-068-04W6/0	W-100.000	MONT G1		PDP		90.1		832.6		—		31.0		4,479.0		3,741.3		3,217.5		2,831.0

     22-0154      2022-09-02 3:28:49 PM

Prices:      December 2021 SEC Eff. Date: December 31, 2021 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2021 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%
102/07-16-068-04W6/0	W-100.000	MONT G1		PDP		101.2		1194.6		—		44.4		7,144.5		6,323.1		5,711.1		5,238.7
100/08-16-068-04W6/0	W-100.000	MONT G1		PDP		56.0		492.4		—		18.3		2,666.6		2,340.3		2,091.1		1,895.8
100/13-12-068-05W6/0	W-100.000	MONT G1		PDP		159.0		755.5		—		28.1		6,657.5		5,296.2		4,390.1		3,755.3
Subtotal 1.0 PDP						6,261.5		160,150.2		85.9		5,957.6		657,902.8		555,215.6		484,233.0		432,555.0
Subtotal Gold Creek						6,261.5		160,150.2		85.9		5,957.6		657,902.8		555,215.6		484,233.0		432,555.0
Karr
1.0 PDP
100/04-32-063-01W6/0	W-35.000	MONT G1		PDP		21.3		89.5		—		3.2		668.7		613.2		567.4		529.2
100/15-06-064-01W6/0	W-35.000	MONT F3		PDP		9.9		33.6		—		1.2		246.4		235.5		225.9		217.3
102/13-01-064-03W6/0	W-35.000	MONT G		PDP		65.6		852.6		—		30.7		5,039.4		4,532.7		4,148.0		3,846.1
100/01-11-064-03W6/0	W-100.000	MONT G1		PDP		111.7		3133.0		—		112.8		10,851.6		8,899.3		7,562.1		6,600.5
100/16-13-064-03W6/0	W-50.000	MONT G1		PDP		82.7		671.0		—		24.2		5,438.7		4,993.8		4,639.9		4,351.8
100/05-16-064-03W6/0	W-100.000	MONT F3		PDP		113.6		2191.9		—		78.9		7,756.6		6,352.8		5,377.9		4,670.7
100/04-21-064-03W6/2	W-100.000	MONT F3		PDP		172.3		1563.7		—		56.3		8,059.6		6,518.0		5,467.8		4,717.7
100/14-21-064-03W6/0	W-100.000	MONT F3		PDP		173.7		1289.7		—		46.4		8,135.7		6,768.8		5,813.6		5,115.7
102/13-26-064-03W6/0	W-100.000	MONT F3		PDP		172.5		1651.9		—		59.5		9,744.4		8,067.3		6,912.6		6,078.5
100/04-32-064-03W6/0	W-100.000	MONT F3		PDP		42.7		349.0		—		12.6		1,238.3		1,098.2		986.6		896.2
100/11-32-064-03W6/2	W-100.000	MONT G1		PDP		106.0		1040.4		—		37.5		4,984.2		4,233.2		3,686.5		3,274.5
103/13-32-064-03W6/0	W-100.000	MONT F3		PDP		108.1		833.2		—		30.0		5,183.5		4,490.2		3,977.2		3,584.6
100/15-03-065-03W6/2	W-100.000	MONT BD		PDP		31.5		442.4		—		15.9		1,127.7		1,017.8		928.2		854.1
100/16-03-065-03W6/0	W-100.000	MONT SXMTH		PDP		72.6		107.8		—		3.9		2,140.2		1,913.1		1,732.0		1,584.9
1S0/04-05-065-03W6/0	W-100.000	MONT F3		PDP		54.6		680.2		—		24.5		2,880.3		2,584.2		2,348.6		2,157.2
100/12-06-065-03W6/0	W-100.000	MONT G1		PDP		215.6		2016.9		—		72.6		13,778.6		11,687.5		10,231.1		9,164.4
100/07-08-065-03W6/0	W-100.000	MONT G1		PDP		35.9		369.9		—		13.3		1,112.3		1,006.8		920.5		848.9
100/08-08-065-03W6/0	W-100.000	MONT F3		PDP		79.9		706.3		—		25.4		4,320.2		3,740.0		3,302.1		2,962.6
102/04-16-065-03W6/0	W-100.000	DUN		PDP		6.8		40.0		—		1.4		79.5		76.8		74.3		72.1
100/02-21-065-03W6/0	W-100.000	MONT F3		PDP		18.7		269.5		—		9.7		545.6		507.9		475.7		447.9
100/14-21-065-03W6/0	W-100.000	MONT F3		PDP		16.1		298.2		—		10.7		591.9		545.6		506.5		473.3
100/04-23-065-03W6/2	W-100.000	MONT F3		PDP		—		224.9		9.3		8.1		203.4		189.2		177.2		166.8
102/13-27-065-03W6/0	W-100.000	MONT F3		PDP		9.9		130.5		—		4.7		216.4		205.3		195.5		186.9
102/13-28-065-03W6/0	W-100.000	MONT F3		PDP		13.4		220.8		—		7.9		437.4		410.5		387.2		366.8
102/15-28-065-03W6/0	W-100.000	MONT F3		PDP		3.6		107.9		—		3.9		100.0		96.3		92.9		89.9
100/16-28-065-03W6/3	W-100.000	MONT F3		PDP		1.6		31.5		—		1.1		30.9		29.9		28.9		28.1
102/16-31-065-03W6/0	W-100.000	MONT G1		PDP		28.4		117.0		—		4.2		484.7		450.5		421.2		396.1
100/14-33-065-03W6/0	W-100.000	MONT F3		PDP		9.9		181.8		—		6.5		289.8		272.4		257.2		244.0
100/09-01-065-04W6/2	W-100.000	MONT G1		PDP		117.2		650.6		—		23.4		6,464.0		5,667.1		5,063.6		4,593.4
103/09-01-065-04W6/0	W-100.000	MONT F3		PDP		151.3		2320.7		—		83.5		12,040.2		10,251.8		8,985.2		8,045.9
100/16-01-065-04W6/3	W-100.000	MONT G1		PDP		112.5		1289.1		—		46.4		6,119.6		5,249.4		4,613.1		4,131.0
102/16-01-065-04W6/0	W-100.000	MONT F3		PDP		67.7		488.9		—		17.6		3,567.6		3,227.0		2,953.4		2,729.6
100/13-34-065-04W6/4	W-100.000	MONT G1		PDP		144.5		1234.6		—		44.4		6,929.3		5,773.8		4,959.1		4,360.2
100/04-02-066-03W6/3	W-100.000	MONT F3		PDP		13.9		125.9		—		4.5		287.8		273.1		260.2		248.7
100/07-06-066-03W6/0	W-100.000	MONT G1		PDP		126.0		822.1		—		29.6		7,774.3		6,922.1		6,267.0		5,749.7
102/09-06-066-03W6/0	W-100.000	MONT F3		PDP		103.9		926.5		—		33.4		6,798.2		6,060.0		5,490.1		5,038.5
103/01-07-066-03W6/0	W-100.000	MONT G1		PDP		162.6		845.0		—		30.4		7,134.3		5,986.4		5,177.9		4,583.9
104/01-07-066-03W6/0	W-100.000	MONT G1		PDP		190.3		1401.5		—		50.5		9,555.2		7,833.7		6,657.5		5,813.4
100/08-07-066-03W6/0	W-100.000	MONT F3		PDP		41.4		264.7		—		9.5		1,550.0		1,410.8		1,296.4		1,201.0
100/16-08-066-03W6/2	W-75.000	MONT F3		PDP		6.7		165.6		—		6.0		190.9		181.6		173.4		166.0
102/13-09-066-03W6/0	W-100.000	MONT G1		PDP		12.9		180.4		—		6.5		348.9		327.7		309.3		293.2
100/16-10-066-03W6/2	W-75.000	MONT G1		PDP		12.3		31.9		—		1.1		132.1		126.2		120.9		116.1
100/02-16-066-03W6/0	W-100.000	MONT G1		PDP		25.1		99.5		—		3.6		485.3		456.2		430.9		408.9
100/08-21-066-03W6/0	W-100.000	MONT G1		PDP		68.7		453.5		—		16.3		2,954.4		2,601.4		2,326.7		2,108.3
102/14-13-066-04W6/2	W-100.000	MONT G1		PDP		—		450.4		50.5		16.2		1,104.7		974.0		872.4		791.7
102/15-14-066-04W6/0	W-100.000	MONT G1		PDP		291.8		2372.5		—		85.4		20,422.6		18,390.2		16,905.3		15,769.8
102/16-14-066-04W6/2	W-100.000	MONT G1		PDP		291.8		2372.5		—		85.4		19,714.3		17,717.0		16,263.9		15,157.3
103/16-14-066-04W6/0	W-100.000	MONT F3		PDP		232.1		2357.0		—		84.9		17,593.6		16,004.1		14,814.2		13,887.4
102/16-23-066-04W6/0	W-100.000	MONT G1		PDP		26.0		178.3		—		6.4		613.5		572.2		536.7		506.1
100/12-24-066-04W6/0	W-100.000	MONT G1		PDP		127.9		1411.8		—		50.8		7,041.1		5,948.3		5,166.9		4,585.6
102/12-24-066-04W6/0	W-100.000	MONT F3		PDP		111.3		2273.4		—		81.8		8,616.2		7,184.2		6,179.7		5,443.6
103/12-24-066-04W6/0	W-100.000	MONT G1		PDP		156.0		2366.6		—		85.2		10,934.0		9,064.8		7,771.9		6,833.7
Subtotal 1.0 PDP						4,372.4		44,727.9		59.8		1,610.2		254,058.1		219,739.7		195,040.7		176,490.1
Subtotal Karr						4,372.4		44,727.9		59.8		1,610.2		254,058.1		219,739.7		195,040.7		176,490.1
zSimonette
1.0 PDP
100/12-29-063-25W5/0	—	MONT F3		PDP		—		—		—		—		—		—		—		—
100/02-13-063-26W5/0	—	MONT F3		PDP		—		—		—		—		—		—		—		—
100/01-24-063-26W5/0	—	MONT F3		PDP		—		—		—		—		—		—		—		—
100/01-36-063-26W5/0	—	MONT F3		PDP		—		—		—		—		—		—		—		—
100/13-01-064-26W5/2	—	DUV		PDP		—		—		—		—		—		—		—		—
100/16-12-064-26W5/0	—	MONT F3		PDP		—		—		—		—		—		—		—		—
Subtotal 1.0 PDP						—		—		—		—		—		—		—		—
Subtotal zSimonette						—		—		—		—		—		—		—		—
Subtotal Reserves						10,633.9		204,878.1		145.6		7,567.8		870,047.0		756,602.0		667,794.1		600,308.6
Total						10,633.9		204,878.1		145.6		7,567.8		870,047.0		756,602.0		667,794.1		600,308.6

     22-0154      2022-09-02 3:28:49 PM

Prices:      December 2021 SEC	Hammerhead Resources Inc.	Table 1
Eff. Date: December 31, 2021
Currency: CAD	Forecast of Production and Revenue Before Tax - Company Share Constant Prices and Costs as of December 31, 2021 Proved Undeveloped 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		$/bbl		M$
2022		12.5		794.3		77.43		61502.6		8375.1		3.93		32889.2		—		—		—		310.3		52.55		16307.1		—		110698.9		6851
2023		41.0		2610.7		77.59		202572.1		23479.3		3.93		92203.2		—		—		—		865.1		52.68		45575.9		—		340351.2		20244
2024		68.9		4047.2		77.68		314394.9		34254.3		3.93		134516.7		—		—		—		1255.6		52.81		66305.5		—		515217.2		30087
2025		103.5		5233.3		77.72		406733.5		44318.3		3.93		174038.0		—		—		—		1619.3		52.89		85640.2		—		666411.8		39011
2026		137.9		5526.9		77.71		429514.1		47755.1		3.93		187534.1		—		—		—		1743.9		52.90		92252.4		—		709300.6		41726
2027		146.8		3730.7		77.73		289975.2		37623.3		3.93		147746.5		—		—		—		1371.8		52.94		72619.1		—		510340.8		31159
2028		146.8		2335.1		77.70		181448.5		26611.7		3.93		104504.3		—		—		—		971.0		52.92		51385.4		—		337338.2		21151
2029		146.8		1740.4		77.69		135218.2		20794.4		3.93		81659.4		—		—		—		759.1		52.91		40161.5		—		257039.2		16343
2030		146.8		1398.1		77.69		108611.4		17173.1		3.93		67438.9		—		—		—		627.0		52.90		33172.8		—		209223.0		13390
2031		146.8		1170.4		77.68		90920.3		14649.6		3.93		57529.1		—		—		—		535.0		52.90		28301.6		—		176751.0		11362
2032		146.8		1009.5		77.68		78414.5		12806.4		3.93		50290.6		—		—		—		467.8		52.89		24742.8		—		153447.8		9868
2033		146.8		882.5		77.67		68546.9		11302.7		3.93		44385.8		—		—		—		412.9		52.89		21839.0		—		134771.7		8710
2034		146.8		783.9		77.67		60890.8		10103.3		3.93		39675.7		—		—		—		369.1		52.89		19522.1		—		120088.6		7772
2035		146.8		702.3		77.67		54544.6		9080.5		3.93		35659.1		—		—		—		331.8		52.89		17546.1		—		107749.9		6979
2036		146.8		633.1		77.67		49176.2		8197.4		3.93		32191.1		—		—		—		299.5		52.89		15839.9		—		97207.2		6281
Rem.		—		2586.2		77.69		200919.9		32729.7		3.93		128529.6		—		—		—		1194.3		52.92		63202.2		—		392651.6		2529
Total		—		35184.7		77.69 2733383.5				359254.3		3.93		1410791.5		—		—		—		13133.5		52.87		694413.6		—		4838588.6		—

	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$		%
2022		6182.7		713.9		5468.8		—		—		—		—		—		—		—		—		5468.8		4.9		—
2023		23368.9		2580.3		20788.6		—		—		—		—		—		—		—		—		20788.6		6.1		—
2024		40426.0		4428.2		35997.7		—		—		—		—		—		—		—		—		35997.7		7.0		—
2025		60723.2		6551.8		54171.5		—		—		—		—		—		—		—		—		54171.5		8.1		—
2026		75639.5		8243.5		67396.0		—		—		—		—		—		—		—		—		67396.0		9.5		—
2027		69908.0		8141.7		61766.3		—		—		—		—		—		—		—		—		61766.3		12.1		—
2028		61990.3		7457.0		54533.3		—		—		—		—		—		—		—		—		54533.3		16.2		—
2029		48010.7		6229.6		41781.1		—		—		—		—		—		—		—		—		41781.1		16.3		—
2030		38925.0		5273.5		33651.5		—		—		—		—		—		—		—		—		33651.5		16.1		—
2031		32489.8		2427.2		30062.6		—		—		—		—		—		—		—		—		30062.6		17.0		—
2032		27470.2		2055.2		25415.0		—		—		—		—		—		—		—		—		25415.0		16.6		—
2033		23112.1		1723.8		21388.2		—		—		—		—		—		—		—		—		21388.2		15.9		—
2034		19394.9		1439.9		17955.0		—		—		—		—		—		—		—		—		17955.0		15.0		—
2035		16069.5		1185.5		14884.1		—		—		—		—		—		—		—		—		14884.1		13.8		—
2036		13142.7		965.2		12177.5		—		—		—		—		—		—		—		—		12177.5		12.5		—
Rem.		38584.7		3098.7		35486.0		—		—		—		—		—		—		—		—		35486.0		9.0		—
Total		595438.1		62514.9		532923.2		—		—		—		—		—		—		—		—		532923.2		11.0		—

									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$
2022		21682.1		8.67		—		83548.0		149220.0		105000.0		254220.0		-170672.0		-170672.0		-164751.8
2023		68497.4		9.27		—		251065.1		147550.0		69120.0		216670.0		34395.1		-136276.8		32894.3
2024		107116.0		9.73		—		372103.4		181815.0		32520.0		214335.0		157768.4		21491.6		125098.2
2025		143473.8		10.08		—		468766.5		205805.0		32660.0		238465.0		230301.5		251793.1		163698.6
2026		160009.6		10.51		—		481894.9		195315.0		26200.0		221515.0		260379.9		512173.0		168111.2
2027		131607.7		11.57		—		316966.9		—		960.0		960.0		316006.9		828179.9		188178.9
2028		100844.3		13.03		—		181960.6		—		1120.0		1120.0		180840.6		1009020.5		97665.6
2029		85895.3		14.40		—		129362.8		—		1280.0		1280.0		128082.8		1137103.3		62823.5
2030		76848.0		15.72		—		98723.5		—		1440.0		1440.0		97283.5		1234386.8		43364.7
2031		70645.6		17.04		—		76042.8		—		1600.0		1600.0		74442.8		1308829.6		30160.5
2032		66165.7		18.32		—		61867.2		—		1520.0		1520.0		60347.2		1369176.8		22226.6
2033		62552.8		19.68		—		50830.7		—		1440.0		1440.0		49390.7		1418567.4		16533.3
2034		59698.0		21.04		—		42435.5		—		1360.0		1360.0		41075.5		1459643.0		12499.1
2035		57286.1		22.49		—		35579.7		—		1280.0		1280.0		34299.7		1493942.7		9488.4
2036		55217.0		24.02		—		29812.7		—		1200.0		1200.0		28612.7		1522555.4		7197.6
Rem.		277186.3		30.01		17610.0		62369.3		—		2400.0		2400.0		59969.3		1582524.7		13692.8
Total		1544725.7		14.28		17610.0		2743329.7		879705.0		281100.0		1160805.0		1582524.7		—		828881.6

	Remaining Reserves
Product	Gross Lease		W.I.		R.I.		Net
Crude Oil (Mbbl)		40,614.4		35,184.7		—		30,384.4
Natural Gas (MMcf)		381,298.3		359,254.3		—		332,613.5
Natural Gas Liquids (Mbbl)		13,927.1		13,133.5		—		10,710.7
Total (MBOE)		118,091.2		108,194.0		—		96,530.6

Net Present Value Before Tax - M$
@ 0.0%	@5.0%	@10.0%	@15.0%	@20.0%
1,582,524.7	1,129,171.2	828,881.6	621,515.5	473,076.1

RLI	50+ yrs
Remaining Life	24.66 yrs
Price Schedule	C211231

     22-0154      2022-09-02 3:28:54 PM

Prices:      December 2021 SEC Eff. Date: December 31, 2021 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2021 Proved Undeveloped 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 Field CAPEX		W-100.000		Facility		NRA		—		—		—		—		-134,100.0		-129,598.7		-125,658.7		-122,186.8
Corp G&A		W-100.000		Facility		NRA		—		—		—		—		-5,000.0		-4,489.3		-4,051.0		-3,672.2
Corp Maint CAPEX		W-100.000		Facility		NRA		—		—		—		—		-19,600.0		-12,717.9		-8,838.6		-6,515.8
Corp Water CAPEX		W-100.000		Facility		NRA		—		—		—		—		-5,000.0		-4,489.3		-4,051.0		-3,672.2
Subtotal Facility								—		—		—		—		-163,700.0		-151,295.1		-142,599.3		-136,047.1
Subtotal A Corporate								—		—		—		—		-163,700.0		-151,295.1		-142,599.3		-136,047.1
Gold Creek
3.0 PUD
GC Core 4-6 Por 2400m-01		W-100.000		MONT G1		PUD		175.9		2199.1		—		81.8		9,880.3		7,999.7		6,642.1		5,625.7
GC Core 4-6 Por 2400m-02		W-100.000		MONT G1		PUD		175.9		2199.1		—		81.8		9,880.3		7,999.7		6,642.1		5,625.7
GC Core 4-6 Por 2400m-03		W-100.000		MONT G1		PUD		175.9		2199.1		—		81.8		9,877.5		7,835.4		6,379.8		5,303.4
GC Core 4-6 Por 2400m-04		W-100.000		MONT G1		PUD		175.9		2199.1		—		81.8		9,877.5		7,835.4		6,379.8		5,303.4
GC Core 4-6 Por 2400m-05		W-100.000		MONT G1		PUD		175.9		2199.1		—		81.8		9,877.5		7,835.4		6,379.8		5,303.4
GC Core 4-6 Por 2400m-06		W-100.000		MONT G1		PUD		175.8		2196.9		—		81.7		9,873.9		7,554.0		5,913.7		4,710.2
GC Core 4-6 Por 2400m-07		W-100.000		MONT G1		PUD		175.8		2196.9		—		81.7		9,873.9		7,554.0		5,913.7		4,710.2
GC Core 4-6 Por 2400m-08		W-100.000		MONT G1		PUD		175.8		2196.9		—		81.7		9,872.1		7,553.0		5,941.6		4,779.2
GC Core 4-6 Por 2400m-09		W-100.000		MONT G1		PUD		175.8		2196.9		—		81.7		9,870.5		7,490.7		5,847.1		4,668.6
GC Core 4-6 Por 2400m-10		W-100.000		MONT G1		PUD		175.8		2196.9		—		81.7		9,870.5		7,490.7		5,847.1		4,668.6
GC Core 4-6 Por 2400m-11		W-100.000		MONT G1		PUD		175.9		2199.1		—		81.8		9,868.8		7,427.0		5,751.1		4,556.8
GC Core 4-6 Por 2400m-12		W-100.000		MONT G1		PUD		175.6		2194.8		—		81.6		9,867.4		7,367.4		5,662.5		4,454.6
GC Core 4-6 Por 2400m-13		W-100.000		MONT G1		PUD		175.9		2199.0		—		81.8		9,865.2		7,306.8		5,572.6		4,351.7
GC Core 4-6 Por 2400m-14		W-100.000		MONT G1		PUD		175.9		2199.0		—		81.8		9,864.0		7,246.9		5,484.3		4,251.1
GC Core 4-6 Por 2400m-15		W-100.000		MONT G1		PUD		175.8		2196.9		—		81.7		9,861.1		7,127.6		5,310.9		4,056.0
GC Core 4-6 Por 2400m-16		W-100.000		MONT G1		PUD		175.9		2199.0		—		81.8		9,859.4		7,066.8		5,223.3		3,958.4
GC Core 4-6 Por 2400m-17		W-100.000		MONT G1		PUD		175.6		2194.8		—		81.6		9,858.9		7,012.2		5,145.5		3,872.7
GC Core 4-6 Por 2400m-18		W-100.000		MONT G1		PUD		175.8		2196.9		—		81.7		9,854.2		6,840.4		4,904.2		3,610.0
GC Core 4-6 Por 2400m-19		W-100.000		MONT G1		PUD		175.9		2199.0		—		81.8		9,853.2		6,811.2		4,863.7		3,566.4
GC Core 4-6 Por 2400m-20		W-100.000		MONT G1		PUD		175.8		2196.9		—		81.7		9,852.4		6,783.7		4,825.9		3,526.0
GC Core 4-6 Por 2400m-21		W-100.000		MONT G1		PUD		175.9		2199.0		—		81.8		9,851.3		6,754.6		4,786.0		3,483.4
GC Core 4-6 Por 2400m-22		W-100.000		MONT G1		PUD		175.9		2199.0		—		81.8		9,851.3		6,754.6		4,786.0		3,483.4
GC Core 4-6 Por 2400m-23		W-100.000		MONT G1		PUD		175.9		2199.0		—		81.8		9,850.5		6,725.6		4,746.2		3,441.1
GC Core 4-6 Por 2400m-24		W-100.000		MONT G1		PUD		175.8		2197.0		—		81.7		9,851.1		6,702.4		4,714.3		3,407.5
GC Core 4-6 Por 2400m-25		W-100.000		MONT G1		PUD		175.6		2194.8		—		81.6		9,849.5		6,673.4		4,675.3		3,366.5
GC Core 4-6 Por 2400m-26		W-100.000		MONT G1		PUD		175.8		2196.9		—		81.7		9,848.7		6,646.8		4,639.2		3,328.6
GC Core 4-6 Por 2400m-27		W-100.000		MONT G1		PUD		175.9		2199.1		—		81.8		9,847.7		6,618.5		4,601.1		3,288.6
GC Core 4-6 Por 2400m-28		W-100.000		MONT G1		PUD		175.8		2196.9		—		81.7		9,847.1		6,591.9		4,565.5		3,251.6
GC Core 4-6 Por 2800m-01		W-100.000		MONT G1		PUD		206.3		2562.1		—		95.3		11,917.9		7,979.2		5,545.7		3,971.1
GC Core 4-6 Por 2800m-02		W-100.000		MONT G1		PUD		206.1		2559.9		—		95.2		11,916.7		7,945.1		5,500.0		3,923.4
GC Core 6+ Por 2000-01		W-100.000		MONT G1		PUD		182.8		4012.4		—		149.3		16,747.8		13,325.0		10,998.2		9,324.8
GC Core 6+ Por 2000-02		W-100.000		MONT G1		PUD		182.8		4012.4		—		149.3		16,747.8		13,325.0		10,998.2		9,324.8
GC Core 6+ Por 2000-03		W-100.000		MONT G1		PUD		182.8		4012.4		—		149.3		16,747.8		13,325.0		10,998.2		9,324.8
GC Core 6+ Por 2600-01		W-100.000		MONT G1		PUD		237.0		5216.5		—		194.1		22,750.2		18,563.2		15,744.7		13,725.5
GC Core 6+ Por 2600-02		W-100.000		MONT G1		PUD		237.0		5216.5		—		194.1		22,750.2		18,563.2		15,744.7		13,725.5
GC Core F3 2000-01		W-100.000		MONT F3		PUD		135.9		2515.0		—		93.6		9,962.2		8,031.7		6,652.5		5,628.4
GC Core F3 2000-02		W-100.000		MONT F3		PUD		135.9		2515.0		—		93.6		9,962.2		8,031.7		6,652.5		5,628.4
GC Core F3 2400-01		W-100.000		MONT F3		PUD		165.3		3084.8		—		114.8		12,795.7		10,366.1		8,652.8		7,389.5
GC Core F3 2400-02		W-100.000		MONT F3		PUD		165.3		3084.8		—		114.8		12,795.7		10,366.1		8,652.8		7,389.5
GC Core F3 2400-03		W-100.000		MONT F3		PUD		165.3		3084.8		—		114.8		12,795.7		10,366.1		8,652.8		7,389.5
GC Core F3 2400-04		W-100.000		MONT F3		PUD		165.3		3084.7		—		114.7		12,791.6		10,153.4		8,311.6		6,966.9
GC Core F3 2400-05		W-100.000		MONT F3		PUD		165.3		3084.7		—		114.7		12,791.6		10,153.4		8,311.6		6,966.9
GC Core F3 2400-06		W-100.000		MONT F3		PUD		165.3		3084.7		—		114.7		12,791.6		10,153.4		8,311.6		6,966.9
GC Core F3 2400-07		W-100.000		MONT F3		PUD		165.3		3084.9		—		114.8		12,789.8		9,830.7		7,781.1		6,296.4
GC Core F3 2400-08		W-100.000		MONT F3		PUD		165.3		3084.7		—		114.7		12,786.3		9,788.1		7,740.6		6,277.7
GC Core F3 2400-09		W-100.000		MONT F3		PUD		165.3		3084.7		—		114.7		12,786.3		9,788.1		7,740.6		6,277.7
GC Core F3 2400-10		W-100.000		MONT F3		PUD		165.3		3084.7		—		114.7		12,785.0		9,707.9		7,617.9		6,132.7
GC Core F3 2400-11		W-100.000		MONT F3		PUD		165.3		3084.7		—		114.7		12,785.0		9,707.9		7,617.9		6,132.7
GC Core F3 2400-12		W-100.000		MONT F3		PUD		165.3		3084.6		—		114.7		12,782.8		9,625.8		7,493.6		5,986.7
GC Core F3 2400-13		W-100.000		MONT F3		PUD		165.3		3084.8		—		114.8		12,782.8		9,549.5		7,378.3		5,852.3
GC Core F3 2400-14		W-100.000		MONT F3		PUD		165.3		3084.8		—		114.8		12,781.5		9,471.2		7,261.4		5,717.1
GC Core F3 2400-15		W-100.000		MONT F3		PUD		165.3		3084.8		—		114.8		12,780.2		9,393.7		7,146.4		5,585.1
GC Core F3 2400-16		W-100.000		MONT F3		PUD		165.3		3084.8		—		114.8		12,774.5		9,090.6		6,705.6		5,088.3
GC Core F3 2400-17		W-100.000		MONT F3		PUD		165.3		3084.8		—		114.8		12,773.8		9,054.3		6,653.7		5,030.8
GC Core F3 2400-18		W-100.000		MONT F3		PUD		165.3		3084.8		—		114.8		12,773.1		9,016.1		6,599.4		4,970.7
GC Core F3 2600-01		W-100.000		MONT F3		PUD		178.2		3307.6		—		123.0		13,901.0		11,457.2		9,735.5		8,463.7
GC Core F3 2600-02		W-100.000		MONT F3		PUD		178.2		3307.6		—		123.0		13,901.0		11,457.2		9,735.5		8,463.7
GC Feature 1400m-1		W-100.000		MONT G1		PUD		127.2		1778.1		—		66.1		6,948.9		5,097.0		3,830.3		2,939.1
GC Feature 1400m-2		W-100.000		MONT G1		PUD		127.2		1778.1		—		66.1		6,948.2		5,075.0		3,798.4		2,903.3
GC Feature 1400m-3		W-100.000		MONT G1		PUD		127.2		1778.3		—		66.2		6,948.9		5,058.0		3,773.3		2,875.4
GC Feature 1400m-4		W-100.000		MONT G1		PUD		127.2		1778.3		—		66.2		6,948.2		5,036.3		3,742.2		2,840.8
GC Feature 1400m-5		W-100.000		MONT G1		PUD		127.2		1778.4		—		66.2		6,948.2		5,016.5		3,713.5		2,809.0
GC Feature 1400m-6		W-100.000		MONT G1		PUD		127.1		1776.0		—		66.1		6,946.6		4,994.5		3,682.6		2,775.0
Subtotal 3.0 PUD								10,724.8		166,967.0		—		6,211.2		715,292.3		539,468.5		421,620.1		339,016.6
Subtotal Gold Creek								10,724.8		166,967.0		—		6,211.2		715,292.3		539,468.5		421,620.1		339,016.6
Karr
3.0 PUD
PR-KNE-3000m-01		W-100.000		MONT F3		PUD		276.4		1625.0		—		58.5		9,067.8		6,020.3		4,102.7		2,853.3
PR-KNE-3000m-02		W-100.000		MONT F3		PUD		277.1		1630.1		—		58.7		9,066.3		5,994.1		4,068.0		2,817.8
PR-KNW F-2400m-001		W-100.000		MONT F3		PUD		214.9		2202.7		—		79.3		9,260.4		7,374.9		5,992.5		4,948.7
PR-KNW F-2400m-002		W-100.000		MONT F3		PUD		214.9		2202.7		—		79.3		9,260.4		7,374.9		5,992.5		4,948.7

     22-0154      2022-09-02 3:28:54 PM

Prices:      December 2021 SEC Eff. Date: December 31, 2021 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2021 Proved Undeveloped 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%
PR-KNW F-2400m-003	W-100.000	MONT F3		PUD		214.3		2195.0		—		79.0		9,238.2		6,463.2		4,641.7		3,406.6
PR-KNW F-2400m-004	W-100.000	MONT F3		PUD		214.5		2197.4		—		79.1		9,234.6		6,381.8		4,529.6		3,286.8
PR-KNW F-2400m-005	W-100.000	MONT F3		PUD		214.9		2202.7		—		79.3		9,234.4		6,356.7		4,494.9		3,250.0
PR-KNW F-2400m-006	W-100.000	MONT F3		PUD		214.5		2197.7		—		79.1		9,229.8		6,177.1		4,252.6		2,997.4
PR-KNW F-2400m-007	W-100.000	MONT F3		PUD		214.1		2192.3		—		78.9		9,226.7		6,123.3		4,181.8		2,924.9
PR-KNW F-2400m-008	W-100.000	MONT F3		PUD		214.1		2192.3		—		78.9		9,226.7		6,123.3		4,181.8		2,924.9
PR-KNW F-2400m-009	W-100.000	MONT F3		PUD		213.9		2189.7		—		78.8		9,225.7		6,098.6		4,149.5		2,892.1
PR-KNW F-2400m-010	W-100.000	MONT F3		PUD		213.9		2189.7		—		78.8		9,225.7		6,098.6		4,149.5		2,892.1
PR-KNW F-2400m-011	W-100.000	MONT F3		PUD		214.5		2197.4		—		79.1		9,224.3		6,072.5		4,115.0		2,856.9
PR-KNW F-3000m-001	W-100.000	MONT F3		PUD		272.8		2776.6		—		100.0		12,468.3		9,304.0		7,141.9		5,604.3
PR-KNW F-3000m-002	W-100.000	MONT F3		PUD		272.6		2774.0		—		99.9		12,467.2		9,263.9		7,082.5		5,536.1
PR-KNW F-3000m-003	W-100.000	MONT F3		PUD		272.6		2774.1		—		99.9		12,466.3		9,190.7		6,974.1		5,412.8
PR-KNW F-3000m-004	W-100.000	MONT F3		PUD		272.2		2768.9		—		99.7		12,461.9		9,001.4		6,698.6		5,102.9
PR-KNW F-3000m-005	W-100.000	MONT F3		PUD		273.0		2779.1		—		100.0		12,459.9		8,892.3		6,541.5		4,928.6
PR-KNW F-3000m-006	W-100.000	MONT F3		PUD		272.8		2776.5		—		100.0		12,458.9		8,854.0		6,487.1		4,868.6
PR-KNW F-3000m-007	W-100.000	MONT F3		PUD		272.6		2773.9		—		99.9		12,457.8		8,815.7		6,432.8		4,808.9
PR-KNW F-3000m-008	W-100.000	MONT F3		PUD		272.8		2776.7		—		100.0		12,458.9		8,786.3		6,390.9		4,763.6
PR-KNW F-3000m-009	W-100.000	MONT F3		PUD		272.6		2774.1		—		99.9		12,457.6		8,748.6		6,338.0		4,706.0
PR-KNW F-3000m-010	W-100.000	MONT F3		PUD		273.0		2779.3		—		100.1		12,457.5		8,714.3		6,289.6		4,653.5
PR-KNW F-3000m-011	W-100.000	MONT F3		PUD		272.8		2776.7		—		100.0		12,456.5		8,677.0		6,237.6		4,597.2
PR-KNW F-3000m-018	W-100.000	MONT F3		PUD		272.8		2776.8		—		100.0		12,450.2		8,363.3		5,807.7		4,141.3
PR-KNW G-2400m-001	W-100.000	MONT G1		PUD		266.9		2184.8		—		78.7		11,668.6		9,302.5		7,602.9		6,335.9
PR-KNW G-2400m-002	W-100.000	MONT G1		PUD		266.9		2184.8		—		78.7		11,668.6		9,302.5		7,602.9		6,335.9
PR-KNW G-2400m-003	W-100.000	MONT G1		PUD		266.9		2184.8		—		78.7		11,646.7		8,191.1		5,940.2		4,415.8
PR-KNW G-2400m-004	W-100.000	MONT G1		PUD		267.1		2186.9		—		78.7		11,644.8		8,121.5		5,842.6		4,310.0
PR-KNW G-2400m-006	W-100.000	MONT G1		PUD		266.9		2184.8		—		78.7		11,637.9		7,796.4		5,398.0		3,838.9
PR-KNW G-2400m-007	W-100.000	MONT G1		PUD		267.4		2189.2		—		78.8		11,636.8		7,763.4		5,353.6		3,792.7
PR-KNW G-2400m-008	W-100.000	MONT G1		PUD		267.4		2189.2		—		78.8		11,636.8		7,763.4		5,353.6		3,792.7
PR-KNW G-2400m-009	W-100.000	MONT G1		PUD		267.2		2187.0		—		78.7		11,635.7		7,730.0		5,309.2		3,746.8
PR-KNW G-2400m-010	W-100.000	MONT G1		PUD		266.9		2184.8		—		78.7		11,635.1		7,699.0		5,268.1		3,704.6
PR-KNW G-2400m-011	W-100.000	MONT G1		PUD		267.2		2187.0		—		78.7		11,633.8		7,666.0		5,224.5		3,659.8
PR-KNW G-3000m-001	W-100.000	MONT G1		PUD		339.9		2778.7		—		100.0		15,662.8		11,696.9		9,028.2		7,145.5
PR-KNW G-3000m-002	W-100.000	MONT G1		PUD		339.7		2776.5		—		100.0		15,661.7		11,647.0		8,953.6		7,059.2
PR-KNW G-3000m-003	W-100.000	MONT G1		PUD		339.7		2776.5		—		100.0		15,660.3		11,554.5		8,816.2		6,901.4
PR-KNW G-3000m-004	W-100.000	MONT G1		PUD		339.7		2776.5		—		100.0		15,656.5		11,317.9		8,468.8		6,506.9
PR-KNW G-3000m-005	W-100.000	MONT G1		PUD		340.1		2780.9		—		100.1		15,655.1		11,180.8		8,270.1		6,284.5
PR-KNW G-3000m-006	W-100.000	MONT G1		PUD		339.9		2778.7		—		100.0		15,654.3		11,133.1		8,201.8		6,208.5
PR-KNW G-3000m-007	W-100.000	MONT G1		PUD		339.7		2776.5		—		100.0		15,653.2		11,085.4		8,133.6		6,133.0
PR-KNW G-3000m-008	W-100.000	MONT G1		PUD		339.5		2774.5		—		99.9		15,654.1		11,047.2		8,079.2		6,073.5
PR-KNW G-3000m-009	W-100.000	MONT G1		PUD		339.3		2772.2		—		99.8		15,652.4		11,000.0		8,012.7		6,000.5
PR-KNW G-3000m-010	W-100.000	MONT G1		PUD		339.1		2770.0		—		99.7		15,651.4		10,956.1		7,950.9		5,933.1
PR-KNW G-3000m-011	W-100.000	MONT G1		PUD		340.3		2783.0		—		100.2		15,650.2		10,910.3		7,886.0		5,862.0
PR-KNW G-3000m-012	W-100.000	MONT G1		PUD		340.1		2780.9		—		100.1		15,650.1		10,867.0		7,825.3		5,796.2
PR-KNW G-3000m-013	W-100.000	MONT G1		PUD		339.9		2778.7		—		100.0		15,649.3		10,820.9		7,761.0		5,726.6
PR-KNW G-3000m-018	W-100.000	MONT G1		PUD		339.5		2774.5		—		99.9		15,645.6		10,516.9		7,342.9		5,280.7
PR-KNW G-3000m-019	W-100.000	MONT G1		PUD		339.3		2772.2		—		99.8		15,643.9		10,472.0		7,282.4		5,217.2
PR-KNW G-3000m-020	W-100.000	MONT G1		PUD		339.1		2770.0		—		99.7		15,642.8		10,430.1		7,226.2		5,158.6
PR-KNW G-3000m-021	W-100.000	MONT G1		PUD		340.3		2783.0		—		100.2		15,641.6		10,386.5		7,167.2		5,096.7
PR-KNW G-3000m-022	W-100.000	MONT G1		PUD		340.1		2780.9		—		100.1		15,641.4		10,345.2		7,112.0		5,039.5
PR-KSO SE-3000m-01	W-35.000	MONT F3,G		PUD		116.9		474.5		—		17.1		3,647.2		2,822.0		2,213.0		1,750.9
PR-KSO SE-3000m-02	W-35.000	MONT F3,G		PUD		116.9		474.5		—		17.1		3,647.2		2,822.0		2,213.0		1,750.9
PR-KSO SE-3000m-03	W-35.000	MONT F3,G		PUD		116.9		474.5		—		17.1		3,647.2		2,822.0		2,213.0		1,750.9
PR-KSO SE-3000m-04	W-35.000	MONT F3,G		PUD		116.9		474.5		—		17.1		3,647.2		2,822.0		2,213.0		1,750.9
PR-KSO SE-3000m-05	W-35.000	MONT F3,G		PUD		117.0		475.0		—		17.1		3,643.9		2,698.2		2,036.4		1,560.0
PR-KSO SE-3000m-06	W-35.000	MONT F3,G		PUD		116.9		474.5		—		17.1		3,643.7		2,687.5		2,020.9		1,542.7
PR-KSO SE-3000m-07	W-35.000	MONT F3,G		PUD		117.1		475.6		—		17.1		3,643.4		2,676.1		2,004.1		1,523.9
PR-KSO SE-3000m-08	W-35.000	MONT F3,G		PUD		117.0		475.0		—		17.1		3,643.4		2,665.5		1,988.9		1,507.0
PR-KSO SE-3000m-09	W-35.000	MONT F3,G		PUD		116.9		474.5		—		17.1		3,643.0		2,654.0		1,972.3		1,488.6
PR-KSO SE-3000m-10	W-35.000	MONT F3,G		PUD		116.8		473.9		—		17.1		3,642.6		2,642.5		1,955.7		1,470.4
PR-KSO SE-3000m-11	W-35.000	MONT F3,G		PUD		116.7		473.3		—		17.0		3,642.2		2,631.9		1,940.7		1,453.9
PR-KSO SE-3000m-12	W-35.000	MONT F3,G		PUD		117.1		475.6		—		17.1		3,641.0		2,598.8		1,893.7		1,402.6
PR-KSO SE-3000m-13	W-35.000	MONT F3,G		PUD		117.1		475.6		—		17.1		3,641.0		2,598.8		1,893.7		1,402.6
PR-KSO SE-3000m-14	W-35.000	MONT F3,G		PUD		117.0		475.0		—		17.1		3,640.7		2,587.5		1,877.7		1,385.2
PR-KSO SE-3000m-15	W-35.000	MONT F3,G		PUD		117.0		475.0		—		17.1		3,640.7		2,587.5		1,877.7		1,385.2
PR-KSO SE-3000m-16	W-35.000	MONT F3,G		PUD		116.9		474.5		—		17.1		3,641.1		2,579.2		1,866.0		1,372.9
PR-KSO SE-3000m-17	W-35.000	MONT F3,G		PUD		116.9		474.5		—		17.1		3,641.1		2,579.2		1,866.0		1,372.9
PR-KSO SE-3000m-18	W-35.000	MONT F3,G		PUD		117.0		475.0		—		17.1		3,640.8		2,568.1		1,850.5		1,356.1
PR-KSO SE-3000m-19	W-35.000	MONT F3,G		PUD		117.1		475.6		—		17.1		3,637.7		2,473.3		1,720.6		1,219.2
PR-KSO SE-3000m-20	W-35.000	MONT F3,G		PUD		117.1		475.6		—		17.1		3,637.7		2,473.3		1,720.6		1,219.2
PR-KSO SE-3000m-21	W-35.000	MONT F3,G		PUD		117.0		475.0		—		17.1		3,637.3		2,462.5		1,706.0		1,204.1
PR-KSO SE-3000m-22	W-35.000	MONT F3,G		PUD		117.0		475.0		—		17.1		3,637.3		2,462.5		1,706.0		1,204.1
PR-KSO SE-3000m-23	W-35.000	MONT F3,G		PUD		116.9		474.5		—		17.1		3,637.6		2,454.5		1,695.4		1,193.3
PR-KSO SE-3000m-24	W-35.000	MONT F3,G		PUD		116.9		474.5		—		17.1		3,637.6		2,454.5		1,695.4		1,193.3
PR-KSO SE-3000m-25	W-35.000	MONT F3,G		PUD		117.0		475.0		—		17.1		3,637.2		2,443.9		1,681.3		1,178.8
PR-KSO-2600m-01	W-100.000	MONT F3,G		PUD		272.4		1976.5		—		71.2		11,089.0		8,616.7		6,826.5		5,495.1
PR-KSO-2600m-02	W-100.000	MONT F3,G		PUD		272.4		1976.5		—		71.2		11,089.0		8,616.7		6,826.5		5,495.1
PR-KSO-2600m-03	W-100.000	MONT F3,G		PUD		272.4		1976.5		—		71.2		11,089.0		8,616.7		6,826.5		5,495.1
PR-KSO-2600m-04	W-100.000	MONT F3,G		PUD		272.4		1976.5		—		71.2		11,089.0		8,616.7		6,826.5		5,495.1
PR-KSO-2600m-05	W-100.000	MONT F3,G		PUD		272.4		1976.5		—		71.2		11,089.0		8,616.7		6,826.5		5,495.1
PR-KSO-2600m-06	W-100.000	MONT F3,G		PUD		272.4		1976.5		—		71.2		11,089.0		8,616.7		6,826.5		5,495.1
PR-KSO-2600m-07	W-100.000	MONT F3,G		PUD		272.6		1978.8		—		71.2		11,062.0		7,459.9		5,162.8		3,652.2
PR-KSO-2600m-08	W-100.000	MONT F3,G		PUD		272.4		1976.5		—		71.2		11,060.6		7,427.5		5,119.7		3,607.8
PR-KSO-2600m-09	W-100.000	MONT F3,G		PUD		272.8		1981.1		—		71.3		11,060.2		7,398.2		5,080.4		3,567.3
PR-KSO-3000m-01	W-100.000	MONT F3,G		PUD		316.3		2310.4		—		83.2		13,297.8		10,816.6		8,975.9		7,565.9
PR-KSO-3000m-02	W-100.000	MONT F3,G		PUD		316.3		2310.4		—		83.2		13,297.8		10,816.6		8,975.9		7,565.9
PR-KSO-3000m-03	W-100.000	MONT F3,G		PUD		316.3		2310.4		—		83.2		13,297.8		10,816.6		8,975.9		7,565.9
PR-KSO-3000m-04	W-100.000	MONT F3,G		PUD		316.5		2312.7		—		83.3		13,290.5		10,339.4		8,222.6		6,654.7
PR-KSO-3000m-05	W-100.000	MONT F3,G		PUD		316.5		2312.7		—		83.3		13,290.5		10,339.4		8,222.6		6,654.7
PR-KSO-3000m-06	W-100.000	MONT F3,G		PUD		316.5		2312.7		—		83.3		13,290.5		10,339.4		8,222.6		6,654.7
PR-KSO-3000m-07	W-100.000	MONT F3,G		PUD		316.5		2312.7		—		83.3		13,290.5		10,339.4		8,222.6		6,654.7
PR-KSO-3000m-08	W-100.000	MONT F3,G		PUD		316.5		2312.7		—		83.3		13,290.5		10,339.4		8,222.6		6,654.7
PR-KSO-3000m-09	W-100.000	MONT F3,G		PUD		316.5		2312.7		—		83.3		13,290.5		10,339.4		8,222.6		6,654.7

     22-0154      2022-09-02 3:28:54 PM

Prices:      December 2021 SEC Eff. Date: December 31, 2021 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2021 Proved Undeveloped 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%
PR-KSO-3000m-10	W-100.000	MONT F3,G		PUD		316.7		2314.9		—		83.3		13,282.7		9,883.0		7,532.5		5,853.5
PR-KSO-3000m-11	W-100.000	MONT F3,G		PUD		316.5		2312.6		—		83.3		13,281.7		9,840.7		7,470.1		5,782.7
PR-KSO-3000m-12	W-100.000	MONT F3,G		PUD		316.3		2310.4		—		83.2		13,281.2		9,801.4		7,412.5		5,717.6
PR-KSO-3000m-13	W-100.000	MONT F3,G		PUD		316.1		2308.1		—		83.1		13,279.9		9,759.2		7,350.9		5,648.2
Subtotal 3.0 PUD						24,460.0		192,287.3		—		6,922.3		1,030,932.4		740,997.9		549,860.7		418,546.0
Subtotal Karr						24,460.0		192,287.3		—		6,922.3		1,030,932.4		740,997.9		549,860.7		418,546.0
Subtotal Reserves						35,184.7		359,254.3		—		13,133.5		1,582,524.7		1,129,171.2		828,881.6		621,515.5
Total						35,184.7		359,254.3		—		13,133.5		1,582,524.7		1,129,171.2		828,881.6		621,515.5

     22-0154      2022-09-02 3:28:54 PM