Exhibit 99.8

HAMMERHEAD RESOURCES INC.

Evaluation of Petroleum Reserves

Based on Constant Prices and Costs

As of December 31, 2019

HAMMERHEAD RESOURCES INC.

Evaluation of Petroleum Reserves

Based on Constant Prices and Costs

As of December 31, 2019

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

September 2022

HAMMERHEAD RESOURCES INC.

TABLE OF CONTENTS

Covering Letter

Certificates of Qualification

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

September 9, 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, 2019. 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 2019 with no inflation of operating or capital costs and were presented in Canadian dollars. All of the future net revenues and net present value estimates in this report are presented before income taxes. The future net revenues presented in this report may not necessarily represent the fair market value of the reserves estimates.

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

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

Hammerhead Resources Inc.	Page 2
Constant Prices and Costs	September 9, 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.

The reserves estimates presented in this report were prepared on the basis of an overall evaluation of the reserves of the Company. Individual property reserves estimates may not reflect the same confidence level as required by the reserves definitions for the overall group of properties. Consequently, McDaniel & Associates reserves the right to re-assess the reserves estimates and future net revenues for any individual property or group of properties if considered in isolation.

This report was prepared by McDaniel & Associates Consultants Ltd. for the exclusive use of Hammerhead Resources Inc. and is not to be reproduced, distributed or made available, in whole or in part, to any person, company or organization other than Hammerhead Resources Inc. without the knowledge and consent of McDaniel & Associates Consultants Ltd.

Hammerhead Resources Inc.	Page 3
Constant Prices and Costs	September 9, 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.
September 9, 2022	September 9, 2022
/s/ Josée C. Arpin	/s/ David G. Jenkinson
Josée C. Arpin, P.Eng.	David G. Jenkinson, P.Geol.
	September 9, 2022
MJV/SWC/JCA/DGJ:jep
[22-0163]

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, 2019”, dated September 9, 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: September 9, 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, 2019”, dated September 9, 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: September 9, 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, 2019”, dated September 9, 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: September 9, 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, 2019”, dated September 9, 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: September 9, 2022

Prices: YE2019 SEC Prices Eff. Date: December 31, 2019 Currency: CAD Hammerhead Resources Inc.   Total Company Reserves and Net Present Value Constant Prices and Costs as of December 31, 2019 Total Company Table A

	PDP		PNP		PUD		TP
Crude Oil (Mbbl)
Working Interest Volume		9,097.9		—		44,634.6		53,732.4
Royalty Interest Volume		—		—		—		—
Net Volume		7,773.2		—		40,059.2		47,832.4
Natural Gas (MMcf)
Working Interest Volume		130,798.3		—		421,168.2		551,966.5
Royalty Interest Volume		—		—		—		—
Net Volume		122,572.8		—		400,109.8		522,682.6
Condensate (Mbbl)
Working Interest Volume		165.0		—		—		165.0
Royalty Interest Volume		—		—		—		—
Net Volume		99.3		—		—		99.3
Natural Gas Liquids (Mbbl) (1)
Working Interest Volume		3,828.3		—		12,909.6		16,737.9
Royalty Interest Volume		—		—		—		—
Net Volume		3,249.4		—		11,733.7		14,983.1
Total (MBOE) (2)
Working Interest Volume		34,890.9		—		127,738.9		162,629.7
Royalty Interest Volume		—		—		—		—
Net Volume		31,550.7		—		118,477.8		150,028.5
Net Present Value Before Tax (M$)
0.0%		291,093.2		—		728,378.2		1,019,471.4
5.0%		282,854.5		—		506,262.1		789,116.7
10.0%		264,923.2		—		353,010.6		617,933.8
15.0%		247,945.9		—		245,776.7		493,722.6
20.0%		233,326.5		—		169,453.7		402,780.1
$/BOE Before Tax (3)
0.0%		8.34		—		5.70		6.27
5.0%		8.11		—		3.96		4.85
10.0%		7.59		—		2.76		3.80
15.0%		7.11		—		1.92		3.04
20.0%		6.69		—		1.33		2.48
Net Present Value After Tax (M$)
0.0%		291,093.2		—		728,378.2		1,019,471.4
5.0%		282,854.5		—		506,262.1		789,116.7
10.0%		264,923.2		—		353,010.6		617,933.8
15.0%		247,945.9		—		245,776.7		493,722.6
20.0%		233,326.5		—		169,453.7		402,780.1

(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.

Prices: YE2019 SEC Prices Eff. Date: December 31, 2019 Currency: CAD Hammerhead Resources Inc.   Company Share Sales Volumes Constant Prices and Costs as of December 31, 2019 Total Reserves   Total Company

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

Prices: YE2019 SEC Prices Eff. Date: December 31, 2019 Currency: CAD Hammerhead Resources Inc.   Cash Flow Summary Constant Prices and Costs as of December 31, 2019 Total Reserves   Total Company   Company Share Revenue (MM$)

Prices: YE2019 SEC Prices Eff. Date: December 31, 2019 Currency: CAD Hammerhead Resources Inc.   Reserves Distribution by Reserves Class and Product Constant Prices and Costs as of December 31, 2019 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.

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

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

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

Prices: YE2019 SEC Prices Eff. Date: December 31, 2019 Currency: CAD Hammerhead Resources Inc.   Summary of Oil and Gas Reserves Constant Prices and Costs as of December 31, 2019 Total Reserves   Total Company Table F1-1

Reserves

	Light & Medium Oil				Heavy Oil				Tight Oil
	Gross (1)		Net (2)		Gross (1)		Net (2)		Gross (1)		Net (2)
Reserves Category	(Mbbl)		(Mbbl)		(Mbbl)		(Mbbl)		(Mbbl)		(Mbbl)
Proved
Developed Producing		—		—		—		—		9,097.9		7,773.2
Developed Non-Producing		—		—		—		—		—		—
Undeveloped		—		—		—		—		44,634.6		40,059.2
Total Proved		—		—		—		—		53,732.4		47,832.4

	Conventional Natural Gas				Shale Gas				Natural Gas Liquids (3)
	Gross (1)		Net (2)		Gross (1)		Net (2)		Gross (1)		Net (2)
Reserves Category	(MMcf)		(MMcf)		(MMcf)		(MMcf)		(Mbbl)		(Mbbl)
Proved
Developed Producing		—		—		130,798.3		122,572.8		3,993.3		3,348.7
Developed Non-Producing		—		—		—		—		—		—
Undeveloped		—		—		421,168.2		400,109.8		12,909.6		11,733.7
Total Proved		—		—		551,966.5		522,682.6		16,902.9		15,082.4

(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.

Prices: YE2019 SEC Prices Eff. Date: December 31, 2019 Currency: CAD Hammerhead Resources Inc.   Summary of Net Present Value of Future Net Revenue Constant Prices and Costs as of December 31, 2019 Total Reserves   Total Company Table F1-2

Net Present Values of Future Net Revenue
	Before Income Taxes Discounted at (%/year)										After Income Taxes Discounted at (%/year)										Unit Value Before Tax
	@0.0%		@5.0%		@10.0%		@15.0%		@20.0%		@0.0%		@5.0%		@10.0%		@15.0%		@20.0%		@10.0% (1)
Reserves Category	(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		($/BOE)
Proved
Developed Producing		291,093.2		282,854.5		264,923.2		247,945.9		233,326.5		291,093.2		282,854.5		264,923.2		247,945.9		233,326.5		8.40
Developed Non-Producing		—		—		—		—		—		—		—		—		—		—		—
Undeveloped		728,378.2		506,262.1		353,010.6		245,776.7		169,453.7		728,378.2		506,262.1		353,010.6		245,776.7		169,453.7		2.98
Total Proved		1,019,471.4		789,116.7		617,933.8		493,722.6		402,780.1		1,019,471.4		789,116.7		617,933.8		493,722.6		402,780.1		4.12

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

Prices: YE2019 SEC Prices	Hammerhead Resources Inc.	Table F1-3
Eff. Date: December 31, 2019
Currency: CAD	Total Future Net Revenue (Undiscounted)
	Constant Prices and Costs as of December 31, 2019
	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		5,240,443		466,552		2,306,111		1,402,355		45,953		1,019,471		—		1,019,471

(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.

Prices: YE2019 SEC Prices	Hammerhead Resources Inc.	Table F1-4
Eff. Date: December 31, 2019
Currency: CAD	Future Net Revenue by Product Type
	Constant Prices and Costs as of December 31, 2019
	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)		612,739		12.81
	Shale Gas (Including By-products)		5,195		0.45
	Total		617,934

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

Prices: YE2019 SEC Prices	Hammerhead Resources Inc.	Table F1-5
Eff. Date: December 31, 2019
Currency: CAD	Future Capital, Abandonment, Decommissioning and Reclamation Costs
	Constant Prices and Costs as of December 31, 2019
	Total Reserves Total Company

	2020		2021		2022		2023		2024		2025		2026		2027		2028		2029		2030		2031		2032		2033		2034		Remaining		Total
Development Cost Forecast (M$)
Total Proved
Undiscounted		182,130		148,900		380,350		357,875		310,300		2,400		2,400		2,400		2,400		2,400		2,160		1,920		1,680		1,440		1,200		2,400		1,402,355
Discounted @ 10.0%		171,093		131,607		300,986		255,479		203,763		1,415		1,287		1,170		1,063		967		791		639		508		396		300		498		1,071,962
Abandonment, Decommissioning and Reclamation Cost Forecast (M$)
Total Proved
Undiscounted		—		—		300		—		—		—		—		—		—		—		—		—		—		—		—		45,654		45,953
Discounted @ 10.0%		—		—		235		—		—		—		—		—		—		—		—		—		—		—		—		3,973		4,208

McDaniel & Associates Consultants Ltd.

December 31, 2019 Constant Product Price Schedule

Crude Oil Prices
West Texas Intermediate ($U.S./bbl) (1)	55.85
Edmonton Light Crude ($Cdn./bbl) (1)	66.73
Natural Gas
U.S. Henry Hub ($U.S./MMBtu) (1)	2.58
AECO Spot ($Cdn./MMBtu) (1)	1.76
Natural Gas Liquids (Edmonton Reference Price $Cdn./bbl)
Propane Edmonton (2)	16.75
Field Butane Edmonton (2)	22.55
Natural Gasolines & Condensate (2)	69.58
Exchange Rate (1)
$US/$CAN	0.75

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

2) Based on average to benchmark prices.

C191231

HAMMERHEAD RESOURCES INC.

Evaluation of Petroleum Reserves

Based on Constant Prices and Costs

As of December 31, 2019

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, 2019. Reserves estimates were prepared for three properties in which the Company was indicated to have an interest in Western Canada based on detailed studies of the reservoir and performance characteristics as well as historical revenues and costs.

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

The effective date of this report is December 31, 2019. The reserves estimates presented herein were based on 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. The reserves estimates and future net revenue forecasts have been prepared and presented in accordance with U.S. Securities Exchange Commission (SEC) standards. A brief review of the methodology employed in arriving at the reserves and net present value estimates is presented in this section.

RESERVES ESTIMATES

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.

Hammerhead Resources Inc.	Page 2
Constant Prices and Costs	September 9, 2022

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.

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.

Hammerhead Resources Inc.	Page 3
Constant Prices and Costs	September 9, 2022

(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

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.

Hammerhead Resources Inc.	Page 4
Constant Prices and Costs	September 9, 2022

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.

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.

Hammerhead Resources Inc.	Page 5
Constant Prices and Costs	September 9, 2022

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 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. Royalties and mineral taxes payable to the Crown were estimated based on the methods in effect as of December 31, 2019. 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.

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 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.

Hammerhead Resources Inc.	Page 6
Constant Prices and Costs	September 9, 2022

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 and 932-235-50-9 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:      YE2019 SEC Prices	Hammerhead Resources Inc.	Table 1
Eff. Date: December 31, 2019
Currency: CAD	Forecast of Production and Revenue Before Tax - Company Share
	Constant Prices and Costs as of December 31, 2019
	Total Proved Reserves
	Total Company

			Crude Oil						Natural Gas						Condensate						Natural Gas Liquids						Sulphur & Other Revenue M$		Company Share Revenue M$
Year	WI Wells		WI & RI Volume Mbbl		Sales Price $/bbl		Sales Revenue M$		WI & RI Volume MMcf		Sales Price $/Mcf		Sales Revenue M$		WI & RI Volume Mbbl		Sales Price $/bbl		Sales Revenue M$		WI & RI Volume Mbbl		Sales Price $/bbl		Sales Revenue M$						BOE/d
2020		123.4		3847.3		66.42		255552.5		45831.4		1.94		88754.3		36.5		69.58		2542.8		1331.9		35.89		47806.4		—		394656.0		35121
2021		150.4		5116.9		66.45		340003.2		61821.0		1.94		119713.8		30.2		69.58		2099.0		1778.2		36.10		64187.5		—		526003.4		47202
2022		166.1		5559.1		66.46		369460.8		55236.9		1.94		106951.3		22.7		69.58		1578.4		1617.6		35.81		57929.1		—		535919.6		44947
2023		198.8		7579.9		66.46		503789.2		61716.2		1.94		119492.5		14.7		69.58		1022.8		1867.7		35.24		65814.0		—		690118.4		54105
2024		234.4		8826.8		66.47		586687.8		67535.1		1.94		130755.0		12.9		69.58		897.8		2099.4		34.78		73023.3		—		791363.9		60642
2025		234.5		5735.3		66.47		381205.6		55475.2		1.94		107405.2		11.4		69.58		796.1		1722.7		34.80		59954.2		—		549361.0		45795
2026		229.7		3633.3		66.47		241487.3		40560.2		1.94		78529.1		10.3		69.58		715.0		1253.3		34.88		43720.7		—		364452.1		31937
2027		222.5		2714.0		66.46		180382.8		32061.9		1.94		62075.9		9.2		69.58		643.6		988.3		34.92		34515.3		—		277617.6		24809
2028		216.2		2170.5		66.46		144257.0		26375.8		1.94		51067.2		7.9		69.58		550.4		812.3		34.94		28380.0		—		224254.6		20182
2029		209.7		1789.3		66.47		118933.0		22027.7		1.94		42646.0		5.0		69.58		350.4		679.0		34.95		23726.2		—		185655.6		16834
2030		200.4		1498.0		66.47		99574.2		18548.2		1.94		35909.3		2.6		69.58		182.8		572.1		34.94		19986.7		—		155653.0		14148
2031		189.6		1260.0		66.47		83754.2		15606.8		1.94		30214.8		1.5		69.58		103.6		482.2		34.90		16832.4		—		130905.0		11904
2032		180.7		1077.4		66.47		71614.3		13366.6		1.94		25877.7		—		—		—		413.1		34.90		14418.5		—		111910.5		10159
2033		176.1		936.9		66.47		62275.6		11681.9		1.94		22616.1		—		—		—		361.2		34.89		12604.0		—		97495.7		8891
2034		156.2		761.4		66.47		50608.5		9383.6		1.94		18166.7		—		—		—		291.9		34.79		10155.7		—		78930.9		7171
Rem.		—		1226.4		66.47		81516.5		14737.9		1.94		28532.5		—		—		—		466.8		34.48		16096.5		—		126145.5		1893
Total		—		53732.4		66.46		3571102.6		551966.5		1.94		1068707.2		165.0		69.58		11482.6		16737.9		35.20		589150.4		—		5240442.9		—

	Crown Royalties						Freehold Royalties						Overriding Royalties
Year	Unadj. Royalty M$		Royalty Adj. M$		Adj. Royalty M$		Unadj. Royalty M$		Royalty Adj. M$		Adj. Royalty M$		Unadj. Royalty M$		Royalty Adj. M$		Adj. Royalty M$		Mineral Tax M$		Sask. Cap. Surch. M$		Total Royalties & Taxes				NPI Pymts. M$
																							M$		%
2020		30477.6		4383.2		26094.4		—		—		—		1373.5		—		1373.5		—		—		27467.9		7.0		—
2021		36935.2		5748.7		31186.5		—		—		—		972.8		—		972.8		—		—		32159.2		6.1		—
2022		40288.0		5205.1		35082.9		—		—		—		697.9		—		697.9		—		—		35780.8		6.7		—
2023		53314.2		5786.2		47528.0		—		—		—		554.9		—		554.9		—		—		48083.0		7.0		—
2024		59170.4		6181.2		52989.2		—		—		—		449.3		—		449.3		—		—		53438.5		6.8		—
2025		46157.1		4969.6		41187.5		—		—		—		320.5		—		320.5		—		—		41508.0		7.6		—
2026		40012.2		3593.5		36418.7		—		—		—		247.2		—		247.2		—		—		36665.9		10.1		—
2027		39634.4		2846.7		36787.7		—		—		—		202.2		—		202.2		—		—		36989.9		13.3		—
2028		36054.2		2372.5		33681.7		—		—		—		157.0		—		157.0		—		—		33838.7		15.1		—
2029		30043.1		1980.8		28062.2		—		—		—		118.0		—		118.0		—		—		28180.2		15.2		—
2030		24981.7		1662.2		23319.5		—		—		—		74.5		—		74.5		—		—		23394.1		15.0		—
2031		20508.5		1385.2		19123.3		—		—		—		21.1		—		21.1		—		—		19144.4		14.6		—
2032		16759.8		1166.1		15593.7		—		—		—		—		—		—		—		—		15593.7		13.9		—
2033		13467.3		993.2		12474.1		—		—		—		—		—		—		—		—		12474.1		12.8		—
2034		9932.9		773.8		9159.2		—		—		—		—		—		—		—		—		9159.2		11.6		—
Rem.		13834.9		1160.1		12674.8		—		—		—		—		—		—		—		—		12674.8		10.0		—
Total		511571.5		50208.1		461363.4		—		—		—		5189.0		—		5189.0		—		—		466552.4		8.9		—

									Capital Costs						Future Net Revenue Before Tax
					ADR		Net Op.		Drilling		Equip. &		Total						NPV
	Operating Costs				Costs		Income		& Compl.		Facility		Capital		Annual		Cum.		@10.0%
Year	M$		$/BOE		M$		M$		M$		M$		M$		M$		M$		M$
2020		151628.4		11.80		—		215559.6		153430.0		28700.0		182130.0		33429.6		33429.6		34346.8
2021		199031.5		11.55		—		294812.7		128100.0		20800.0		148900.0		145912.7		179342.3		124904.1
2022		194548.6		11.86		299.5		305290.7		292150.0		88200.0		380350.0		-75059.3		104283.0		-61621.3
2023		233712.1		11.83		—		408323.4		324275.0		33600.0		357875.0		50448.4		154731.4		36463.0
2024		264436.7		11.91		—		473488.6		277500.0		32800.0		310300.0		163188.6		317920.0		104607.4
2025		214258.1		12.82		—		293594.9		—		2400.0		2400.0		291194.9		609115.0		173435.6
2026		166404.4		14.28		—		161381.8		—		2400.0		2400.0		158981.8		768096.8		85927.2
2027		140798.1		15.55		—		99829.6		—		2400.0		2400.0		97429.6		865526.5		47846.9
2028		123734.2		16.75		—		66681.7		—		2400.0		2400.0		64281.7		929808.2		28689.2
2029		110434.3		17.97		—		47041.0		—		2400.0		2400.0		44641.0		974449.3		18105.2
2030		98630.6		19.10		—		33628.4		—		2160.0		2160.0		31468.4		1005917.6		11603.4
2031		87836.1		20.22		—		23924.5		—		1920.0		1920.0		22004.5		1027922.1		7377.0
2032		79413.9		21.36		—		16902.9		—		1680.0		1680.0		15222.9		1043145.0		4642.7
2033		73800.2		22.74		—		11221.4		—		1440.0		1440.0		9781.4		1052926.4		2712.7
2034		62794.3		23.99		—		6977.4		—		1200.0		1200.0		5777.4		1058703.8		1458.4
Rem.		104649.3		25.22		45653.9		-36832.5		—		2400.0		2400.0		-39232.5		1019471.4		-2564.6
Total		2306110.7		14.18		45953.4		2421826.4		1175455.0		226900.0		1402355.0		1019471.4		—		617933.8

	Remaining Reserves
Product	Gross Lease		W.I.		R.I.		Net
Crude Oil (Mbbl)		53,883.4		53,732.4		—		47,832.4
Natural Gas (MMcf)		552,693.7		551,966.5		—		522,682.6
Condensate (Mbbl)		165.0		165.0		—		99.3
Natural Gas Liquids (Mbbl)		16,761.9		16,737.9		—		14,983.1
Total (MBOE)		162,925.9		162,629.7		—		150,028.5

Net Present Value Before Tax - M$
@ 0.0%	@ 5.0%		@ 10.0%		@ 15.0%		@ 20.0%
1,019,471.4		789,116.7		617,933.8		493,722.6		402,780.1

RLI                        14.69 yrs

Remaining Life     20.08 yrs

Price Schedule      C191231

Prices:      YE2019 SEC Prices	Hammerhead Resources Inc.	Table AT
Eff. Date: December 31, 2019
Currency: CAD	Forecast of Revenue After Tax - Company Share
	Constant Prices and Costs as of December 31, 2019
	Total Proved Reserves
	Total Company

	Capital Cost Allowance						Cdn. Oil & Gas Property Expense								Canadian Development Expense
	Initial Balance		Additions		Expense Claim		Initial Balance		Additions		Expense Claim		CEE Claim		Initial Balance		Additions		Expense Claim		FEDE Claim		Tax Pool Claims
Year	M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$
2020		484809.1		28700.0		131964.8		157696.9		—		15769.7		206497.1		546004.3		153430.0		232844.8		—		587076.4
2021		381544.3		20800.0		103186.1		141927.2		—		14192.7		—		466589.5		128100.0		197621.9		—		315000.7
2022		299158.2		88200.0		107864.6		127734.5		—		12773.4		—		397067.7		292150.0		250587.8		—		371225.8
2023		279493.7		33600.0		82473.4		114961.0		—		11496.1		—		438629.9		324275.0		277512.7		—		371482.2
2024		230620.3		32800.0		65855.1		103464.9		—		10346.5		—		485392.2		277500.0		249680.1		—		325881.7
2025		197565.2		2400.0		49991.3		93118.4		—		9311.8		—		513212.0		—		153963.6		—		213266.7
2026		149973.9		2400.0		38093.5		83806.6		—		8380.7		—		359248.4		—		107774.5		—		154248.7
2027		114280.4		2400.0		29170.1		75425.9		—		7542.6		—		251473.9		—		75442.2		—		112154.9
2028		87510.3		2400.0		22177.6		67883.3		—		6788.3		—		176031.7		—		52809.5		—		81775.4
2029		67732.7		2400.0		17233.2		61095.0		—		6109.5		—		123222.2		—		36966.7		—		60309.3
2030		52899.6		2160.0		13494.9		54985.5		—		5498.6		—		86255.5		—		25876.7		—		44870.1
2031		41564.7		1920.0		10631.2		49487.0		—		4948.7		—		60378.9		—		18113.7		—		33693.5
2032		32853.5		1680.0		8423.4		44538.3		—		4453.8		—		42265.2		—		12679.6		—		25556.8
2033		26110.1		1440.0		6707.5		40084.4		—		4008.4		—		29585.7		—		8875.7		—		19591.7
2034		20842.6		1200.0		5360.6		36076.0		—		3607.6		—		20710.0		—		6213.0		—		15181.2
Rem.				2400.0		18994.9				—		28082.4		—				—		14480.4		—		61557.8
Total				226900.0		711622.1				—		153310.9		206497.1				1175455.0		1721442.8		—		2792872.9

	Revenue								Royalties & Expenses								Taxable Income Before Deductions		Deductions
									Crown		Other		Op. Costs,		Total						Non-capital		Tax
	WI Sales		Royalty		Other		Total		Royalty		Royalty		ADR Costs		Royalties &				Tax Pool		Loss Carry-		Loss		Taxable
	Revenue		Revenue		Revenue		Revenue		Payable		Payable		& Taxes		Expenses				Claims		forward		Claim		Income
Year	M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$
2020		394656.0		—		—		394656.0		26094.4		1373.5		151628.4		179096.3		215559.6		587076.4		313257.2		—		—
2021		526003.4		—		—		526003.4		31186.5		972.8		199031.5		231190.7		294812.7		315000.7		684773.9		—		—
2022		535919.6		—		—		535919.6		35082.9		697.9		194848.1		230628.9		305290.7		371225.8		704961.9		—		—
2023		690118.4		—		—		690118.4		47528.0		554.9		233712.1		281795.0		408323.4		371482.2		770897.0		36841.1		—
2024		791363.9		—		—		791363.9		52989.2		449.3		264436.7		317875.2		473488.6		325881.7		734055.8		147606.9		—
2025		549361.0		—		—		549361.0		41187.5		320.5		214258.1		255766.1		293594.9		213266.7		586448.9		80328.2		—
2026		364452.1		—		—		364452.1		36418.7		247.2		166404.4		203070.3		161381.8		154248.7		506120.7		7133.2		—
2027		277617.6		—		—		277617.6		36787.7		202.2		140798.1		177787.9		99829.6		112154.9		498987.5		—		—
2028		224254.6		—		—		224254.6		33681.7		157.0		123734.2		157572.9		66681.7		81775.4		511312.8		—		—
2029		185655.6		—		—		185655.6		28062.2		118.0		110434.3		138614.6		47041.0		60309.3		526406.4		—		—
2030		155653.0		—		—		155653.0		23319.5		74.5		98630.6		122024.7		33628.4		44870.1		539674.7		—		—
2031		130905.0		—		—		130905.0		19123.3		21.1		87836.1		106980.5		23924.5		33693.5		550916.5		—		—
2032		111910.5		—		—		111910.5		15593.7		—		79413.9		95007.6		16902.9		25556.8		560685.5		—		—
2033		97495.7		—		—		97495.7		12474.1		—		73800.2		86274.3		11221.4		19591.7		569339.4		—		—
2034		78930.9		—		—		78930.9		9159.2		—		62794.3		71953.5		6977.4		15181.2		577709.7		—		—
Rem.		126145.5		—		—		126145.5		12674.8		—		150303.2		162978.0		-36832.5		61557.8				—		—
Total		5240442.9		—		—		5240442.9		461363.4		5189.0		2352064.1		2818616.6		2421826.4		2792872.9				271909.4		—

	Federal						Provincial						Cash Flow
															Total Tax						NPV
	Taxable Income		Tax Rate		Tax Payable		Taxable Income		Tax Rate		Tax Payable		BTCF		Payable		ATCF		Cum. ATCF		@ 10.00 %
Year	M$		%		M$		M$		%		M$		M$		M$		M$		M$		M$
2020		—		—		—		—		—		—		33429.6		—		33429.6		33429.6		34346.8
2021		—		—		—		—		—		—		145912.7		—		145912.7		179342.3		124904.1
2022		—		—		—		—		—		—		-75059.3		—		-75059.3		104283.0		-61621.3
2023		—		—		—		—		—		—		50448.4		—		50448.4		154731.4		36463.0
2024		—		—		—		—		—		—		163188.6		—		163188.6		317920.0		104607.4
2025		—		—		—		—		—		—		291194.9		—		291194.9		609115.0		173435.6
2026		—		—		—		—		—		—		158981.8		—		158981.8		768096.8		85927.2
2027		—		—		—		—		—		—		97429.6		—		97429.6		865526.5		47846.9
2028		—		—		—		—		—		—		64281.7		—		64281.7		929808.2		28689.2
2029		—		—		—		—		—		—		44641.0		—		44641.0		974449.3		18105.2
2030		—		—		—		—		—		—		31468.4		—		31468.4		1005917.6		11603.4
2031		—		—		—		—		—		—		22004.5		—		22004.5		1027922.1		7377.0
2032		—		—		—		—		—		—		15222.9		—		15222.9		1043145.0		4642.7
2033		—		—		—		—		—		—		9781.4		—		9781.4		1052926.4		2712.7
2034		—		—		—		—		—		—		5777.4		—		5777.4		1058703.8		1458.4
Rem.		—		—		—		—		—		—		-39232.5		—		-39232.5		1019471.4		-2564.6
Total		—		—		—		—		—		—		1019471.4		—		1019471.4				617933.8

	Net Present Value - M$
	@0.0%		@5.0%		@10.0%		@15.0%		@20.0%
Before Tax Cash Flow		1019471.4		789116.7		617933.8		493722.6		402780.1
After Tax Cash Flow		1019471.4		789116.7		617933.8		493722.6		402780.1

Prices:       YE2019 SEC Prices Eff. Date: December 31, 2019 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2019 Total Proved Reserves   Total Company   Table 2

							Company WI & RI Reserves								Net Present Value Before Tax (M$)
Area and Property	Company Interest %		Zones		Reserve Class		Oil Mbbl		Gas MMcf		Cond. Mbbl		NGL Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
Alberta A Corporate
Facility
Corp ADR Facility CAPEX		W-100.000		Facility		NRA		—		—		—		—		-12,036.3		-2,612.4		-615.6		-156.3
Corp ADR Well CAPEX		W-100.000		Facility		NRA		—		—		—		—		-13,277.1		-3,066.7		-890.4		-374.8
Corp Field CAPEX		W-100.000		Facility		NRA		—		—		—		—		-48,000.0		-43,449.0		-39,512.2		-36,084.2
Corp G&A		W-100.000		Facility		NRA		—		—		—		—		-79,177.1		-62,157.9		-50,537.2		-42,256.0
Corp Maint CAPEX		W-100.000		Facility		NRA		—		—		—		—		-34,000.0		-23,874.0		-17,778.5		-13,883.1
Corp Water CAPEX		W-100.000		Facility		NRA		—		—		—		—		-5,000.0		-4,489.3		-4,051.0		-3,672.2
Subtotal Facility								—		—		—		—		-191,490.5		-139,649.3		-113,384.9		-96,426.6
Subtotal A Corporate								—		—		—		—		-191,490.5		-139,649.3		-113,384.9		-96,426.6
Gold Creek
1.0 Developed
100/05-29-067-03W6/0		W-100.000		MONT G1		PDP		39.4		770.6		—		21.6		1,272.2		1,201.0		1,139.3		1,085.3
100/13-29-067-03W6/0		W-100.000		MONT G1		PDP		62.7		1298.3		—		36.4		1,983.5		1,822.5		1,689.0		1,576.8
100/04-30-067-03W6/0		W-100.000		MONT G1		PDP		137.5		1608.7		—		45.0		5,167.3		4,636.3		4,218.8		3,882.8
100/16-30-067-03W6/0		W-100.000		MONT G1		PDP		64.3		671.8		—		18.8		1,243.8		1,127.4		1,032.4		953.7
100/15-15-067-04W6/0		W-100.000		MONT G1		PDP		9.7		139.8		—		3.9		127.9		125.2		122.7		120.4
102/15-15-067-04W6/0		W-100.000		MONT G1		PDP		58.9		847.7		—		23.7		1,814.7		1,679.2		1,564.8		1,467.1
100/05-24-067-04W6/3		W-100.000		MONT G1		NRA		—		—		—		—		—		—		—		—
100/04-25-067-04W6/0		W-100.000		MONT G1		PDP		69.9		1438.2		—		40.3		2,268.0		2,072.5		1,912.0		1,778.3
102/04-25-067-04W6/0		W-100.000		MONT G1		PDP		102.3		1701.5		—		47.6		3,338.7		2,993.8		2,720.3		2,499.0
100/16-25-067-04W6/0		W-100.000		MONT G1		PDP		23.4		527.5		—		14.8		623.1		588.8		558.7		532.1
100/13-26-067-04W6/2		W-100.000		MONT G1		PDP		51.8		653.1		—		18.3		1,957.2		1,833.5		1,727.4		1,635.5
102/04-34-067-04W6/0		W-100.000		MONT G1		PDP		49.7		798.6		—		22.4		1,319.6		1,235.3		1,162.9		1,100.1
103/04-34-067-04W6/0		W-100.000		MONT G1		PDP		127.0		2400.8		—		67.2		4,448.7		3,952.8		3,567.1		3,259.9
104/04-34-067-04W6/0		W-100.000		MONT F3		PDP		39.0		736.2		—		20.6		1,517.5		1,430.4		1,355.0		1,289.2
100/05-34-067-04W6/0		W-100.000		MONT G1		PDP		24.3		477.9		—		13.4		545.9		522.4		501.4		482.6
102/05-34-067-04W6/0		W-100.000		MONT F3		PDP		58.4		830.4		—		23.3		2,111.6		1,983.7		1,873.4		1,777.6
103/05-34-067-04W6/0		W-100.000		MONT F3		PDP		66.8		1610.6		—		45.1		2,697.1		2,512.5		2,357.1		2,224.7
100/12-34-067-04W6/0		W-100.000		MONT G1		PDP		71.3		2085.0		—		58.4		2,598.3		2,358.9		2,164.7		2,004.5
102/12-34-067-04W6/0		W-100.000		MONT G1		PDP		37.6		1001.5		—		28.0		1,141.8		1,074.6		1,016.4		965.6
103/12-34-067-04W6/0		W-100.000		MONT F3		PDP		45.5		1390.8		—		38.9		2,082.4		1,965.8		1,865.0		1,777.2
102/13-34-067-04W6/0		W-100.000		MONT G1		PDP		—		5502.8		55.0		154.1		3,069.1		2,654.1		2,344.5		2,106.7
100/14-34-067-04W6/0		W-100.000		MONT G1		PDP		—		4238.3		42.4		118.7		1,977.2		1,740.2		1,557.8		1,413.9
102/14-34-067-04W6/0		W-100.000		MONT G1		PDP		—		3127.6		41.7		87.6		1,340.8		1,211.7		1,107.9		1,022.8
102/15-34-067-04W6/0		W-100.000		MONT G1		PDP		34.4		2010.6		—		56.3		1,584.7		1,470.5		1,374.1		1,291.9
100/16-34-067-04W6/0		W-100.000		MONT G1		PDP		101.8		3665.2		—		102.6		4,561.8		4,031.2		3,621.8		3,298.0
100/12-35-067-04W6/0		W-100.000		MONT G1		PDP		154.2		2359.7		—		66.1		6,143.2		5,325.3		4,715.5		4,246.3
100/13-35-067-04W6/0		W-100.000		MONT G1		PDP		118.1		2231.7		—		62.5		4,600.2		4,019.6		3,577.9		3,232.8
102/13-35-067-04W6/0		W-100.000		MONT G1		PDP		56.2		1668.8		—		46.7		2,015.1		1,841.4		1,698.6		1,579.4
100/05-36-067-04W6/0		W-100.000		MONT G1		NRA		—		—		—		—		—		—		—		—
100/12-36-067-04W6/0		W-100.000		MONT G1		PDP		102.3		1381.6		—		38.7		3,031.2		2,664.5		2,380.1		2,154.4
102/13-36-067-04W6/0		W-100.000		MONT G1		PDP		65.6		1239.5		—		34.7		2,499.1		2,309.8		2,151.5		2,017.4
103/13-36-067-04W6/0		W-100.000		MONT G1		PDP		13.4		193.0		—		5.4		202.8		195.7		189.3		183.5
100/03-05-068-03W6/0		W-100.000		MONT G1		PDP		149.3		2688.2		—		75.3		5,843.0		5,168.1		4,650.6		4,243.1
100/05-05-068-03W6/0		W-100.000		MONT G1		PDP		213.6		4325.7		—		121.1		10,869.9		9,673.0		8,772.4		8,071.9
100/06-05-068-03W6/0		W-100.000		MONT G1		PDP		194.8		3270.9		—		91.6		8,736.7		7,830.0		7,135.6		6,588.3
100/12-05-068-03W6/0		W-100.000		MONT G1		PDP		275.5		4773.4		—		133.7		13,469.4		11,814.5		10,605.8		9,687.5
100/13-05-068-03W6/0		W-100.000		MONT G1		PDP		219.5		3830.9		—		107.3		10,412.8		9,266.3		8,403.1		7,731.6
102/13-05-068-03W6/0		W-100.000		MONT G1		PDP		163.9		2462.1		—		68.9		7,206.7		6,555.1		6,041.2		5,626.1
103/13-05-068-03W6/0		W-100.000		MONT F3		PDP		153.2		2213.5		—		62.0		6,465.2		5,905.5		5,459.8		5,097.0
102/04-01-068-04W6/0		W-100.000		MONT G1		PDP		14.3		244.6		—		6.8		262.8		252.2		242.8		234.3
100/12-01-068-04W6/0		W-100.000		MONT G1		PDP		60.7		1639.0		—		45.9		2,320.0		2,103.4		1,927.6		1,782.4
102/13-01-068-04W6/0		W-100.000		MONT G1		PDP		76.8		1798.2		—		50.3		2,965.0		2,666.7		2,428.4		2,234.3
100/15-01-068-04W6/0		W-100.000		MONT G1		PDP		26.2		565.5		—		15.8		802.0		759.6		722.3		689.3
100/05-02-068-04W6/0		W-100.000		MONT G1		PDP		97.9		1674.1		—		46.9		3,480.0		3,093.8		2,791.2		2,548.8
102/16-02-068-04W6/0		W-100.000		MONT G1		PDP		101.1		1547.1		—		43.3		3,740.7		3,379.1		3,089.7		2,853.7
100/04-09-068-04W6/0		W-100.000		MONT G1		PDP		86.6		1869.9		—		52.4		3,056.0		2,742.4		2,492.9		2,290.5
100/06-10-068-04W6/0		W-100.000		MONT G1		PDP		117.5		2221.0		—		62.2		4,188.2		3,683.9		3,296.2		2,990.6
102/06-10-068-04W6/0		W-100.000		MONT G1		PDP		43.7		531.3		—		14.9		936.8		880.4		831.7		789.3
100/12-10-068-04W6/0		W-100.000		MONT F3		PDP		35.8		467.4		—		13.1		922.1		874.7		833.1		796.3
100/01-12-068-04W6/0		W-100.000		MONT G1		PDP		88.4		1476.1		—		41.3		3,664.5		3,362.3		3,113.3		2,905.1
100/01-15-068-04W6/0		W-100.000		MONT G1		PDP		54.2		967.5		—		27.1		2,087.7		1,940.2		1,815.9		1,709.9
100/04-15-068-04W6/0		W-100.000		MONT G1		PDP		76.5		825.8		—		23.1		1,522.1		1,362.8		1,235.2		1,131.2
100/12-15-068-04W6/0		W-100.000		MONT G1		PDP		120.6		1411.8		—		39.5		4,816.7		4,351.8		3,978.7		3,673.7
100/07-16-068-04W6/0		W-100.000		MONT G1		PDP		83.5		676.5		—		18.9		2,169.5		2,000.1		1,860.5		1,743.6
100/08-16-068-04W6/0		W-100.000		MONT G1		PDP		51.3		438.3		—		12.3		1,520.6		1,414.5		1,324.7		1,247.7
100/13-12-068-05W6/0		W-100.000		MONT G1		PDP		101.0		636.3		—		17.8		1,882.1		1,654.4		1,477.6		1,337.1
Subtotal 1.0 Developed								4,391.5		91,162.5		139.1		2,552.6		172,625.3		155,315.2		141,797.6		130,962.7
2.0 Undeveloped - Proved
100/01-09-068-03W6/0		W-100.000		MONT G1		PUD		303.2		4361.4		—		122.1		11,385.8		9,722.2		8,464.3		7,485.7
102/01-09-068-03W6/0		W-100.000		MONT G1		PUD		303.2		4361.4		—		122.1		11,384.8		9,721.3		8,463.5		7,485.0
100/08-09-068-03W6/0		W-100.000		MONT G1		PUD		303.2		4361.4		—		122.1		11,377.7		9,714.8		8,457.5		7,479.5
100/09-09-068-03W6/0		W-100.000		MONT G1		PUD		303.2		4361.4		—		122.1		11,374.6		9,712.0		8,454.9		7,477.1
102/09-09-068-03W6/0		W-100.000		MONT G1		PUD		303.2		4361.4		—		122.1		11,375.6		9,712.9		8,455.8		7,477.9
100/16-09-068-03W6/0		W-100.000		MONT G1		PUD		303.2		4361.4		—		122.1		8,776.8		7,119.3		5,867.0		4,893.9
102/16-09-068-03W6/0		W-100.000		MONT G1		PUD		303.2		4361.4		—		122.1		8,780.8		7,122.9		5,870.4		4,897.0
103/16-09-068-03W6/0		W-100.000		MONT F3		PUD		216.7		3090.5		—		86.5		4,711.9		3,640.9		2,819.6		2,181.4
100/16-09-068-04W6/0		W-100.000		MONT G1		PUD		236.7		3090.7		—		86.5		7,796.1		6,531.8		5,552.3		4,780.8
102/16-09-068-04W6/0		W-100.000		MONT G1		PUD		236.7		3090.7		—		86.5		7,804.2		6,538.7		5,558.3		4,786.0
103/12-10-068-04W6/0		W-100.000		MONT G1		PUD		236.7		3090.7		—		86.5		7,798.2		6,533.7		5,553.9		4,782.2
100/02-16-068-04W6/0		W-100.000		MONT G1		PUD		236.7		3090.7		—		86.5		7,756.1		6,497.5		5,522.6		4,755.0
100/06-16-068-04W6/0		W-100.000		MONT G1		PUD		236.7		3090.7		—		86.5		7,725.6		6,471.1		5,499.7		4,734.9
102/07-16-068-04W6/0		W-100.000		MONT G1		PUD		236.7		3090.7		—		86.5		7,745.7		6,488.6		5,514.9		4,748.2

Prices:      YE2019 SEC Prices	Hammerhead Resources Inc.	Table 2
Eff. Date: December 31, 2019 Currency: CAD	Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2019 Total Proved Reserves
	Total Company

							Company WI & RI Reserves								Net Present Value Before Tax (M$)
	Company				Reserve		Oil		Gas		Cond.		NGL
Area and Property	Interest %		Zones		Class		Mbbl		MMcf		Mbbl		Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
GC Core 4-6 Por 2400m-01		W-100.000		MONT G1		PUD		201.4		2599.4		—		72.8		3,901.9		3,017.6		2,326.4		1,782.4
GC Core 4-6 Por 2400m-02		W-100.000		MONT G1		PUD		200.2		2580.9		—		72.3		3,902.3		2,970.4		2,256.6		1,705.3
GC Core 4-6 Por 2400m-03		W-100.000		MONT G1		PUD		200.2		2580.9		—		72.3		3,902.3		2,970.4		2,256.6		1,705.3
GC Core 4-6 Por 2400m-04		W-100.000		MONT G1		PUD		199.8		2576.0		—		72.1		3,901.3		2,956.9		2,237.0		1,683.7
GC Core 4-6 Por 2400m-05		W-100.000		MONT G1		PUD		199.8		2576.0		—		72.1		3,901.3		2,956.9		2,237.0		1,683.7
GC Core 4-6 Por 2400m-06		W-100.000		MONT G1		PUD		199.8		2576.0		—		72.1		3,901.3		2,956.9		2,237.0		1,683.7
GC Core 4-6 Por 2400m-07		W-100.000		MONT G1		PUD		199.8		2576.0		—		72.1		3,901.3		2,956.9		2,237.0		1,683.7
GC Core 4-6 Por 2400m-08		W-100.000		MONT G1		PUD		200.8		2590.1		—		72.5		3,901.3		2,946.1		2,220.8		1,665.9
GC Core 4-6 Por 2400m-09		W-100.000		MONT G1		PUD		200.8		2590.1		—		72.5		3,901.3		2,946.1		2,220.8		1,665.9
GC Core 4-6 Por 2400m-10		W-100.000		MONT G1		PUD		200.8		2590.1		—		72.5		3,901.3		2,946.1		2,220.8		1,665.9
GC Core 4-6 Por 2400m-11		W-100.000		MONT G1		PUD		200.8		2590.1		—		72.5		3,901.3		2,946.1		2,220.8		1,665.9
GC Core 4-6 Por 2400m-12		W-100.000		MONT G1		PUD		200.8		2590.1		—		72.5		3,901.3		2,946.1		2,220.8		1,665.9
GC Core 4-6 Por 2400m-13		W-100.000		MONT G1		PUD		200.8		2590.1		—		72.5		3,901.3		2,946.1		2,220.8		1,665.9
GC Core 4-6 Por 2400m-28		W-100.000		MONT G1		PUD		201.1		2594.7		—		72.7		3,895.9		2,498.9		1,611.9		1,041.5
GC Core 4-6 Por 2400m-29		W-100.000		MONT G1		PUD		200.8		2590.1		—		72.5		3,896.1		2,489.2		1,599.7		1,030.2
GC Core 4-6 Por 2400m-30		W-100.000		MONT G1		PUD		200.8		2590.1		—		72.5		3,896.1		2,489.2		1,599.7		1,030.2
GC Core 4-6 Por 2400m-31		W-100.000		MONT G1		PUD		201.4		2599.4		—		72.8		3,895.9		2,478.5		1,586.2		1,017.2
GC Core 4-6 Por 2800m-07		W-100.000		MONT G1		PUD		237.7		3104.7		—		86.9		5,049.7		3,477.6		2,415.4		1,685.7
GC Core 4-6 Por 2800m-08		W-100.000		MONT G1		PUD		237.7		3104.7		—		86.9		5,049.7		3,477.6		2,415.4		1,685.7
GC Core 4-6 Por 2800m-09		W-100.000		MONT G1		PUD		237.7		3104.7		—		86.9		5,049.7		3,477.6		2,415.4		1,685.7
GC Core 4-6 Por 2800m-10		W-100.000		MONT G1		PUD		237.3		3100.1		—		86.8		5,049.2		3,462.2		2,394.8		1,664.7
GC Core 4-6 Por 2800m-11		W-100.000		MONT G1		PUD		237.3		3100.1		—		86.8		5,049.2		3,462.2		2,394.8		1,664.7
GC Core 6+ Por 2600-01		W-100.000		MONT G1		PUD		260.1		3750.9		—		105.0		6,796.2		5,329.8		4,235.8		3,402.3
GC Core 6+ Por 2600-02		W-100.000		MONT G1		PUD		260.1		3750.9		—		105.0		6,796.2		5,329.8		4,235.8		3,402.3
GC Core 6+ Por 2600-03		W-100.000		MONT G1		PUD		260.1		3750.9		—		105.0		6,796.2		5,329.8		4,235.8		3,402.3
GC Core 6+ Por 2600-04		W-100.000		MONT G1		PUD		260.1		3750.9		—		105.0		6,796.2		5,329.8		4,235.8		3,402.3
GC Core 6+ Por 2600-05		W-100.000		MONT G1		PUD		260.1		3750.9		—		105.0		6,796.2		5,329.8		4,235.8		3,402.3
GC Core 6+ Por 2600-06		W-100.000		MONT G1		PUD		260.1		3750.9		—		105.0		6,796.2		5,329.8		4,235.8		3,402.3
GC Core F3 2400-01		W-100.000		MONT F3		PUD		183.6		2615.5		—		73.2		3,651.6		2,671.4		1,952.8		1,422.3
GC Core F3 2400-02		W-100.000		MONT F3		PUD		183.6		2615.5		—		73.2		3,651.6		2,671.4		1,952.8		1,422.3
GC Core F3 2400-03		W-100.000		MONT F3		PUD		183.0		2606.3		—		73.0		3,652.9		2,652.2		1,925.5		1,393.6
GC Core F3 2400-04		W-100.000		MONT F3		PUD		183.0		2606.3		—		73.0		3,652.9		2,652.2		1,925.5		1,393.6
GC Core F3 2600-01		W-100.000		MONT F3		PUD		200.4		2848.6		—		79.8		4,220.6		3,236.8		2,483.8		1,901.8
GC Core F3 2600-02		W-100.000		MONT F3		PUD		200.4		2848.6		—		79.8		4,220.6		3,236.8		2,483.8		1,901.8
GC Core F3 2600-03		W-100.000		MONT F3		PUD		200.4		2848.6		—		79.8		4,220.6		3,236.8		2,483.8		1,901.8
GC Core F3 2600-04		W-100.000		MONT F3		PUD		200.4		2848.6		—		79.8		4,220.6		3,236.8		2,483.8		1,901.8
GC Core F3 2600-05		W-100.000		MONT F3		PUD		200.0		2843.7		—		79.6		4,220.1		3,222.3		2,462.3		1,877.5
GC Core F3 2600-06		W-100.000		MONT F3		PUD		200.0		2843.7		—		79.6		4,220.1		3,222.3		2,462.3		1,877.5
GC Core F3 2600-07		W-100.000		MONT F3		PUD		200.4		2848.9		—		79.8		4,221.8		3,213.6		2,449.1		1,863.3
GC Core F3 2600-08		W-100.000		MONT F3		PUD		200.4		2848.9		—		79.8		4,221.8		3,213.6		2,449.1		1,863.3
GC Core F3 2600-09		W-100.000		MONT F3		PUD		200.4		2848.9		—		79.8		4,221.8		3,213.6		2,449.1		1,863.3
GC Core F3 2600-10		W-100.000		MONT F3		PUD		200.4		2848.9		—		79.8		4,221.8		3,213.6		2,449.1		1,863.3
GC Core F3 2800-02		W-100.000		MONT F3		PUD		216.4		3085.7		—		86.4		4,711.4		3,624.7		2,795.4		2,154.0
GC Core F3 2800-03		W-100.000		MONT F3		PUD		216.7		3090.7		—		86.5		4,710.3		3,370.3		2,425.8		1,750.2
GC Core F3 2800-04		W-100.000		MONT F3		PUD		216.7		3090.7		—		86.5		4,710.3		3,370.3		2,425.8		1,750.2
GC Core F3 2800-05		W-100.000		MONT F3		PUD		216.7		3090.7		—		86.5		4,710.3		3,370.3		2,425.8		1,750.2
GC Core F3 2800-06		W-100.000		MONT F3		PUD		216.7		3090.7		—		86.5		4,710.3		3,370.3		2,425.8		1,750.2
GC Core F3 2800-07		W-100.000		MONT F3		PUD		216.7		3090.7		—		86.5		4,710.3		3,370.3		2,425.8		1,750.2
GC Core F3 2800-08		W-100.000		MONT F3		PUD		216.4		3085.8		—		86.4		4,709.9		3,355.5		2,405.1		1,728.3
GC Core F3 2800-09		W-100.000		MONT F3		PUD		216.4		3085.8		—		86.4		4,709.9		3,355.5		2,405.1		1,728.3
Subtotal 2.0 Undeveloped - Proved								14,385.9		197,795.6		—		5,538.3		352,623.2		273,362.5		215,162.1		171,615.8
Subtotal Gold Creek								18,777.4		288,958.1		139.1		8,090.8		525,248.5		428,677.6		356,959.7		302,578.4
Karr
1.0 Developed
100/04-32-063-01W6/0		W-35.000		MONT G1		PDP		78.6		367.3		—		12.1		3,546.5		3,260.1		3,033.3		2,849.2
100/01-11-064-03W6/0		W-100.000		MONT G1		PDP		102.3		1900.6		—		62.7		3,739.6		3,355.9		3,052.1		2,806.6
100/05-16-064-03W6/0		W-100.000		MONT F3		PDP		207.5		1980.5		—		65.4		5,358.9		4,498.1		3,881.1		3,422.6
100/04-21-064-03W6/2		W-100.000		MONT F3		PDP		201.4		1385.6		—		45.7		4,594.4		3,867.4		3,343.3		2,952.1
100/14-21-064-03W6/0		W-100.000		MONT F3		PDP		157.9		936.9		—		30.9		4,667.5		4,177.8		3,797.6		3,494.9
102/13-26-064-03W6/0		W-100.000		MONT F3		PDP		176.9		2085.4		—		68.8		7,365.5		6,535.3		5,897.4		5,393.5
1S0/02-28-064-03W6/0		W-100.000		MONT G1		PDP		69.2		369.2		—		12.2		2,062.4		1,925.8		1,810.0		1,710.5
100/04-32-064-03W6/0		W-100.000		MONT F3		PDP		32.5		279.6		—		9.2		344.8		321.1		300.9		283.3
100/11-32-064-03W6/2		W-100.000		MONT G1		PDP		127.8		956.1		—		31.6		3,837.9		3,458.3		3,158.8		2,917.2
103/13-32-064-03W6/0		W-100.000		MONT F3		PDP		138.1		1356.5		—		44.8		5,374.3		4,832.9		4,403.0		4,054.6
100/15-03-065-03W6/2		W-100.000		MONT BD		PDP		9.3		87.6		—		2.9		65.7		64.0		62.5		61.1
100/16-03-065-03W6/0		W-100.000		MONT SXMTH		PDP		63.3		43.5		—		1.4		1,493.0		1,395.9		1,313.1		1,241.6
1S0/04-05-065-03W6/0		W-100.000		MONT F3		PDP		60.9		732.9		—		24.2		2,132.3		1,970.9		1,836.1		1,721.9
100/12-06-065-03W6/0		W-100.000		MONT G1		PDP		379.3		2411.5		—		79.6		19,199.5		17,914.4		16,864.8		15,989.6
100/07-08-065-03W6/0		W-100.000		MONT G1		PDP		23.7		181.6		—		6.0		259.9		248.5		238.4		229.3
100/08-08-065-03W6/0		W-100.000		MONT F3		PDP		83.5		966.9		—		31.9		2,948.0		2,672.4		2,449.8		2,266.8
100/04-16-065-03W6/0		W-100.000		MONT F3		PDP		4.2		65.5		—		2.2		0.4		-0.8		-2.0		-3.0
102/04-16-065-03W6/0		W-100.000		DUN		PDP		12.3		55.0		—		1.8		61.5		60.0		58.6		57.3
100/04-17-065-03W6/0		W-100.000		MONT G1		PDP		3.1		20.1		—		0.7		7.2		5.9		4.7		3.6
100/02-21-065-03W6/0		W-100.000		MONT F3		PDP		16.4		221.9		—		7.3		190.1		182.6		175.9		169.8
100/14-21-065-03W6/0		W-100.000		MONT F3		PDP		4.3		118.7		—		3.9		52.2		50.9		49.6		48.4
100/04-23-065-03W6/2		W-100.000		MONT F3		PDP		—		149.3		4.7		4.9		50.5		49.1		47.8		46.6
102/13-27-065-03W6/0		W-100.000		MONT F3		PDP		4.6		86.8		—		2.9		53.1		51.7		50.4		49.2
102/13-28-065-03W6/0		W-100.000		MONT F3		PDP		14.5		180.9		—		6.0		324.4		314.8		306.0		297.9
102/15-28-065-03W6/0		W-100.000		MONT F3		PDP		7.9		160.0		—		5.3		76.2		74.2		72.4		70.8
100/16-28-065-03W6/3		W-100.000		MONT F3		PDP		5.3		139.0		—		4.6		59.6		57.9		56.3		54.9
102/16-31-065-03W6/0		W-100.000		MONT G1		PDP		25.5		254.1		—		8.4		295.9		281.0		267.9		256.2
100/14-33-065-03W6/0		W-100.000		MONT F3		PDP		6.8		82.3		—		2.7		45.6		44.5		43.6		42.7
100/09-01-065-04W6/2		W-100.000		MONT G1		PDP		379.3		2411.5		—		79.6		19,033.0		17,773.9		16,745.4		15,887.2
103/09-01-065-04W6/0		W-100.000		MONT F3		PDP		379.8		2416.0		—		79.7		19,029.2		17,844.7		16,879.0		16,075.0
100/16-01-065-04W6/3		W-100.000		MONT F3		PDP		179.4		3084.9		—		101.8		7,374.0		6,321.0		5,549.5		4,964.6
102/16-01-065-04W6/0		W-100.000		MONT F3		PDP		339.1		2340.8		—		77.2		16,825.4		15,854.4		15,055.4		14,385.1
100/13-34-065-04W6/4		W-100.000		MONT G1		PDP		127.5		702.4		—		23.2		3,824.6		3,456.0		3,162.9		2,924.7

Prices:      YE2019 SEC Prices	Hammerhead Resources Inc.	Table 2
Eff. Date: December 31, 2019 Currency: CAD	Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2019 Total Proved Reserves
	Total Company

							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%
100/04-02-066-03W6/3		W-100.000		MONT F3		PDP		11.8		80.8		—		2.7		98.3		96.1		94.1		92.2
103/01-07-066-03W6/0		W-100.000		MONT G1		PDP		177.0		962.9		—		31.8		6,044.7		5,368.2		4,847.7		4,435.7
104/01-07-066-03W6/0		W-100.000		MONT G1		PDP		166.6		1358.4		—		44.8		6,008.7		5,353.2		4,845.7		4,442.4
100/08-07-066-03W6/0		W-100.000		MONT F3		PDP		46.5		253.1		—		8.4		1,236.6		1,160.6		1,095.3		1,038.5
100/16-08-066-03W6/2		W-75.000		MONT F3		PDP		3.8		97.4		—		3.2		34.3		33.4		32.6		31.8
102/13-09-066-03W6/0		W-100.000		MONT G1		PDP		8.4		61.6		—		2.0		54.9		53.4		52.0		50.7
100/16-10-066-03W6/2		W-75.000		MONT G1		PDP		10.9		37.6		—		1.2		67.4		65.7		64.2		62.8
100/02-16-066-03W6/0		W-100.000		MONT G1		PDP		48.6		104.6		—		3.5		684.7		645.7		611.8		582.1
100/08-21-066-03W6/0		W-100.000		MONT G1		PDP		43.2		204.4		—		6.7		998.8		938.4		886.3		840.9
102/14-13-066-04W6/2		W-100.000		MONT G1		PDP		—		299.9		20.9		9.9		150.4		142.7		135.9		129.9
102/16-23-066-04W6/0		W-100.000		MONT G1		PDP		6.7		66.0		—		2.2		60.5		58.9		57.5		56.2
100/12-24-066-04W6/0		W-100.000		MONT G1		PDP		165.4		1911.6		—		63.1		6,552.5		5,897.5		5,387.2		4,979.5
102/12-24-066-04W6/0		W-100.000		MONT F3		PDP		116.7		1799.2		—		59.4		5,115.5		4,673.7		4,316.1		4,021.3
103/12-24-066-04W6/0		W-100.000		MONT G1		PDP		232.1		2729.4		—		90.1		9,775.0		8,605.0		7,734.1		7,063.3
Subtotal 1.0 Developed								4,459.9		38,498.3		25.6		1,270.4		171,175.1		156,013.0		144,125.7		134,553.2
2.0 Undeveloped - Proved
102/05-21-064-03W6/0		W-100.000		MONT F3		PUD		267.2		1840.1		—		60.7		5,985.3		4,448.2		3,332.9		2,514.4
100/12-21-064-03W6/0		W-100.000		MONT F3		PUD		267.2		1840.1		—		60.7		5,985.3		4,448.2		3,332.9		2,514.4
100/13-21-064-03W6/0		W-100.000		MONT F3		PUD		267.2		1840.1		—		60.7		5,985.3		4,448.2		3,332.9		2,514.4
102/14-21-064-03W6/0		W-100.000		MONT F3		PUD		267.2		1840.1		—		60.7		5,985.3		4,448.2		3,332.9		2,514.4
100/07-06-066-03W6/0		W-100.000		MONT G1		PUD		197.6		1338.7		—		44.2		4,737.5		3,945.8		3,303.3		2,779.8
102/09-06-066-03W6/0		W-100.000		MONT F3		PUD		197.6		1338.7		—		44.2		4,751.8		3,955.6		3,310.1		2,784.6
PR-KNW F-2400m-001		W-100.000		MONT F3		PUD		201.4		2100.7		—		69.3		2,362.2		1,442.0		821.3		403.2
PR-KNW F-2800m-001		W-100.000		MONT F3		PUD		239.1		2516.3		—		83.0		3,155.1		2,160.8		1,400.9		815.9
PR-KNW F-2800m-002		W-100.000		MONT F3		PUD		238.5		2508.0		—		82.8		3,156.1		2,128.7		1,361.4		784.2
PR-KNW F-2800m-004		W-100.000		MONT F3		PUD		237.9		2499.3		—		82.5		3,153.9		1,983.7		1,186.8		640.8
PR-KNW F-2800m-005		W-100.000		MONT F3		PUD		238.2		2503.4		—		82.6		3,153.0		1,974.5		1,175.9		631.7
PR-KNW F-2800m-006		W-100.000		MONT F3		PUD		238.5		2507.9		—		82.8		3,153.2		1,967.4		1,167.7		625.6
PR-KNW F-2800m-008		W-100.000		MONT F3		PUD		238.6		2508.1		—		82.8		3,153.8		1,905.3		1,097.0		571.3
PR-KNW F-2800m-009		W-100.000		MONT F3		PUD		238.5		2507.9		—		82.8		3,152.1		1,873.5		1,061.8		544.6
PR-KNW F-2800m-010		W-100.000		MONT F3		PUD		238.5		2507.9		—		82.8		3,152.1		1,873.5		1,061.8		544.6
PR-KNW F-2800m-011		W-100.000		MONT F3		PUD		239.1		2516.4		—		83.0		3,151.6		1,865.1		1,052.3		537.0
PR-KNW F-2800m-012		W-100.000		MONT F3		PUD		238.8		2512.1		—		82.9		3,151.3		1,856.3		1,042.5		529.1
PR-KNW F-2800m-013		W-100.000		MONT F3		PUD		238.5		2508.0		—		82.8		3,152.0		1,835.8		1,020.7		514.1
PR-KNW F-2800m-014		W-100.000		MONT F3		PUD		238.5		2508.0		—		82.8		3,152.0		1,835.8		1,020.7		514.1
PR-KNW F-2800m-015		W-100.000		MONT F3		PUD		239.1		2516.6		—		83.0		3,151.5		1,827.7		1,011.6		506.9
PR-KNW F-2800m-016		W-100.000		MONT F3		PUD		237.6		2494.8		—		82.3		3,150.3		1,788.3		969.7		476.0
PR-KNW F-2800m-017		W-100.000		MONT F3		PUD		237.6		2494.8		—		82.3		3,150.3		1,788.3		969.7		476.0
PR-KNW F-2800m-018		W-100.000		MONT F3		PUD		238.5		2507.7		—		82.8		3,150.0		1,782.0		963.1		471.5
PR-KNW G-2400m-001		W-100.000		MONT G		PUD		255.2		2154.3		—		71.1		4,337.1		2,933.7		1,979.8		1,322.8
PR-KNW G-2800m-001		W-100.000		MONT G		PUD		299.8		2542.5		—		83.9		5,506.7		4,134.2		3,099.6		2,304.3
PR-KNW G-2800m-002		W-100.000		MONT G		PUD		300.4		2549.5		—		84.1		5,506.4		4,019.8		2,934.4		2,127.0
PR-KNW G-2800m-003		W-100.000		MONT G		PUD		300.4		2549.5		—		84.1		5,506.4		4,019.8		2,934.4		2,127.0
PR-KNW G-2800m-005		W-100.000		MONT G		PUD		300.7		2552.6		—		84.2		5,503.4		3,869.7		2,724.4		1,906.5
PR-KNW G-2800m-006		W-100.000		MONT G		PUD		300.4		2549.5		—		84.1		5,505.1		3,859.1		2,710.2		1,893.2
PR-KNW G-2800m-007		W-100.000		MONT G		PUD		300.1		2546.0		—		84.0		5,504.3		3,763.2		2,580.3		1,761.2
PR-KNW G-2800m-008		W-100.000		MONT G		PUD		300.1		2545.8		—		84.0		5,502.6		3,701.0		2,498.2		1,679.6
PR-KNW G-2800m-009		W-100.000		MONT G		PUD		300.4		2549.5		—		84.1		5,503.6		3,644.8		2,424.7		1,608.3
PR-KNW G-2800m-010		W-100.000		MONT G		PUD		300.1		2546.0		—		84.0		5,503.1		3,628.6		2,403.9		1,588.0
PR-KNW G-2800m-011		W-100.000		MONT G		PUD		300.1		2546.0		—		84.0		5,502.7		3,583.4		2,345.8		1,531.8
PR-KNW G-2800m-012		W-100.000		MONT G		PUD		299.8		2542.6		—		83.9		5,502.9		3,569.6		2,328.3		1,515.4
PR-KNW G-2800m-013		W-100.000		MONT G		PUD		299.8		2542.6		—		83.9		5,502.9		3,569.6		2,328.3		1,515.4
PR-KNW G-2800m-014		W-100.000		MONT G		PUD		299.4		2539.1		—		83.8		5,502.1		3,553.7		2,308.2		1,496.1
PR-KNW G-2800m-015		W-100.000		MONT G		PUD		300.7		2552.6		—		84.2		5,500.6		3,509.2		2,252.1		1,442.7
PR-KNW G-2800m-016		W-100.000		MONT G		PUD		300.4		2549.4		—		84.1		5,501.7		3,497.6		2,237.8		1,429.9
PR-KNW G-2800m-017		W-100.000		MONT G		PUD		300.4		2549.4		—		84.1		5,501.7		3,497.6		2,237.8		1,429.9
PR-KNW G-2800m-018		W-100.000		MONT G		PUD		300.1		2545.9		—		84.0		5,501.2		3,482.2		2,218.6		1,411.8
PR-KNW G-2800m-019		W-100.000		MONT G		PUD		300.4		2549.4		—		84.1		5,500.9		3,425.6		2,148.8		1,347.2
PR-KNW G-2800m-020		W-100.000		MONT G		PUD		300.4		2549.4		—		84.1		5,500.9		3,425.6		2,148.8		1,347.2
PR-KNW G-2800m-021		W-100.000		MONT G		PUD		300.1		2545.9		—		84.0		5,500.5		3,410.4		2,130.3		1,330.0
PR-KNW G-2800m-022		W-100.000		MONT G		PUD		299.8		2542.5		—		83.9		5,500.6		3,397.2		2,114.3		1,315.6
PR-KNW G-2800m-023		W-100.000		MONT G		PUD		299.8		2542.5		—		83.9		5,500.6		3,397.2		2,114.3		1,315.6
PR-KSO SE-2800m-01		W-100.000		MONT F3,G		PUD		298.7		1245.5		—		41.1		4,423.3		3,110.5		2,154.8		1,453.4
PR-KSO SE-2800m-02		W-100.000		MONT F3,G		PUD		299.1		1248.0		—		41.2		4,424.6		3,089.5		2,126.7		1,426.8
PR-KSO SE-2800m-03		W-100.000		MONT F3,G		PUD		297.7		1238.5		—		40.9		4,422.6		3,037.6		2,058.7		1,360.9
PR-KSO SE-2800m-04		W-100.000		MONT F3,G		PUD		299.4		1250.2		—		41.3		4,422.6		3,013.6		2,026.5		1,329.4
PR-KSO SE-2800m-05		W-100.000		MONT F3,G		PUD		298.8		1245.6		—		41.1		4,422.6		2,988.5		1,993.8		1,298.1
PR-KSO SE-2800m-06		W-100.000		MONT F3,G		PUD		298.7		1245.5		—		41.1		4,421.8		2,961.7		1,958.7		1,263.9
PR-KSO SE-2800m-07		W-100.000		MONT F3,G		PUD		298.4		1243.3		—		41.0		4,422.4		2,917.0		1,902.2		1,211.9
PR-KSO SE-2800m-08		W-100.000		MONT F3,G		PUD		299.1		1248.0		—		41.2		4,421.7		2,893.4		1,872.2		1,184.1
PR-KSO SE-2800m-09		W-100.000		MONT F3,G		PUD		299.4		1250.3		—		41.3		4,421.6		2,869.9		1,842.5		1,156.5
PR-KSO SE-2800m-10		W-100.000		MONT F3,G		PUD		298.8		1245.7		—		41.1		4,421.6		2,846.1		1,812.9		1,129.5
PR-KSO SE-2800m-11		W-100.000		MONT F3,G		PUD		299.1		1248.0		—		41.2		4,421.3		2,833.6		1,797.2		1,114.8
PR-KSO SE-2800m-12		W-100.000		MONT F3,G		PUD		298.8		1245.6		—		41.1		4,420.8		2,820.6		1,781.3		1,100.1
PR-KSO SE-2800m-13		W-100.000		MONT F3,G		PUD		299.1		1248.0		—		41.2		4,421.3		2,799.6		1,755.5		1,077.2
PR-KSO SE-2800m-14		W-100.000		MONT F3,G		PUD		298.1		1241.0		—		41.0		4,420.3		2,765.2		1,714.4		1,040.8
PR-KSO-2500m-001		W-100.000		MONT F3,G		PUD		267.9		1847.1		—		61.0		4,517.7		3,436.2		2,588.5		1,919.6
PR-KSO-2500m-002		W-100.000		MONT F3,G		PUD		267.5		1843.4		—		60.8		4,516.0		3,257.0		2,331.9		1,647.1
PR-KSO-2500m-003		W-100.000		MONT F3,G		PUD		267.2		1840.1		—		60.7		4,517.6		3,248.5		2,320.4		1,636.3
PR-KSO-2500m-004		W-100.000		MONT F3,G		PUD		267.6		1843.7		—		60.8		4,517.0		3,234.3		2,300.5		1,615.6
PR-KSO-2500m-009		W-100.000		MONT F3,G		PUD		267.2		1840.1		—		60.7		4,516.6		3,181.4		2,227.9		1,541.5
PR-KSO-2500m-010		W-100.000		MONT F3,G		PUD		266.9		1836.4		—		60.6		4,516.1		3,167.1		2,208.5		1,521.7
PR-KSO-2500m-011		W-100.000		MONT F3,G		PUD		266.3		1829.0		—		60.4		4,515.3		3,140.4		2,172.8		1,485.8
PR-KSO-2500m-012		W-100.000		MONT F3,G		PUD		267.2		1839.9		—		60.7		4,515.2		3,128.8		2,157.0		1,470.1
PR-KSO-2500m-013		W-100.000		MONT F3,G		PUD		267.6		1843.7		—		60.8		4,515.6		3,079.6		2,091.2		1,405.0
PR-KSO-2500m-014		W-100.000		MONT F3,G		PUD		267.2		1840.1		—		60.7		4,515.8		3,067.8		2,075.8		1,390.1
PR-KSO-2500m-015		W-100.000		MONT F3,G		PUD		267.9		1847.3		—		61.0		4,515.2		3,054.6		2,058.2		1,372.6
PR-KSO-2500m-016		W-100.000		MONT F3,G		PUD		267.6		1843.8		—		60.8		4,515.6		3,042.9		2,043.0		1,358.1
PR-KSO-2500m-017		W-100.000		MONT F3,G		PUD		267.5		1843.6		—		60.8		4,513.9		2,991.1		1,976.0		1,292.9
PR-KSO-2500m-018		W-100.000		MONT F3,G		PUD		267.5		1843.6		—		60.8		4,513.7		2,953.6		1,927.7		1,246.5

Prices:      YE2019 SEC Prices	Hammerhead Resources Inc.	Table 2
Eff. Date: December 31, 2019 Currency: CAD	Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2019 Total Proved Reserves
	Total Company

							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-2500m-019		W-100.000		MONT F3,G		PUD		267.6		1843.7		—		60.8		4,514.0		2,931.1		1,899.3		1,220.1
PR-KSO-2500m-020		W-100.000		MONT F3,G		PUD		267.9		1847.3		—		61.0		4,513.7		2,907.3		1,869.2		1,191.8
PR-KSO-2500m-021		W-100.000		MONT F3,G		PUD		267.6		1843.8		—		60.8		4,514.2		2,896.2		1,855.5		1,179.2
PR-KSO-2500m-022		W-100.000		MONT F3,G		PUD		267.2		1840.1		—		60.7		4,513.9		2,883.3		1,839.4		1,164.1
PR-KSO-2500m-023		W-100.000		MONT F3,G		PUD		266.9		1836.4		—		60.6		4,513.4		2,870.3		1,823.3		1,149.1
PR-KSO-2500m-024		W-100.000		MONT F3,G		PUD		266.9		1836.4		—		60.6		4,513.4		2,870.3		1,823.3		1,149.1
PR-KSO-2500m-025		W-100.000		MONT F3,G		PUD		266.6		1832.8		—		60.5		4,513.4		2,859.1		1,809.7		1,136.7
PR-KSO-2500m-026		W-100.000		MONT F3,G		PUD		267.2		1839.9		—		60.7		4,512.5		2,835.6		1,780.7		1,110.1
PR-KSO-2800m-01		W-100.000		MONT F3,G		PUD		301.7		2115.4		—		69.8		5,348.3		3,755.1		2,630.4		1,826.9
PR-KSO-2800m-02		W-100.000		MONT F3,G		PUD		301.4		2111.6		—		69.7		5,347.7		3,738.3		2,607.6		1,803.6
PR-KSO-2800m-03		W-100.000		MONT F3,G		PUD		301.4		2111.6		—		69.7		5,347.7		3,738.3		2,607.6		1,803.6
PR-KSO-2800m-04		W-100.000		MONT F3,G		PUD		301.4		2111.6		—		69.7		5,347.7		3,738.3		2,607.6		1,803.6
PR-KSO-2800m-05		W-100.000		MONT F3,G		PUD		301.1		2108.0		—		69.6		5,347.6		3,723.7		2,588.0		1,784.1
PR-KSO-2800m-06		W-100.000		MONT F3,G		PUD		302.0		2118.9		—		69.9		5,346.8		3,707.6		2,566.0		1,761.5
PR-KSO-2800m-07		W-100.000		MONT F3,G		PUD		301.7		2115.3		—		69.8		5,347.1		3,693.3		2,546.8		1,742.4
PR-KSO-2800m-08		W-100.000		MONT F3,G		PUD		302.4		2122.6		—		70.0		5,346.8		3,677.4		2,525.1		1,720.3
PR-KSO-2800m-09		W-100.000		MONT F3,G		PUD		302.4		2122.8		—		70.1		5,347.5		3,605.7		2,430.1		1,626.7
PR-KSO-2800m-10		W-100.000		MONT F3,G		PUD		302.4		2122.8		—		70.1		5,347.5		3,605.7		2,430.1		1,626.7
PR-KSO-2800m-11		W-100.000		MONT F3,G		PUD		302.1		2119.3		—		69.9		5,347.8		3,591.9		2,412.1		1,609.4
PR-KSO-2800m-12		W-100.000		MONT F3,G		PUD		302.1		2119.3		—		69.9		5,347.8		3,591.9		2,412.1		1,609.4
PR-KSO-2800m-13		W-100.000		MONT F3,G		PUD		301.8		2115.5		—		69.8		5,347.4		3,576.1		2,391.5		1,589.1
PR-KSO-2800m-14		W-100.000		MONT F3,G		PUD		301.4		2111.8		—		69.7		5,346.9		3,560.2		2,370.8		1,568.9
PR-KSO-2800m-15		W-100.000		MONT F3,G		PUD		301.4		2111.8		—		69.7		5,346.9		3,560.2		2,370.8		1,568.9
PR-KSO-2800m-16		W-100.000		MONT F3,G		PUD		301.1		2108.1		—		69.6		5,346.9		3,546.4		2,353.2		1,552.1
PR-KSO-2800m-17		W-100.000		MONT F3,G		PUD		301.1		2108.1		—		69.6		5,346.9		3,546.4		2,353.2		1,552.1
PR-KSO-2800m-18		W-100.000		MONT F3,G		PUD		300.8		2104.3		—		69.4		5,346.0		3,530.4		2,332.8		1,532.3
PR-KSO-2800m-19		W-100.000		MONT F3,G		PUD		300.8		2104.3		—		69.4		5,346.0		3,530.4		2,332.8		1,532.3
PR-KSO-2800m-20		W-100.000		MONT F3,G		PUD		301.7		2115.3		—		69.8		5,346.0		3,517.3		2,315.8		1,516.0
PR-KSO-2800m-21		W-100.000		MONT F3,G		PUD		302.0		2118.9		—		69.9		5,345.5		3,486.7		2,276.2		1,477.7
PR-KSO-2800m-22		W-100.000		MONT F3,G		PUD		301.7		2115.4		—		69.8		5,346.5		3,475.3		2,262.0		1,464.7
PR-KSO-2800m-23		W-100.000		MONT F3,G		PUD		302.1		2119.0		—		69.9		5,346.0		3,460.2		2,242.7		1,446.2
PR-KSO-2800m-24		W-100.000		MONT F3,G		PUD		301.7		2115.4		—		69.8		5,346.2		3,446.9		2,226.0		1,430.7
PR-KSO-2800m-25		W-100.000		MONT F3,G		PUD		302.4		2122.7		—		70.0		5,345.7		3,432.0		2,207.2		1,412.7
PR-KSO-2800m-26		W-100.000		MONT F3,G		PUD		302.1		2119.1		—		69.9		5,346.1		3,418.8		2,190.8		1,397.6
Subtotal 2.0 Undeveloped - Proved								30,248.7		223,372.7		—		7,371.3		511,887.1		341,713.8		228,099.3		151,065.3
Subtotal Karr								34,708.6		261,871.0		25.6		8,641.7		683,062.2		497,726.8		372,225.0		285,618.5
Simonette
1.0 Developed
100/12-29-063-25W5/0		W-100.000		MONT F3		PDP		22.8		173.1		—		0.8		125.3		120.9		117.0		113.4
100/02-13-063-26W5/0		W-100.000		MONT F3		PDP		44.9		172.6		—		0.8		699.1		658.3		623.0		592.0
100/01-24-063-26W5/0		W-100.000		MONT F3		PDP		5.8		19.9		—		0.1		25.6		25.0		24.4		23.8
100/01-36-063-26W5/0		W-100.000		MONT F3		PDP		7.2		57.6		—		0.3		24.9		24.3		23.7		23.2
102/06-06-064-25W5/0		W-100.000		GETH		PDP		—		36.4		0.3		0.2		1.2		1.1		1.1		1.1
100/13-01-064-26W5/2		W-100.000		DUV		PDP		12.2		22.4		—		0.1		40.8		39.8		38.8		37.9
100/16-12-064-26W5/0		W-100.000		MONT F3		PDP		9.9		29.7		—		0.1		26.8		26.1		25.5		25.0
100/08-02-064-27W5/4		W-100.000		DUV		PDP		143.7		625.8		—		2.9		1,707.4		1,465.9		1,280.5		1,135.8
Subtotal 1.0 Developed								246.5		1,137.5		0.3		5.3		2,651.1		2,361.5		2,134.0		1,952.2
3.0 Undeveloped - Probable
A Simonette Field CAPEX		W-100.000		Facility		NRA		—		—		—		—		—		—		—		—
Subtotal Simonette								246.5		1,137.5		0.3		5.3		2,651.1		2,361.5		2,134.0		1,952.2
Total								53,732.4		551,966.5		165.0		16,737.9		1,019,471.4		789,116.7		617,933.8		493,722.6

Prices:      YE2019 SEC Prices	Hammerhead Resources Inc.	Table 1
Eff. Date: December 31, 2019 Currency: CAD	Forecast of Production and Revenue Before Tax - Company Share Constant Prices and Costs as of December 31, 2019 Proved Developed Producing Reserves
	Total Company

			Crude Oil						Natural Gas						Condensate						Natural Gas Liquids						Sulphur		Company
			WI & RI		Sales		Sales		WI & RI		Sales		Sales		WI & RI		Sales		Sales		WI & RI		Sales		Sales		& Other		Share
	WI		Volume		Price		Revenue		Volume		Price		Revenue		Volume		Price		Revenue		Volume		Price		Revenue		Revenue		Revenue
Year	Wells		Mbbl		$/bbl		M$		MMcf		$/Mcf		M$		Mbbl		$/bbl		M$		Mbbl		$/bbl		M$		M$		M$		BOE/d
2020		107.7		2704.8		66.40		179605.6		32610.3		1.94		63158.1		36.5		69.58		2542.8		957.7		35.66		34152.7		—		279459.2		24956
2021		102.1		1554.1		66.40		103186.0		22349.8		1.94		43297.5		30.2		69.58		2099.0		651.5		35.70		23259.1		—		171841.6		16331
2022		85.8		1085.9		66.42		72124.4		16499.0		1.94		31954.7		22.7		69.58		1578.4		481.1		35.79		17218.3		—		122875.8		11889
2023		78.9		845.9		66.42		56183.6		13097.2		1.94		25366.0		14.7		69.58		1022.8		381.3		35.82		13657.8		—		96230.3		9383
2024		73.1		678.0		66.43		45039.1		10693.9		1.94		20710.4		12.9		69.58		897.8		311.6		35.82		11161.9		—		77809.3		7609
2025		62.5		528.4		66.43		35101.7		8584.6		1.94		16625.0		11.4		69.58		796.1		250.5		35.80		8970.2		—		61493.0		6085
2026		57.7		437.9		66.43		29087.5		7195.2		1.94		13934.4		10.3		69.58		715.0		210.1		35.79		7518.8		—		51255.7		5089
2027		50.5		359.0		66.43		23846.7		5881.1		1.94		11389.9		9.2		69.58		643.6		172.1		35.74		6150.7		—		42030.9		4166
2028		44.2		293.8		66.42		19516.8		4726.8		1.94		9154.8		7.9		69.58		550.4		138.9		35.64		4951.6		—		34173.6		3356
2029		37.7		235.3		66.47		15637.0		3650.4		1.94		7067.5		5.0		69.58		350.4		108.3		35.60		3856.1		—		26911.0		2622
2030		28.4		169.7		66.47		11282.4		2562.0		1.94		4960.0		2.6		69.58		182.8		76.4		35.53		2713.9		—		19139.2		1851
2031		17.6		102.8		66.47		6832.3		1502.9		1.94		2909.7		1.5		69.58		103.6		45.3		35.34		1600.8		—		11446.3		1096
2032		9.8		57.8		66.47		3842.6		806.8		1.94		1561.9		—		—		—		24.3		35.33		859.4		—		6264.0		592
2033		6.4		35.5		66.47		2362.1		494.1		1.94		956.5		—		—		—		15.0		35.16		528.9		—		3847.5		364
2034		1.3		6.8		66.47		454.5		107.8		1.94		208.8		—		—		—		3.1		36.27		112.0		—		775.3		76
Rem.		—		2.1		66.47		139.0		36.2		1.94		70.1		—		—		—		1.0		36.69		37.2		—		246.3		25
Total		—		9097.9		66.42		604241.4		130798.3		1.94		253325.5		165.0		69.58		11482.6		3828.3		35.72		136749.3		—		1005798.9		—

	Crown Royalties						Freehold Royalties						Overriding Royalties
	Unadj.		Royalty		Adj.		Unadj.		Royalty		Adj.		Unadj.		Royalty		Adj.		Mineral		Sask. Cap.						NPI
	Royalty		Adj.		Royalty		Royalty		Adj.		Royalty		Royalty		Adj.		Royalty		Tax		Surch.		Total Royalties & Taxes				Pymts.
Year	M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
2020		24886.7		3272.4		21614.3		—		—		—		1373.5		—		1373.5		—		—		22987.8		8.2		—
2021		19384.1		2308.9		17075.2		—		—		—		972.8		—		972.8		—		—		18047.9		10.5		—
2022		15447.0		1691.6		13755.4		—		—		—		697.9		—		697.9		—		—		14453.3		11.8		—
2023		13985.9		1340.9		12645.0		—		—		—		554.9		—		554.9		—		—		13200.0		13.7		—
2024		11795.2		1076.3		10718.9		—		—		—		449.3		—		449.3		—		—		11168.1		14.4		—
2025		9537.5		855.9		8681.6		—		—		—		320.5		—		320.5		—		—		9002.1		14.6		—
2026		8070.8		721.0		7349.9		—		—		—		247.2		—		247.2		—		—		7597.1		14.8		—
2027		6303.4		547.6		5755.7		—		—		—		202.2		—		202.2		—		—		5957.9		14.2		—
2028		5116.4		439.4		4677.0		—		—		—		157.0		—		157.0		—		—		4834.0		14.1		—
2029		4026.3		336.5		3689.8		—		—		—		118.0		—		118.0		—		—		3807.8		14.1		—
2030		2815.7		233.3		2582.4		—		—		—		74.5		—		74.5		—		—		2657.0		13.9		—
2031		1674.7		135.7		1539.0		—		—		—		21.1		—		21.1		—		—		1560.1		13.6		—
2032		940.2		72.4		867.8		—		—		—		—		—		—		—		—		867.8		13.9		—
2033		559.2		43.7		515.5		—		—		—		—		—		—		—		—		515.5		13.4		—
2034		116.2		10.0		106.2		—		—		—		—		—		—		—		—		106.2		13.7		—
Rem.		37.3		3.4		33.9		—		—		—		—		—		—		—		—		33.9		13.8		—
Total		124696.6		13088.9		111607.6		—		—		—		5189.0		—		5189.0		—		—		116796.7		11.6		—

									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$
2020		115768.2		12.67		—		140703.1		80.0		3900.0		3980.0		136723.1		136723.1		131404.0
2021		85484.7		14.34		—		68309.0		—		1600.0		1600.0		66709.0		203432.1		58094.2
2022		66383.9		15.30		299.5		41739.1		—		1600.0		1600.0		40139.1		243571.2		31759.6
2023		56399.6		16.47		—		26630.7		—		1600.0		1600.0		25030.7		268601.9		18001.2
2024		48677.1		17.48		—		17964.0		—		1600.0		1600.0		16364.0		284965.9		10698.6
2025		40180.3		18.09		—		12310.6		—		1440.0		1440.0		10870.6		295836.5		6459.9
2026		35121.9		18.91		—		8536.7		—		1280.0		1280.0		7256.7		303093.2		3921.2
2027		29208.2		19.21		—		6864.8		—		1120.0		1120.0		5744.8		308838.0		2821.8
2028		24684.3		20.09		—		4655.3		—		960.0		960.0		3695.3		312533.3		1652.2
2029		20223.8		21.13		—		2879.4		—		800.0		800.0		2079.4		314612.7		846.1
2030		14829.3		21.95		—		1652.9		—		640.0		640.0		1012.9		315625.5		375.7
2031		9042.0		22.60		—		844.2		—		480.0		480.0		364.2		315989.8		123.7
2032		4981.1		23.00		—		415.1		—		320.0		320.0		95.1		316084.8		30.0
2033		3184.8		23.96		—		147.2		—		160.0		160.0		-12.8		316072.1		-3.0
2034		636.2		22.80		—		32.9		—		—		—		32.9		316104.9		8.3
Rem.		210.3		23.00		25013.9		-25011.7		—		—		—		-25011.7		291093.2		-1270.4
Total		555015.6		15.91		25313.4		308673.2		80.0		17500.0		17580.0		291093.2		—		264923.2

	Remaining Reserves
Product	Gross Lease		W.I.		R.I.		Net
Crude Oil (Mbbl)		9,248.8		9,097.9		—		7,773.2
Natural Gas (MMcf)		131,525.4		130,798.3		—		122,572.8
Condensate (Mbbl)		165.0		165.0		—		99.3
Natural Gas Liquids (Mbbl)		3,852.3		3,828.3		—		3,249.4
Total (MBOE)		35,187.0		34,890.9		—		31,550.7

Net Present Value Before Tax - M$
@ 0.0%	@ 5.0%		@ 10.0%		@ 15.0%		@ 20.0%
291,093.2		282,854.5		264,923.2		247,945.9		233,326.5

RLI	3.15 yrs
Remaining Life	15.41 yrs
Price Schedule	C191231

Prices:       YE2019 SEC Prices Eff. Date: December 31, 2019 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2019 Proved Developed Producing Reserves   Total Company Table 2

							Company WI & RI Reserves								Net Present Value Before Tax (M$)
Area and Property	Company Interest %		Zones		Reserve Class		Oil Mbbl		Gas MMcf		Cond. Mbbl		NGL Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
Alberta A Corporate
Facility
Corp ADR Facility CAPEX		W-100.000		Facility		NRA		—		—		—		—		-12,036.3		-2,612.4		-615.6		-156.3
Corp ADR Well CAPEX		W-100.000		Facility		NRA		—		—		—		—		-13,277.1		-3,066.7		-890.4		-374.8
Corp G&A		W-100.000		Facility		NRA		—		—		—		—		-14,845.0		-13,220.7		-11,928.4		-10,882.1
Corp Maint CAPEX		W-100.000		Facility		NRA		—		—		—		—		-15,200.0		-11,935.3		-9,699.7		-8,109.0
Subtotal Facility								—		—		—		—		-55,358.4		-30,835.1		-23,134.1		-19,522.2
Subtotal A Corporate								—		—		—		—		-55,358.4		-30,835.1		-23,134.1		-19,522.2
Gold Creek
1.0 Developed
100/05-29-067-03W6/0		W-100.000		MONT G1		PDP		39.4		770.6		—		21.6		1,272.2		1,201.0		1,139.3		1,085.3
100/13-29-067-03W6/0		W-100.000		MONT G1		PDP		62.7		1298.3		—		36.4		1,983.5		1,822.5		1,689.0		1,576.8
100/04-30-067-03W6/0		W-100.000		MONT G1		PDP		137.5		1608.7		—		45.0		5,167.3		4,636.3		4,218.8		3,882.8
100/16-30-067-03W6/0		W-100.000		MONT G1		PDP		64.3		671.8		—		18.8		1,243.8		1,127.4		1,032.4		953.7
100/15-15-067-04W6/0		W-100.000		MONT G1		PDP		9.7		139.8		—		3.9		127.9		125.2		122.7		120.4
102/15-15-067-04W6/0		W-100.000		MONT G1		PDP		58.9		847.7		—		23.7		1,814.7		1,679.2		1,564.8		1,467.1
100/04-25-067-04W6/0		W-100.000		MONT G1		PDP		69.9		1438.2		—		40.3		2,268.0		2,072.5		1,912.0		1,778.3
102/04-25-067-04W6/0		W-100.000		MONT G1		PDP		102.3		1701.5		—		47.6		3,338.7		2,993.8		2,720.3		2,499.0
100/16-25-067-04W6/0		W-100.000		MONT G1		PDP		23.4		527.5		—		14.8		623.1		588.8		558.7		532.1
100/13-26-067-04W6/2		W-100.000		MONT G1		PDP		51.8		653.1		—		18.3		1,957.2		1,833.5		1,727.4		1,635.5
102/04-34-067-04W6/0		W-100.000		MONT G1		PDP		49.7		798.6		—		22.4		1,319.6		1,235.3		1,162.9		1,100.1
103/04-34-067-04W6/0		W-100.000		MONT G1		PDP		127.0		2400.8		—		67.2		4,448.7		3,952.8		3,567.1		3,259.9
104/04-34-067-04W6/0		W-100.000		MONT F3		PDP		39.0		736.2		—		20.6		1,517.5		1,430.4		1,355.0		1,289.2
100/05-34-067-04W6/0		W-100.000		MONT G1		PDP		24.3		477.9		—		13.4		545.9		522.4		501.4		482.6
102/05-34-067-04W6/0		W-100.000		MONT F3		PDP		58.4		830.4		—		23.3		2,111.6		1,983.7		1,873.4		1,777.6
103/05-34-067-04W6/0		W-100.000		MONT F3		PDP		66.8		1610.6		—		45.1		2,697.1		2,512.5		2,357.1		2,224.7
100/12-34-067-04W6/0		W-100.000		MONT G1		PDP		71.3		2085.0		—		58.4		2,598.3		2,358.9		2,164.7		2,004.5
102/12-34-067-04W6/0		W-100.000		MONT G1		PDP		37.6		1001.5		—		28.0		1,141.8		1,074.6		1,016.4		965.6
103/12-34-067-04W6/0		W-100.000		MONT F3		PDP		45.5		1390.8		—		38.9		2,082.4		1,965.8		1,865.0		1,777.2
102/13-34-067-04W6/0		W-100.000		MONT G1		PDP		—		5502.8		55.0		154.1		3,069.1		2,654.1		2,344.5		2,106.7
100/14-34-067-04W6/0		W-100.000		MONT G1		PDP		—		4238.3		42.4		118.7		1,977.2		1,740.2		1,557.8		1,413.9
102/14-34-067-04W6/0		W-100.000		MONT G1		PDP		—		3127.6		41.7		87.6		1,340.8		1,211.7		1,107.9		1,022.8
102/15-34-067-04W6/0		W-100.000		MONT G1		PDP		34.4		2010.6		—		56.3		1,584.7		1,470.5		1,374.1		1,291.9
100/16-34-067-04W6/0		W-100.000		MONT G1		PDP		101.8		3665.2		—		102.6		4,561.8		4,031.2		3,621.8		3,298.0
100/12-35-067-04W6/0		W-100.000		MONT G1		PDP		154.2		2359.7		—		66.1		6,143.2		5,325.3		4,715.5		4,246.3
100/13-35-067-04W6/0		W-100.000		MONT G1		PDP		118.1		2231.7		—		62.5		4,600.2		4,019.6		3,577.9		3,232.8
102/13-35-067-04W6/0		W-100.000		MONT G1		PDP		56.2		1668.8		—		46.7		2,015.1		1,841.4		1,698.6		1,579.4
100/12-36-067-04W6/0		W-100.000		MONT G1		PDP		102.3		1381.6		—		38.7		3,031.2		2,664.5		2,380.1		2,154.4
102/13-36-067-04W6/0		W-100.000		MONT G1		PDP		65.6		1239.5		—		34.7		2,499.1		2,309.8		2,151.5		2,017.4
103/13-36-067-04W6/0		W-100.000		MONT G1		PDP		13.4		193.0		—		5.4		202.8		195.7		189.3		183.5
100/03-05-068-03W6/0		W-100.000		MONT G1		PDP		149.3		2688.2		—		75.3		5,843.0		5,168.1		4,650.6		4,243.1
100/05-05-068-03W6/0		W-100.000		MONT G1		PDP		213.6		4325.7		—		121.1		10,869.9		9,673.0		8,772.4		8,071.9
100/06-05-068-03W6/0		W-100.000		MONT G1		PDP		194.8		3270.9		—		91.6		8,736.7		7,830.0		7,135.6		6,588.3
100/12-05-068-03W6/0		W-100.000		MONT G1		PDP		275.5		4773.4		—		133.7		13,469.4		11,814.5		10,605.8		9,687.5
100/13-05-068-03W6/0		W-100.000		MONT G1		PDP		219.5		3830.9		—		107.3		10,412.8		9,266.3		8,403.1		7,731.6
102/13-05-068-03W6/0		W-100.000		MONT G1		PDP		163.9		2462.1		—		68.9		7,206.7		6,555.1		6,041.2		5,626.1
103/13-05-068-03W6/0		W-100.000		MONT F3		PDP		153.2		2213.5		—		62.0		6,465.2		5,905.5		5,459.8		5,097.0
102/04-01-068-04W6/0		W-100.000		MONT G1		PDP		14.3		244.6		—		6.8		262.8		252.2		242.8		234.3
100/12-01-068-04W6/0		W-100.000		MONT G1		PDP		60.7		1639.0		—		45.9		2,320.0		2,103.4		1,927.6		1,782.4
102/13-01-068-04W6/0		W-100.000		MONT G1		PDP		76.8		1798.2		—		50.3		2,965.0		2,666.7		2,428.4		2,234.3
100/15-01-068-04W6/0		W-100.000		MONT G1		PDP		26.2		565.5		—		15.8		802.0		759.6		722.3		689.3
100/05-02-068-04W6/0		W-100.000		MONT G1		PDP		97.9		1674.1		—		46.9		3,480.0		3,093.8		2,791.2		2,548.8
102/16-02-068-04W6/0		W-100.000		MONT G1		PDP		101.1		1547.1		—		43.3		3,740.7		3,379.1		3,089.7		2,853.7
100/04-09-068-04W6/0		W-100.000		MONT G1		PDP		86.6		1869.9		—		52.4		3,056.0		2,742.4		2,492.9		2,290.5
100/06-10-068-04W6/0		W-100.000		MONT G1		PDP		117.5		2221.0		—		62.2		4,188.2		3,683.9		3,296.2		2,990.6
102/06-10-068-04W6/0		W-100.000		MONT G1		PDP		43.7		531.3		—		14.9		936.8		880.4		831.7		789.3
100/12-10-068-04W6/0		W-100.000		MONT F3		PDP		35.8		467.4		—		13.1		922.1		874.7		833.1		796.3
100/01-12-068-04W6/0		W-100.000		MONT G1		PDP		88.4		1476.1		—		41.3		3,664.5		3,362.3		3,113.3		2,905.1
100/01-15-068-04W6/0		W-100.000		MONT G1		PDP		54.2		967.5		—		27.1		2,087.7		1,940.2		1,815.9		1,709.9
100/04-15-068-04W6/0		W-100.000		MONT G1		PDP		76.5		825.8		—		23.1		1,522.1		1,362.8		1,235.2		1,131.2
100/12-15-068-04W6/0		W-100.000		MONT G1		PDP		120.6		1411.8		—		39.5		4,816.7		4,351.8		3,978.7		3,673.7
100/07-16-068-04W6/0		W-100.000		MONT G1		PDP		83.5		676.5		—		18.9		2,169.5		2,000.1		1,860.5		1,743.6
100/08-16-068-04W6/0		W-100.000		MONT G1		PDP		51.3		438.3		—		12.3		1,520.6		1,414.5		1,324.7		1,247.7
100/13-12-068-05W6/0		W-100.000		MONT G1		PDP		101.0		636.3		—		17.8		1,882.1		1,654.4		1,477.6		1,337.1
Subtotal 1.0 Developed								4,391.5		91,162.5		139.1		2,552.6		172,625.3		155,315.2		141,797.6		130,962.7
Subtotal Gold Creek								4,391.5		91,162.5		139.1		2,552.6		172,625.3		155,315.2		141,797.6		130,962.7
Karr
1.0 Developed
100/04-32-063-01W6/0		W-35.000		MONT G1		PDP		78.6		367.3		—		12.1		3,546.5		3,260.1		3,033.3		2,849.2
100/01-11-064-03W6/0		W-100.000		MONT G1		PDP		102.3		1900.6		—		62.7		3,739.6		3,355.9		3,052.1		2,806.6
100/05-16-064-03W6/0		W-100.000		MONT F3		PDP		207.5		1980.5		—		65.4		5,358.9		4,498.1		3,881.1		3,422.6
100/04-21-064-03W6/2		W-100.000		MONT F3		PDP		201.4		1385.6		—		45.7		4,594.4		3,867.4		3,343.3		2,952.1
100/14-21-064-03W6/0		W-100.000		MONT F3		PDP		157.9		936.9		—		30.9		4,667.5		4,177.8		3,797.6		3,494.9
102/13-26-064-03W6/0		W-100.000		MONT F3		PDP		176.9		2085.4		—		68.8		7,365.5		6,535.3		5,897.4		5,393.5
1S0/02-28-064-03W6/0		W-100.000		MONT G1		PDP		69.2		369.2		—		12.2		2,062.4		1,925.8		1,810.0		1,710.5
100/04-32-064-03W6/0		W-100.000		MONT F3		PDP		32.5		279.6		—		9.2		344.8		321.1		300.9		283.3
100/11-32-064-03W6/2		W-100.000		MONT G1		PDP		127.8		956.1		—		31.6		3,837.9		3,458.3		3,158.8		2,917.2
103/13-32-064-03W6/0		W-100.000		MONT F3		PDP		138.1		1356.5		—		44.8		5,374.3		4,832.9		4,403.0		4,054.6
100/15-03-065-03W6/2		W-100.000		MONT BD		PDP		9.3		87.6		—		2.9		65.7		64.0		62.5		61.1
100/16-03-065-03W6/0		W-100.000		MONT SXMTH		PDP		63.3		43.5		—		1.4		1,493.0		1,395.9		1,313.1		1,241.6
1S0/04-05-065-03W6/0		W-100.000		MONT F3		PDP		60.9		732.9		—		24.2		2,132.3		1,970.9		1,836.1		1,721.9

Prices:      YE2019 SEC Prices	Hammerhead Resources Inc.	Table 2
Eff. Date: December 31, 2019
Currency: CAD	Reserves and Net Present Value by Property
	Constant Prices and Costs as of December 31, 2019
	Proved Developed Producing Reserves
	Total Company

							Company WI & RI Reserves								Net Present Value Before Tax (M$)
Area and Property	Company Interest %		Zones		Reserve Class		Oil Mbbl		Gas MMcf		Cond. Mbbl		NGL Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
100/12-06-065-03W6/0		W-100.000		MONT G1		PDP		379.3		2411.5		—		79.6		19,199.5		17,914.4		16,864.8		15,989.6
100/07-08-065-03W6/0		W-100.000		MONT G1		PDP		23.7		181.6		—		6.0		259.9		248.5		238.4		229.3
100/08-08-065-03W6/0		W-100.000		MONT F3		PDP		83.5		966.9		—		31.9		2,948.0		2,672.4		2,449.8		2,266.8
100/04-16-065-03W6/0		W-100.000		MONT F3		PDP		4.2		65.5		—		2.2		0.4		-0.8		-2.0		-3.0
102/04-16-065-03W6/0		W-100.000		DUN		PDP		12.3		55.0		—		1.8		61.5		60.0		58.6		57.3
100/04-17-065-03W6/0		W-100.000		MONT G1		PDP		3.1		20.1		—		0.7		7.2		5.9		4.7		3.6
100/02-21-065-03W6/0		W-100.000		MONT F3		PDP		16.4		221.9		—		7.3		190.1		182.6		175.9		169.8
100/14-21-065-03W6/0		W-100.000		MONT F3		PDP		4.3		118.7		—		3.9		52.2		50.9		49.6		48.4
100/04-23-065-03W6/2		W-100.000		MONT F3		PDP		—		149.3		4.7		4.9		50.5		49.1		47.8		46.6
102/13-27-065-03W6/0		W-100.000		MONT F3		PDP		4.6		86.8		—		2.9		53.1		51.7		50.4		49.2
102/13-28-065-03W6/0		W-100.000		MONT F3		PDP		14.5		180.9		—		6.0		324.4		314.8		306.0		297.9
102/15-28-065-03W6/0		W-100.000		MONT F3		PDP		7.9		160.0		—		5.3		76.2		74.2		72.4		70.8
100/16-28-065-03W6/3		W-100.000		MONT F3		PDP		5.3		139.0		—		4.6		59.6		57.9		56.3		54.9
102/16-31-065-03W6/0		W-100.000		MONT G1		PDP		25.5		254.1		—		8.4		295.9		281.0		267.9		256.2
100/14-33-065-03W6/0		W-100.000		MONT F3		PDP		6.8		82.3		—		2.7		45.6		44.5		43.6		42.7
100/09-01-065-04W6/2		W-100.000		MONT G1		PDP		379.3		2411.5		—		79.6		19,033.0		17,773.9		16,745.4		15,887.2
103/09-01-065-04W6/0		W-100.000		MONT F3		PDP		379.8		2416.0		—		79.7		19,029.2		17,844.7		16,879.0		16,075.0
100/16-01-065-04W6/3		W-100.000		MONT F3		PDP		179.4		3084.9		—		101.8		7,374.0		6,321.0		5,549.5		4,964.6
102/16-01-065-04W6/0		W-100.000		MONT F3		PDP		339.1		2340.8		—		77.2		16,825.4		15,854.4		15,055.4		14,385.1
100/13-34-065-04W6/4		W-100.000		MONT G1		PDP		127.5		702.4		—		23.2		3,824.6		3,456.0		3,162.9		2,924.7
100/04-02-066-03W6/3		W-100.000		MONT F3		PDP		11.8		80.8		—		2.7		98.3		96.1		94.1		92.2
103/01-07-066-03W6/0		W-100.000		MONT G1		PDP		177.0		962.9		—		31.8		6,044.7		5,368.2		4,847.7		4,435.7
104/01-07-066-03W6/0		W-100.000		MONT G1		PDP		166.6		1358.4		—		44.8		6,008.7		5,353.2		4,845.7		4,442.4
100/08-07-066-03W6/0		W-100.000		MONT F3		PDP		46.5		253.1		—		8.4		1,236.6		1,160.6		1,095.3		1,038.5
100/16-08-066-03W6/2		W-75.000		MONT F3		PDP		3.8		97.4		—		3.2		34.3		33.4		32.6		31.8
102/13-09-066-03W6/0		W-100.000		MONT G1		PDP		8.4		61.6		—		2.0		54.9		53.4		52.0		50.7
100/16-10-066-03W6/2		W-75.000		MONT G1		PDP		10.9		37.6		—		1.2		67.4		65.7		64.2		62.8
100/02-16-066-03W6/0		W-100.000		MONT G1		PDP		48.6		104.6		—		3.5		684.7		645.7		611.8		582.1
100/08-21-066-03W6/0		W-100.000		MONT G1		PDP		43.2		204.4		—		6.7		998.8		938.4		886.3		840.9
102/14-13-066-04W6/2		W-100.000		MONT G1		PDP		—		299.9		20.9		9.9		150.4		142.7		135.9		129.9
102/16-23-066-04W6/0		W-100.000		MONT G1		PDP		6.7		66.0		—		2.2		60.5		58.9		57.5		56.2
100/12-24-066-04W6/0		W-100.000		MONT G1		PDP		165.4		1911.6		—		63.1		6,552.5		5,897.5		5,387.2		4,979.5
102/12-24-066-04W6/0		W-100.000		MONT F3		PDP		116.7		1799.2		—		59.4		5,115.5		4,673.7		4,316.1		4,021.3
103/12-24-066-04W6/0		W-100.000		MONT G1		PDP		232.1		2729.4		—		90.1		9,775.0		8,605.0		7,734.1		7,063.3
Subtotal 1.0 Developed								4,459.9		38,498.3		25.6		1,270.4		171,175.1		156,013.0		144,125.7		134,553.2
Subtotal Karr								4,459.9		38,498.3		25.6		1,270.4		171,175.1		156,013.0		144,125.7		134,553.2
Simonette
1.0 Developed
100/12-29-063-25W5/0		W-100.000		MONT F3		PDP		22.8		173.1		—		0.8		125.3		120.9		117.0		113.4
100/02-13-063-26W5/0		W-100.000		MONT F3		PDP		44.9		172.6		—		0.8		699.1		658.3		623.0		592.0
100/01-24-063-26W5/0		W-100.000		MONT F3		PDP		5.8		19.9		—		0.1		25.6		25.0		24.4		23.8
100/01-36-063-26W5/0		W-100.000		MONT F3		PDP		7.2		57.6		—		0.3		24.9		24.3		23.7		23.2
102/06-06-064-25W5/0		W-100.000		GETH		PDP		—		36.4		0.3		0.2		1.2		1.1		1.1		1.1
100/13-01-064-26W5/2		W-100.000		DUV		PDP		12.2		22.4		—		0.1		40.8		39.8		38.8		37.9
100/16-12-064-26W5/0		W-100.000		MONT F3		PDP		9.9		29.7		—		0.1		26.8		26.1		25.5		25.0
100/08-02-064-27W5/4		W-100.000		DUV		PDP		143.7		625.8		—		2.9		1,707.4		1,465.9		1,280.5		1,135.8
Subtotal 1.0 Developed								246.5		1,137.5		0.3		5.3		2,651.1		2,361.5		2,134.0		1,952.2
Subtotal Simonette								246.5		1,137.5		0.3		5.3		2,651.1		2,361.5		2,134.0		1,952.2
Total								9,097.9		130,798.3		165.0		3,828.3		291,093.2		282,854.5		264,923.2		247,945.9

Prices:       YE2019 SEC Prices Eff. Date:   December 31, 2019 Currency:  CAD Hammerhead Resources Inc.   Forecast of Production and Revenue Before Tax - Company Share Constant Prices and Costs as of December 31, 2019 Proved Undeveloped Reserves   Total Company Table 1

			Crude Oil						Natural Gas						Condensate						Natural Gas Liquids
Year	WI Wells		WI & RI Volume Mbbl		Sales Price $/bbl		Sales Revenue M$		WI & RI Volume MMcf		Sales Price $/Mcf		Sales Revenue M$		WI & RI Volume Mbbl		Sales Price $/bbl		Sales Revenue M$		WI & RI Volume Mbbl		Sales Price $/bbl		Sales Revenue M$		Sulphur & Other Revenue M$		Company Share Revenue M$		BOE/d
2020		15.7		1142.6		66.47		75946.9		13221.1		1.94		25596.1		—		—		—		374.2		36.48		13653.7		—		115196.7		10165
2021		48.3		3562.8		66.47		236817.2		39471.2		1.94		76416.3		—		—		—		1126.7		36.33		40928.4		—		354161.8		30871
2022		80.2		4473.2		66.47		297336.5		38737.9		1.94		74996.5		—		—		—		1136.5		35.82		40710.8		—		413043.8		33058
2023		119.9		6733.9		66.47		447605.5		48619.0		1.94		94126.4		—		—		—		1486.4		35.09		52156.2		—		593888.1		44722
2024		161.3		8148.8		66.47		541648.7		56841.2		1.94		110044.6		—		—		—		1787.8		34.60		61861.4		—		713554.6		53033
2025		172.0		5206.9		66.47		346103.9		46890.6		1.94		90780.1		—		—		—		1472.1		34.63		50984.0		—		487868.0		39710
2026		172.0		3195.4		66.47		212399.8		33365.0		1.94		64594.7		—		—		—		1043.2		34.70		36201.9		—		313196.4		26848
2027		172.0		2355.0		66.47		156536.1		26180.8		1.94		50685.9		—		—		—		816.2		34.75		28364.6		—		235586.7		20643
2028		172.0		1876.6		66.47		124740.2		21649.0		1.94		41912.4		—		—		—		673.4		34.79		23428.4		—		190081.1		16826
2029		172.0		1554.0		66.47		103296.1		18377.3		1.94		35578.5		—		—		—		570.7		34.82		19870.1		—		158744.6		14213
2030		172.0		1328.3		66.47		88291.8		15986.2		1.94		30949.3		—		—		—		495.7		34.84		17272.8		—		136513.9		12297
2031		172.0		1157.2		66.47		76921.9		14103.9		1.94		27305.1		—		—		—		436.9		34.86		15231.6		—		119458.7		10808
2032		170.8		1019.6		66.47		67771.6		12559.8		1.94		24315.8		—		—		—		388.8		34.87		13559.1		—		105646.6		9568
2033		169.7		901.4		66.47		59913.4		11187.8		1.94		21659.6		—		—		—		346.2		34.88		12075.1		—		93648.2		8527
2034		154.9		754.5		66.47		50154.0		9275.8		1.94		17957.9		—		—		—		288.9		34.77		10043.8		—		78155.7		7094
Rem.		—		1224.3		66.47		81377.6		14701.6		1.94		28462.4		—		—		—		465.8		34.48		16059.3		—		125899.2		1889
Total		—		44634.6		66.47		2966861.2		421168.2		1.94		815381.7		—		—		—		12909.6		35.04		452401.1		—		4234644.0		—

	Crown Royalties						Freehold Royalties						Overriding Royalties
Year	Unadj. Royalty M$		Royalty Adj. M$		Adj. Royalty M$		Unadj. Royalty M$		Royalty Adj. M$		Adj. Royalty M$		Unadj. Royalty M$		Royalty Adj. M$		Adj. Royalty M$		Mineral Tax M$		Sask. Cap. Surch. M$		Total Royalties & Taxes				NPI Pymts. M$
																							M$		%
2020		5590.9		1110.8		4480.1		—		—		—		—		—		—		—		—		4480.1		3.9		—
2021		17551.1		3439.8		14111.3		—		—		—		—		—		—		—		—		14111.3		4.0		—
2022		24841.0		3513.6		21327.4		—		—		—		—		—		—		—		—		21327.4		5.2		—
2023		39328.3		4445.3		34883.0		—		—		—		—		—		—		—		—		34883.0		5.9		—
2024		47375.2		5104.8		42270.4		—		—		—		—		—		—		—		—		42270.4		5.9		—
2025		36619.6		4113.7		32505.9		—		—		—		—		—		—		—		—		32505.9		6.7		—
2026		31941.4		2872.6		29068.8		—		—		—		—		—		—		—		—		29068.8		9.3		—
2027		33331.0		2299.0		31032.0		—		—		—		—		—		—		—		—		31032.0		13.2		—
2028		30937.8		1933.1		29004.7		—		—		—		—		—		—		—		—		29004.7		15.3		—
2029		26016.8		1644.3		24372.5		—		—		—		—		—		—		—		—		24372.5		15.4		—
2030		22166.0		1428.9		20737.1		—		—		—		—		—		—		—		—		20737.1		15.2		—
2031		18833.8		1249.5		17584.3		—		—		—		—		—		—		—		—		17584.3		14.7		—
2032		15819.6		1093.8		14725.9		—		—		—		—		—		—		—		—		14725.9		13.9		—
2033		12908.1		949.4		11958.7		—		—		—		—		—		—		—		—		11958.7		12.8		—
2034		9816.7		763.8		9052.9		—		—		—		—		—		—		—		—		9052.9		11.6		—
Rem.		13797.6		1156.7		12640.9		—		—		—		—		—		—		—		—		12640.9		10.0		—
Total		386874.9		37119.1		349755.8		—		—		—		—		—		—		—		—		349755.8		8.3		—

									Capital Costs						Future Net Revenue Before Tax
Year	Operating Costs				ADR Costs M$		Net Op. Income M$		Drilling & Compl. M$		Equip. & Facility M$		Total Capital M$		Annual M$		Cum. M$		NPV @ 10.0% M$
	M$		$/BOE
2020		35860.1		9.64		—		74856.5		153350.0		24800.0		178150.0		-103293.5		-103293.5		-97057.2
2021		113546.8		10.08		—		226503.7		128100.0		19200.0		147300.0		79203.7		-24089.8		66810.0
2022		128164.8		10.62		—		263551.6		292150.0		86600.0		378750.0		-115198.4		-139288.2		-93380.9
2023		177312.5		10.86		—		381692.7		324275.0		32000.0		356275.0		25417.7		-113870.5		18461.8
2024		215759.6		11.12		—		455524.7		277500.0		31200.0		308700.0		146824.7		32954.2		93908.8
2025		174077.8		12.01		—		281284.3		—		960.0		960.0		280324.3		313278.5		166975.7
2026		131282.5		13.40		—		152845.1		—		1120.0		1120.0		151725.1		465003.6		82006.1
2027		111589.9		14.81		—		92964.9		—		1280.0		1280.0		91684.9		556688.5		45025.1
2028		99049.9		16.08		—		62026.5		—		1440.0		1440.0		60586.5		617274.9		27036.9
2029		90210.5		17.39		—		44161.7		—		1600.0		1600.0		42561.7		659836.6		17259.1
2030		83801.3		18.67		—		31975.5		—		1520.0		1520.0		30455.5		690292.1		11227.7
2031		78794.1		19.97		—		23080.3		—		1440.0		1440.0		21640.3		711932.3		7253.4
2032		74432.8		21.26		—		16487.8		—		1360.0		1360.0		15127.8		727060.2		4612.7
2033		70615.4		22.69		—		11074.2		—		1280.0		1280.0		9794.2		736854.3		2715.7
2034		62158.2		24.01		—		6944.5		—		1200.0		1200.0		5744.5		742598.9		1450.0
Rem.		104439.0		25.22		20640.0		-11820.7		—		2400.0		2400.0		-14220.7		728378.2		-1294.2
Total		1751095.1		13.71		20640.0		2113153.2		1175375.0		209400.0		1384775.0		728378.2		—		353010.6

	Remaining Reserves
Product	Gross Lease		W.I.		R.I.		Net
Crude Oil (Mbbl)		44,634.6		44,634.6		—		40,059.2
Natural Gas (MMcf)		421,168.2		421,168.2		—		400,109.8
Natural Gas Liquids (Mbbl)		12,909.6		12,909.6		—		11,733.7
Total (MBOE)		127,738.9		127,738.9		—		118,477.8

	Net Present Value Before Tax - M$
@ 0.0%	@ 5.0%		@ 10.0%		@ 15.0%		@ 20.0%
728,378.2		506,262.1		353,010.6		245,776.7		169,453.7

RLI	26.41 yrs
Remaining Life	20.08 yrs
Price Schedule	C191231

Prices:      YE2019 SEC Prices Eff. Date: December 31, 2019 Currency: CAD Hammerhead Resources Inc.   Reserves and Net Present Value by Property Constant Prices and Costs as of December 31, 2019 Proved Undeveloped Reserves   Total Company Table 2

					Company WI & RI Reserves								Net Present Value Before Tax (M$)
Area and Property	Company Interest %	Zones	Reserve Class		Oil Mbbl		Gas MMcf		Cond. Mbbl		NGL Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
Alberta A Corporate
Facility
Corp Field CAPEX	W-100.000	Facility		NRA		—		—		—		—		-48,000.0		-43,449.0		-39,512.2		-36,084.2
Corp G&A	W-100.000	Facility		NRA		—		—		—		—		-64,332.1		-48,937.2		-38,608.8		-31,373.9
Corp Maint CAPEX	W-100.000	Facility		NRA		—		—		—		—		-18,800.0		-11,938.7		-8,078.8		-5,774.1
Corp Water CAPEX	W-100.000	Facility		NRA		—		—		—		—		-5,000.0		-4,489.3		-4,051.0		-3,672.2
Subtotal Facility						—		—		—		—		-136,132.1		-108,814.2		-90,250.8		-76,904.3
Subtotal A Corporate						—		—		—		—		-136,132.1		-108,814.2		-90,250.8		-76,904.3
Gold Creek
2.0 Undeveloped - Proved
100/01-09-068-03W6/0	W-100.000	MONT G1		PUD		303.2		4361.4		—		122.1		11,385.8		9,722.2		8,464.3		7,485.7
102/01-09-068-03W6/0	W-100.000	MONT G1		PUD		303.2		4361.4		—		122.1		11,384.8		9,721.3		8,463.5		7,485.0
100/08-09-068-03W6/0	W-100.000	MONT G1		PUD		303.2		4361.4		—		122.1		11,377.7		9,714.8		8,457.5		7,479.5
100/09-09-068-03W6/0	W-100.000	MONT G1		PUD		303.2		4361.4		—		122.1		11,374.6		9,712.0		8,454.9		7,477.1
102/09-09-068-03W6/0	W-100.000	MONT G1		PUD		303.2		4361.4		—		122.1		11,375.6		9,712.9		8,455.8		7,477.9
100/16-09-068-03W6/0	W-100.000	MONT G1		PUD		303.2		4361.4		—		122.1		8,776.8		7,119.3		5,867.0		4,893.9
102/16-09-068-03W6/0	W-100.000	MONT G1		PUD		303.2		4361.4		—		122.1		8,780.8		7,122.9		5,870.4		4,897.0
103/16-09-068-03W6/0	W-100.000	MONT F3		PUD		216.7		3090.5		—		86.5		4,711.9		3,640.9		2,819.6		2,181.4
100/16-09-068-04W6/0	W-100.000	MONT G1		PUD		236.7		3090.7		—		86.5		7,796.1		6,531.8		5,552.3		4,780.8
102/16-09-068-04W6/0	W-100.000	MONT G1		PUD		236.7		3090.7		—		86.5		7,804.2		6,538.7		5,558.3		4,786.0
103/12-10-068-04W6/0	W-100.000	MONT G1		PUD		236.7		3090.7		—		86.5		7,798.2		6,533.7		5,553.9		4,782.2
100/02-16-068-04W6/0	W-100.000	MONT G1		PUD		236.7		3090.7		—		86.5		7,756.1		6,497.5		5,522.6		4,755.0
100/06-16-068-04W6/0	W-100.000	MONT G1		PUD		236.7		3090.7		—		86.5		7,725.6		6,471.1		5,499.7		4,734.9
102/07-16-068-04W6/0	W-100.000	MONT G1		PUD		236.7		3090.7		—		86.5		7,745.7		6,488.6		5,514.9		4,748.2
GC Core 4-6 Por 2400m-01	W-100.000	MONT G1		PUD		201.4		2599.4		—		72.8		3,901.9		3,017.6		2,326.4		1,782.4
GC Core 4-6 Por 2400m-02	W-100.000	MONT G1		PUD		200.2		2580.9		—		72.3		3,902.3		2,970.4		2,256.6		1,705.3
GC Core 4-6 Por 2400m-03	W-100.000	MONT G1		PUD		200.2		2580.9		—		72.3		3,902.3		2,970.4		2,256.6		1,705.3
GC Core 4-6 Por 2400m-04	W-100.000	MONT G1		PUD		199.8		2576.0		—		72.1		3,901.3		2,956.9		2,237.0		1,683.7
GC Core 4-6 Por 2400m-05	W-100.000	MONT G1		PUD		199.8		2576.0		—		72.1		3,901.3		2,956.9		2,237.0		1,683.7
GC Core 4-6 Por 2400m-06	W-100.000	MONT G1		PUD		199.8		2576.0		—		72.1		3,901.3		2,956.9		2,237.0		1,683.7
GC Core 4-6 Por 2400m-07	W-100.000	MONT G1		PUD		199.8		2576.0		—		72.1		3,901.3		2,956.9		2,237.0		1,683.7
GC Core 4-6 Por 2400m-08	W-100.000	MONT G1		PUD		200.8		2590.1		—		72.5		3,901.3		2,946.1		2,220.8		1,665.9
GC Core 4-6 Por 2400m-09	W-100.000	MONT G1		PUD		200.8		2590.1		—		72.5		3,901.3		2,946.1		2,220.8		1,665.9
GC Core 4-6 Por 2400m-10	W-100.000	MONT G1		PUD		200.8		2590.1		—		72.5		3,901.3		2,946.1		2,220.8		1,665.9
GC Core 4-6 Por 2400m-11	W-100.000	MONT G1		PUD		200.8		2590.1		—		72.5		3,901.3		2,946.1		2,220.8		1,665.9
GC Core 4-6 Por 2400m-12	W-100.000	MONT G1		PUD		200.8		2590.1		—		72.5		3,901.3		2,946.1		2,220.8		1,665.9
GC Core 4-6 Por 2400m-13	W-100.000	MONT G1		PUD		200.8		2590.1		—		72.5		3,901.3		2,946.1		2,220.8		1,665.9
GC Core 4-6 Por 2400m-28	W-100.000	MONT G1		PUD		201.1		2594.7		—		72.7		3,895.9		2,498.9		1,611.9		1,041.5
GC Core 4-6 Por 2400m-29	W-100.000	MONT G1		PUD		200.8		2590.1		—		72.5		3,896.1		2,489.2		1,599.7		1,030.2
GC Core 4-6 Por 2400m-30	W-100.000	MONT G1		PUD		200.8		2590.1		—		72.5		3,896.1		2,489.2		1,599.7		1,030.2
GC Core 4-6 Por 2400m-31	W-100.000	MONT G1		PUD		201.4		2599.4		—		72.8		3,895.9		2,478.5		1,586.2		1,017.2
GC Core 4-6 Por 2800m-07	W-100.000	MONT G1		PUD		237.7		3104.7		—		86.9		5,049.7		3,477.6		2,415.4		1,685.7
GC Core 4-6 Por 2800m-08	W-100.000	MONT G1		PUD		237.7		3104.7		—		86.9		5,049.7		3,477.6		2,415.4		1,685.7
GC Core 4-6 Por 2800m-09	W-100.000	MONT G1		PUD		237.7		3104.7		—		86.9		5,049.7		3,477.6		2,415.4		1,685.7
GC Core 4-6 Por 2800m-10	W-100.000	MONT G1		PUD		237.3		3100.1		—		86.8		5,049.2		3,462.2		2,394.8		1,664.7
GC Core 4-6 Por 2800m-11	W-100.000	MONT G1		PUD		237.3		3100.1		—		86.8		5,049.2		3,462.2		2,394.8		1,664.7
GC Core 6+ Por 2600-01	W-100.000	MONT G1		PUD		260.1		3750.9		—		105.0		6,796.2		5,329.8		4,235.8		3,402.3
GC Core 6+ Por 2600-02	W-100.000	MONT G1		PUD		260.1		3750.9		—		105.0		6,796.2		5,329.8		4,235.8		3,402.3
GC Core 6+ Por 2600-03	W-100.000	MONT G1		PUD		260.1		3750.9		—		105.0		6,796.2		5,329.8		4,235.8		3,402.3
GC Core 6+ Por 2600-04	W-100.000	MONT G1		PUD		260.1		3750.9		—		105.0		6,796.2		5,329.8		4,235.8		3,402.3
GC Core 6+ Por 2600-05	W-100.000	MONT G1		PUD		260.1		3750.9		—		105.0		6,796.2		5,329.8		4,235.8		3,402.3
GC Core 6+ Por 2600-06	W-100.000	MONT G1		PUD		260.1		3750.9		—		105.0		6,796.2		5,329.8		4,235.8		3,402.3
GC Core F3 2400-01	W-100.000	MONT F3		PUD		183.6		2615.5		—		73.2		3,651.6		2,671.4		1,952.8		1,422.3
GC Core F3 2400-02	W-100.000	MONT F3		PUD		183.6		2615.5		—		73.2		3,651.6		2,671.4		1,952.8		1,422.3
GC Core F3 2400-03	W-100.000	MONT F3		PUD		183.0		2606.3		—		73.0		3,652.9		2,652.2		1,925.5		1,393.6
GC Core F3 2400-04	W-100.000	MONT F3		PUD		183.0		2606.3		—		73.0		3,652.9		2,652.2		1,925.5		1,393.6
GC Core F3 2600-01	W-100.000	MONT F3		PUD		200.4		2848.6		—		79.8		4,220.6		3,236.8		2,483.8		1,901.8
GC Core F3 2600-02	W-100.000	MONT F3		PUD		200.4		2848.6		—		79.8		4,220.6		3,236.8		2,483.8		1,901.8
GC Core F3 2600-03	W-100.000	MONT F3		PUD		200.4		2848.6		—		79.8		4,220.6		3,236.8		2,483.8		1,901.8
GC Core F3 2600-04	W-100.000	MONT F3		PUD		200.4		2848.6		—		79.8		4,220.6		3,236.8		2,483.8		1,901.8
GC Core F3 2600-05	W-100.000	MONT F3		PUD		200.0		2843.7		—		79.6		4,220.1		3,222.3		2,462.3		1,877.5
GC Core F3 2600-06	W-100.000	MONT F3		PUD		200.0		2843.7		—		79.6		4,220.1		3,222.3		2,462.3		1,877.5
GC Core F3 2600-07	W-100.000	MONT F3		PUD		200.4		2848.9		—		79.8		4,221.8		3,213.6		2,449.1		1,863.3
GC Core F3 2600-08	W-100.000	MONT F3		PUD		200.4		2848.9		—		79.8		4,221.8		3,213.6		2,449.1		1,863.3
GC Core F3 2600-09	W-100.000	MONT F3		PUD		200.4		2848.9		—		79.8		4,221.8		3,213.6		2,449.1		1,863.3
GC Core F3 2600-10	W-100.000	MONT F3		PUD		200.4		2848.9		—		79.8		4,221.8		3,213.6		2,449.1		1,863.3
GC Core F3 2800-02	W-100.000	MONT F3		PUD		216.4		3085.7		—		86.4		4,711.4		3,624.7		2,795.4		2,154.0
GC Core F3 2800-03	W-100.000	MONT F3		PUD		216.7		3090.7		—		86.5		4,710.3		3,370.3		2,425.8		1,750.2
GC Core F3 2800-04	W-100.000	MONT F3		PUD		216.7		3090.7		—		86.5		4,710.3		3,370.3		2,425.8		1,750.2
GC Core F3 2800-05	W-100.000	MONT F3		PUD		216.7		3090.7		—		86.5		4,710.3		3,370.3		2,425.8		1,750.2
GC Core F3 2800-06	W-100.000	MONT F3		PUD		216.7		3090.7		—		86.5		4,710.3		3,370.3		2,425.8		1,750.2
GC Core F3 2800-07	W-100.000	MONT F3		PUD		216.7		3090.7		—		86.5		4,710.3		3,370.3		2,425.8		1,750.2
GC Core F3 2800-08	W-100.000	MONT F3		PUD		216.4		3085.8		—		86.4		4,709.9		3,355.5		2,405.1		1,728.3
GC Core F3 2800-09	W-100.000	MONT F3		PUD		216.4		3085.8		—		86.4		4,709.9		3,355.5		2,405.1		1,728.3
Subtotal 2.0 Undeveloped - Proved						14,385.9		197,795.6		—		5,538.3		352,623.2		273,362.5		215,162.1		171,615.8
Subtotal Gold Creek						14,385.9		197,795.6		—		5,538.3		352,623.2		273,362.5		215,162.1		171,615.8
Karr
2.0 Undeveloped - Proved
102/05-21-064-03W6/0	W-100.000	MONT F3		PUD		267.2		1840.1		—		60.7		5,985.3		4,448.2		3,332.9		2,514.4
100/12-21-064-03W6/0	W-100.000	MONT F3		PUD		267.2		1840.1		—		60.7		5,985.3		4,448.2		3,332.9		2,514.4
100/13-21-064-03W6/0	W-100.000	MONT F3		PUD		267.2		1840.1		—		60.7		5,985.3		4,448.2		3,332.9		2,514.4
102/14-21-064-03W6/0	W-100.000	MONT F3		PUD		267.2		1840.1		—		60.7		5,985.3		4,448.2		3,332.9		2,514.4

Prices:      YE2019 SEC Prices	Hammerhead Resources Inc.	Table 2
Eff. Date: December 31, 2019
Currency: CAD	Reserves and Net Present Value by Property
	Constant Prices and Costs as of December 31, 2019
	Proved Undeveloped Reserves
	Total Company

					Company WI & RI Reserves								Net Present Value Before Tax (M$)
Area and Property	Company Interest %	Zones	Reserve Class		Oil Mbbl		Gas MMcf		Cond. Mbbl		NGL Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
100/07-06-066-03W6/0	W-100.000	MONT G1		PUD		197.6		1338.7		—		44.2		4,737.5		3,945.8		3,303.3		2,779.8
102/09-06-066-03W6/0	W-100.000	MONT F3		PUD		197.6		1338.7		—		44.2		4,751.8		3,955.6		3,310.1		2,784.6
PR-KNW F-2400m-001	W-100.000	MONT F3		PUD		201.4		2100.7		—		69.3		2,362.2		1,442.0		821.3		403.2
PR-KNW F-2800m-001	W-100.000	MONT F3		PUD		239.1		2516.3		—		83.0		3,155.1		2,160.8		1,400.9		815.9
PR-KNW F-2800m-002	W-100.000	MONT F3		PUD		238.5		2508.0		—		82.8		3,156.1		2,128.7		1,361.4		784.2
PR-KNW F-2800m-004	W-100.000	MONT F3		PUD		237.9		2499.3		—		82.5		3,153.9		1,983.7		1,186.8		640.8
PR-KNW F-2800m-005	W-100.000	MONT F3		PUD		238.2		2503.4		—		82.6		3,153.0		1,974.5		1,175.9		631.7
PR-KNW F-2800m-006	W-100.000	MONT F3		PUD		238.5		2507.9		—		82.8		3,153.2		1,967.4		1,167.7		625.6
PR-KNW F-2800m-008	W-100.000	MONT F3		PUD		238.6		2508.1		—		82.8		3,153.8		1,905.3		1,097.0		571.3
PR-KNW F-2800m-009	W-100.000	MONT F3		PUD		238.5		2507.9		—		82.8		3,152.1		1,873.5		1,061.8		544.6
PR-KNW F-2800m-010	W-100.000	MONT F3		PUD		238.5		2507.9		—		82.8		3,152.1		1,873.5		1,061.8		544.6
PR-KNW F-2800m-011	W-100.000	MONT F3		PUD		239.1		2516.4		—		83.0		3,151.6		1,865.1		1,052.3		537.0
PR-KNW F-2800m-012	W-100.000	MONT F3		PUD		238.8		2512.1		—		82.9		3,151.3		1,856.3		1,042.5		529.1
PR-KNW F-2800m-013	W-100.000	MONT F3		PUD		238.5		2508.0		—		82.8		3,152.0		1,835.8		1,020.7		514.1
PR-KNW F-2800m-014	W-100.000	MONT F3		PUD		238.5		2508.0		—		82.8		3,152.0		1,835.8		1,020.7		514.1
PR-KNW F-2800m-015	W-100.000	MONT F3		PUD		239.1		2516.6		—		83.0		3,151.5		1,827.7		1,011.6		506.9
PR-KNW F-2800m-016	W-100.000	MONT F3		PUD		237.6		2494.8		—		82.3		3,150.3		1,788.3		969.7		476.0
PR-KNW F-2800m-017	W-100.000	MONT F3		PUD		237.6		2494.8		—		82.3		3,150.3		1,788.3		969.7		476.0
PR-KNW F-2800m-018	W-100.000	MONT F3		PUD		238.5		2507.7		—		82.8		3,150.0		1,782.0		963.1		471.5
PR-KNW G-2400m-001	W-100.000	MONT G		PUD		255.2		2154.3		—		71.1		4,337.1		2,933.7		1,979.8		1,322.8
PR-KNW G-2800m-001	W-100.000	MONT G		PUD		299.8		2542.5		—		83.9		5,506.7		4,134.2		3,099.6		2,304.3
PR-KNW G-2800m-002	W-100.000	MONT G		PUD		300.4		2549.5		—		84.1		5,506.4		4,019.8		2,934.4		2,127.0
PR-KNW G-2800m-003	W-100.000	MONT G		PUD		300.4		2549.5		—		84.1		5,506.4		4,019.8		2,934.4		2,127.0
PR-KNW G-2800m-005	W-100.000	MONT G		PUD		300.7		2552.6		—		84.2		5,503.4		3,869.7		2,724.4		1,906.5
PR-KNW G-2800m-006	W-100.000	MONT G		PUD		300.4		2549.5		—		84.1		5,505.1		3,859.1		2,710.2		1,893.2
PR-KNW G-2800m-007	W-100.000	MONT G		PUD		300.1		2546.0		—		84.0		5,504.3		3,763.2		2,580.3		1,761.2
PR-KNW G-2800m-008	W-100.000	MONT G		PUD		300.1		2545.8		—		84.0		5,502.6		3,701.0		2,498.2		1,679.6
PR-KNW G-2800m-009	W-100.000	MONT G		PUD		300.4		2549.5		—		84.1		5,503.6		3,644.8		2,424.7		1,608.3
PR-KNW G-2800m-010	W-100.000	MONT G		PUD		300.1		2546.0		—		84.0		5,503.1		3,628.6		2,403.9		1,588.0
PR-KNW G-2800m-011	W-100.000	MONT G		PUD		300.1		2546.0		—		84.0		5,502.7		3,583.4		2,345.8		1,531.8
PR-KNW G-2800m-012	W-100.000	MONT G		PUD		299.8		2542.6		—		83.9		5,502.9		3,569.6		2,328.3		1,515.4
PR-KNW G-2800m-013	W-100.000	MONT G		PUD		299.8		2542.6		—		83.9		5,502.9		3,569.6		2,328.3		1,515.4
PR-KNW G-2800m-014	W-100.000	MONT G		PUD		299.4		2539.1		—		83.8		5,502.1		3,553.7		2,308.2		1,496.1
PR-KNW G-2800m-015	W-100.000	MONT G		PUD		300.7		2552.6		—		84.2		5,500.6		3,509.2		2,252.1		1,442.7
PR-KNW G-2800m-016	W-100.000	MONT G		PUD		300.4		2549.4		—		84.1		5,501.7		3,497.6		2,237.8		1,429.9
PR-KNW G-2800m-017	W-100.000	MONT G		PUD		300.4		2549.4		—		84.1		5,501.7		3,497.6		2,237.8		1,429.9
PR-KNW G-2800m-018	W-100.000	MONT G		PUD		300.1		2545.9		—		84.0		5,501.2		3,482.2		2,218.6		1,411.8
PR-KNW G-2800m-019	W-100.000	MONT G		PUD		300.4		2549.4		—		84.1		5,500.9		3,425.6		2,148.8		1,347.2
PR-KNW G-2800m-020	W-100.000	MONT G		PUD		300.4		2549.4		—		84.1		5,500.9		3,425.6		2,148.8		1,347.2
PR-KNW G-2800m-021	W-100.000	MONT G		PUD		300.1		2545.9		—		84.0		5,500.5		3,410.4		2,130.3		1,330.0
PR-KNW G-2800m-022	W-100.000	MONT G		PUD		299.8		2542.5		—		83.9		5,500.6		3,397.2		2,114.3		1,315.6
PR-KNW G-2800m-023	W-100.000	MONT G		PUD		299.8		2542.5		—		83.9		5,500.6		3,397.2		2,114.3		1,315.6
PR-KSO SE-2800m-01	W-100.000	MONT F3,G		PUD		298.7		1245.5		—		41.1		4,423.3		3,110.5		2,154.8		1,453.4
PR-KSO SE-2800m-02	W-100.000	MONT F3,G		PUD		299.1		1248.0		—		41.2		4,424.6		3,089.5		2,126.7		1,426.8
PR-KSO SE-2800m-03	W-100.000	MONT F3,G		PUD		297.7		1238.5		—		40.9		4,422.6		3,037.6		2,058.7		1,360.9
PR-KSO SE-2800m-04	W-100.000	MONT F3,G		PUD		299.4		1250.2		—		41.3		4,422.6		3,013.6		2,026.5		1,329.4
PR-KSO SE-2800m-05	W-100.000	MONT F3,G		PUD		298.8		1245.6		—		41.1		4,422.6		2,988.5		1,993.8		1,298.1
PR-KSO SE-2800m-06	W-100.000	MONT F3,G		PUD		298.7		1245.5		—		41.1		4,421.8		2,961.7		1,958.7		1,263.9
PR-KSO SE-2800m-07	W-100.000	MONT F3,G		PUD		298.4		1243.3		—		41.0		4,422.4		2,917.0		1,902.2		1,211.9
PR-KSO SE-2800m-08	W-100.000	MONT F3,G		PUD		299.1		1248.0		—		41.2		4,421.7		2,893.4		1,872.2		1,184.1
PR-KSO SE-2800m-09	W-100.000	MONT F3,G		PUD		299.4		1250.3		—		41.3		4,421.6		2,869.9		1,842.5		1,156.5
PR-KSO SE-2800m-10	W-100.000	MONT F3,G		PUD		298.8		1245.7		—		41.1		4,421.6		2,846.1		1,812.9		1,129.5
PR-KSO SE-2800m-11	W-100.000	MONT F3,G		PUD		299.1		1248.0		—		41.2		4,421.3		2,833.6		1,797.2		1,114.8
PR-KSO SE-2800m-12	W-100.000	MONT F3,G		PUD		298.8		1245.6		—		41.1		4,420.8		2,820.6		1,781.3		1,100.1
PR-KSO SE-2800m-13	W-100.000	MONT F3,G		PUD		299.1		1248.0		—		41.2		4,421.3		2,799.6		1,755.5		1,077.2
PR-KSO SE-2800m-14	W-100.000	MONT F3,G		PUD		298.1		1241.0		—		41.0		4,420.3		2,765.2		1,714.4		1,040.8
PR-KSO-2500m-001	W-100.000	MONT F3,G		PUD		267.9		1847.1		—		61.0		4,517.7		3,436.2		2,588.5		1,919.6
PR-KSO-2500m-002	W-100.000	MONT F3,G		PUD		267.5		1843.4		—		60.8		4,516.0		3,257.0		2,331.9		1,647.1
PR-KSO-2500m-003	W-100.000	MONT F3,G		PUD		267.2		1840.1		—		60.7		4,517.6		3,248.5		2,320.4		1,636.3
PR-KSO-2500m-004	W-100.000	MONT F3,G		PUD		267.6		1843.7		—		60.8		4,517.0		3,234.3		2,300.5		1,615.6
PR-KSO-2500m-009	W-100.000	MONT F3,G		PUD		267.2		1840.1		—		60.7		4,516.6		3,181.4		2,227.9		1,541.5
PR-KSO-2500m-010	W-100.000	MONT F3,G		PUD		266.9		1836.4		—		60.6		4,516.1		3,167.1		2,208.5		1,521.7
PR-KSO-2500m-011	W-100.000	MONT F3,G		PUD		266.3		1829.0		—		60.4		4,515.3		3,140.4		2,172.8		1,485.8
PR-KSO-2500m-012	W-100.000	MONT F3,G		PUD		267.2		1839.9		—		60.7		4,515.2		3,128.8		2,157.0		1,470.1
PR-KSO-2500m-013	W-100.000	MONT F3,G		PUD		267.6		1843.7		—		60.8		4,515.6		3,079.6		2,091.2		1,405.0
PR-KSO-2500m-014	W-100.000	MONT F3,G		PUD		267.2		1840.1		—		60.7		4,515.8		3,067.8		2,075.8		1,390.1
PR-KSO-2500m-015	W-100.000	MONT F3,G		PUD		267.9		1847.3		—		61.0		4,515.2		3,054.6		2,058.2		1,372.6
PR-KSO-2500m-016	W-100.000	MONT F3,G		PUD		267.6		1843.8		—		60.8		4,515.6		3,042.9		2,043.0		1,358.1
PR-KSO-2500m-017	W-100.000	MONT F3,G		PUD		267.5		1843.6		—		60.8		4,513.9		2,991.1		1,976.0		1,292.9
PR-KSO-2500m-018	W-100.000	MONT F3,G		PUD		267.5		1843.6		—		60.8		4,513.7		2,953.6		1,927.7		1,246.5
PR-KSO-2500m-019	W-100.000	MONT F3,G		PUD		267.6		1843.7		—		60.8		4,514.0		2,931.1		1,899.3		1,220.1
PR-KSO-2500m-020	W-100.000	MONT F3,G		PUD		267.9		1847.3		—		61.0		4,513.7		2,907.3		1,869.2		1,191.8
PR-KSO-2500m-021	W-100.000	MONT F3,G		PUD		267.6		1843.8		—		60.8		4,514.2		2,896.2		1,855.5		1,179.2
PR-KSO-2500m-022	W-100.000	MONT F3,G		PUD		267.2		1840.1		—		60.7		4,513.9		2,883.3		1,839.4		1,164.1
PR-KSO-2500m-023	W-100.000	MONT F3,G		PUD		266.9		1836.4		—		60.6		4,513.4		2,870.3		1,823.3		1,149.1
PR-KSO-2500m-024	W-100.000	MONT F3,G		PUD		266.9		1836.4		—		60.6		4,513.4		2,870.3		1,823.3		1,149.1
PR-KSO-2500m-025	W-100.000	MONT F3,G		PUD		266.6		1832.8		—		60.5		4,513.4		2,859.1		1,809.7		1,136.7
PR-KSO-2500m-026	W-100.000	MONT F3,G		PUD		267.2		1839.9		—		60.7		4,512.5		2,835.6		1,780.7		1,110.1
PR-KSO-2800m-01	W-100.000	MONT F3,G		PUD		301.7		2115.4		—		69.8		5,348.3		3,755.1		2,630.4		1,826.9
PR-KSO-2800m-02	W-100.000	MONT F3,G		PUD		301.4		2111.6		—		69.7		5,347.7		3,738.3		2,607.6		1,803.6
PR-KSO-2800m-03	W-100.000	MONT F3,G		PUD		301.4		2111.6		—		69.7		5,347.7		3,738.3		2,607.6		1,803.6
PR-KSO-2800m-04	W-100.000	MONT F3,G		PUD		301.4		2111.6		—		69.7		5,347.7		3,738.3		2,607.6		1,803.6
PR-KSO-2800m-05	W-100.000	MONT F3,G		PUD		301.1		2108.0		—		69.6		5,347.6		3,723.7		2,588.0		1,784.1
PR-KSO-2800m-06	W-100.000	MONT F3,G		PUD		302.0		2118.9		—		69.9		5,346.8		3,707.6		2,566.0		1,761.5
PR-KSO-2800m-07	W-100.000	MONT F3,G		PUD		301.7		2115.3		—		69.8		5,347.1		3,693.3		2,546.8		1,742.4
PR-KSO-2800m-08	W-100.000	MONT F3,G		PUD		302.4		2122.6		—		70.0		5,346.8		3,677.4		2,525.1		1,720.3
PR-KSO-2800m-09	W-100.000	MONT F3,G		PUD		302.4		2122.8		—		70.1		5,347.5		3,605.7		2,430.1		1,626.7
PR-KSO-2800m-10	W-100.000	MONT F3,G		PUD		302.4		2122.8		—		70.1		5,347.5		3,605.7		2,430.1		1,626.7
PR-KSO-2800m-11	W-100.000	MONT F3,G		PUD		302.1		2119.3		—		69.9		5,347.8		3,591.9		2,412.1		1,609.4
PR-KSO-2800m-12	W-100.000	MONT F3,G		PUD		302.1		2119.3		—		69.9		5,347.8		3,591.9		2,412.1		1,609.4
PR-KSO-2800m-13	W-100.000	MONT F3,G		PUD		301.8		2115.5		—		69.8		5,347.4		3,576.1		2,391.5		1,589.1
PR-KSO-2800m-14	W-100.000	MONT F3,G		PUD		301.4		2111.8		—		69.7		5,346.9		3,560.2		2,370.8		1,568.9

Prices:      YE2019 SEC Prices	Hammerhead Resources Inc.	Table 2
Eff. Date: December 31, 2019
Currency: CAD	Reserves and Net Present Value by Property
	Constant Prices and Costs as of December 31, 2019
	Proved Undeveloped Reserves
	Total Company

							Company WI & RI Reserves								Net Present Value Before Tax (M$)
Area and Property	Company Interest %		Zones		Reserve Class		Oil Mbbl		Gas MMcf		Cond. Mbbl		NGL Mbbl		@ 0.0%		@ 5.0%		@ 10.0%		@ 15.0%
PR-KSO-2800m-15		W-100.000		MONT F3,G		PUD		301.4		2111.8		—		69.7		5,346.9		3,560.2		2,370.8		1,568.9
PR-KSO-2800m-16		W-100.000		MONT F3,G		PUD		301.1		2108.1		—		69.6		5,346.9		3,546.4		2,353.2		1,552.1
PR-KSO-2800m-17		W-100.000		MONT F3,G		PUD		301.1		2108.1		—		69.6		5,346.9		3,546.4		2,353.2		1,552.1
PR-KSO-2800m-18		W-100.000		MONT F3,G		PUD		300.8		2104.3		—		69.4		5,346.0		3,530.4		2,332.8		1,532.3
PR-KSO-2800m-19		W-100.000		MONT F3,G		PUD		300.8		2104.3		—		69.4		5,346.0		3,530.4		2,332.8		1,532.3
PR-KSO-2800m-20		W-100.000		MONT F3,G		PUD		301.7		2115.3		—		69.8		5,346.0		3,517.3		2,315.8		1,516.0
PR-KSO-2800m-21		W-100.000		MONT F3,G		PUD		302.0		2118.9		—		69.9		5,345.5		3,486.7		2,276.2		1,477.7
PR-KSO-2800m-22		W-100.000		MONT F3,G		PUD		301.7		2115.4		—		69.8		5,346.5		3,475.3		2,262.0		1,464.7
PR-KSO-2800m-23		W-100.000		MONT F3,G		PUD		302.1		2119.0		—		69.9		5,346.0		3,460.2		2,242.7		1,446.2
PR-KSO-2800m-24		W-100.000		MONT F3,G		PUD		301.7		2115.4		—		69.8		5,346.2		3,446.9		2,226.0		1,430.7
PR-KSO-2800m-25		W-100.000		MONT F3,G		PUD		302.4		2122.7		—		70.0		5,345.7		3,432.0		2,207.2		1,412.7
PR-KSO-2800m-26		W-100.000		MONT F3,G		PUD		302.1		2119.1		—		69.9		5,346.1		3,418.8		2,190.8		1,397.6
Subtotal 2.0 Undeveloped - Proved								30,248.7		223,372.7		—		7,371.3		511,887.1		341,713.8		228,099.3		151,065.3
Subtotal Karr								30,248.7		223,372.7		—		7,371.3		511,887.1		341,713.8		228,099.3		151,065.3
Total								44,634.6		421,168.2		—		12,909.6		728,378.2		506,262.1		353,010.6		245,776.7