Cobra Venture Corporation Q3 2022 Financial Results (Ending August 31, 2022)
All information can be found on www.sedar.com

TSXV:CBV | OTCQB:CBVTF
Price: $0.17CAD - $0.126USD
Common Shares: 16,053,748
Options: 1,240,000 @ $0.135 CAD
Insider Holdings: 3,899,954 – 24.5%
Market Cap: $2.73M CAD | $2.02M USD
Website: http://www.cobraventure.com/

Q2 2022 Balance Sheet (Expressed In Canadian Dollars)

ASSETS
Cash: $2,273,478
Receivables: $174,870
Marketable Securities: $21,378
Prepaid Expenses: $30,613
Investment: $350,000
Property & Equipment: $521,731
Total Assets: $3,372,070

LIABILITIES
Accounts Payable: $35,715
Current Decommissioning: $10,125
Non-Current Decommissioning: $82,141
Total Liabilities: $127,981

2022 Performance Over 9 Months
Production Revenue: $1,428,917
Gross Profit: $760,583
Net Earnings: $372,687
Earnings Per Share: $0.023

Subject to certain restrictions, the Company has resource expenditures of approximately $2,317,000 available to reduce taxable income in future years available to apply against future taxable income. Future tax benefits which may arise as a result of the net capital losses and resource deductions have not been recognized in these financial statements.

Management Discussion Highlights (MD&A)

Net earnings for the nine-month period ended August 31, 2022, was $372,687 compared to a loss of $74,670. The net earnings for the nine-month period ended August 31, 2022, increased by 447,357 as noted below.

Oil and gas revenue for the nine-month period ended August 31, 2022 was $1,428,917 compared to $908,208 in the comparative nine-month period ended August 31, 2021. The $520,709 increase in production revenue was primarily due to the return of production revenue from pre-pandemic Covid-19 levels where certain of the Company’s operators elected to shut-in certain of their operating batteries due to the Covid-19 outbreak in the November 2020 comparative period and increasing oil and gas prices.

Gull Lake, Saskatchewan

During the year ended November 30, 2013, the Company entered into a Participation Agreement whereby the Company (and two other arm’s length companies) was granted the right to equally participate to drill and complete up to 4 initial test wells (each “Test Well”) located in Gull Lake, Saskatchewan. Under the agreement, the Company had to pay 29.33% of the drilling costs of each Test Well to earn a net working interest of 14.665% in each well. The Company currently maintains a 14.665% interest in the Gull Lake project area.

During the year ended November 30, 2015, the Company recorded an impairment charge of $664,978 on the property due to a sustained decline in forecasted crude oil prices. The impairment was determined using a value in use approach using estimated expected cash flow based on proved plus probable reserves using a pre-tax discount rate of 10%.

During the year ended November 30, 2016, the Company recorded an impairment charge on the property of $98,917 due to a sustained decline in forecasted crude oil and natural gas prices.

The Company currently participates in 12 wells, 7 wells of which are operated by Taku Gas Ltd. ("Taku"), and 5 wells operated by Vital Energy Ltd. ("Vital"). As well, the Company has also elected to participate in the drilling of two development well locations. The additional wells will target the primary producing reservoir in the wells operated by Vital. Following the drilling of these two wells, and evaluation of the well results, Cobra has the option to elect to further participate in the drilling of a horizontal well.

During the year ended November 30, 2021, the Company recorded $1,589,972 (2020 - $976,326) in production revenue.

During the period ended August 31, 2022, the Company recorded $1,428,917 (2021- $908,208) in production revenue.

San Joaquin Basin Project, California

As initially discussed in August 2019, Cobra entered into a participation agreement (the “Agreement”) with Makk Energy Ltd., a private oil and gas company controlled by Murray Rodgers, a Director of Cobra and QC Energy LLC, a private oil and gas company based in Denver, Colorado. Pursuant to the Agreement, Cobra has a nonoperating 25% working interest in the subject project. In early 2020, the joint venture group undertook an initiative to attract a strategic partner to fund leasing and drilling activity in the project area. While these initiatives were initially promising (with technical due diligence being concluded with favourable outcomes), the recent outbreak of Covid-19 pandemic, combined with the significant declines in the oil equity markets, has resulted in a pullback of interest in the project. The joint venture partners will continue to pursue new sources of capital for this project while working within the current global and local uncertainties surrounding oil and gas investments.

MARKETABLE SECURITIES

Investments are marketable securities comprised of 475,076 (November 30, 2021 – 475,076) common shares in Magnum Goldcorp Inc., a publicly traded company. The Company and Magnum Goldcorp Inc. have certain directors in common.

INVESTMENT

At August 31, 2022, the Company had 350,000 shares (November 30, 2021 - 350,000) of Star Valley Drilling Ltd, a privatelyowned company, valued at $350,000 (November 30, 2021 - $350,000) classified as FVTPL. As there is no quoted market price in an active market for the investment, the investment was initially measured at fair value which was the price paid by the company. There are no indicators during the current and prior year that cost might not be representative of fair value.

3:31:26 Vital Energy (VUX.V) -

East West Petroleum: Stocks trading at Less Than Cash Value on TSX-V (EW)

The Globe and Mail - Sun Sep 25, 7:02AM CDT

https://www.theglobeandmail.com/investing/markets/stocks/EW-X/pressreleases/10380730/east-west-petroleum-stocks-trading-at-less-than-cash-value-on-tsx-v-ew/?ocid=edgsp

East West Petroleum is among the group of TSX Venture Exchange companies currently trading at less than cash value. This means companies whose current share price is less than the cash per share on their balance sheet or stocks with more cash than market cap. (Chart shows P/E of 4.009)

This report is generated monthly. It also shows the value of cash net debt per share to show how much cash per share would be left if the debt was paid off. Stocks in this category are held primarily for speculation. Companies can have more cash per share than the actual share price for a number of reasons including that they just raised capital, are in industries that experience high burn rates and will eat through the cash quickly or there is a lot of uncertainty about the future of the company. Companies earning a positive net income will have a price-to-earnings, or P/E, ratio greater than zero and are worth exploring in more detail.

More about East West Petroleum

East West Petroleum Corp is an oil and gas exploration and production company. It is engaged in exploring, developing and producing from its oil and gas properties. Its current portfolio is made up of exploration concessions in New Zealand and Romania.

MLK Gold Ltd. Arranges $1,000,000 Non-Brokered Financing

2022-10-07 05:15 ET - News Release


Windsor, Nova Scotia, CANADA, Oct. 07, 2022 (GLOBE NEWSWIRE) -- MLK Gold Ltd. (CSE:MLK) ("MLK Gold" or the "Company") announces that it has arranged for a non-brokered private placement to raise up to $1,000,000 (the "Offering").

The non-brokered private placement involves the sale of up to 10,000,000 units (each a "Unit") at a price of $0.05 per unit for each non-flow-through unit, and up to 7,142,857 flow through units (each a "FT Unit") and critical metals flow through units (each a "CFT Unit") at a price of $0.07 per FT Unit or CFT Unit, as the case may be, for aggregate gross proceeds of $1,000,000. Each Unit will comprise one common share and one share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder to purchase a further non-flow-through common share at a price of $0.10 per share for a period of 12 months. Each FT Unit will consist of one flow-through share and one Warrant. Each CFT Unit will consist of one critical metals flow through share and one Warrant.

The Company may pay finder's fees at 6% on all or a portion of the Offering subject to the policies of the CSE.

Proceeds of the placement will be directed toward exploration on the Company's mineral properties in Atlantic Canada with emphasis on the Lithium 360 Property in Newfoundland, and on which proceeds generated from the CFT Units will be expended. A portion of the cash proceeds raised from the sale of non-flow-through Units will be directed at general working capital. The Offering is subject to regulatory approval and all securities issued in connection with the Offering will be subject to applicable resale restrictions.

About MLK Gold Ltd.

Founded in 2018, MLK Gold Ltd. is quickly emerging as one of Atlantic Canada's exciting resource exploration companies offering exposure to gold and the strategic metal representing a unique mix of discovery and resource development potential. Invested in a portfolio of gold and lithium projects in mining and mineral-rich Newfoundland, MLK's plan is to capitalize on the province's ranking as one of the world's top 10 mining jurisdictions and expand into a long-life, financially sound mineral resources company.

Additional information about the Company and its activities may be found on the Company's website at www.mlkgold.com and under the Company's profile at www.sedar.com.

For additional information or to arrange an interview, please contact:

William (Bill) Fleming
Executive Chairman, MLK Gold Ltd.
59 Payzant Drive
P.O. Box 657, Windsor
Nova Scotia, Canada, B0N 2T0
Phone: 902.448.0716
Email: Bill.Fleming@manewagi.com

Cobra Venture Portion Starts At 1:19:08

Cobra Ventures will be announcing their third quarter results in October and at the same time White Tundra investments will also be putting out a webinar in regards to the company tomorrow. See the Twitter link below for more information:

https://twitter.com/i/spaces/1mrxmkVzLPWGy?s=20

Manning Ventures to Acquire Dipole Lithium Project, Newfoundland

Vancouver, British Columbia - TheNewswire - September 27, 2022 - Manning Ventures Inc. (the " Company " or " Manning ") (CSE:MANN ) ; (OTC:MANVF); ( FRA:1H5) is pleased to announce that it has entered into a Property Acquisition Agreement (the " Acquisition Agreement ") with independent prospectors (the "Vendors") dated September 12, 2022, pursuant to which the Company has agreed to acquire a 100% interest in the Dipole Lithium Project (the " Property ").

During the first half of 2022, Dahrouge Geological Consulting ("DGC") completed a regional metallogenic study of southern Newfoundland and recommended the acquisition of The Property due to its prospective nature for hosting Lithium-Cesium-Tantalum type pegmatite- and/or tungsten mineralization.

The starting point for the study was the recent discovery of Kraken Lithium zone of Sokoman Minerals Corp (TSXV: SIC) and Benton Resources (TSXV: BEX), where the companies have uncovered a large area of lithium mineralization across an apparent strike length of over two kilometers with surface sampling up to 1.93% Li2O and reconnaissance drilling of up to 8.4 meters over 0.95% Li20. The Property is located approximately 50 kilometers along strike of the Kraken discovery and within the Hermitage Flexure. The Hermitage Flexure is a regional-scale structural corridor containing volcano-sedimentary rock units, which are a favorable host-rocks for spodumene-bearing LCT pegmatites. The Property is host to several positive indicators for lithium mineralization.

Historical work report from 1979 by Falconbridge Mines, while searching for base and precious metals, described the following:

Aplite dikes containing tourmaline and yellow mica,

"Spod boulders" which may have been descriptions of spodumene,

Tungsten, molybdenum, and tin mineralization in boulders that returned up to 1.5% WO3 (with visible scheelite), 100 ppm Mo and 238 ppm Sn. These elements are commonly associated on a regional-scale with LCT-style pegmatites in other areas, and

Descriptions of "coarse grained megacrystic" granite which intrude the volcano-sedimentary belt, which may reflect LCT-style pegmatites.


In addition, a historical mapping campaign of O'Brien and Tomlin (1984), also describe lepidolite, a lithium-bearing mica, associated with the tourmaline-garnet bearing aplite dikes. Lepidolite is a commonly associated mineral at or near spodumene-bearing LCT-style pegmatite(s).

The Property has not yet seen any lithium-specific exploration. The Company plans to aggressively follow up on this opportunity in order to assess the lithium and / or tungsten potential.

"We're pleased to add Dipole to our portfolio of prospective lithium projects," said CEO, Alex Klenman. "Much like out Bounty project, this is an underexplored project that suggests upside potential for lithium. We're eager to get on the ground and are currently formulating an exploration plan for the near term. We'll announce plans shortly," continued Mr. Klenman.

Terms

Pursuant to the terms and conditions of the Option Agreement and in order to acquire a 100% interest in and to the Property, the Company will:

(I) pay the Vendors a total of $120,000 in cash, and issue the Vendors an aggregate of 950,000 common shares in the capital of the Company (the " Shares "), as follows:

a. within 15 days of executing the Option Agreement, pay $15,000 and issue 100,000 Shares;

b. on the first anniversary of the execution of the Option Agreement, pay $20,000 and issue 150,000 Shares;

c. on the second anniversary of the execution of the Option Agreement, pay $35,000 and issue 200,000 Shares;

d. on the third anniversary of the execution of the Option Agreement, pay $50,000 and issue 500,000 Shares; and

(ii) upon the commencement of commercial production, pay the Vendors a royalty equal to 2% of net smelter returns from the Property (the " NSR Royalty "), which may be reduced at any time from 2% to 1% by the Company paying the Vendors an aggregate of $1,000,000. Following the Company's exercise of the Option and prior to the commencement of commercial production, the Company will pay the Vendors advance NSR Royalty payments equal to an aggregate of $5,000 per annum up to a maximum of $100,000.

All securities issued in connection with the Option Agreement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws.

None of the securities issued in connection with the Option Agreement will be registered under the United States Securities Act of 1933, as amended (the " 1933 Act "), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.


QP Disclosure

Neil McCallum, B.Sc., P.Geo., of Dahrouge Geological Consulting Ltd., supervised the preparation of the technical information in this news release.

About Manning Ventures

Manning is a broad-based mineral exploration and development company with a focus in Canada. Manning holds a 100% interest in six mineral properties located in the Province of Quebec, namely the Lac Simone Project and the Hope Lake Iron Ore Projects, a portfolio of projects in Newfoundland, and the Bounty Lithium Project, located in Quebec.

For further information contact:

Manning Ventures Inc.

Alex Klenman - CEO

Email: info@manning-ventures.com

Telephone: (604) 681-0084

www.manning-ventures.com

MANNING VENTURES Plans Follow Up Exploration Program at the Bounty Lithium Project

https://www.stockwatch.com/News/Item/Z-C!MANN-3307483/C/MANN

Vancouver, British Columbia - TheNewswire - September 21, 2022 - Manning Ventures Inc. (the " Company " or " Manning ") (CSE:MANN ) ; ( FRA:1H5) is pleased to announce that it is set to commence a follow up exploration program at the Company's 100%-owned Bounty Lithium Property (the "Property"), located in the James Bay Lithium District of northern Quebec. The program is set to commence in early October.

The 7,544 hectare property was staked due to its prospective nature for hosting hard-rock, pegmatite-hosted lithium mineralization. It was selected as a result of a regional targeting method which included the review of pegmatite occurrences across Quebec with the appropriate indicator-mineralogy and indicator-chemistry for hosting Lithium-Cesium-Tantalum (LCT) style, spodumene-bearing pegmatites, within favourable host-rocks. The Property is host to several known pegmatite outcrops, but the project remains underexplored as little to no lithium-focused work has ever been conducted on the Property.

The Company executed a first pass sampling recon program at Bounty in May of this year, with data compilation focused within multiple target areas. Results of this initial program included confirmation of very anomalous lithium (201 ppm to 425 ppm lithium) present within several pegmatites. Those samples in the "very anomalous" category appear combined with elevated levels of tantalum, cesium, and rubidium, which confirms the Lithium-Cesium-Tantalum (LCT) style pegmatite affinity for the Property. Additionally, the abundance of tourmaline amongst the common pegmatite mineralogy of feldspar, quartz and mica adds to the LCT affinity.

There is an abundance of pegmatite outcrops on the project that have yet to be sampled, with many located along trend from those samples with highly anomalous LCT type pegmatite chemistries. These areas will be targeted in this follow up exploration program.

The spatial distribution of the very anomalous pegmatites, clustering in the center of the property, within the volcano-sedimentary country rock is thought to be a positive exploration attribute, given the deposit model within the James Bay Lithium District.

"We're excited to get back and continue the early exploration strategy at Bounty," said CEO, Alex Klenman. "The first pass gave us a taste, and we are eager to see what the next block of pegmatites yield. The project is highly prospective and vastly underexplored for lithium. Given what we know about the area geology, Bounty demands more detailed exploration," continued Mr. Klenman.

The James Bay Pegmatite District of Quebec is known to host several large lithium pegmatite deposits including:

James Bay Project of Allkem.

Rose Lithium-Tantalum Deposit of Critical Elements Lithium Corp; and

Whabouchi Lithium Deposit of Nemaska Lithium

Spodumene bearing pegmatites are important sources of hard rock lithium. With rising EV demand lithium hydroxide and lithium carbonatite prices have risen by over 200% during 2021. Despite the price rises the forecast lithium market imbalance will continue to increase dramatically in coming years (Allkem, CEO Presentation, 2021).
QP Disclosure

Neil McCallum, B.Sc., P.Geo., of Dahrouge Geological Consulting Ltd., a registered permit holder with the Ordre des Geologues du Quebec and Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects , supervised the preparation of the technical information in this news release.

About Manning Ventures

Manning is a broad-based mineral exploration and development company with a focus in Canada. Manning holds a 100% interest in six mineral properties (iron ore, lithium) located in the province of Quebec, and four projects (polymetallic, rare earths, uranium) in Newfoundland.

For further information contact:

Manning Ventures Inc.

Alex Klenman - CEO

Email: info@manning-ventures.com

Telephone: (604) 681-0084

www.manning-ventures.com

Here's a snippet of another article that came out today and it mentions how the Serbian government could take NIS private this fall. This would make the sanction issue go away as well.

https://carnegieendowment.org/politika/87959

EU sanctions on Russian energy exports are likely to shrink Russia’s economic presence in the Balkans significantly, disrupting some of the flows of Russian oil and gas that have long been a mainstay of trade relations with the region. Serbia has ostentatiously resisted EU pressure to join the sanctions regime, which has had a negative impact on NIS, the country’s major oil company. Gazprom Neft until recently held the majority stake, which served as a key symbol of Russian political and economic influence in Serbia. However, Croatia plans to implement EU sanctions that will cut off NIS’s ability to import Russian oil starting in December. Due to fears of other secondary sanctions, Vucic has indicated that he may need to nationalize NIS this fall and sell Gazprom Neft’s remaining stake in the company to another buyer to keep it operational.

Today the European Union approved an acquisition by NIS, which is a positive sign for East West. Reason being that sanctions have held back NIS/EW from closing a royalty deal on a million acres of heavily developed Oil/Gas leases in Romania. This Royalty will be worth serious money once the deal is completed as it's going to generate revenue immediately. Gazprom still owns a majority stake in NIS and if the European Union allowed them to acquire HIPP, then acquiring EW's 15% in Romania shouldn't be an issue.

https://ec.europa.eu/commission/presscorner/detail/en/mex_22_5672

Mergers: Commission clears acquisition of HIPP by NIS
The European Commission has approved, under the EU Merger Regulation, the acquisition of HIP-Petrohemija LLC Pancevo (‘HIPP') by Naftna Industrija Srbije a.d. Novi Sad (‘NIS'), both of Serbia. HIPP is a petrochemical company active in the production and distribution of products such as ethylene, polyethylene and synthetic rubber. NIS is a vertically integrated energy company. The Commission concluded that the proposed acquisition would raise no competition concerns given the companies' moderate combined market positions resulting from the proposed transaction. The operation was examined under the simplified merger review procedure. More information will be available on the Commission's competition website, in the public case register under the case number M.10612. (For more information: Arianna Podesta – Tel.: +32 229 87024; Maria Tsoni – Tel.: +32 229 90526)

Manning Ventures Due Diligence Report. All Information Available On Sedar.

Tickers: CSE:MANN | OTCQB:MANVF | FRA:1H5
Prices: $0.055 CAD | $0.04765 USD | €0.027
Market Cap: $3.51M CAD
Common Shares: 63,798,967

Company Website: https://manning-ventures.com

2022 Company Presentation: https://manning-ventures.com/wp-content/uploads/2022/01/Manning-Ventures-CorpPres-Jan-2022.pdf

Most Recent Financials (May 31, 2022)
ASSETS
Cash: $1,593,268
Accounts Receivable: $176,172
Prepaid Expenses: $7,955
Exploration & Evaluation Assets: $7,196,332
Total Assets: $8,973,727

LIABILITIES
Accounts Payable: $260,605
Flow Through Share Liability: $219,783
Total Liabilities: $480,388

Average quarterly G&A cash burn per quarter: $267,000

Due to the MD&A being quite extensive from the amount of properties that the company holds, the best way to learn more about the company is through their presentation posted above, company website, or seeing the MD&A on Sedar.

*Note* Recent Nickel discovery by Murchinson Minerals (MUR.V) is in the same area as Manning Ventures five Iron Ore properties.

2022-09-14 15:01 ET - News Release

Mr. William Fleming reports

MLK GOLD LTD. (CSE: MLK) EXTENDS AND RE-PRICES WARRANTS AND PROVIDES UPDATE ON ITS FLAGSHIP CALEDONIA BROOK GOLD PROJECT IN CENTRAL NEWFOUNDLAND

Following its last board of directors meeting, MLK Gold Ltd. agreed to extend 23,724,285 warrants, that were due to expire on Sept. 30, 2022, for a period of two years. In addition to setting a new expiry date to September 30, 2024, the Directors also elected to reset the price of each warrant from its original $0.10 each to $0.07 each. Insiders of the Issuer hold less than 10% of the warrants being amended.

The Board of Directors expects to undertake a new round of financing in late September. Use of proceeds will be used for general operations and to follow up on several additional areas with anomalous geochemical data in rocks, tills, and soils at the Caledonia Brook property. MLK Gold's immediate exploration focus is on the Viper Zone where the Company is close to drill-ready on its Newfoundland and Labrador permit-approved targets.

The helicopter airborne Versatile Time-Domain Electromagnetic ("VTEM(TM) Plus, or "VTEM") geophysical survey over MLK Gold's flagship, Caledonia Brook gold property was flown by Geotech Ltd. of Aura, Ontario between February 27, and March 17, 2022. The program was designed to acquire important depth profile information that could be used to augment a 2004 Fugro Dighem( v ) airborne geophysical survey carried out for Rubicon Minerals Corp. MLK's 2022 airborne VTEM survey, which overlaps part of this earlier survey, was cut short after flying 621 kilometres of the planned 944 kilometres because of windy weather conditions and consequential budget constraints. The survey data is being further interrogated by a third-party geophysical expert. Results of this work is expected in October.

A glacial till sampling program to identify gold grains across a portion of the property corresponding to the VTEMtm survey was completed by Overburden Drilling Management Limited ("ODM") from Ottawa, ON, and MLK Gold, with subsequent geochemical analyses carried out on heavy mineral concentrates ("HMC") from each till sample. The concentrates were provided by ODM to Activation Laboratories Ltd. ("ActLabs") from Ancaster, ON where the analyses were completed. The maximum number of gold grains separated from the till survey was 17, with all being reshaped, however the next largest count was 14 grains of gold and 11 of these grains were pristine, suggesting a minimal displacement distance. The highest gold assay reported in parts per billion ("ppb") by ActLabs on the till HMC samples were, 3160, 2550, 2470, 2100, 1380, 1010, and 1000 ppb Au from samples CBT-21-017, 063, 058, 038, 072, 074, and 048, respectively. In terms of corresponding gold grain counts reported by ODM, these equate to the following, 9, 1, 2, 1, 4, 17, and 4 grains, respectively. ActLabs reported 708 ppb for sample CBT-21-004 that recovered 14 gold grains. The data confirm that four of the ten named zones (from north to south: Viper, Goose, Iceman, and Maverick Zones) have anomalous concentrations of gold. These zones also show anomalous rock geochemistry (2388 ppb Au) and soil geochemistry (192 ppb Au).

Till sampling has not yet been completed on the southwesterly part of the property where anomalous soil samples are present on the Slider Zone (132 ppb Au), Charlie Zone (115 ppb Au), and Cougar Zone (55 ppb Au). The Slider Zone is the western extension of the Maverick Zone, and the Cougar Zone is the western extension of the Charlie Zone.

Qualified Persons and 43-101 Disclosure

Paul Smith, P. Geo., President & CEO for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.

About MLK Gold Ltd.

Founded in 2018, MLK Gold Ltd. is quickly emerging as one of Atlantic Canada's exciting resource exploration companies offering exposure to gold and the strategic metal representing a unique mix of discovery and resource development potential. Invested in a portfolio of gold projects in mining and mineral-rich Newfoundland, MLK's plan is to capitalize on the province's ranking as one of the world's top 10 mining jurisdictions and expand into a long-life, financially sound gold-mining company.

MLK Gold Ltd. Due Diligence Report

*NOTE* This is a highly speculative microcap stock and requires either a capital injection or joint venture partnership to move forward. Based on the company monthly filing via the CSE(Canadian Stock Exchange) website, there could be a deal in the works, more information is posted below. Please do your own due diligence before buying any equities.

Price: $0.035
Common Shares: 40.1 Million
Management Holdings: 8%

June 2022 Company Presentation: https://www.mlkgold.com/wp-content/uploads/2022/06/2022-05-23-MLK-CalBk-Slide-Deck_BOD_v5MK.pdf

*Note* As per the company presentation, MLK is on the same gold trend as Sokomon and Newfound Gold. They are also in the same district as Sokomon’s lithium deposit.

CSE Septemeber 5th 2022 Update:

https://webfiles.thecse.com/2022_08_31_CNSX_Form_7_MLK_August_2022.pdf?MCo9OoiwNI.m7xI4cCtnq.qQyj5HM9ag

*Note* Small insider buying was done in August 2022.

MLK Gold Ltd. had several discussions with companies either wanting to assist with our promotional efforts or to enter into one or more agreements on several of the Company’s assets. An onsite visit/tour took place with one property and confidential data sharing occurred with two other properties. An external company hired to find partner companies to move MLK assets forward more quickly is ongoing. Finalization of several reports consumed much of the activities for the month. Further expertise is being sought to examine the recent VTEM geophysical survey report at the company’s Caledonia Brook gold project. The Company is also in discussions with a contractor to carry out airborne geophysics over the 360 Lithium project. During the month of August 2022, management was focused on site visits, report preparations, and promotional communications. The Company still has one exploration permit to acquire and is working with regulators and a special interest group to obtain the necessary approvals. Discussions are ongoing with third parties pertaining to increasing the level of exploration on all its assets in Newfoundland and Nova Scotia.

Company Description - MLK is a Canadian based exploration company offering exposure to gold and the strategic metal representing a unique mix of discovery and resource development potential. The Company is geographically focused on the island of Newfoundland, a mining-friendly jurisdiction on the east coast of Canada and the province of Nova Scotia.

Financials
Total Assets: $1,324,847
Total Liabilities: $308,398

Property Information

Subsequent Events

On June 9, 2022, the Company reported that after an initial data mining compilation of public government databases, the Company has added 104 lithium claims covering 2,600 hectares on its 360 Lithium Property located on the south coast of Newfoundland.

Newfoundland and Labrador

Caledonia 2 Brook property

On April 6, 2020, the Company entered into an agreement with a company controlled by a director of the Company, whereby the Company would acquire (the “Acquisition”) a 50% interest in certain mineral exploration licenses (the “Caledonia 2 Property”) in exchange for, among other things, a 50% interest in the Manuels property (the “Caledonia 2 Agreement”). The Acquisition was subject to the Company acquiring 100% of the Manuels Property. In addition, the Company has also committed to issuing 200,000 share purchase warrants, making a cash payment of $30,000, providing a 2% NSR in the Manuels property and incurring $1,000,000 in exploration expenses before December 31, 2022. Furthermore, the Company also committed to issuing certain number of performance warrants dependent on results of geological surveys which have not yet been conducted. On February 28, 2022, the Company issued 15,000 common shares at $0.15 per share for $2,250 pursuant to a purchase agreement for two adjacent licences (10 claims) at Caledonia Brook. The Vendors also receive a 1% NSR which the Purchaser has the right to purchase 50% of (0.5%) for at any time for an aggregate of $250,000.

On September 20, 2021, the Company and the vendor amended the Caledonia 2 Agreement, and the Company acquired a 100% interest in the Caledonia 2 Property by making a cash payment of $75,000 (paid) and issuing 1,490,000 common shares of the Company (issued). The Company has granted to the vendor a 0.5% NSR royalty on the Caledonia 2 Property and a 0.5% NSR on the
Manuels Property.

The titles to the mineral licenses comprising the Caledonia 2 Property were held by the vendor as at November 30, 2021, and are in the process of being transferred to the Company

Manuels Property

On April 6, 2020, the Company entered into a purchase agreement with New Dawn Resources Inc. and the sole director of New Dawn Resources Inc. (the “Optionors”), whereby the Company acquired a 100% interest in 21 mineral claims under three mineral licenses known (“Manuels Property”). As consideration, the Company issued 83,333 common shares and agreed to pay an aggregate of $72,000 in ten equal annual installments of $7,200 to the Optionors. During the year ended November 30, 2020, $7,200 was paid to the Optionors. During the year ended November 30, 2020, $7,200 was paid to the Optionors. The Manuels Property is subject to an NSR of ranging from 0.5% to 1% of commercial production. The Company can purchase 0.5% of the NSR for $500,000 at any time.

Little River Property

The Company holds an undivided 100% interest in 20 mineral claims in the Little River area of southern Newfoundland known as the Golden Eye Project. There is a 2.0% NSR on the property of which 1% can be purchased for $1,500,000.

Nova Scotia

Highfield Property

During the year ended November 30, 2020, the Company entered into agreements with two parties (the “Optionors”) to acquire a 100% interest in six mineral claims under one mineral exploration license in Nova Scotia (the “NS Agreements” and the “Highfield Property”). Pursuant to the terms of the NS Agreements, the Company has issued 583,333 common shares. The title of the mineral exploration license was held under the name of the Optionor. In addition, the Company also issued 35,000 common shares as finders’ fee to a third party. The Highfield Property is subject to two NSRs of 0.75% and 2.0%, of which the Company can purchase up to 0.5% of the first, and 0.5% of the second for $250,000 and $50,000, respectively. Furthermore, the Company will also be required to make a royalty payment of $25,000 within one year of a feasibility report which identifies commercial viability of the property

The title to the exploration license comprising the Highfield Property was held by an officer of the Company as at May 31, 2022, and are in the process of being transferred to the Company.

Insider/Institutional Holdings Breakdown From Information Circular:

Institutions
GreenCentre Canada -14,668,560
Sustainable Chemistry Alliance - 26,644,295
FirstLine Venture Partners Corp 26,644,295

Management
Howie Honeyman - 2,596,820
Wayne Maddever - 242, 000
Lea Ray - 110,000

Total Shares Held - 70,905,970 out of 106,103,098 or 67% of the float.

To the best of the knowledge of the directors and senior officers of the Company, no person holds, directly or indirectly, or exercises control or direction, over more than 10% of the issued and outstanding Common Shares of the Company other than: (i) GreenCentre Canada which has ownership and control of 14,668,560 Common Shares that represent approximately 13.8% of the issued and outstanding Common Shares (calculated on a non-diluted basis), (ii) Sustainable Chemistry Alliance which has ownership and control of 26,644,295 Common Shares that represent approximately 25.1% of the issued and outstanding Common Shares (calculated on a non-diluted basis) and (iii) FirstLine Venture Partners Corporation which has ownership and control of 26,644,295 Common Shares that represent approximately 25.1% of the issued and outstanding Common Shares (calculated on a non-diluted basis)

The Company's authorized capital consists of an unlimited number of common shares ("Common Shares") without par value, each share carrying the right to one vote, of which 106,103,098 Common Shares are issued and outstanding as at August 23, 2022 (the "Record Date"). The Company has no other classes of shares.

Forward Water Technologies Corp. Due Diligence Report

Price: $0.06
Market Cap: $6.4 million
Common Shares: 106,103,098
Insider/Institutional Holdings: 70,905,970 or 67% (See recent information circular for more details)
Website: https://www.forwardwater.com/

July 2022 Company Presentation: https://www.forwardwater.com/_files/ugd/d7589c_16c5aa7dcefd4afe8a02a28ebb1cf982.pdf

As of June 30, 2022
Cash: $2.4 million
Total Assets: $3.9 million
Total Liabilities: $853K

Numerous Partnerships - See Sedar news releases for more information

About Forward Water Technologies Corp - Forward Water is a publicly-traded Canadian company dedicated to saving the earth's water supply using its patented Forward Water Osmosis technology. The Company was founded by Green Centre Canada a leading technology innovation centre, supported by the government of Canada. The Company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release. The Company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, mining, agriculture and ultimately municipal water supply and re-use market sectors.

August 29th video:

September 6th article: https://themarketherald.ca/forward-water-technologies-at-the-forefront-of-the-green-movement-2022-09-06/

Recent MD&A Highlights

Major Highlights for the three months ended June 30, 2022

• On April 25, 2022, FWTC signed a development testing contract with Cornish Lithium Ltd (UK) to evaluate the ability of FWTC’s process to concentrate lithium containing feed streams at the engineering evaluation scale in Sarnia ON

• On May 26, 2022, the Company announced that it has been selected by the panel of The Centre for Ganga River Basin Management and Studies (cGanga) to participate in the Environment Technology Verification (ETV) program. The ETV program is used to accelerate the introduction, piloting and adoption of innovative new water and wastewater technologies into the India market

• May 30 – June 3, 2022, Howie Honeyman, CEO and Grant Thornley, VP of Engineering Sales, presented at the IFAT Conference in Munich, the world’s largest platform for water, sewage, waste and raw materials management

• June 11-22, 2022, Howie Honeyman visited the Goldfinch forward water pilot site in Boisar, India to review the process and provide technical assistance

• June 13-15, 2022, Grant Thornley presented at PDAC in Toronto, an international mining and exploration conference

Major Highlights Subsequent to June 30, 2022

• Significant progress has been made on the building of the mobile demonstration unit which is now 65% complete with an anticipated completion date of early fall, 2022. Supply chain issues, particularly in regards to electronics and controls have made it difficult to confirm a completion date at this time

August 29th 2022 News Release: Forward signs early development deal for Li isolation

https://www.stockwatch.com/News/Item/Z-C!FWTC-3298563/C/FWTC

September 6th 2022 News Release: Forward Water begins early development testing project

https://www.stockwatch.com/News/Item/Z-C!FWTC-3302255/C/FWTC

Evergreen to be acquired by Maverick for $68M (U.S.)

2022-09-08 15:18 ET - News Release

Mr. Steve Michels reports

EVERGREEN GAMING CORPORATION ENTERS INTO DEFINITIVE ARRANGEMENT AGREEMENT TO BE ACQUIRED BY MAVERICK GAMING LLC

Evergreen Gaming Corp. has entered into an arrangement agreement with Maverick Gaming LLC and its subsidiary Maverick Acquisition Canada ULC, which contemplates a plan of arrangement under the Business Corporations Act (British Columbia). Pursuant to the arrangement agreement and the accompanying initial purchase agreement, defined hereafter, Maverick will acquire all of the outstanding common shares of Evergreen.

Under the transactions contemplated in the arrangement agreement and the initial purchase agreement, Maverick would acquire 100 per cent of the outstanding common shares of Evergreen for cash consideration of 55 U.S. cents per Evergreen share, subject to adjustment as referred to hereafter. The transaction was unanimously approved at a meeting of the Evergreen board of directors, and the Evergreen board of directors unanimously recommends that Evergreen shareholders vote in avour of the transaction. The transaction provides total consideration, subject to potential adjustment, of approximately $68-million (U.S.).

Transaction highlights:

The transaction is the culmination of negotiations with a number of third parties expressing an interest in acquiring the company, beginning in late 2018, with the offer price per share represented by the transaction being the highest price offered for 100 per cent of the outstanding shares of Evergreen. The 55-U.S.-cent cash consideration offered for each Evergreen share equates to approximately 72 Canadian cents per share at the current exchange rate, representing an 18-per-cent premium to Evergreen's 30-day volume-weighted average share price and a 28-per-cent premium to Evergreen's 60-day volume-weighted average price on the TSX Venture Exchange for the period ended Sept. 7, 2022.
The consideration is all cash and is not subject to a financing condition.
The consideration secures immediate value for Evergreen shareholders.
Shareholders who collectively hold or control approximately 78 per cent of Evergreen's outstanding shares have entered into support agreements pursuant to which they have agreed to vote their shares in favour of the transaction.
Evergreen is entitled to terminate the arrangement agreement to enter into a definitive agreement with respect to a superior proposal, in which case Maverick is entitled to a termination fee of $2.5-million (U.S.).
Evergreen is entitled to a reverse break fee of $2.5-million (U.S.) in certain circumstances upon the termination of the arrangement agreement.
The arrangement agreement contains customary deal protection provisions, including that Evergreen is not entitled to solicit third parties or engage in negotiations or discussions with third parties regarding a potential acquisition of the company, except as expressly provided in the arrangement agreement, and that Maverick has a right to match any superior proposal received by Evergreen.
Evans & Evans of Vancouver, B.C., is acting as financial adviser to Evergreen. Evans & Evans has provided an opinion to Evergreen's board of directors that, as of the date of the opinion, and subject to the assumptions, limitations and qualifications on which such opinion is based, the consideration to be received by Evergreen shareholders is fair, from a financial point of view, to the Evergreen shareholders.

Transaction details

The transaction will be completed in a two-step process, anticipated to occur on the same day. To comply with certain Washington State gaming regulations, Maverick will first acquire seven million common shares of Evergreen from Michels Development LLC (MDL), a private company wholly owned by Steve Michels, the chairman, chief executive officer and a director of Evergreen, under a share purchase agreement between MDL and Maverick. Under the initial purchase agreement, MDL will receive consideration per share for the seven million shares subject to the agreement that is identical to the consideration received by all other shareholders of Evergreen under the arrangement. If the sale contemplated by the initial purchase agreement is completed and the arrangement should subsequently fail to close for any reason, the sale under the initial purchase agreement will be rescinded.

Subject to satisfaction of all conditions for closing provided for in the arrangement agreement, the arrangement is intended to close immediately following the closing of the sale under the initial purchase agreement. Under both the initial purchase agreement and the arrangement, the Evergreen shareholders will receive 55 U.S. cents for each Evergreen share held, subject to adjustment as follows. The arrangement agreement provides that if the company's closing cash, as defined in the arrangement agreement, is less than $26-million (U.S.), then the total consideration payable to the Evergreen shareholders under the transaction will be reduced proportionately, provided, however, that, if closing cash is less than $20.6-million (U.S.), there is no further reduction in the total purchase price beyond $5.4-million (U.S.). If the total purchase price is reduced pursuant to the foregoing (the amount of such reduction being the shortfall), the price payable for each share is reduced from 55 U.S. cents by the amount that results when the shortfall is divided by the number of Evergreen shares outstanding.

In the event that the consideration payable per share to Evergreen shareholders is reduced in accordance with the foregoing and in the event that the company subsequently receives one or more payments of a U.S. federal tax refund as a result of employee retention credits that the company has applied for, the amount of any such refund will be paid pro rata to the Evergreen shareholders in one or more subsequent payments, provided, however, that such payment will not exceed the shortfall.

The transaction is subject to approval by the Evergreen shareholders, court approval and other closing conditions, including closing cash being not less than $28-million (U.S.), receipt of required Washington State gaming approvals and the TSX Venture Exchange accepting the arrangement agreement for filing. Full details of the transaction will be set out in Evergreen's management information circular that Evergreen will prepare in respect of the meeting of shareholders to approve the transaction, which is expected to occur in the fourth quarter of 2022. The transaction is expected to close by the end of 2022.

The arrangement agreement includes customary provisions, including non-solicitation of alternative transactions, a right to match superior proposals in favour of Maverick and fiduciary-out provisions. Evergreen has agreed to pay a termination fee of $2.5-million (U.S.) to Maverick upon the occurrence of certain termination events. Maverick has agreed to pay a termination fee of $2.5-million (U.S.) to Evergreen upon the occurrence of certain termination events.

Certain directors and officers of Evergreen that are shareholders of Evergreen have entered into support agreements with Maverick pursuant to which they have agreed, among other things, to support the transaction and vote their Evergreen shares in favour of the arrangement. In total, shareholders holding approximately 78 per cent of the outstanding shares of Evergreen have entered into such support agreements.

About Evergreen Gaming Corp.

Evergreen is in the business of overseeing the gaming operations of its principal U.S. subsidiary, Washington Gaming Inc. (WGI). WGI, through its subsidiary corporations, operates four casinos in Washington State: the Riverside Casino in Tukwila, Goldies Casino in Shoreline, and the Chips and Palace Casinos in Lakewood. The casinos are mini-casinos (or house-banked card rooms), which offer to persons of legal age a variety of card games of chance at which the player may win or lose money, a business commonly referred to as gaming. WGI also operates bars and restaurants in each casino.

About Maverick Gaming LLC

Maverick is a gaming company with over 3,000 dedicated team members. Maverick owns and operates a portfolio of 27 properties across Nevada, Washington and Colorado with over 1,800 slot machines, 350 table games, 1,020 hotel rooms and 30 restaurants. Maverick is a proud employer of Teamsters Local 117 workers at its Washington locations as part of its commitment to providing sustainable, family-wage jobs.

Founded in 2017 by industry veterans Eric Persson and Justin Beltram, Maverick takes a bold approach to a classic pastime. With an all-star leadership team from some of the largest gaming brands spanning markets in the world, Maverick is dedicated to delivering the best possible gaming experiences for every kind of player.

We seek Safe Harbor.

East West Petroleum Corp Q1 2022 Results. All Information Is Available On Sedar.

Symbols: EW (Canada) – EWPMF (USA) – 37A (Frankfurt)
Prices (August 29, 2022): $0.10CAD - $0.075USD - €0.06EUR
Shares Outstanding: 89,585,665
Options: 2.79 Million (Between $0.06 and $0.135)
Warrants: Nil

Allowable Capital Losses: $8,440,000
Non-Capital Losses Available For Future Periods: $28,550,000
Canada: $17,329,000 from 2026-2042 & New Zealand: $11,221,000 No Expiry Date
**See Audited Results For More Details**

Financials

ASSETS
Cash: $5,044,036
GST Receivable: $5,129
Amounts Receivable: $592,173
Oil Inventory: $145,663
Prepaid Expenses: $25,260
Property, Plant & Equipment: $269,156
Total Assets: $6,081,417

LIABILITIES
Accounts Payables: $540,255
Decommissioning Liabilities: $1,102,282
Total Liabilities: $1,642,537

Q1 2022 Performance
Revenue: $1,016,787
Net Income: $250,011

Q1 2022 MD&A Highlights

New Zealand

The Company has operations in the Taranaki Basin of New Zealand. All licenses were previously operated by the Company’s original partner, TAG Oil Ltd. (“TAG”), and all wells are targeted shallow Miocene targets in the Urenui and Mt. Messenger formations which have been shown to be productive for oil and gas throughout the Basin, including the Cheal field. The Company holds a 30% working interest in the Petroleum Exploration Permit (“PEP”) 54877 and the Petroleum Mining Permit PMP 60291 (“Cheal East”) and TAG held the remaining 70%. In September 2019 TAG completed the sale of substantially all of its Taranaki Basin assets and operations which included their interest in PEP 54877 and PMP 60291 to Tamarind Resources Pte. Ltd. (“Tamarind”). In light of TAG’s decision to sell the majority of its interest in the Taranaki Basin assets the Company assessed its options with respect to its 30% interest in Cheal East and, on June 24, 2019, the Company signed a heads of agreement pursuant to which the Company had agreed to sell its 30% interest in PEP 54877 and PMP 60291. On August 1, 2020 the Company terminated the Definitive Agreement. The Company continues to assess its go-forward plans, which includes the possible sale of its New Zealand concessions to other buyers.

During fiscal 2022 Cheal conducted a detailed prospectivity review of PEP 54877 and advised the Company that the forecasted economic prospects of PEP 54877 does not meet Cheal’s internal risk criteria. Although no final decision has been made to relinquish the permit in December 2022, the Company determined to record an impairment of $1,627,056 for costs incurred to March 31, 2022.

During Q1/2023 the Company produced 18.1 Mbbl oil and 15.7 Mmcf gas compared to 18.3 Mbbl oil and 11.6 Mmcf gas during Q4/2022. The Cheal-E5 was offline for all of Q4/2022 and Q1/2023. The Cheal-E5 went down due to a downhole related issue which appears to be parted rods. A full workover of the Cheal-E5 well was completed during Q1/2023 and the Cheal-E5 came back on line on June 30, 2022. Approximately 385 bbls of kill fluid needed to be recovered after the workover and oil production started again on July 7, 2022. The Cheal-E6 went offline during Q3/2022 due to downhole related issues which appears to be a wax plug. The operator carried out rod work and installed a new pump while the well was off line. The Cheal-E6 started back on-line near the end of Q4/2022 and was fully producing for all of Q1/2023.

Romania

During fiscal 2010 the Company was informed by the government of Romania that it had been awarded four exploration blocks located in the Pannonian Basin, in western Romania. In May 2011 the Company signed petroleum concession agreements with the National Agency for Minerals and Hydrocarbons (“NAMR”) the government agency in Romania which regulates the oil and gas industry. The four concessions have specific mandatory work programs (the “Romania Work Programs”), which were estimated at US $63,000,000 for all four programs. Production from the concessions is also subject to royalties of between 3.5% to 13.5% based on quarterly gross production payable to the government.

Without a joint declaration of a commercial discovery it is the Company’s position that commercial development of the field cannot proceed, NIS did not share this opinion. Rather than litigating this issue the discussions continued with NIS in an attempt to find a way forward. Given the consequences of a commercial discovery decision and significant funding obligations the Company and NIS continued negotiations on all available options including a monetization event. Negotiations were progressing well and the parties were moving towards final documentation with essential terms of a monetization event agreed, being some limited cash and a royalty interest. The outbreak of war between Ukraine and Russian brought all attempts to implement the agreed terms to a halt, with the issue being that NIS is owned, in part, by a Russian entity which is subject to sanctions. The Company is considering what steps could be implemented to allow the transaction to proceed.

Total sales revenues increased from $290,042 in Q1/2022 to $1,016,787 in Q1/2023. The increase is attributable to a an increase in total sales volumes due to significantly higher production during Q1/2023 compared to Q1/2022. During Q1/2022 the Cheal-E1 well, which is the Company’s biggest producing well, and the Cheal-E2 well were offline due to blockages.

Commitments

The Company’s share of expected exploration and development permit obligations and/or commitments as at June 30, 2022 are approximately $620,000 to be incurred during fiscal 2023. The Company may choose to alter the program, request extensions, reject development costs, relinquish certain permits or farm-out its interest in permits where practical.

Outstanding Share Data

The Company’s authorized share capital is unlimited common shares with no par value. As at August 29, 2022 there were 89,585,665 outstanding common shares and 2,790,000 share options outstanding with exercise prices ranging from $0.06 to $0.135 per share.

Vital Energy Q2 2022 Results. Ending June 30, 2022 (All Information Available On Sedar)
Ticker Symbol: VUX
Price: $0.375
Common Shares: 82,249,971
Warrants: Nil
Options: 1,250,000 @ $0.25
Market Cap: $31 million
Insider Holdings: 55,311,353 or 67.3% of the float
Tax Pools: $51 million (Less Q1-Q2 2022 earnings. Available in 2021 audited results)
2021 Reserves: 1,340,100 barrels (Breakdown Available On Sedar)

Financials

ASSETS
Cash: $1,512,995
Short Term Investments: $4,415,385
Receivables: $2,269,103
Prepaid Expenses: $539,581
Deposits: $566,229
Exploration & Evaluation Assets: 2,205,136
Right Of Use Assets: $164,113
Property & Equipment: $10,812,367
Total Assets: $22,484,909

LIABILITIES
Accounts Payable: $1,666,485
Contract Liabilities: $419,522
Current Lease Liability: $42,522
Current Decommissioning Liability: $268,279
Bank Loan: $60,000
Lease Liability: $125,991
Decommissioning Liabilities: $1,482,304
Total Liabilities: $4,065,103

2022 Six Month Performance
Revenue: $11,654,334
Net Income: $6,283,114
Earnings Per Share: $0.0764c

Rather than posting the usual MD&A highlights as stated on Vital Energy’s MD&A, I have put a link below to a well documented video that breaks down everything in fantastic detail:

Nothing earth shattering, but good to know there's lots of activity in the area now. Means the leases and production are more sought after:

https://pipelineonline.ca/saskatchewan-drilling-rig-report-for-aug-2/#/?playlistId=0&videoId=0

The Lampman area is the new centre of activity in recent years, with five rigs in close proximity. Stampede Drilling Rig 4 was east of Lampman, drilling for Tundra Oil & Gas. Panther Drilling Rig 4 was just south of Lampman drilling for Vital Energy Inc.

Vital Energy Q2 results will be out end of August and the company should be able to show another hefty profit, given their production cost is around $13 per barrel. At the same time, the company has just started drilling a series of wells in Saskatchewan, in the same area as the three Lampman wells that were put into production last year.

I am estimating that the company cash position + receivables will have gone up by at least $3 million and if all four wells hit, total company production should be around 1000bopd.

Image link: https://cdn-ceo-ca.s3.amazonaws.com/1hf2995-Vital%20Level%202%20more%20wells.JPG

Some very important articles have come out over the last 2-6 weeks regarding NIS/Serbia and EU sanctions, which could stifle growth in Serbia due to higher gas prices, as well as damage some of the country’s strongest businesses. Based on the articles below, it is quite likely that a deal will occur by November 2022 or sooner, which is when the sixth EU sanction package against Russia takes effect and will hurt Serbia. All that needs to occur is for Gazprom(56% shareholder of NIS) to reduce their stake to 49.9% or less(under 50%) and then all sanctions can be avoided. This will then allow NIS and East West to complete their deal, as stated in EW’s news release and MD&A.

May 2022 – Verification of EW/NIS leases and that they will be going into production

https://www.profit.ro/povesti-cu-profit/energie/vanzarile-de-produse-petroliere-ale-filialei-gazprom-in-romania-au-crescut-de-2-5-ori-in-pofida-razboiului-din-ucraina-20711577

"NIS Petrol Romania has in its portfolio six oil and gas perimeters on the territory of Romania, with operator status in all of them . Four concessions are for exploration-development and exploitation activities in partnership with the Canadian company East West Petroleum (two in Bihor county – EX-2 Tria and EX-3 Baile Felix and two in Timi? county – EX-7 Periam and EX-8 Biled ). A fifth concession is held in partnership with Zeta Petroleum and Armax Gaz, namely the oil development and exploitation concession in the perimeter of DEE V-20 Jimbolia, Timi? county. The sixth concession for exploration-development-exploitation activities is also located in Timi? County, in the EX-12 Crai Nou perimeter."

July 14 2022 – "Serbian President announces potential of Serbia taking Russian stake in NIS to avoid problems from Sanctions"

https://balkaninsight.com/2022/07/14/serbia-mulls-taking-over-mainly-russian-owned-oil-company/

July 29 2022 – NIS Financial results, showing growth of production in Romania. Some of that revenue is likely from EW’s JV lease, which means that the royalty deal pending would start to pay out right away, once completed.

https://ir.nis.rs/fileadmin/template/nis/pdf/Reporting/BusinessReports/English/QR_Q2_2022_eng.pdf

East West news release shortly after financial results came out. It's basically identical to the summary that was posted. The key now is for the company to complete that royalty deal with NIS of Serbia for the million acre lease in Romania, along with continuing to build cash from their oil production in New Zealand, which goes for Brent pricing.

https://www.stockwatch.com/News/Item/Z-C!EW-3285777/C/EW

East West Petroleum Audited Annual Results (Ending March 31, 2022)
All information is available at www.sedar.com

Symbols: EW (Canada) – EWPMF (USA) – 37A (Frankfurt)
Prices: $0.105 CAD - $0.848 USD - €0.058
Shares Outstanding: 89,585,665
Options: 2.79 Million (Between $0.06 and $0.135)
Warrants: Nil

Financials (In Canadian Dollars)

ASSETS
Cash: $5,145,788 - $0.0574c per share
GST Receivable: $3,649
Amounts Receivable: $38,870
Oil Inventory: $265,867
Prepaid Expenses: $39,292
Property, Plant & Equipment: $236,425
Total Assets: $5,729,891

LIABILITIES
Accounts Payable: $355,037
Decommissioning Liabilities: $1,185,985
Total Liabilities: $1,541,022

Allowable Capital Losses: $8,440,000
Non-Capital Losses Available For Future Periods: $28,550,000
- Canada: $17,329,000 from 2026-2042 & New Zealand: $11,221,000 No Expiry Date

Updated Information From Management Discussion

*Important Notes*
- Cash increased $269,284 between Q3 2021 and Q4 2021
- Q1 2022 financial results will be released end of August 2022
- Impairment charge of $1,627,056 in 2021 on leases that were not going to be worked on
- NIS/EW Deal in place for a cash/royalty deal on their Romania asset

New Zealand

During fiscal 2022 Cheal conducted a detailed prospectivity review of PEP 54877 and advised the Company that the forecasted economic prospects of PEP 54877 does not meet Cheal’s internal risk criteria. Although no final decision has been made to relinquish the permit in December 2022, the Company has determined to record an impairment of $1,627,056 for costs incurred to March 31, 2022.

PMP 60291 is the location of the Cheal E-Site and the Cheal E-site production facility as well as the Cheal-E wells. A waterflood program is ongoing however the efficacy of the program and its impact on production is an ongoing item of debate. The Company’s technical advisors have stated that there is no unequivocal evidence that water injection through the Cheal-E7 well has had a significant impact on production from PNP 60291 but that there is evidence to the contrary. The Company’s advisors attribute the production performance to other factors than injection through the Cheal-E7 well. The determination whether the waterflood utilizing Cheal-E7 as the injector well is creating the positive response in production impacts the Company’s obligation to fund its 30% share of the costs of acquiring the Cheal-E7 well, being 30% of NZ $3,200,000. No funding has been advanced, and no funding will be advanced until the issue is resolved.

The Company produces its oil and gas production from five wells on the Cheal-E site. On October 24, 2020 the ChealE1 pump stopped functioning due to downhole blockage and, as a result, production ceased from the Cheal-E1 well. As the major producing well, the stoppage of the Cheal-E1 well had a major impact on the Company’s share of production. In mid-January the Operator managed to pull the rods out of the Cheal-E1 well with a crane, cleaned the well and replaced the pump. However, only limited production resumed in mid-January 2021 without annular flow. In addition, in early March 2021 the Cheal-E2 well stopped working and several attempts to restart the well over the following three weeks were unsuccessful. Workovers of the Cheal-E1 well and the Cheal-E2 well were not completed until early August 2021 including the clearing of downhole wax and sand issues. The workovers were successful in re-establishing production in both wells. A trial of a two-stage downhole pump in Cheal-E1 proved to be too vulnerable to sand production issues and was replaced with a single stage downhole pump as previously employed. This is working reliably and an increase in flow was successfully implemented in Q3/2022.

As a result of the continued Cheal-E1 stoppage and the addition of the stoppage of the Cheal-E2 well, oil and gas production was significantly less from October 2020 to early August 2021. Only three wells, the Cheal-E5, E6 and E8 were fully producing for Q1/2022. During Q2/2022 all five wells the Cheal-E1, E2, E5, E6 and E8 were producing.

During Q4/2022 the Company produced 18.3 Mbbl oil and 11.6 Mmcf gas. compared to 19.5 Mbbl oil and 15.1 Mmcf gas during Q3/2022. The decreases were a result of both the Cheal E-5 and Cheal E-6 wells going offline for the last month of Q3. The Cheal E-5 went down due to a downhole related issue which appears to be parted rods. Workover planning is currently underway with a full workover being scheduled for the end of Q2/2023. The Cheal E-6 went offline due to downhole related issues which appears to be a wax plug. The operator carried out rod work and installed a new pump while the well was off line. The Cheal E-6 started back on-line near the end of March 2022.

Romania

The four concessions have specific mandatory work programs (the “Romania Work Programs”), which were estimated at US $63,000,000 for all four programs. Production from the concessions is also subject to royalties of between 3.5% to 13.5% based on quarterly gross production payable to the government

As operator, NIS has reported resumption of exploration and production activities in the EX-2, EX-3, EX-7 and EX-8 exploration blocks in Romania. EWP has a 15% carried interest during the commitment work programs in all four blocks which includes for the drilling of a total of twelve exploration wells (three per block). It should be noted that all activities are dependent on securing the necessary government and local approvals.

Blocks EX-2 and EX-3

Interpretation of seismic data has continued although no commercially viable exploration prospects have been identified to date. NIS has proposed to request an extension of the exploration periods beyond the contractual maximum of ten years while the prospectivity of the blocks is under review. No commitment wells have been drilled to date in either block.

Block EX-7

Two phases of testing have been performed on exploration well BVS-1000. Despite fracture stimulation in the second testing phase, oil production from the well has rapidly declined to currently around 30 bopd. NIS consider the well has invalidated the pre-drill subsurface geological model and re-interpretation of the prospect is underway prior to a decision to either suspend or abandon the well. Deviated appraisal well, Teremia-1001, drilled on the Teremia North Field, has been completed as a production well after a period of experimental production testing. All work program commitments in the block have been met.

Block EX-8

Testing of exploration well Pesac-1000 has been completed although with negative results. Deviated appraisal well Teremia-1002, drilled on the Teremia North Field, has been completed as a production well after a period of experimental production testing. Exploration well, Teremia-1201, was drilled to test a possible extension to the Teremia North Field but failed to encounter hydrocarbons. It was subsequently sidetracked into the Teremia North Field in 4Q/2021 and has now been completed as a production well and renamed Teremia-1004.

There have been several meetings of both the technical and operating committees to discuss work program results and determine whether the Teremia North field is a commercial discovery. At the operating committee meeting held

February 8, 2021 NIS voted that there was a commercial discovery at Teremia North whereas the Company voted that there was not a commercial discovery. The field economics were, in the Company’s assessment, marginal and did not merit the significant capital contributions required. NIS, being a vertically integrated oil and gas producer, could support the development costs given the internal economies available.

Without a joint declaration of a commercial discovery it is the Company’s position that commercial development of the field cannot proceed, NIS did not share this opinion. Rather than litigating this issue the discussions continued with NIS in an attempt to find a way forward. Given the consequences of a commercial discovery decision and significant funding obligations the Company and NIS continued negotiations on all available options including a monetization event. Negotiations were progressing well and the parties were moving towards final documentation with essential terms of a monetization event agreed, being some limited cash and a royalty interest.

The outbreak of war between Ukraine and Russian brought all attempts to implement the agreed terms to a halt, with the issue being that NIS is owned, in part, by a Russian entity which is subject to sanctions. The Company is considering what steps could be implemented to allow the transaction to proceed.

Total sales revenues decreased by 39%, from $644,832 in Q3/2022 to $396,309 in Q4/2022 primarily due to a 54% decrease in sales volume, from 6,681 BOE in Q3/2022 compared to 3,067 BOE in Q4/2022. The decrease in sales volume is primarily due to the Cheal E-5 well being shut-in for repairs during Q4/2022.

Total sales revenues increased by $37,091 from $359,218 in Q4/2021 to $396,309 in Q4/2022. The increase is primarily attributed to the increase in the average realized price per BOE from $71.96 in Q4/2021 to $129.22 in Q4/2022.

The Company’s share of expected exploration and development permit obligations and/or commitments as at March 31, 2022 are approximately $660,000 to be incurred during fiscal 2023 and $16,000 over the next five years. The Company may choose to alter the program, request extensions, reject development costs, relinquish certain permits or farm-out its interest in permits where practical.

Canada Energy sets placement unit price at five cents

2022-07-13 12:35 ET - News Release

Mr. Grant Hall reports

CANADA ENERGY PARTNERS RAISES FUNDS FOR DUE DILLEGENCE IN TEXAS

Canada Energy Partners Inc. has arranged a non-brokered private placement to raise gross proceeds of up to $400,000 through the issuance of up to eight million units at a purchase price of five cents per unit. Each unit shall consist of a common share and a nontransferable share purchase warrant entitling the holder thereof to acquire an additional common share at an exercise price of 15 cents for a period of 12 months. The company may pay a finder's fee in cash or finders' warrants to arm's-length finders in amounts to be negotiated, subject to TSX Venture Exchange acceptance and applicable securities laws. The terms of the private placement of units is subject to approval of the exchange.

The company intends to use the net proceeds of the private placement for working capital, including due diligence expenses associated with potential natural gas acquisition opportunities in south Texas.

All securities to be issued in connection with the private placement will be subject to a four-month hold period from the closing date under applicable securities laws in Canada.

Cobra Venture Corporation Q2 2022 Financial Results ( Ending February May 31, 2022 )
All information can be found on www.sedar.com

TSXV:CBV - OTCQB:CBVTF
Price: $0.20 CDN - $0.18 USD
Common Shares: 16,003,748
Options: 1,290,000 @ $0.135
Insider Holdings: 3,899,954 – 24.5%
Market Cap: $3.2M CDN | $2.9M USD
Website: http://www.cobraventure.com/

Q2 2022 Balance Sheet (In Canadian Dollars)

ASSETS
Cash & Equivalents: $1,953,180
Receivables: $140,083
Marketable Securities: $18,643
Prepaid Expenses: $32,653
Investments: $350,000
Property & Equipment: $579,700
Total Assets: $3,074,259

LIABILITIES
Accounts Payable: $22,230
Decommissioning Liabilities: $79,611
Total Liabilities: $111,966

Six Month Performance
Production Revenue: $752,082
Gross Profit: $364,045
Net Income: $97,641

The Company's board of directors has approved a special, one-time cash dividend of three cents per common share. The special dividend was paid on May 4, 2022, to shareholders of record as of the close of business on April 6, 2022. The aggregate amount of the payment to be in connection with this special dividend of $477,112.

MARKETABLE SECURITIES

Marketable securities comprise of 475,076 (November 30, 2021 – 475,076) common shares in Magnum Goldcorp Inc., a publicly traded company. The Company and Magnum Goldcorp Inc. have certain directors in common.

INVESTMENT

At May 31, 2022, the Company had 350,000 shares (November 30, 2021 - 350,000) of Star Valley Drilling Ltd, a privately-owned company, valued at $350,000 (November 30, 2021 - $350,000) classified as FVTPL. As there is no quoted market price in an active market for the investment, the investment was initially measured at fair value which was the price paid by the company. There are no indicators during the current and prior year that cost might not be representative of fair value.

*Additional Notes on Star Valley Drilling*
Star Valley Website - https://starvalleydrilling.ca/
Star Valley Underwriting - https://www.bcsc.bc.ca/documents/view/P7I4E6C6U7M7L7J9B6YDP7HEM7L3

INCOME TAXES
Subject to certain restrictions, the Company has resource expenditures of approximately $2,317,000 available to reduce taxable income in future years available to apply against future taxable income. Future tax benefits which may arise as a result of the net capital losses and resource deductions have not been recognized in these financial statements.

2022 Q2 Management Discussion Highlights

Net earnings for the six-month period ended May 31, 2022, was $97,641 compared to a loss of $111,268. The net earnings for the six-month period ended May 31, 2021, increased by $208,909

Oil and gas revenue for the six-month period ended May 31, 2022 was $752,082 compared to $563,607 in the comparative sixmonth period ended May 31, 2021. The $188,475 increase in production revenue was primarily due to the return of production revenue from pre-pandemic Covid-19 levels where certain of the Company’s operators elected to shut-in certain of their operating batteries due to the Covid-19 outbreak in the November 2020 comparative period and increasing oil and gas prices.

Gull Lake, Saskatchewan

The Company currently participates in 12 wells, 7 wells of which are operated by Taku Gas Ltd. ("Taku"), and 5 wells operated by Vital Energy Ltd. ("Vital"). As well, the Company has also elected to participate in the drilling of two development well locations. The additional wells will target the primary producing reservoir in the wells operated by Vital. Following the drilling of these two wells, and evaluation of the well results, Cobra has the option to elect to further participate in the drilling of a horizontal well.

San Joaquin Basin Project, California

As initially discussed in August 2019, Cobra entered into a participation agreement (the “Agreement”) with Makk Energy Ltd., a private oil and gas company controlled by Murray Rodgers, a Director of Cobra and QC Energy LLC, a private oil and gas company based in Denver, Colorado. Pursuant to the Agreement, Cobra has a nonoperating 25% working interest in the subject project. In early 2020, the joint venture group undertook an initiative to attract a strategic partner to fund leasing and drilling activity in the project area. While these initiatives were initially promising (with technical due diligence being concluded with favourable outcomes), the recent outbreak of Covid-19 pandemic, combined with the significant declines in the oil equity markets, has resulted in a pullback of interest in the project. The joint venture partners will continue to pursue new sources of capital for this project while working within the current global and local uncertainties surrounding oil and gas investments.

As May 31, 2022, the Company had working capital of $2,112,204 compared to $2,383,632 as at November 30, 2021. As at May 31, 2022, the Company had cash and cash equivalents of $1,953,180 compared to $2,157,331 as at November 30, 2021.

Canada Energy Partners to resume July 8

2022-07-06 14:10 MT - Resume Trading


Further to the TSX Venture Exchange bulletins dated March 21, 2022, and the news releases issued by Canada Energy Partners Inc. on June 7, 2022, and July 5, 2022, effective at the opening, Friday, July 8, 2022, the securities of the company will resume trading.

Canada Energy arranges $400,000 private placement

2022-07-05 13:02 ET - News Release


Mr. Grant Hall reports

CANADA ENERGY PARTNERS RESUMPTION TO TRADE ON JULY 8, RAISE ADDITIONAL FUNDS, ISSUES COMPENSATION WARRANTS

Canada Energy Partners Inc. has arranged a non-brokered private placement to raise gross proceeds of up to $400,000 through the issuance of units consisting of common shares and warrants. With the termination of both letters of intent in Gabon, West Africa, the company will now focus on seeking oil and gas opportunities in Texas. The company anticipates that its shares will resume trading on Friday, July 8, 2022, and the pricing of the units will be based on market pricing in accordance with the policies of the TSX Venture Exchange. A further press release will be issued in due course announcing the pricing of the units.

The company's last shareholders meeting was held on July 21, 2020. Upon closing of the proposed private placement of units, the company will commence the process to call a shareholders meeting and anticipates that the meeting will be held in approximately mid-September, 2022.

The company also announces that it today issued 300,000 compensation warrants to Emerging Equities Inc. for corporate advisory services. The compensation warrants are exercisable at 16 cents and expire on Oct. 4, 2024. Emerging will provide the corporate advisory services to the company until June 30, 2024. The company paid Emerging a one-time cash fee of $50,000 in 2021 for the corporate advisory services.

We seek Safe Harbor.

Kaymus Resources Q3 Results (Ending April 30, 2022)

Symbol: KYS.H
Price: $0.155
Common Shares: 23,153,285
Market Cap: $3.6M
Insider/Management Holdings: 10,369,595 or 44.8%

Kaymus currently does not have a website, but Gord, Jim and Trish can be reached at the following:

Gord Bowerman – gord@yangarra.ca or 403-262-9177
Jim Evaskevich – jim@yangarra.ca or 403-262-9558
Trish Olynyk – info@kaymus.ca or 403-262-9177

Financials

ASSETS
Cash: $31,966
Investments: $1,737,947
Royalty Income Receivable: $9,579
Goods & Services Tax Receivable: $8,803
Prepaid Expenses: $833
Deposit: $10,000
Property & Equipment: $71
Total Assets: $1,799,199

LIABILITIES
Payables: $8,041
Total Liabilities: $8,041

Nine Month Performance
Revenue: $31,197
Investment Gain: $950,734
G&A Expenses: $15,622
Depreciation: $45
Income & Comprehensive Income: $966,264

EPS: $966,264 / 23,153,285 = $0.042c

Oil & Gas reserves can be found on Sedar.

MD&A Highlights

Business of Kaymus

Kaymus is a publicly-traded company engaged in the exploration, acquisition, and development of petroleum and natural gas projects in the Western Canadian Sedimentary Basin (“WCSB”). The Company’s shares trade on the NEX, a separate trading board of the TSX Venture Exchange, under the symbol KYS.H. The Company holds a 100% working interest in two proposed oil locations producing out of the Cardium and Viking formations. The Sylvan Lake, Alberta property is located near the town of Sylvan Lake, Alberta in townships 36 and 39, Ranges 1 and 3 W5M. Kaymus currently has no wells drilled in the Sylvan Lake Area. The Company also holds overriding royalty interests ranging from 10% to 13% on five sections of land, on which are currently five producing wells which the Company acquired on January 15, 2019.

Outlook

The Company plans to accumulate prospective land in the WCSB and will execute a drilling program when capital markets allow for raising equity.

Royalty income represents overriding royalties earned following the acquisition of the overriding royalty interest and undeveloped land on January 15, 2019.

Liquidity and Capital Resources

As at April 30, 2022, the Company had working capital of $1,781,087 compared to working capital of $814,778 at July 31, 2021. The increase in working capital is a result of increase in the value of the investments.

The ability of the Company to carry out its business plan rests with the ability to generate cash flows from its overriding royalty interests, raise equity, obtain other forms of financing and sale or option of properties.

The Company will require financing to fund new exploration and development programs, new acquisitions and ongoing costs on its current properties. Future funds for exploration and development will be by financing, sale of equity capital or the offering of an interest in its properties to be earned by another party carrying out further exploration or development. The Company proposes to meet financing requirements through equity financing.

While we wait for financial results at the end of the month, let us once again revisit what the company has in terms of assets.

From their last MD&A:

1) Oil Leases: The Company holds a 100% working interest in two proposed oil locations producing out of the Cardium and Viking formations. The Sylvan Lake, Alberta property is located near the town of Sylvan Lake, Alberta in townships 36 and 39, Ranges 1 and 3 W5M. Kaymus currently has no wells drilled in the Sylvan Lake Area

- Not sure if anyone is good with maps, but I would be curious to know what wells are currently producing from those formations around our lease. Cardium and Viking formations are well known for good production. The company could easily sell off its investments and drill a well today, or even raise some funds to drill both.

2) GORR's (Royalty Holdings): The Company also holds overriding royalty interests ranging from 10% to 13% on five sections of land, on which are currently five producing wells which the Company acquired on January 15, 2019.

- This is 3,200 acres of land. Given that only five wells are producing, odds are there are likely many more locations to drill on this property. Having 10-13% GORR's is huge when you consider that the industry average rates are usually between 2-3% when you look at junior public companies.

3) Investments: As at January 31, 2022, the Company had working capital of $1,439,257 compared to working capital of $814,778 at July 31, 2021. The increase in working capital is a result of an increase in the value of the investments.

- Very likely that the investments held by Kaymus (unless they were sold in Q3 2022) have gone up in value. Average pricing for oil at the end of January was much lower than today. This is reflected when you look at almost any oil equities. Specifically large caps, which is probably what the board invested in.

4) Outlook: The Company plans to accumulate prospective land in the WCSB and will execute a drilling program when capital markets allow for raising equity.

- The company could be accumulating additional leases this year and plan for a raise, which can bring additional upside potential. Many other micro/small cap stocks are fine with 300-1000 barrels per day. But given the background of the board and the $300 million market cap company they already run (Yangarra Resources), there's a good chance they'll try and acquire some great leases for Kaymus. Raising funds to drill wouldn't be difficult for these directors, given their background in the petroleum industry.

Additional oil/gas reserve + drilling information is available on Sedar.

For those that follow technical charts, here's the most recent technicals on Vital Energy - https://www.barchart.com/stocks/quotes/VUX.VN/opinion

Average monthly prices for WTI in Apil and May were $101.78 and $109.55 ( https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=RWTC&f=M ). As per VUX's last presentation from May, average production was around 650 barrels per day. Let's do a rough calculation to what they've should of earned over the last 60 days, assuming no additional costs from drilling, land acquisitions, workovers, etc.

Rounding WTI price to $100, dropping production to 600bopd average for 60 days, using similar cost metrics from Q1, which was $13 all in ($100-$13=$87 net)

$87 WTI X 60 Days X 600 bpd = $3,132,000 profit (round down to $3 million). I always like to go worse case on pricing, production and profit.

New video on Vital Energy Inc. with a summary on Q1 2022 results:

Vital Energy Inc. Q1 2022 Results. Ending March 31, 2022 (All Information Available On Sedar)

Ticker Symbol: VUX
Price: $0.385
Common Shares: 82,249,971
Warrants: Nil
Options: 1,250,000 @ $0.25
Market Cap: $32 million
Insider Holdings: 55,311,353 or 67.3% of the float
Tax Pools: $51 million (Less Q1 2022 earnings. Available in 2021 audited results)
Financials (Ending March 31, 2022)

ASSETS
Cash: $2,487,862
Short Term Investments: $2,705,022
Trade & Receivables: $2,499,958
Prepaid Expenses: $68,321
Deposits: $564,797
Exploration & Evaluation Assets: $80,013
Right Of Use Assets: $177,419
Property & Equipment: $11,029,479
Total Assets: $19,612,871

LIABILITIES
Accounts Payable: $1,068,494
Contract Liabilities: $848,300
Current Lease Liability: $50,523
Current Decommissioning Liability: $258,574
Bank Loan: $60,000
Lease Liability: $130,339
Decommissioning Liability: $1,538,934
Total Liabilities: $3,955,164

Asset/Debt Ratio – 4.96:1

Q1 2022 Performance
Revenue: $5,854,810
Net Income: $3,521,015
Earnings per share: $0.043

2021 Performance
Revenue: $15,066,687
Net Income: $8,945,770
Earnings per share: $0.11

2021 Reserves (51-101) Available On Sedar – Oil Pricing under $70 & Gas Under $4
Light Oil – 537,400 Barrels NET
Heavy Oil – 306,900 Barrels NET
Natural Gas – 493,700 Barrels NET
Natural Gas Liquids – 2,100 Barrels NET
Total Net Barrels: 1,340,100 (Less Q1 2022 sales)

Q1 2022 Management Discussion Highlights (Available on Sedar)

Overall Performance Highlights
• The Company reported net income of $3,521,015 in Q1 2022 as compared to net income of $136,839 in Q1 2021.
• Revenue was $5,854,810 in Q1 2022 as compared to Q1 2021 revenue of $1,655,257, an increase of $4,199,553.
• The Q1 2022 realized oil price was $97.73 as compared to $54.59 in Q1 2021.
• Production increased to 666 boe/d in Q1 2022 from 337 boe/d in Q1 2021 with the increase being mainly attributable to improvements in operations at Sullivan Lake and the production of three horizontal wells at Lampman

Outlook

The Company plans to continue to acquire crown lands from upcoming crown land sales. The Company will continue to optimize production from the existing properties and plans to drill seven (7) horizontal wells in SE Saskatchewan that are expected to increase production by approximately 500 bbl/d in 2022.

Core Properties

Lampman
The Company purchased a quarter section of crown land in Saskatchewan in Q3 2020. In order to confirm the Frobisher reservoir quality and the potential in the deeper Winnipegosis zone, a vertical pilot hole 1-4- 6-5-W2 was designed and drilled. The results indicated the Frobisher reservoir was promising and the Winnipegosis zone was uneconomic. The pilot hole was abandoned in the deeper section and was plugged back. This existing vertical well bore was utilized to drill Hz C7-4-6-5W2 in the Frobisher zone from 1-4 to 7-4 (second event for the pilot well 1-4). The other two Frobisher horizontal wells were drilled in July 2021 from the same surface pad as the pilot hole and were completed in August 2021. The Company produced 318 bbls/d of sweet light oil (API ranging from 32.5 -36.0) from these multiple well projects in Q1 2022.

Sullivan Lake
The successful appraisal development well, 10-1, was drilled in the Banff limestone reservoir in December 2019 and two additional horizontal wells were drilled in 2020 and all are on production. As the Sullivan Lake desulfurization tower was replaced with a larger desulfurization tower in 2021 with more capacity, the Company believes it has resolved the long-standing production and operating issues. This area produced 102 boe/d in Q1 2022 compared to 99 boe/d in Q4 2021. The Company has built production facilities at Sullivan Lake with a capacity of 300 boe/d

Gull Lake
In one of the Company’s core areas of operations, Gull Lake, Saskatchewan, Vital is the designated operator and maintains a 50% working interest. The property is covered with 3D seismic data and has 9 wells producing, or capable of producing, crude oil from the Roseray , Cantuar and Upper Shaunavon formations. This project has a salt-water disposal facility and a gas collection pipeline system. In the Company’s opinion, future drilling opportunities remain on these lands. At Gull Lake, Vital’s net daily oil and natural gas production in Q1 2022 was 192 boe/d (Q1 2021 – 240 boe/d). The decrease in production was attributable to natural declines in the property. In order to better evaluate the oil development potential, the Company has utilized the 3D seismic survey which covers all of its Gull Lake lands. As of December 31, 2021, the reserves evaluator, Trimble Engineering, assigned 160,400 boe of proven oil and natural gas reserves net to the Company and 79,400 boe of probable oil reserves net to the Company.

Pennant
Vital is the Operator and maintains a 100% working interest in 12 contiguous sections of land. To date one (1) vertical well and six (6) horizontal wells have been drilled. Four of the horizontal wells and the vertical well have had production. The Company has commenced abandonment and reclamation work on some well sites. 3D seismic coverage on about 35% of Vital’s lands indicates the potential for additional drilling locations. The company’s crude oil production was 21 bbls/d in Q1 2022 as compared to 15 bbls/d in Q1 2021 when the property was shut-in for a considerable time period due to depressed oil prices.

Non-core Properties

Baxter Lake

The Company performed remedial work in 2021 to reactivate certain wells in the Baxter Lake area as oil prices have improved. In Q1 2022, this area produced 25 boe/d.
Ante Creek
The Company purchased 2.5 sections of crown land in Alberta in Q1 2021 and is currently working on a detailed geology study and development plan. This may allow the drilling of up to 25 horizontal Montney development wells.

Pembina
The Company purchased a quarter section of crown land in Alberta in Q2 2021 and is currently working on a detailed geology study and development plan. This may allow the drilling of up to 4 horizontal Cardium development wells.

Hume
The Company purchased 2 LDS of crown land in Saskatchewan in Q4 2021 and is currently working on a detailed geology study and development plan. This may allow the drilling of up to 2 horizontal Frobisher development wells.

Written May 23, 2022 - Update On NIS/EW In Romania

https://www.profit.ro/povesti-cu-profit/energie/vanzarile-de-produse-petroliere-ale-filialei-gazprom-in-romania-au-crescut-de-2-5-ori-in-pofida-razboiului-din-ucraina-20711577

Sales of the Romanian subsidiary Gazprom, Nis Petrol Romania SRL, increased 2.5 times in the first quarter of this year compared to the same period last year despite geopolitical tensions and sanctions imposed by the European Union since the start of the war in Ukraine, on February 24, reveals data analyzed by Profit.ro. As a result of these increases, Romania has become the second largest foreign market for the Serbian NIS Petrol Group, controlled by Gazprom Neft, the oil division of the Russian state giant Gazprom, after Bosnia and Herzegovina. Over 21% of the proceeds from the sale of crude oil and petroleum products traded outside Serbia by the NIS Petrol group come from Romania. Nis Petrol Group's sales in Romania increased in the first three months of this year from 2.2 billion dinars (18.7 million euros) to 5.36 billion dinars (45.7 million euros). The sales of 45.7 million euros in the first quarter are equivalent to approximately 70% of the turnover registered by NIS Petrol Romania SRL in the whole year 2020 .

Compared to 2.5 times the increase in Romania, sales in Bosnia increased only 1.8 times, to 8.1 billion dinars, those in Bulgaria, only about 1.4 times, to 3.8 billion dinars , and those in the United Kingdom have tripled to 1.5 billion dinars. Sales in Croatia and Germany increased similarly to those in Romania, but the value of NIS Petrol sales in those markets is modest, half a billion dinars each. The company's sales in Serbia have doubled from $ 36 billion to $ 72 billion. The main contribution to the increase in NIS Petrol sales in Romania was a 7-fold increase in deliveries to third parties, from 367 million dinars (3.1 million euros) to 2.56 billion dinars (21.8 million euros) . According to the company, NIS Petrol owns 19 fuel distribution stations in Romania and has a total market share of 2.7%, of which 1.5% on the retail market .

At the same time, the trading division of the Serbian group, NIS jsc Novi Sad, is active in the energy markets of Serbia (SEEPEX) and Romania (OPCOM), according to the report on the group's results for the first quarter of this year. Given the modest revenues from the sale of electricity outside Serbia, of only 170 million dinars (about 1.5 million euros), most of the revenues in Romania probably come from the sale of petroleum products. The Serbian group claims that it invested 32 billion dinars in the first quarter of this year, 70% in exploration and production, most of which in its concessions in Romania. NIS Petrol Romania has in its portfolio six oil and gas perimeters on the Romanian territory, all having the status of operator . There are four concessions for exploration-development and exploitation activities in partnership with the Canadian company East West Petroleum (two in Bihor County - EX-2 Tria and EX-3 Baile Felix and two in Timi? County - EX-7 Periam and EX-8 Biled ). A fifth concession is held in partnership with Zeta Petroleum and Armax Gaz, respectively the oil development and exploitation concession in the perimeter of DEE V-20 Jimbolia, Timi? County. The sixth concession for exploration-development-exploitation activities is also located in Timi? County, in the EX-12 Crai Nou perimeter. In 2019, NIS ad Serbia (the company that owns the Pancevo and Novi Sad refineries) has signed a contract with the national crude oil and condensate transport system operator, Conpet, which aims to transport crude oil to the Serbian border. extract from the Romanian subsidiary NIS Petrol from the leased perimeters in the west of the country . In the report for the first quarter of this year, CONPET states that it has provided crude oil, gasoline and condensate transport services based on contracts concluded with traditional customers: OMV Petrom SA, Petrotel LUKOIL SA, Rompetrol Rafinare SA, but also with new customers: Standard Logistic doo, Serinius Energy Romania SA and NIS Petrol SRL .

TNR Gold closes first tranche of private placement

2022-05-19 16:11 ET - News Release

Mr. Kirill Klip reports

TNR GOLD ANNOUNCES CLOSE OF NON-BROKERED PRIVATE PLACEMENT FIRST TRANCHE

TNR Gold Corp. has closed the first tranche of the non-brokered private placement of up to five million units announced on April 4, 2022. On closing, the company issued 1.25 million units at five cents per unit for proceeds of $62,500. Each unit consists of one common share of the company and one-half of a non-transferable common share purchase warrant, with each whole warrant exercisable into one common share of the company at an exercise price of 7.5 cents per share for two years from the date of issue. Closing of the final tranche of the private placement will be completed prior to June 3, 2022.

The proceeds of the private placement will be used for exploration, maintenance of the Shotgun Gold project and for general working capital purposes.

All private placement securities will be restricted from trading for a period of four months plus one day from the date of closing.

On closing, the company paid a cash finder's fee of 5 per cent of the gross proceeds sourced by the finder.

Kirill Klip, executive chairman of the company, a non-arm's-length party, participated in this private placement. The issuance of private placement securities to a non-arm's-length party constitutes related-party transactions under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). Because the company's shares trade only on the TSX Venture Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Section 5.7(b). The company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the company had not been confirmed at that time.

About TNR Gold Corp.

TNR Gold is working to become the green energy metals royalty and gold company.

Over the past 26 years, TNR, through its lead generator business model, has been successful in generating high-quality exploration projects around the globe. With the company's expertise, resources and industry network, it identified the potential of the Los Azules copper project in Argentina, which is being developed by McEwen Mining Inc. now. TNR Gold holds a 0.4-per-cent net smelter return royalty on the Los Azules copper project, including a 0.04-per-cent NSR held on behalf of a shareholder. TNR retains a 2.0-per-cent NSR royalty on the Mariana lithium project in Argentina with Ganfeng Lithium, including a 0.2-per-cent NSR held on behalf of a shareholder. Ganfeng's subsidiary, Litio Minera Argentina, has a right to repurchase 1.0 per cent of the NSR royalty on the Mariana project, of which 0.9 per cent relates to the company's NSR royalty interest. The company would receive $900,000 on the completion of the repurchase. The project is currently being advanced by Ganfeng Lithium International Co. Ltd.

TNR also holds a 7-per-cent NPR (net profits royalty) holding on the Batidero I and II properties of the Josemaria project, which is being developed by Lundin Mining. Lundin Mining is part of the Lundin Group, a portfolio of companies producing a variety of commodities in several countries worldwide.

TNR provides significant exposure to gold through its 90-per-cent holding in the Shotgun gold porphyry project in Alaska. The project is located in southwestern Alaska near the Donlin gold project, which is being developed by Barrick Gold and Novagold Resources Inc. The company's strategy with Shotgun gold project is to attract a joint venture partnership with one of the gold major mining companies. The company is actively introducing the project to interested parties.

At its core, TNR provides a wide scope of exposure to gold, copper, silver and lithium through its holdings in Alaska (the Shotgun gold porphyry project) and Argentina (the Los Azules copper and the Mariana lithium projects), and is committed to the continued generation of in-demand projects, while diversifying its markets and building shareholder value.

We seek Safe Harbor.

TNR Gold Update - NSR Royalty on Los Azules Copper, Gold and Silver Project with McEwen Mining

https://www.stockwatch.com/News/Item/Z-C!TNR-3248527/C/TNR

Just to confirm the most recent MD&A, Cobra showed an $80k additional expense due to "increasing production" which has now been verified by Vital Energy's May 2022 company presentation. Gull Lake production doubled quarter over quarter, so CBV's cashflow should double as well. Still 2 locations to drill - http://www.vitalenergyoil.com/presentations/Vital%20Assets%202022%20Presentation%20.pdf

Vital Energy May 2022 Company Presentation - http://www.vitalenergyoil.com/presentations/Vital%20Assets%202022%20Presentation%20.pdf

Good to know that they're listening, considering the last presentation was released in 2017. Dare I even say a marketing campaign could come later on? Some people were correct in saying that Lampman would decline as 600bopd last September was off the hop and every single well declines, especially from initial production rates. But it's likely stabilized now(slower declines) and there's one more drill location. At the same time, Gull Lake doubled in production and Baxter started producing again. The company has lots of drill locations and can easily bounce production from 600-1000bopd (not considering Montney wells yet because they'll add 2000bopd+ each and cost a lot).

Cost associated with adding production vs cash coming in for Vital is in a sweet spot. Add $4-6 million cash per quarter while spending around $1-1.5 million in drilling (based on the 2021 numbers). Here's a breakdown of all the wells they have to drill from that presentation, including some new properties:

Lampman - 1 well
Gull Lake - 2 wells
Sullivan - 2 wells
Pennant - Done, no more locations
Baxter - 4 wells (cheaper wells)
Ante - 25 Montney wells (More expensive, ideal case is a JV)
Pembina - 4 Cardium wells
Steelman - 4 wells (same zone as lampman wells)
Gainsborough - 2 wells (same zone as lampman wells)
Hume - 2 wells (same zone as lampman wells)

From the MD&A - Plan is to drill 4-6 wells in 2022. If they're going to bring in $16-24 million, spending $4-6 million drilling wells and another $2 million for G&A/other expenses, earnings should be massive, especially if they can hit a few more Lampman wells and get 1-2 quarters of boosted production like last year. I believe they'll hit the low hanging fruit before going for the bigger and more expensive wells, which makes sense.

Vital Energy took down their corporate presentation a while ago to likely update it. Then Covid hit and it was probably put on the back burner while they spent time acquiring most of their new leases between 2020-2021. However, this old one I found hidden on their website shows big potential just on Pennant, Baxter and Gull Lake. Now if you include their 5 new leases, the entire portfolio has dozens of drill locations, plus already established production/cash flow to fund this operation and a clean balance sheet.

http://www.vitalenergyoil.com/presentations/VITALCorporatePresentationJun2017.pdf

Based On Presentation & Recent Management Highlights. Includes Producers + Locations
Gull Lake - 30+ (9 Drilled)
Pennant - 30+ (7 Drilled)
Baxter - 6+ (Several Drilled & To Be Reactivated)
Lampman - 3+ (3 Drilled)
Sullivan - 1+ (1 Drilled, Has Facility For Higher Output)
Ante(Montney) - 25+
Pembina(Cardium) 4+
Hume - 2+

VUX also has $51.3 million in tax pools that expire between 2028 and 2040. Based on their current profitability, this will likely get all used up over the next 2-3 years.

At December 31, 2021, the Company has tax pools and non-capital losses as described below totaling approximately $51,308,000 (2020 - $57,622,000) that are available to shelter future taxable income. The Company’s non-capital losses expire between the years 2028 and 2040.

Ideally White Cap Resources should partner and then eventually takeover VUX because they have assets in similar areas( Montney, Cardium, Southeast Saskatchewan):

https://boereport.com/2022/04/28/whitecap-resources-inc-announces-record-first-quarter-results-and-director-nominee/

OPERATIONS UPDATE

Whitecap’s operational performance through the winter drilling program was exceptional as the optimization and development enhancements applied to the acquired assets have continued to generate positive results. Including the 44 (34.2 net) wells drilled in the fourth quarter, we have drilled a total of 115 (97.6 net) wells through the winter season up to the end of the first quarter of 2022 with the following highlights:

Kakwa Montney. Our three well 14-13 pad was tied into permanent facilities during the first quarter with the wells quickly cleaning up and production stabilizing. Over the first 90 days on production, the three wells have averaged 1,831 boe/d (36% condensate and NGLs) per well, which is more than 75% higher than our budget expectations of 1,026 boe/d (34% condensate and NGLs). We are currently drilling the final well of a four-well pad at Kakwa with the wells expected to be brought on production during the third quarter. A total of nine (6.0 net) wells are expected to be brought on production at Kakwa in the second half of 2022.

Central Alberta Glauconite and Cardium. Whitecap closed the acquisition of TimberRock Energy Corp. at the start of the first quarter and drilled a total of four (3.8 net) Glauconite wells during the quarter. Three of the wells have been on production for over 30 days, averaging approximately 1,138 boe/d (74% oil and NGLs) per well, which is above our budget expectations of 627 boe/d (56% oil and NGLs) over the first 30 days on production. We have also executed on multiple optimization opportunities on the acquired assets, including well reactivations and gathering system optimizations which increase production rates as well as the percentage of volumes that flow through Whitecap owned facilities. Subsequent to the quarter, the Company has secured operatorship of Pembina Cardium Unit No. 11 (55.2% working interest) and has partner-approved plans to commence development of the unit utilizing longer laterals and optimized waterflood technology and configurations which have been proven in our nearby Cardium developments.

Southeast Saskatchewan Conventional. The Company drilled a total of 18 (17.7 net) Mississippian conventional wells over the winter drilling program, achieving strong results on both legacy and acquired acreage. The average production rate over the first 30 days of 223 bbls/d of oil per well is 45% above our budget expectations, and we have 289 (258.4 net) locations of similar quality remaining in inventory.