| Schedule of preliminary purchase price allocation |
| | | | Purchase price allocation as of November 14, 2025: | | | | Consideration: | | | | Share consideration issued to sellers November 14, 2025 - 5,681,489 common shares | | $ | 27,555,222 | Fair value of contingent share consideration (1) | | | 10,637,872 | Debt repayment | | | 50,335,666 | Total consideration transferred | | | 88,528,760 | | | | | Fair value of assets acquired: | | | | Cash | | | 580,820 | Oil and gas receivable | | | 5,962,465 | Joint interest billing receivable | | | 2,717,522 | Prepaid and other assets | | | 1,045,265 | Proved oil and gas properties | | | 47,870,041 | Unproved oil and gas properties | | | 59,014,000 | Land and buildings | | | 3,664,201 | Other non-current assets | | | 1,130,472 | Amount attributable to assets acquired | | | 121,984,786 | | | | | Fair value of liabilities assumed: | | | | Account payable | | | 7,745,885 | Revenue and production taxes payable | | | 7,533,581 | Accrued liabilities | | | 3,966,408 | Ad valorem taxes payable - current | | | 1,830,419 | ROU liability - current | | | 150,577 | Asset retirement obligations | | | 3,815,948 | Ad valorem taxes payable - long term | | | 8,283,967 | ROU liability - long term | | | 129,241 | Amount attributable to liabilities assumed | | | 33,456,026 | | | | | Net assets acquired | | $ | 88,528,760 |
| (1) | The contingent consideration was settled on November 19, 2025. The Company issued 2,234,847 common shares with a fair value of $10.6 million. |
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| Schedule of pro forma operating results |
| | | | | | | | | Year ended | | Year ended | | | December 31, | | December 31, | (unaudited) | | 2025 | | 2024 | Total revenues | | $ | 83,817,737 | | $ | 82,149,610 | Net income | | $ | 3,716,248 | | $ | 10,307,310 | Basic net income per common share | | $ | 0.16 | | $ | 0.47 | Diluted net income per common share | | $ | 0.16 | | $ | 0.47 |
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