2021 Guide to Listing

TSX TSX NON-EXEMPT OIL & GAS DEVELOPMENT STAGE ISSUERS 9 TSX NON-EXEMPT OIL & GAS PRODUCING ISSUERS TSX EXEMPT OIL & GAS ISSUERS 4 NET TANGIBLE ASSETS OR EARNINGS No requirements. Pre-tax profitability from ongoing operations in last fiscal year. Pre-tax cash flow from ongoing operations of $700,000 in last fiscal year and average pre-tax cash flow from ongoing operations of $500,000 for the past two fiscal years. WORKING CAPITAL AND FINANCIAL RESOURCES Adequate funds to either: (a) execute the development plan and cover all other capital expenditures & G&A 1 and debt service expenses, for 18 months with a contingency allowance; OR (b) bring the property into commercial production, and adequate working capital to fund all budgeted capital expenditures and carry on the business. Applicable to both (a) and (b) 18 month projection of sources and uses of funds signed by CFO; 6 appropriate capital structure. Adequate funds to execute the program and cover all other capital expenditures and G&A 1 and debt service expenses for 18 months with a contingency allowance; 18 month projection of sources and uses of funds signed by CFO; appropriate capital structure. Adequate working capital to carry on the business. Appropriate capital structure. DISTRIBUTION, MARKET CAPITALIZATION AND PUBLIC FLOAT At least 1,000,000 freely tradable shares with an aggregate market value of $4,000,000; minimum 300 public holders, each with one board lot or more. Minimum market value of the issued securities that are to be listed of at least $200,000,000. At least 1,000,000 freely tradable shares with an aggregate market value of $4,000,000; minimum 300 public holders, each with one board lot or more. SPONSORSHIP Sponsor report may be required (generally not required for IPOs or TSXV Graduates). Not required. PROPERTY REQUIREMENTS Contingent resources 7 of $500,000,000. 8 $3,000,000 proved developed reserves. 2, 5 $7,500,000 proved developed reserves. 2, 5 RECOMMENDED WORK PROGRAM Clearly defined development plan, satisfactory to TSX, which can reasonably be expected to advance the property. Clearly defined program to increase reserves. MANAGEMENT AND BOARD OF DIRECTORS Management, including the board of directors, should have adequate experience and technical expertise relevant to the company’s Oil & Gas projects as well as adequate public company experience. Companies are required to have at least two independent directors, a Chief Executive Officer (CEO), a Chief Financial Officer who is not also the CEO, and a Corporate Secretary. OTHER CRITERIA Up-to-date technical report prepared by an independent technical consultant (NI 51-101 3 ). The foregoing is a summary of the applicable listing requirements only. For detailed listing requirements, refer to the TSX Company Manual and the TSX Venture Exchange Corporate Finance Manual which are available at www.tsx.com LISTING REQUIREMENTS 28 OIL & GAS COMPANIES (EXPLORATION OR PRODUCING)

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