Leucrotta Exploration Announces 2021 Year-End ReservesCalgary, Alberta--(Newsfile Corp. - March 16, 2022) - Leucrotta Exploration Inc. (TSXV: LXE) ("Leucrotta" or the "Company") is pleased to announce its 2021 year-end reserves as independently evaluated by GLJ Ltd. ("GLJ") effective December 31, 2021 (the "GLJ Report"), in accordance with National Instrument 51-101 ("NI 51-101") and the Canadian Oil and Gas Evaluation ("COGE") Handbook. All dollar figures are Canadian dollars unless otherwise noted.IntroductionDuring 2021, Leucrotta made the strategic decision to sell its Doe property for gross proceeds of $30.0 million, raise additional equity capital for gross proceeds of $34.4 million and start the PAD development of its Mica Project. Based on successful results of its first PAD and the significant delineation already completed, Leucrotta was able to deliver strong year over year reserve growth despite the sale of Doe that had 10.7 million boe (86% undeveloped) of Proved plus Probable reserves booked to the property.The GLJ Report incorporates Leucrotta's initial move to 2,400 metre lateral lengths and increased frac intensity used on the Mica Test PAD. The report includes 14 producing wells and 26 undeveloped locations in the Lower Montney that only cover less than 10% of Leucrotta's large contiguous land base that is greater than 250 sections of Montney rights. These minimal reserve bookings leave material upside for Leucrotta to potentially book additional reserves in the future. Leucrotta has also delineated and proven the Upper and Basal Montney productive on its land base including 2 wells in each zone but has only booked 4 Upper locations and no Basal locations leaving reserve upside of greater than 99% of its land base for these zones. The presence of stacked zones on the property will materially reduce the environmental footprint per well and enhance economics.Leucrotta has estimated approximately 18 billion barrels of Original Oil in Place ("OOIP") and 17 trillion cubic feet of Original Gas in Place ("OGIP") over its land base. Leucrotta's business plan is to continue to develop the property, establish the ultimate reserve recoveries and move the established recoverable resource from land to its Proved plus Probable reserve base and eventually to its Producing reserve base. With regard to this, Leucrotta has made significant strides in 2021 as noted below.Reserve HighlightsLeucrotta is pleased to report material reserve and value increases notwithstanding the sale of the Doe property that had 10.7 million boe booked as noted above:Increased Proved Producing reserves by 71% to 7.7 million boe from 4.5 million boe Increased Total Proved reserves by 43% to 21.1 million boe from 14.8 million boeIncreased Total Proved plus Probable reserves by 16% to 50.7 million boe from 43.6 million boeIncreased Proved Producing value by 241% to $111.2 million from $32.6 millionIncreased Total Proved Reserve value by 185% to $167.8 from $58.8 millionIncreased Total Proved plus Probable Reserve value by 143% to $393.9 million from $161.9 millionDoubled Net Asset Value to $528.2 million from $267.0 million (Per Share increase of 60% to $2.13 per Share)Reserves SummaryLeucrotta's December 31, 2021 reserves as prepared by GLJ effective December 31, 2021 and based on the GLJ (2022-01) future price forecast are as follows (1,4): Working Interest Reserves (2)Tight Oil (Mbbl)Shale Natural Gas (Mmcf) NGLs (Mbbl)Total Oil Equivalent (Mboe) (3)Proved  Producing1,32536,4392767,674  Developed non-producing1235,796771,166  Undeveloped2,11552,3391,42212,260Total proved3,56394,5741,77421,100Probable4,474135,9532,41829,550Total proved & probable8,037230,5274,19250,650 Notes:Numbers may not add due to rounding."Working Interest" or "Gross" reserves means Leucrotta's working interest (operating and non-operating) share before deduction of royalties and without including any royalty interest of Leucrotta.Oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil.Disclosure of Net reserves will be included in Company's AIF to be filed on SEDAR at www.sedar.com on or before April 30, 2022. "Net" reserves means Leucrotta's working interest (operated and non-operated) share after deduction of royalties, plus Leucrotta's royalty interest in reserves.Reserves ValuesThe estimated future net revenues before taxes associated with Leucrotta's reserves effective December 31, 2021 and based on the GLJ (2022-01) future price forecast are summarized in the following table (1,2,3,4):Discount factor per year($000s)0% 5% 10% 15% 20% Proved  Producing165,688132,580111,18596,54785,991  Developed Non-producing22,61517,42214,21212,08610,585  Undeveloped145,13179,34842,39419,9745,487Total proved333,433229,350167,791128,607102,063Probable595,344346,832226,069158,652116,869Total proved & probable928,777576,182393,860287,260218,932 Notes:Numbers may not add due to rounding.The estimated future net revenues are stated prior to provision for interest, debt service charges or general administrative expenses and after deduction of royalties, operating costs, estimated well abandonment and reclamation costs and estimated future capital expenditures.The estimated future net revenue contained in the table does not necessarily represent the fair market value of the reserves. There is no assurance that the forecast price and cost assumptions contained in the GLJ Report will be attained and variations could be material. The recovery and reserve estimates described herein are estimates only. Actual reserves may be greater or less than those calculated.The after-tax present values of future net revenue attributed to Leucrotta's reserves will be included in Company's AIF to be filed on SEDAR at www.sedar.com on or before April 30, 2022.Price ForecastThe GLJ (2022-01) price forecast is as follows:YearWTI Oil @ Cushing($US / Bbl)Edmonton Light Oil($Cdn / Bbl)AECO Natural Gas($Cdn / Mmbtu)Chicago Natural Gas($US / Mmbtu)Foreign Exchange (US$/Cdn$)202273.0087.973.403.650.790202369.0181.893.103.350.790202467.2479.323.153.000.790202568.5880.913.213.060.790202669.9682.533.283.130.790202771.3584.183.343.190.790202872.7885.863.413.260.790202974.2487.583.483.330.790203075.7289.323.553.400.790203177.2491.113.623.470.790Escalate thereafter (1)2.0% per year2.0% per year2.0% per year2.0% per year Note:Escalated at two per cent per year starting in 2032 in the January 1, 2022 GLJ price forecast with the exception of foreign exchange, which remains flat.Net Asset Value ("NAV")Leucrotta's NAV as at December 31, 2021 and based on the GLJ (2022-01) future price forecast is as follows: ($000s, except per share amounts)   Pre-tax net present value ("NPV") of proved & probable reserves discounted at 10%393,860Undeveloped land (1)104,000Working capital30,315Net asset value528,175  Shares outstanding (basic)247,822Net asset value per share$ 2.13 Note:Undeveloped land is included at cost of approximately $665 per acre.Reserve Life Index ("RLI")Leucrotta's RLI presented below is based on estimated Q4 2021 average production of 3,290 boe per day.Reserve CategoryRLIProved plus Probable Reserves41.8Proved Reserves17.4 Reserves ReconciliationThe following summary reconciliation of Leucrotta's working interest reserves compares changes in the Company's reserves as at December 31, 2021 to the reserves as at December 31, 2020 based on the based on the GLJ (2022-01) future price forecast (1,2) : Total Proved Tight Oil Shale Natural Gas NGLs Total Oil Equivalent   (Mbbl) (Mmcf) (Mbbl) (Mboe) (3) Opening balance 1,268 71,352 1,632 14,791 Extensions and improved recovery 984 16,966 271 4,083 Technical revisions 1,476 28,584 662 6,902 Dispositions - (18,847) (755) (3,896) Economic factors 8 682 10 131 Production (173) (4,162) (45) (912) Closing balance 3,563 94,574 1,774 21,100                     Proved plus Probable Tight Oil Shale Natural Gas NGLs Total Oil Equivalent   (Mbbl) (Mmcf) (Mbbl) (Mboe) (3) Opening balance 4,418 206,360 4,752 43,563 Extensions and improved recovery 366 6,046 90 1,464 Technical revisions 3,362 71,062 1,459 16,664 Dispositions - (51,572) (2,113) (10,708) Economic factors 63 2,794 49 578 Production (173) (4,162) (45) (912) Closing balance 8,037 230,527 4,192 50,650  Notes:Numbers may not add due to rounding."Working Interest" or "Gross" reserves means Leucrotta's working interest (operating and non-operating) share before deduction of royalties and without including any royalty interest of Leucrotta.Oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil.Finding and Development Costs ("F&D") and Finding, Development and Acquisition Costs ("FD&A")Leucrotta has presented FD&A and F&D costs below:    2021   2020   3 Year Cumulative      Proved &   Proved &   Proved & ($000's, except where noted) Proved Probable Proved Probable Proved Probable               F&D costs (excluding net acquisitions/dispositions)             Exploration and development expenditures 38,251 38,251 12,601 12,601 63,409 63,409 Change in FDC(1) 48,599 20,112 (44,713) (97,021) (10,629) (82,113) F&D costs excluding net acquisitions/dispositions (Including FDC) 86,850 58,363 (32,112) (84,420) 52,780 (18,704)               FD&A costs (including net acquisitions/dispositions)             Exploration and development expenditures 38,251 38,251 12,