Leucrotta Exploration Announces 2020 Year-End ReservesCalgary, Alberta--(Newsfile Corp. - April 28, 2021) - Leucrotta Exploration Inc. (TSXV: LXE) ("Leucrotta" or the "Company") is pleased to announce its 2020 year-end reserves as independently evaluated by GLJ Ltd. ("GLJ") effective December 31, 2020 (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 2020 and early 2021, Leucrotta made the decision to focus future capital primarily on the Mica Project as outlined in our previous news release dated March 15, 2021. To better align corporate plans with the GLJ Report, Leucrotta decided to remove certain undrilled locations in the Doe and Two Rivers areas that were previously booked but did not fit into Leucrotta's near term plans. Proved and probable reserves totaling 13.8 million Boe and the associated future development capital ("FDC") totaling $97 million were removed from the 2020 GLJ Report. As a result, Leucrotta will be left with a more manageable $ 227 million of FDC booked. Subsequent to year-end, the Doe property was disposed of for gross proceeds of $30 million which will further reduce reserves in the year-end 2021 evaluation. Current (Year-end 2020) proved plus probable reserves booked to the disposition lands are 10.8 million Boe (86% associated with undrilled locations) and the related future development capital totaling $38 million. The 2020 GLJ Report books reserves on only a small percentage of the Mica Project development area and uses existing wells that had one-mile lateral lengths and approximately 40 fracs per well to project performance of future wells. In 2021, Leucrotta plans to drill and complete its test Pad that will have approximately 1.5-mile lateral lengths and materially increase the frac intensity. Performance of the new wells will have an effect on locations booked in 2020 as well as any additional lands booked in the future.For 2021, Leucrotta will use production data from the pad development to build out the reserve base for the Mica Project. 2020 ReviewDuring 2020, Leucrotta invested $13.7 million in capital projects that were offset by $8.2 million in dispositions that resulted in net capital expenditures of $5.5 million. Capital was primarily at Two Rivers where it drilled and completed one well and completed construction of the Two Rivers facility. While minimal capital was spent on Leucrotta's main property in Mica, more production data was collected to prove out the existing production curves. Leucrotta wells continue to experience year after year increased recoveries. For 2020, producing wells had additional increased recoveries of 6% due to well performance. For additional information on recoveries please see "Well Recoveries" at the end of this news release. Outlook for 2021Leucrotta estimates that it currently has $57.5 million in cash and working capital and no debt.Leucrotta is planning a 2021 capital program of approximately $30 million that includes a 3 well test pad in the Montney that incorporates longer horizontal lengths and materially increased frac intensity.A more detailed capital program for 2021 is anticipated to be released in the near future.Overview of 2020 Reserve BookingsLeucrotta decreased the number of locations booked by 14 net wells on a proved plus probable basis. As previously noted, locations removed and associated FDC of $97 million will better align the GLJ Report with the planned development. On a cumulative basis, Leucrotta has booked 17 horizontal Montney wells and 42 horizontal Montney locations. These locations are booked based on one-mile horizontal lengths and previously used frac intensity. For additional information on reserves assigned to these drilling locations please see "Potential Drilling Locations" at the end of this news release. Capital ExpendituresCapital allocation by category is as follows:($000s)20202019Property acquisition-1,543Undeveloped land1,115897Property and equipment dispositions(8,206)(4,767)     Sub-total acquisitions/dispositions(7,091)(2,327)   Drilling and completion5,8284,203Facilities and related infrastructure6,6308,112Geological, geophysical and other143242     Sub-total capital expenditures12,60112,557   Total all-in capital5,51010,230 Reserves SummaryLeucrotta's December 31, 2020 reserves as prepared by GLJ effective December 31, 2020 and based on the GLJ (2021-01) 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     Producing46722,5432864,511     Developed non-producing04,32877799     Undeveloped80044,4811,2689,482Total proved1,26871,3521,63214,791Probable3,150135,0083,12028,772Total proved & probable4,418206,3604,75243,563 Notes: (1) Numbers may not add due to rounding.(2) "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.(3) Oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil.(4) Disclosure of Net reserves are included in Company's AIF available on SEDAR at www.sedar.com. "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, 2020 and based on the GLJ (2021-01) future price forecast are summarized in the following table (1,2,3,4):Discount factor per year($000s)0% 5% 10% 15% 20% Proved     Producing42,38636,92632,58029,13726,382     Developed Non-producing4,9253,5732,6422,0001,548     Undeveloped69,19240,90623,62512,7775,745Total proved116,50381,40658,84743,91433,675Probable297,680170,565103,07564,14140,008Total proved & probable414,183251,971161,922108,05473,684 Notes: (1) Numbers may not add due to rounding.(2) The estimated future net revenues are stated prior to provision for interest, debt service charges or general administrative expenses and after deduction of royalties, operating costs, estimated well abandonment and reclamation costs and estimated future capital expenditures.(3) The estimated future net revenue contained in the table does not necessarily represent the fair market value of the reserves. There is no assurance that the forecast price and cost assumptions contained in the GLJ Report will be attained and variations could be material. The recovery and reserve estimates described herein are estimates only. Actual reserves may be greater or less than those calculated.(4) The after-tax present values of future net revenue attributed to Leucrotta's reserves are included in Company's AIF available on SEDAR at www.sedar.com.Price ForecastThe GLJ (2021-01) price forecast is as follows:YearWTI Oil @ Cushing($US / Bbl)Edmonton Light Oil($Cdn / Bbl)AECO Natural Gas($Cdn / Mmbtu)Foreign Exchange (US$/Cdn$)202148.0055.492.720.775202251.5060.782.670.765202354.5063.822.600.760202457.7968.142.600.760202558.9569.672.650.760202660.1371.222.710.760202761.3372.802.760.760202862.5674.422.810.760202963.8176.072.870.760203065.0977.592.920.760Escalate thereafter (1)2.0% per year2.0% per year2.0% per year Note:(1) Escalated at two per cent per year starting in 2031 in the January 1, 2021 GLJ price forecast with the exception of foreign exchange, which remains flat.Net Asset Value ("NAV")Leucrotta's NAV as at December 31, 2020 and based on the GLJ (2021-01) future price forecast is as follows:($000s, except per share amounts)       Pre-tax net present value ("NPV") of proved & probable reserves discounted at 10%161,922     Undeveloped land (1)110,842     Working capital(5,807)     Net asset value266,957       Shares outstanding (basic)200,526     Net asset value per share$1.33 Note:(1) 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 2020 average production of 2,897 boe per day.Reserve CategoryRLIProved plus Probable Reserves41.2Proved Reserves14.0 Reserves ReconciliationThe following summary reconciliation of Leucrotta's working interest reserves compares changes in the Company's reserves as at December 31, 2020 to the reserves as at December 31, 2019 based on the based on the GLJ (2021-01) future price forecast (1,2) :Total ProvedLight/Medium OilTight OilConventional Natural GasShale Natural GasNGLsTotal Oil Equivalent(Mbbl)(Mbbl)(Mmcf)(Mmcf)(Mbbl)(Mboe) (3)Opening balance271,482-96,0843,66521,188Discoveries------Extensions and improved recovery-62-1,76245401Technical revisions294-(17,212)(1,856)(4,628)Acquisitions------Dispositions------Economic factors(16)(209)-(4,194)(83)(1,008)Production(13)(162)-(5,089)(138)(1,161)Closing balance-1,268-71,3521,63214,791       Proved plus ProbableLight/Medium OilTight OilConventional Natural GasShale Natural GasNGLsTotal Oil Equivalent(Mbbl)(Mbbl)(Mmcf)(Mmcf)(Mbbl)(Mboe) (3)Opening balance285,13313271,56710,63961,061Discoveries------Extensions and improved recovery-74-2,01151460Technical revisions2(614)(11)(62,351)(5,795)(16,798)Acquisitions------Dispositions------Economic factors(17)(13)(2)220(5)2Production(13)(162)-(5,089)(138)(1,161)Closing balance-4,418-206,3604,75243,563Notes:(1) Numbers may not add due to rounding.(2) "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.(3) 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:2020  20193 Year Cumulative Proved &Proved &Proved &($000's, except where noted)ProvedProbableProvedProbableProvedProbableF&D costs (excluding net acquisitions/dispositions)   Exploration and development expenditures12,60112,60112,55712,55759,19759,197   Change in FDC (1)(44,713)(97,021)(14,515)(5,204)559,795F&D costs excluding net acquisitions/dispositions (Including FDC)(32,112)(84,420)(1,958)7,35359,202118,992FD&A costs (including net acquisitions/dispositions)   Exploration and development expenditures12,60112,60112,55712,55759,19759,197   Net acquisitions (dispositions)(7,090)(7,090)(2,327)(2,327)(6,775)(6,775)   FD&A costs including net acquisitions/dispositions5,5105,51010,23010,23052,42152,421   Change in FDC(44,713)(97,021)(14,515)(5,204)559,795FD&A costs including net acquisitions/dispositions (Including FDC)(39,203)(91,511)(4,285)5,02652,426112,216Reserve Additions (Mboe) (2)   Exploration and development(5,236)(16,337)1,4693,0183,30510,077   Net acquisitions/dispositions------Total Reserve Additions(5,236)(16,337)1,4693,0183,30510,077F&D costs excluding net acquisitions/dispositions ($/boe)   Excluding FDC(2.41)(0.77)8.554.1617.915.87   Including FDC6.135.17(1.33)2.4417.9111.81