Leucrotta Announces Q4 2020 Financial and Operating ResultsCalgary, Alberta--(Newsfile Corp. - April 28, 2021) - Leucrotta Exploration Inc. (TSXV: LXE) ("Leucrotta" or the "Company") is pleased to announce its financial and operating results for the three months and year ended December 31, 2020. All dollar figures are Canadian dollars unless otherwise noted. FINANCIAL RESULTS               Three Months Ended December 31 Year Ended December 31 ($000s, except per share amounts) 2020 2019 % Change 2020 2019 % Change         Oil and natural gas sales 6,515 6,870 (5) 23,586 27,645 (15)         Cash flow from operating activities 212 2,098 (90) 1,187 10,465 (89)    Per share - basic and diluted - 0.01 (100) 0.01 0.05 (80)         Adjusted funds flow (1) 807 2,316 (65) 1,355 10,266 (87)    Per share - basic and diluted - 0.01 (100) 0.01 0.05 (80)         Net loss 16,697 6,140 172 110,855 5,529 1,905 Per share - basic and diluted 0.08 0.03 167 0.55 0.03 1,733         Capital expenditures and acquisitions 395 4,160 (91) 13,716 14,997 (9)         Proceeds on sale of properties and equipment (2) - - - 8,206 4,767 72         Adjusted working capital (deficiency) (1)       (5,807) 125 (4,746)         Common shares outstanding (000s)                Weighted average - basic and diluted 200,525 200,525 - 200,525 200,525 -            End of period - basic       200,525 200,525 -    End of period - fully diluted       214,132 226,646 (6)  (1) See "Non-GAAP Measures" section.(2) The sale of equipment for proceeds of $4.8 million in 2019 is exclusive of $2.7 million deposit received in Q4 2018. OPERATING RESULTS (1) Three Months Ended December 31 Year Ended December 31   2020 2019 % Change 2020 2019 % Change         Daily production                Oil and NGLs (bbls/d) 645 765 (16) 856 820 4    Natural gas (mcf/d) 13,508 12,392 9 13,903 13,347 4    Oil equivalent (boe/d) 2,897 2,830 2 3,173 3,044 4         Revenue                Oil and NGLs ($/bbl) 43.06 51.26 (16) 33.94 51.80 (34)    Natural gas ($/mcf) 3.18 2.86 11 2.55 2.49 2    Oil equivalent ($/boe) 24.44 26.39 (7) 20.31 24.88 (18)         Royalties                Oil and NGLs ($/bbl) 3.09 - 100 1.79 - 100    Natural gas ($/mcf) 0.10 - 100 0.06 - 100    Oil equivalent ($/boe) 1.14 - 100 0.75 - 100         Net operating expenses (2)                Oil and NGLs ($/bbl) 10.46 8.43 24 9.98 8.34 20    Natural gas ($/mcf) 1.06 0.80 33 1.01 0.85 19    Oil equivalent ($/boe) 7.29 5.77 26 7.10 5.95 19         Net transportation and marketing expenses (2)              Oil and NGLs ($/bbl) 0.37 1.35 (73) 0.75 1.34 (44)    Natural gas ($/mcf) 1.37 1.46 (6 1.51 1.11 36    Oil equivalent ($/boe) 6.45 6.74 (4) 6.83 5.25 30         Operating netback (2)             Oil and NGLs ($/bbl) 29.14 41.48 (30) 21.42 42.12 (49 Natural gas ($/mcf) 0.65 0.60 8 (0.03) 0.53 (106 Oil equivalent ($/boe) 9.56 13.88 (31) 5.63 13.68 (59         Depletion and depreciation ($/boe) (7.41) (9.65 (23) (8.50) (9.56) (11)  Asset impairment        ($/boe) (50.66) (22.41) 126 (87.31) (5.25) 1,563  General and             administrative    expenses ($/boe) (4.36) (4.76) (8) (3.90) (4.30) (9 Share based compensation ($/boe) (1.33) (0.20) 565 (0.54) (0.51) 6 Gain on sale of assets ($/boe) - - - 1.30 1.30 - Loss on onerous contract ($/boe) (7.88 - 100 (1.81) - 100 Finance expense ($/boe) (1.14) (0.47) 143 (0.46) (0.36) 28 Finance income ($/boe) - 0.04 (100) - 0.03 (100) Unrealized gain on risk managementcontracts ($/boe) 0.55 - 100 0.13 - 100 Net loss ($/boe) (62.67) (23.57) 166 (95.46) (4.97) 1,821 (1) See "Frequently Recurring Terms" section.(2) See "Non-GAAP Measures" section.Selected financial and operational information outlined in this news release should be read in conjunction with Leucrotta's audited financial statements and related Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2020, which are available for review under the Company's profile on The System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.UPDATEProperty saleSubsequent to December 31, 2020, the Company disposed of natural gas assets located in Doe, BC for gross proceeds of $30.0 million. The disposed assets were comprised of 10.25 sections of non-strategic land with three wells producing approximately 375 boe/d and one shut-in well. The disposition closed April 1, 2021.In conjunction with the disposition, the Company's demand loan facility of $8.0 million was reduced to $2.0 million and the covenant to enter into and maintain forward commodity price contracts was removed from the credit facility. The demand letter of credit facility was unchanged and remains at $4.0 million. FinancingOn March 31, 2021, the Company closed a bought-deal public financing through a syndicate of underwriters. The Company issued 45.2 million units of the Company ("Units") at a price of $0.73 per Unit for gross proceeds of $33.0 million. A Unit is comprised of one common share of the Company and 0.5 common share purchase warrants. Each whole common share purchase warrant entitles the holder to purchase one common share at an exercise price of $1.00 per common share expiring on March 31, 2023. The Company has received an extension from the TSX Venture Exchange to complete it's previously announced non-brokered private placement of up to 2.0 million flow-through units of the Company (the "Private Placement"). The Private Placement closing date has been extended from April 29, 2021 to May 28, 2021. Full details of the Private Placement can be found in the Company's news release dated March 15, 2021, available under the Company's profile on SEDAR at www.sedar.com. President's CommentWe are very pleased with the recent events of 2021 that have allowed us to initiate the Mica Project. (1) After years of hard work to capture and delineate the large resource base at Mica, we are finally in a position to develop the resource for the benefit of all shareholders. With the Mica Project expected to ramp up to over 30,000 boe/d (1) within a 5-year timeframe, Leucrotta anticipates having very high production growth rates for several years.(1) Full details of the Mica Project are more fully described in the Company's news release dated March 15, 2021 and the (final) short form prospectus of the Company dated March 26, 2021, both available under the Company's profile on SEDAR at www.sedar.com.FREQUENTLY RECURRING TERMSThe Company uses the following frequently recurring industry terms in this news release: "bbls" refers to barrels, "mcf" refers to thousand cubic feet, and "boe" refers to barrel of oil equivalent. Disclosure provided herein in respect of a boe may be misleading, particularly if used in isolation. A boe conversion rate of six thousand cubic feet of natural gas to one barrel of oil equivalent has been used for the calculation of boe amounts in this news release. This boe conversion rate is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.NON-GAAP MEASURESThis news release refers to certain financial measures that are not determined in accordance with IFRS (or "GAAP"). This news release contains the terms "adjusted funds flow", "adjusted funds flow per share", "adjusted working capital (deficiency)", "operating netback", "net operating expenses", and "net transportation and marketing expenses" which do not have any standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures used by other companies. The Company uses these measures to help evaluate its performance. Management uses adjusted funds flow to analyze performance and considers it a key measure as it demonstrates the Company's ability to generate the cash necessary to fund future capital investments and abandonment obligations and to repay debt, if any. Adjusted funds flow is a non-GAAP measure and has been defined by the Company as cash flow from operating activities excluding the change in non-cash working capital related to operating activities and expenditures on decommissioning obligations. The Company also presents adjusted funds flow per share whereby amounts per share are calculated using weighted average shares outstanding, consistent with the calculation of net loss per share. Adjusted funds flow is reconciled from cash flow from operating activities under the heading "Cash Flow from Ope