Mr. Michael Judson reports

RECORD RESOURCES EXPECTS TO COMPLETE SEISMIC REPROCESSING AND RESOURCE REPORT BY YEAR END

Record Resources Inc.'s 3-D seismic reprocessing and a resource report on its 20-per-cent-owned Ngulu oil block in Gabon will be completed by year-end.

As disclosed in consortium partner Reconnaissance Energy Africa Ltd. (Sept. 28, 2026, news release): "The 3-D seismic reprocessing program is utilizing the most current state-of-the-art reprocessing technology. The reprocessing project is expected to be completed before year-end. Concurrently, a resource report will be commissioned, and appraisal well locations to the Loba oil discovery will be selected. Well planning has commenced for an anticipated spud."

As reported by Reconnaissance Energy, the 3-D seismic reprocessing technology includes DUG's full waveform inversion to help illuminate oil-bearing reservoirs within the Loba discovery and the vast salt-related exploration inventory mapped by the previous operator on the concession.

Prior to 1995, previous operators would only have been able to utilize 2-D seismic for geophysical surveys. While 2-D was a vast improvement over gravity and magnetic surveys, it was not nearly as effective at guiding and determining drilling locations as 3-D seismic. From this point of view, the Ngulu block remains relatively unexplored.

The consortium is exploring the Ngulu block, which covers 1,214 square kilometres and is equivalent to 54 Gulf of Mexico blocks, is in shallow water offshore central Gabon. This strategic block is located on trend to several sizable producing oil fields. The key aspects of the Ngulu block include the Loba oil field discovery and over 28 seismically identified prospects in the presalt Gamba/Dentale and postsalt plays.

Its marquee prospects on the block include Lepidote Deep (postsalt play), the Palomite complex including deep (presalt play) and shallow (postsalt) prospects, and the Pompano complex with both postsalt and subsalt prospects.

The Loba discovery was made by Elf-Gabon's LOM-1 well, which targeted the Batanga and Anguille reservoirs. The LOM-1 well discovered a shallow oil zone (27-degree API gravity oil) in the Batanga formation with 140 metres of gross oil column (70 metres net pay) and is similar to nearby producing fields Barbier, Barbier Southwest and Ablette.

The Loba oil discovery was made in 60 metres of water depth and is approximately 10 kilometres from the Barbier field existing infrastructure, operated by international oil company Perenco. Management believes that low-cost options are available for the development of the Loba complex, which include the initial Loba oil discovery and follow-on appraisal targets at Loba Deep and Loba East.

The Loba complex has potential production of approximately 20,000 barrels per day based on offset fields. Wells in analogous fields have shown initial production rates up to 7,600 bbl/d of oil with a single completion. These analogous wells are located within 40 kilometres from the Loba oil complex and are in the same targeted reservoir.

About Record Resources Inc.

Record Resources is an exploration and production company advancing high-impact oil and gas plays with large-in-place resources and scalability. The company is a carried partner in a newly formed consortium developing oil and gas projects in central Gabon's Ngulu block, a mature yet underexplored hydrocarbon base. Record also holds an interest in natural hydrogen exploration assets in Ontario, Canada, offsetting recent discoveries.

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