Empire Energy Investment Opportunity

EMPIRE energy Definitions & Reserves Information Notes to Reserves • The scope of the Reserve Studies reviewed basic information to prepare estimates of the reserves and contingent resources. The quantities presented are estimated reserves and resources of oil and natural gas that geologic and engineering data demonstrate are "In-Place", and can be recovered from known reservoirs. Oil prices for Reserve calculations are based on NYMEX West Texas Intermediate (WTI) as at December 31, 2018. Including hedging. Gas prices for Reserve calculations are based on NYMEX Henry Hub (HH) as at December 31, 2018. Including hedging. Prices were adjusted for any pricing differential from field prices due to adjustments for location, quality and gravity, against the NYMEX price. This pricing differential was held constant to the economic limit of the properties. All costs are held constant throughout the lives of the properties. The probabilistic method was used to calculate P50 reserves. The deterministic method was used to calculate 1P, 2P & 3P reserves. The reference point used for the purpose of measuring and assessing the estimated petroleum reserves is the wellhead. "PVO" Net revenue is calculated net of royalties, production taxes, lease operating expenses, and capital expenditures but before Federal Income Taxes. "PV10" is defined as the discounted Net Revenues of the company's reserves using a 10% discount factor. "1P Reserves" or "Proved Reserves" are defined as Reserves which have a 90% probability that the actual quantities recovered will equal or exceed the estimate. "Probable Reserves" are defined as Reserves that should have at least a 50% probability that the actual quantities recovered will equal or exceed the estimate. "Possible Reserves" are defined as Reserves that should have at least a 10% probability that the actual quantities recovered will equal or exceed the estimate. Prospective Resource P(50) - unrisked, is the estimated quantities of petroleum that may potentially be recovered by the application of future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Utica shale gas potential resources have only been calculated for the region where drill data is available. Very few wells have been drilled into the Utica in Western NY and NW Pennsylvania. Estimates for GIP have been made were the few existing wells have been drilled. Empire holds additional acreage outside the current potential resource region. It is expected that as with shale characteristics, the shale formations will continue within the remaining acreage. The potential GIP may increase if more data was available. "Bbl" is defined as a barrel of oil. "Boe" is defined as a barrel of oil equivalent, using the ratio of 6 Mcf of Natural Gas to 1 Bbl of Crude Oil. This is based on energy conversion and does not reflect the current economic difference between the value of 1 Mcf of Natural Gas and 1 Bbl of Crude Oil. "D&C" means drilled and completed and "F&D" means cost of finding and developing a project. "EBITDAX" means Earnings Before Interest, Tax, Depreciation/Depletion, Amortization & Exploration. "LOE" means lease operating expenses. "M" is defined as a thousand. "MM" is defined as a million & "MMBoe" is defined as a million barrels of oil equivalent. "Mcf" is defined as a thousand cubic feet of gas & "MMcf" is defined as a million cubic feet of gas. All volumes presented are net volumes and have had subtracted associated royalty burdens which means the Net revenue interest or "NRI".. Qualified petroleum reserves and resources evaluators The information in this report which relates to the Company's reserves is based on, and fairly represents, information and supporting documentation prepared by or under the supervision of the following qualified petroleum reserves and resources evaluators, all of whom are licensed professional petroleum engineer's, geologists or other geoscientists with over five years' experience and are qualified in accordance with the requirements of Listing Rule 5.42: Name Mel Hainey Organisation Graves & Co Consulting, LLC John P Dick Pinnacle Energy Services, LLC Wal Muir Muir and Associate P/L * SPE: Society of Petroleum Engineers *PESA: Petroleum Exploration Society of Australia Qualifications BPE BPE BSc, MBA Professional Organisation SPE* SPE* PESA** None of the above evaluators or their employers have any interest in Empire Energy E&P, LLC or the properties reported herein. The evaluators mentioned above consent to the inclusion in the report of the matters based on their information in the form and context in which it appears. 23

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