In The Matter Of The Receivership Of Tallahassee Exploration Ltd
PLEASE TAKE NOTICE that on January 8, 2026, the Court of King’s Bench of Alberta (the “Court”) issued an order (the “Sale Approval and Vesting Order”) in the receivership proceedings of Tallahassee Exploration Ltd. (“Tallahassee”), approving a sale transaction (the “Transaction”) contemplated by an Asset Purchase and Sale Agreement made between PricewaterhouseCoopers Inc. LIT, in its capacity as the receiver and manager of Tallahassee (the “Receiver”), as vendor, and RuralCo Resources Corp. (the “Purchaser”), as purchaser.
The Transaction is expected to close in the coming weeks. Upon closing the Transaction, the Purchaser will acquire all of Tallahassee’s rights, title and interests in certain overriding royalties in respect of assets located in or around the following areas:
| TWP 40 RG 7 W4M |
| TWP 38 RG 21 W4M |
| TWP 39 RG 22 W4M |
| TWP 32 RG 27 W4M |
| TWP 59 RG 15 W5M |
| TWP 54 RG 16 W5M |
| TWP 58 RG 17 W5M |
| TWP 76 RG 9 W6M |
| TWP 87 RG 11 W6M |
| NTS 94 - G - 1 BLK I |
| NTS 94 - G - 9 BLK B |
| NTS 94 - H - 4 BLK L |
(the “Purchased Assets”).
The Receiver and the Purchaser hereby request that all persons who assert a right of first refusal (“ROFR”) in and to any of the Purchased Assets, and who intend to exercise such right, to provide a notice of exercise of ROFR, together with the agreement establishing the ROFR to the Receiver and the Purchaser by courier, email or personal delivery addressed to:
PricewaterhouseCoopers Inc. LIT, in its capacity as the Court-Appointed Receiver and Manager of Tallahassee Exploration Ltd.
Suite 2900, 111 – 5th Avenue SW
Calgary AB T2P 5L3
Attention: Rick Osuna / Daniel Smith
Email: [email protected] / [email protected]
- and to -
RuralCo Resources Corp.
1540, 700-6th Avenue S.W.
Calgary, AB T2P 0T8
Attention: Land Manager
Email: [email protected]
All Court-filed documents in Tallahassee’s receivership proceedings, including a copy of the Sale Approval and Vesting Order, can be found on the Receiver’s Website at: www.pwc.com/ca/Tallahassee.
ALL PERSONS WISHING TO EXERCISE A ROFR IN RESPECT OF THE PURCHASED ASSETS ARE REQUESTED TO CONTACT THE RECEIVER AND THE PURCHASER NO LATER THAN FEBRUARY 23, 2026 AT 4:00 P.M. CALGARY TIME. YOUR RIGHTS MAY BE IMPACTED IF YOU FAIL TO SUBMIT A ROFR NOTICE IN THE MANNER DESCRIBED ABOVE.
DATED this 14th day of January, 2026 at Calgary, Alberta.