-- the impact of potential future tariffs; 
 
   -- the general stability of the economic and political environment in which 
      the Company operates; 
 
   -- the Company's expectations regarding well performance, operational 
      timelines and performance; 
 
   -- general business, economic and market conditions; 
 
   -- royalty rates, costs, exchange rates and interest rates; 
 
   -- the Company's expectations on value generation related to its power 
      portfolio; 
 
   -- the Company's ability to deliver additional value to shareholders; 
 
   -- the ability of the Company to obtain qualified staff, equipment and 
      services in a timely and cost efficient manner; 
 
   -- future commodity and power prices; 
 
   -- the regulatory framework regarding royalties, taxes, power, renewable and 
      environmental matters in the jurisdictions in which the Company operates; 
 
   -- the ability of the Company to obtain the required capital to finance its 
      exploration, development and other operations and meet its commitments 
      and financial obligations; 
 
   -- the ability of the Company to secure adequate product processing, 
      transportation, fractionation and storage capacity on acceptable terms 
      and the capacity and reliability of facilities; 
 
   -- the impact of war, hostilities, civil insurrection, pandemics (including 
      Covid-19), instability and political and economic conditions (including 
      the ongoing Russian-Ukrainian conflict and conflict in the Middle East) 
      on the Company; 
 
   -- the ability of the Company to successfully market its products; 
 
   -- expectations regarding access of oil and gas leases in light of caribou 
      range planning; and 
 
   -- the Company's operational success and results being consistent with 
      current expectations. 

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used. Although the Company believes that the expectations reflected in such forward- looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements as the Company can give no assurance that such expectations will prove to be correct.

Forward-looking statements or information involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include, among other things:

   -- those risks set out in the Annual Information Form $(AIF)$ under "Risk 
      Factors"; 
 
   -- the ability of management to execute its business plan; 
 
   -- general economic and business conditions; 
 
   -- risks of war, hostilities, civil insurrection, pandemics (including 
      Covid-19), instability and political and economic conditions (including 
      the ongoing Russian-Ukrainian conflict and conflict in the Middle East) 
      in or affecting jurisdictions in which the Company operates; 
 
   -- the risks of the power and renewable industries; 
 
   -- operational and construction risks associated with certain projects; 
 
   -- the possibility that government policies or laws may change or 
      governmental approvals may be delayed or withheld; 
 
   -- risks relating to regulatory approvals and financing; 
 
   -- the ability to market in Alberta for power projects; 
 
   -- uncertainty involving the forces that power certain renewable projects; 
 
   -- uncertainty regarding provincial and federal electricity regulations and 
      policies; 
 
   -- the Company's ability to enter into or renew leases; 
 
   -- potential delays or changes in plans with respect to power and solar 
      projects or capital expenditures; 
 
   -- risks associated with rising capital costs and timing of project 
      completion; 
 
   -- fluctuations in commodity and power prices, foreign currency exchange 
      rates and interest rates; 
 
   -- risks inherent in the Company's marketing operations, including credit 
      risk; 
 
   -- health, safety, environmental and construction risks; 
 
   -- risks associated with existing and potential future lawsuits and 
      regulatory actions against the Company; 
 
   -- uncertainties as to the availability and cost of financing; 
 
   -- the ability to secure adequate processing, transportation, fractionation 
      and storage capacity on acceptable terms; 
 
   -- processing, pipeline and fractionation infrastructure outages, 
      disruptions and constraints; 
 
   -- financial risks affecting the value of the Company's investments; and 
 
   -- other risks and uncertainties described elsewhere in this document and 
      in Kiwetinohk's other filings with Canadian securities authorities. 

Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties.

The forward-looking statements and information contained in this news release speak only as of the date of this news release and the Company undertakes no obligation to publicly update or revise any forward-looking statements or information, except as expressly required by applicable securities laws.

Non-GAAP and other financial measures

This news release uses various specified financial measures including "non-GAAP financial measures", "non-GAAP financial ratios" and "capital management measures", as defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure and explained in further detail below. These non-GAAP and other financial measures presented in this news release should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS and should be read in conjunction with the Financial Statements and MD&A. Readers are cautioned that these non-GAAP measures do not have any standardized meanings and should not be used to make comparisons between Kiwetinohk and other companies without also taking into account any differences in the method by which the calculations are prepared.

Please refer to the Company's MD&A as at and for the three and nine months ended September 30, 2024, under the section "Non-GAAP and other financial measures" for a description of these measures, the reason for their use and a reconciliation to their closest GAAP measure where applicable. The Company's MD&A is available on Kiwetinohk's website at kiwetinohk.com or its SEDAR+ profile at www.sedarplus.ca.

Non-GAAP Financial Measures

Capital expenditures, capital expenditures and net acquisitions (dispositions), operating netback and adjusted operating netback are measures that are not standardized measures under IFRS and might not be comparable to similar financial measures presented by other companies.

The most directly comparable GAAP measure to capital expenditures and capital expenditures and net acquisitions (dispositions) is cash flow used in investing activities. The most directly comparable GAAP measure to operating netback and adjusted operating netback is commodity sales from production.

Capital Management Measures

Adjusted funds flow from operations, free funds flow (deficiency) from operations, adjusted working capital surplus (deficit), net debt to annualized adjusted funds flow from operations and net debt to adjusted funds flow from operations are capital management measures that may not be comparable to similar financial measures presented by other companies. These measures may include calculations that utilize non-GAAP financial measures and should not be considered in isolation or construed as alternatives to their most directly comparable measure disclosed in the Company's primary financial statements or other measures of financial performance calculated in accordance with IFRS.

Supplementary Financial Measures

This news release contains supplementary financial measures expressed as: (i) adjusted funds flow (ii) petroleum and natural gas sales, revenue, operating costs, and transportation, and (iii) royalty rate.

Metrics presented on a $/boe basis are calculated by dividing the respective measure, as applicable, over the referenced period by the aggregate applicable units of production (boe) during such period.

Royalty rate is calculated by dividing royalties by petroleum and natural gas sales less royalty and other revenue.

Future oriented financial information

Financial outlook and future-oriented financial information referenced in this news release about prospective financial performance, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above and are provided to give the reader a better understanding of the potential future performance of the Company in certain areas. Actual results may differ significantly from the projections presented herein. These projections may also be considered to contain future oriented financial information or a financial outlook. The actual results of the Company's operations for any period will likely vary from the amounts set forth in these projections, and such variations may be material. See "Risk Factors" in the Company's AIF published on the Company's profile on SEDAR+ at www.sedarplus.ca for a further discussion of the risks that could cause actual results to vary. The future oriented financial information and financial outlooks contained in this news release have been approved by management as of the date of this news release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein.

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