NOTE 14. SUBSEQUENT EVENTS

On April 3, 2023, the Company converted the remaining $300,000 (CAD) ($223,248 USD using prevailing rates at that date) of our debenture from Prospera into shares of Prospera Common stock at a conversion rate of $0.05 (CAD) per share.

On April 20, 2023, Petrolia Canada Corporation filed a Statement of Defense to Counterclaim, Reply to Defense, and Amended Statement of Claim, adding Zel Khan and Quinten Beasley as defendants in the Court File Number 2301-01310 matter filed in the Calgary Court of King’s Bench of Alberta.

On May 5, 2023, the Company was notified by Blue Sky Resources (BSR), the operator of our Utikuma asset that the Province of Alberta has declared a state of emergency due to wildfires in Alberta. We were informed that because of wildfires in the vicinity of our oilfield assets, the field was shut in and all personnel were evacuated, and that the highway to the Slave Lake area has been closed. Early assessments of the situation indicate that our Utikuma facilities may have incurred some damage.