Silk Road Clarifies Application for Management Cease Trade Order

Calgary, Alberta--(Newsfile Corp. - February 2, 2023) - Silk Road Energy Inc. (TSXV: SLK) announces that it has made an application to the Alberta Securities Commission, as principal regulator, and its additional regulators, to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). This announcement is a clarification to the previous news release issued by the Company on Jan 30^th, 2023. If granted, the MCTO will prohibit the trading in securities of the Company by its Chief Executive Officer, Chief Financial Officer and certain other insiders of the Company, so long as the required filings remain outstanding. The issuance of an MCTO will generally not affect the ability of persons who are not or have not been management of the Company to trade in its securities.

The required filings include the audited financial statements for the year-ended September 30, 2022, the related management's discussion and analysis and related CEO and CFO certificates, which were due to be filed by January 30, 2023. Due to the result of ongoing complications in coordinating with the Company's auditors and the collection of the required data and documentation to complete the review of the Company, the Company requires additional time to complete and submit the required filings. The Company anticipates that, subject to current conditions remaining unchanged, to file the required filings on February 6, 2023, but in any event no later than February 10, 2023 and will use its best efforts to complete the process within this timeframe.

The Company confirms that it will satisfy the provisions of the alternative information guidelines set out under Sections 9 and 10 of NP 12-203 for so long as it remains in default of the above-noted filing requirements. The Company further confirms that there is no other material information relating to its affairs that has not been generally disclosed. Other than as disclosed herein, the Company is up to date in its filing obligations.

The Company is not currently subject to any insolvency proceedings. If the Company provides any information to any of its creditors during the period in which it is in default of filing the Interim Filings, the Company confirms that it will also file material change reports on SEDAR containing such information.

The Company's additional regulators to whom the MCTO application was made are: The British Columbia Securities Commission, and the Ontario Securities Commission.

For more information please contact:
Michael C. Judson, Chairman & CEO
Silk Road Energy Inc. (doing business under the name Record Gold)
T. +1-514-865-5496
Website: www.recordgoldcorp.com

Cautionary Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes", an or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would" , "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: approval of the Private Placement and obtaining a full revocation order. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the market acceptance of the Private Placement; the ability of the Company to obtain a full revocation order and the receipt of all required approvals in connection with the foregoing. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market price for securities; and the delay or failure to receive board, shareholder, court or regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.

The Units and the securities comprising the Units have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in the Unites States, or any other jurisdiction, in which such offer, solicitation or sale would be unlawful.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

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