Whitebark Energy : Placement - Appendix 3B

Placement - Appendix 3B

23 November 2017

Please find attached an Appendix 3B in respect of the issue of 154,166,667 ordinary fully paid shares issued pursuant to the share placement announced to ASX on 15 November 2017.

The Placement was completed pursuant to the Company's security issue capacities under Listing Rule 7.1 and 7.1A.

A total of 70,640,234 Shares were issued pursuant to Listing Rule 7.1 and 83,526,433 Shares issued pursuant to Listing Rule 7.1A.

7.1A DISCLOSURE

The Company provides the following Listing Rule 7.1A disclosure in respect of the issue of 83,526,433 ordinary fully paid shares at 1.2 cents per Share, raising $1,002,317, in accordance with Listing Rule 3.10.5A.

1. Details of the dilution to the existing holders of ordinary securities caused by the issue.

   Number of shares held by existing shareholders before thePlacement	835,264,337
   Number of Shares on issue after the Placement*	918,790,770
   % dilutionary effect of Placement on existing shareholders before the Placement*	9.09%

   *not including Shares issued pursuant to the Placement under Listing Rule 7.1

   Further details of the approximate percentage of issued capital post the 7.1A placement held by the pre- placement security holders and new security holders is as follows:

   Pre-placement security holders who did not participate in theplacement	100%
   Pre-placement security holders who did participate in the placement	0%
   Participants in the placement who were not previously security holders	100%

2. Where the equity securities are issued for cash consideration, a statement of the reasons why the eligible entity issued the equity securities as a placement under rule 7.1A and not as (or in addition to) a pro rata issue or other type of issue in which existing ordinary security holders would have been eligible to participate.

   It was the Company's view that a pro-rata issue would not deliver the necessary capital in the required timeframe and in addition it was considered that the level of support likely to be received from existing shareholders would not be sufficient.

3. Details of any underwriting arrangements, including any fees payable to the underwriter.

   No underwriting arrangements or underwriting fees payable were incurred in connection with the Placement.

4. Any other fees or costs incurred in connection with the issue.

Reimbursable expenses and fees payable to non-related parties in respect of the arrangement of the share placement - approximately 6% of gross placement funds where applicable.

Kevin Hart

Company Secretary

For further information: Media enquiries:

David Messina Andrew Rowell

Managing Director Cannings Purple

Ph: +61 8 6555 6000 Ph: +61 8 6315 6300

E: david.messina@whitebarkenergy.com E: arowell@canningspurple.com.au

Whitebark Energy Limited (ASX: WBE) is a Perth-based company with production and exploration assets in Canada and Australia.

In Canada, the Company holds a 20% working interest in the Point Loma Joint Venture (PLJV)in the province of Alberta, with TSXV-listed Point Loma Resources Limited.

The PLJV is a well-established producer, with existing oil and gas processing facilities and pipelines into markets. Whitebark's aim for the PLJV is for a significant increase in production and the lowering of costs through the workover and tie-in of behind-pipe reserves and horizontal development drilling.

In Western Australia, the Company funded 20% of the Xanadu-1 exploration well in the Perth Basin to earn 15% of the prospect and permit TP/15. On 25 September 2017, the Operator announced Xanadu field 1 as an Oil Discovery. Oil assay results have also confirmed a Cliff Head analogue which is 14km to the NE of Xanadu. The Joint Venture is currently planning 3D and reservoir engineering studies in Q1 2018 before proceeding with a development program

Through wholly owned subsidiary Latent Petroleum, Whitebark holds a majority interest (57%) in the 1.5tcf (refer ASX release dated 19 November 2015) undeveloped Warro Gas Project, about 200km north of Perth. Alcoa of Australia is Latent's joint venture partner and holds 43% of the Warro project equity. The farm-in program includes a drilling program and seismic surveys which could see Alcoa earn a total 65% interest, with Latent retaining 35%.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of contingent resource estimates that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13

We (the entity) give ASX the following information.

You must complete the relevant sections (attach sheets if there is not enough space).

+ See chapter 19 for defined terms.

04/03/2013 Appendix 3B Page 1