Forza Petroleum : 2023 Management Proxy Circular

MANAGEMENT PROXY CIRCULAR

This Management Proxy Circular (the "Circular") is provided in connection with the solicitation of proxies by the management of Forza Petroleum Limited ("Forza Petroleum" or the "Corporation") for use at the annual and special meeting (the "Meeting") of the shareholders of the Corporation (the "Shareholders") to be held on Tuesday, June 27, 2023 at the time and place and for the purposes set out in the Notice of 2023 Annual and Special Meeting of Shareholders (the "Notice") accompanying this Circular, and at any adjournment thereof.

Unless otherwise indicated, all references in this Circular to dollar amounts are to U.S. dollars and all information in this Circular is as of April 28, 2023.

The Board of Directors of Forza Petroleum (the "Board") has approved the content and sending of this Circular.

"Kevin McPhee"

Kevin McPhee

General Counsel and Corporate Secretary

Geneva, Switzerland

May 15, 2023

1

CONTENTS

2

VOTING INFORMATION

Solicitation of Proxies

Each Shareholder will receive a proxy or voting instruction form. The solicitation of proxies is intended to be made primarily by mail but proxies may also be solicited by telephone, facsimile or other electronic means of communication or in person by the directors, officers and other employees of the Corporation. The entire cost of the solicitation of proxies will be borne by the Corporation.

Beneficial (or Non-Registered) Owners

The voting process is different depending on whether you are a registered Shareholder, Non-Objecting Beneficial Owner or Objecting Beneficial Owner.

If you have shares registered in your own name, you are a registered Shareholder. If you do not hold shares in your own name, you are a beneficial or non-registered owner. If your shares are listed in an account statement provided to you by a broker, then it is likely that those shares will not be registered in your name, but under the broker's name or under the name of an agent of the broker such as CDS Clearing and Depository Services Inc., the nominee for many Canadian brokerage firms, or its nominee.

There are two kinds of beneficial owners: (i) Objecting Beneficial Owners or OBOs - those who object to their name being made known to the issuers of shares which they own, and (ii) Non-Objecting Beneficial Owners or NOBOs - those who do not object to their name being made known to the issuers of the shares which they own.

Securities regulation requires brokers or agents to seek voting instruction from Objecting Beneficial Owners and Non- Objecting Beneficial Owners in advance of the Meeting. Beneficial owners should be aware that brokers or agents can only vote shares if instructed to do so by the beneficial owner. Your broker or agent (or their agent Broadridge) will have provided you with a voting instruction form or form of proxy for the purpose of obtaining your voting instructions. Every broker has its own mailing procedures and provides instructions for voting. You must follow those instructions carefully to ensure your shares are voted at the Meeting.

If you are a beneficial owner receiving a voting instruction form or proxy from a broker or agent, you cannot use that proxy to vote at the Meeting. To vote your shares at the Meeting, the voting instruction form or proxy must be returned to the broker well in advance of the Meeting. If you wish to attend and vote your shares at the Meeting, follow the instructions for doing so provided by your broker or agent.

Shareholder Proxy Materials

In accordance with an exemption granted by the Director appointed under the Canada Business Corporations Act, the Corporation has elected to rely on notice-and-access provisions under National Instrument 51-102 - Continuous Disclosure Obligations and National Instrument 54-101 - Communication with Beneficial Owners of Securities of a Reporting Issuer (together, the "Notice-and-AccessProvisions") in respect to delivery of certain security holder materials for the Meeting to Shareholders.

The Notice-and-Access Provisions are rules developed by the Canadian Securities Administrators that reduce the volume of materials that must be physically mailed to shareholders by allowing a reporting issuer to post a proxy circular in respect of a meeting of its shareholders and related materials online. The Corporation believes this environmentally friendly process will provide Shareholders with a convenient way to access the Meeting materials, while allowing the Corporation to lower the costs associated with printing and distributing the Meeting materials.

Pursuant to the Notice-and-Access Provisions, Shareholders will receive a notification containing details of the date, location and business of the Meeting, as well as information on how they can access Meeting materials electronically. The Corporation has arranged for its registrar and transfer agent, Computershare Trust Company of Canada ("Computershare"), to send this notification to registered Shareholders. The Corporation will bear the cost of intermediaries delivering this notification to beneficial owners. Enclosed with the notification will be a voting instruction form or proxy form.

Appointment and Revocation of Proxies

The persons named in the proxy are Shane Cloninger, who is Chief Executive Officer of the Corporation, and Kevin McPhee, who is General Counsel of the Corporation.

For a vote by proxy or voting instruction form to be counted, it should be received prior to 10:00 a.m. (Eastern Daylight Time) or 4:00 p.m. (Central European Summer Time) on Friday, June 23, 2023. The Corporation reserves the right to accept late

3