Upland Resource Regulatory News (UPL)

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This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

20 March 2018

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

CONVERTIBLE LOAN NOTES FACILITY - COMMISSION

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, announces that it has today satisfied the aggregate £105,000 commission payable to the Facility Providers of the £3,500,000 Convertible Loan Notes Facility (as referred to in the Company's announcement of 8 March 2018), as to £65,000 in cash and as to £40,000 by the issue of an aggregate of 1,769,355 new shares of no par value in the Company (the "Commitment Fee Shares") at 2.261p per share.

For this purpose, the Commitment Fee Shares were valued at a 10% discount to the volume weighted average price ("VWAP") of shares of no par value in the Company over the five trading days immediately prior to today's date.

The Commitment Fee Shares represent approximately 0.385% of the Company's enlarged issued share capital.

505,530 Commitment Fee Shares (with a value of £11,428.56 at the discounted VWAP price) have been issued to Norza Zakaria, Chairman of the Company and one of the Facility Providers.

Application will be made to the UK Listing Authority and to London Stock Exchange plc for the Commitment Fee Shares to be admitted to listing on the standard listing segment of the Official List maintained by of the UK Listing Authority and to trading on London Stock Exchange plc's main market for listed securities (together "Admission").

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse

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Notes

Upland Resources Limited is an upstream oil & gas company whose highly experienced management team has a track record of creating major value for shareholders in junior oil & gas companies, including Cove Energy plc. The Company has extensive technical and commercial skills and contacts, management having held senior roles in Petronas, Conoco, Shell etc.