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FOURTH AMENDING AGREEMENT THIS AGREEMENT is made effective as of September 27, 2023 BETWEEN: HAMMERHEAD RESOURCES ULC, an unlimited liability.

Province of albertaUnited statesUnited kingdomCanadian western bankBorrowing base shortfallBusiness development bankRedetermination of the borrowingEvent of default or borrowing base shortfallCanadian imperial bank of commerceNational bankRoyal bank of canadaBank of montrealHammerhead resources incGovernmental authorityRoyal bankBusiness development bank of canada