United Hunter Announces Entering into Letter of Intent to Acquire Bocana Resources Ltd.

United Hunter Oil & Gas Corp.

UNITED HUNTER ANNOUNCES ENTERING INTO LETTER OF INTENT TO ACQUIRE

BOCANA RESOURCES LTD.

FOR IMMEDIATE RELEASE

VANCOUVER, BRITISH COLUMBIA – August 10, 2020 – United Hunter Oil & Gas Corp. (TSXV:

UHO; Frankfurt UHO: 18U1) (" UHO" or the " Company") is pleased to announce that it has signed a

non-binding letter of intent dated August 7, 2020 (the "LOI") with Bocana Resources Ltd. ("Bocana"), a

private company incorporated under the Canada Business Corporations Act (the "CBCA"), which sets

forth the general terms and conditions of a proposed reverse ta keover transaction (the " Proposed

Transaction"). In addition and in connection with the Proposed Transaction , the parties have agreed

to use their "commercially reasonable efforts" to cause UHO or Bocana to complete a private placement

of common shares at a price of at least $0.10 in accordance with subsection 4.2(h) of Policy 5.4 of the

TSX Venture Exchange (the "Exchange")(the "Proposed Private Placement").

The Proposed Transaction will, pursuant to the policies of the Exchange, constitute a 'reverse takeover'

of the Company. The corporation resulting from the Proposed Transaction (the "Resulting Issuer") will

carry on the business of Bocana as currently constituted and be listed for trading on the Exchange as

a Tier 2 mining issuer and the Frankfurt Stock Exchange under the name "Bocana Resources Gold and

Silver Corp.", or such other name as the parties may agree.

Pursuant to the terms of the LOI, it is intended that UHO and B ocana will enter into a business

combination by way of a share exchange, merger, amalgamation, arrangement, or other similar form of

transaction. The final structure of the business combination i s subject to receipt by the parties of tax,

corporate, and securities law advice and will be agreed to and superseded by a definitive agreement

(the " Definitive Agreement ") between UHO and Bocana with such agreement to include

representations, warranties, conditions and covenants typical for a transaction of this nature. In addition,

upon execution of the LOI, UHO advanced to Bocana an unsecured loan in the principal amount of

$20,000 and in accordance with section 6.1 of Policy 5.2 of the Exchange.

The Proposed Transaction is subject to, among other details, fi nal approval of the Exchange and

standard closing conditions, including the conditions described below.

Overview of Bocana

Bocana is a private corporation incorporated under the CBCA and carrying on business as a mineral

exploration company focused on the acquisition, exploration and development of mineral properties in

Bolivia. Bocana, through its wholly -owned subsidiary, Huiracocha International Service SRL, holds a

100% working interest in the mineral properties known as the Escala Area Concessions located at the

Department of Potosi, Sud Lipez Province, Bolivia and has pendi ng additional applications with the

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Corporación Minera de Bolivia to acquire the mining rights to two additional concession areas, also in

the Sud Lipez Province of Bolivia.

Summary of the Proposed Transaction

Pre-Closing Capitalization of Bocana

As of the date hereof, Bocana has (a) 50,585,200 common shares issued and outstanding (the

"Bocana Shares "), (b) 3,417,500 warrants to acquire 3,417,500 Bocana Shares ( the " Bocana

Warrants") and (c) 417,000 common share purchase broker warrants to acq uire 417,000 Bocana

Shares the "Bocana Broker Warrants")(the Bocana Shares, Bocana Warrants and Bocana Broker

Warrants are collectively referred to herein as the "Bocana Securities"). Bocana will conclude an open

private placement offering of up to 5,000,000 Bocana Shares at $0.10 per Bocana Share to raise gross

proceeds of up to CAD $500,000 (the "Bocana Offering"). As a condition to completion of the Proposed

Transaction and prior to the Proposed Private Placement, Bocana will complete the Bocana Offering.

Pre-Closing Capitalization of UHO

As of the date hereof, UHO has (a) 24,755,375 common shares iss ued and outstanding (the " UHO

Shares") and (b) 1,400,000 outstanding stock options to acquire 1,400 ,000 UHO Shares (the " UHO

Stock Options")(the UHO Shares and UHO Stock Options are collectively referr ed to herein as the

"UHO Securities").

The UHO Shares are currently listed on the TSXV under the symbo l "UHO". The UHO Shares are

currently halted from trading and are expected to remain halted pending the completion of the Proposed

Transaction.

Terms of the Proposed Transaction

The LOI serves as an agreement in principle concerning a busine ss combination between UHO and

Bocana that will result in a reverse takeover of UHO. The Proposed Transaction will take the form of a

business combination between UHO and Bocana whereby the UHO Securities and Bocana Securities

will be exchanged on a 1:1 basis for an equivalent security of the Resulting Issuer (other than Bocana

Shares or UHO Shares held by shareholders who exercise their dissent rights, if applicable).

Under the terms of the LOI, it is anticipated that Bocana and UHO will enter into the Definitive Agreement

pursuant to which the Proposed Transaction will be completed by way of a plan of arrangement,

amalgamation, or alternate structure to be determined, the fina l structure of which will be subject to

receipt by the parties of relevant tax, corporate and securities law advice.

The completion of the Proposed Transaction is also subject to s everal other conditions set out in the

LOI, including approval by the directors of the Company and Boc ana, satisfactory completion of due

diligence, regulatory approval and shareholder approval. A more comprehensive news release will be

issued by UHO disclosing details of the Proposed Transaction, including financial information respecting

Bocana, the names and backgrounds of all persons who will constitute insiders of the Resulting Issuer,

and information respecting sponsorship, once an agreement has been finalized and certain conditions

have been met, including:

I. satisfactory completion of due diligence; and

II. execution of the Definitive Agreement.

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Tim Turner, Chief Executive Officer and a director of UHO owns approximately 15.57% of the

outstanding Bocana Shares. As a result of his position as a director and officer of UHO and ownership

interest in Bocana, the Proposed Transaction will both constitute a “Non-Arm's Length Transaction” as

defined by the policies of the Exchange and a “related party tr ansaction” pursuant to Multilateral

Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The Company will

be seeking majority of the minority approval of the Proposed Tr ansaction at a meeting of UHO

shareholders. Trading in the UHO Common Shares has been halted and is not expected to resume

trading until the Proposed Transaction is completed or until th e Exchange receives the requisite

documentation to resume trading.

The Company has requested a halt in trading of its UHO Common Shares and, pursuant to the rules of

the Exchange, the halt in trading is expected to continue until the completion of the Proposed

Transaction. Sponsorship pursuant to rules of the TSXV may be required and UHO plans to apply for a

waiver. The Company has not yet engaged a sponsor.

Summary of the Proposed Private Placement

Pursuant to the LOI, the parties have agreed to use their "comm ercially reasonable efforts" to cause

Bocana or UHO to complete a the Proposed Private Placement of c ommon shares (the " Private

Placement Common Shares") at a price per common share of at least $0.10 to meet the va luation

requirements set out in subsection 4.2(h) of Policy 5.4 of the Exchange. The parties may engage an

agent or syndicate of agents (the " Agents") for the Proposed Private Placement. A commission may

be paid to the Agents or to individual registrants (including s elling group members). The Agents may

also be granted broker warrants of the number of Private Placem ent Common Shares sold by the

Agents (including selling group members) in the Proposed Private Placement, with each broker warrant

entitling the holder thereof to purchase one common share of th e Resulting Issuer at a price equal to

the price paid per Private Placement Common Share for a period of 12 months from closing of the

Proposed Transaction. Further particulars of the Proposed Private Placement will be disseminated in a

news release to be issued upon finalization of its terms.

Forward Looking Information

Statements in this press release regarding UHO's business which are not historical facts are "forward-

looking statements" that involve risks and uncertainties, such as terms and completion of the proposed

transaction. Since forward-looking statements address future events and conditions, by their very

nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially

from those currently anticipated in such statements.

Completion of the Proposed Transaction is subject to a number of conditions, including but not limited

to, execution of a binding Definitive Agreement relating to the Proposed Transaction, Exchange

acceptance and if applicable, disinterested sharehol der approval. Where applicable, the Proposed

Transaction cannot close until the required shareholder approval is obtained. There can be no

assurance that the Proposed Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing

statement to be prepared in connection with the Pr oposed Transaction, any information released or

received with respect to the Proposed Transaction may not be accurate or complete and should not be

relied upon. Trading in the securities of a UHO should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Transaction

and has neither approved nor disapproved the contents of this press release.

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For further information, please contact:

Timothy Turner

Chief Executive Officer

United Hunter Oil & Gas Corp.

Telephone: (713) 858-3329

Email: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies

of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.