Equitorial Announces Share Consolidation

LEGAL_34455852.1

EQUITORIAL EXPLORATION CORP.

1111 Melville Street, 11th Floor

Vancouver, British Columbia Canada V6E 3V6

Tel: (604) 689-1799 / Fax: (604) 689-8199

Equitorial Announces Share Consolidation

Vancouver, British Columbia, Canada, August 12, 2020 , Equitorial Exploration Corp. (TSX-V:

EXX/Frankfurt: EE1/OTC: EQTXF ) (“Equitorial” or the “Company”) announces that in accordance with

the Company’s Articles, its Board of Directors has authorized the implementation of a share

consolidation of the Company's common shares on the basis of t en (10) pre consolidation common

shares for one (1) post -consolidated common share (the " Consolidation"). The Consolidation will

provide the Company with a better capital structure in order to attract financing.

The Consolidation is subject to regulatory approval.

The approximately 94,150,831 common shares of the Company currently outstanding will be reduced to

approximately 9, 415,083 common shares. No fractional shares will be issued. Any fra ctional shares

resulting from the consolidation of the Common Shares shall be converted such that each fractional

Common Share remaining after conversion that is less than one -half of a Common Share be cancelled

and each fractional Common Share that is at least one -half of a Common Share be changed to one

whole Common Share. The exact number of post -consolidated common shares will vary depending on

the treatment of fractional shares which will occur when each shareholder's holdings in the Company

are conso lidated. Outstanding stock options and warrants would similarly be adjusted by the

consolidation ratio.

The Company will not be changing its name and trading symbol in connection with the Consolidation.

The Common Shares will continue to be traded on the TSX Venture Exchange under the Company’s

current name and under its current stock symbol “EXX” on a post-consolidated basis.

The Company will provide further details of the regulatory approval process in due course. This news

release was prepared on behalf of the Board of Directors.

For further information contact:

Patrick Power

CEO and Director

Equitorial Exploration Corp. Telephone: (604) 218-8772

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 release.