Mark Allen - Dec 22, 2020 Form 4 Insider Report for Petrolia Energy Corp (BBLS)

Role: President
Signature: /s/ Mark Allen
Stock symbol: BBLS
Transactions as of: Dec 22, 2020
Transactions value $: $842,000
Form type: 4
Date filed: 5/26/2021, 03:47 PM
Previous filing: May 26, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BBLS	Common Stock	Award	$30K	+1M	+12.57%	$0.03	8.96M	Dec 22, 2020	Direct	F1
transaction	BBLS	Common Stock	Other	$30K	+333K	+3.72%	$0.09	9.29M	May 4, 2021	Direct
transaction	BBLS	Common Stock	Other	$270K	+5.4M	+58.12%	$0.05	14.7M	May 4, 2021	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BBLS	Warrants to purchase Common Stock	Award	$80K	+1M		$0.08	1M	Dec 22, 2020	Common Stock	1M	$0.08	Direct	F1
transaction	BBLS	Warrants to purchase Common Stock	Award	$432K	+5.4M	+540%	$0.08	6.4M	May 4, 2021	Common Stock	5.4M	$0.08	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On September 1, 2020, Mr. Allen entered into an Employment Agreement to serve as President of Petrolia Energy Corporation. As part of the compensation plan Mr. Allen received an award of 1,000,000 common shares and 1,000,000 warrants exercisable at $0.08/share.
F2	On May 4, 2021, Mr. Allen converted $270,000 in debt to common shares at $0.05/share. Additionally, as a part of the Debt to Equity Conversion Agreement, Mr. Allen also received 5,400,000 warrants to purchase common stock at $0.08/share. The warrants are vested immediately and expire in three years.