OTC: NRIS

The
Company underwent a change of control in July 2017, when Patrick Norris, and his affiliate JBB Partners (“JBB”) acquired
majority ownership of the Company and provided loans and equity funding for the oil/gas mineral rights purchases and for covering the
operational expenses of Company.

The
Company will, from time to time, seek strategic investors and other funding to help it develop additional exploration and acquisition
projects located within the Bend Arch-Fort Worth Basin and other prime acquisition targets in the Central West, South and East Texas.

Our
Business Strategy

We
are a small exploration & production (“E&P”) oil and natural gas company that focuses on the development, production,
and maintenance of its existing of crude oil and natural gas properties in Texas. The Company’s goal is to tap into the high potential
leases of the Central West Texas region of the United States, aiming to unlock the potential in the prolific Bend Arch-Fort Worth region.
This area is approximately 120 miles long and 40 miles wide, running from Archer County, Texas in the north to Brown County, Texas in
the south. The Company also will look at other acquisition opportunities in the Permian Basin, West Texas, East Texas and South Texas
regions.

Management
believes that focusing on the development of existing small producing fields is one of the key differentiators of the Company. Oil and
natural gas reserve development is a technologically oriented industry. Management believes that the use of current generally available
technology has greatly increased the success rate of finding commercial oil or natural gas deposits. In this context, success means the
ability to make an oil/gas well that produces a commercialized quantity of hydrocarbons.

For
near- to medium-term cash flow enhancement, the Company plans to focus on existing fields and to selectively consider larger-reserve
oil and gas properties with low production to acquire at reasonable cost and then implement effective Enhanced Oil Recovery (“EOR”)
methods to improve its current revenues and assets. For long-term cash flow enhancement, the Company is in process of identifying other
oil-field related, and non-oilfield niche enterprises to consider for bolt on, or diversified acquisition targets to grow Company revenues.
Funding for any potential future acquisition may be provided by the Company’s strategic joint venture partnerships.

The
Company’s long-term objective is to increase shareholder value by growing reserves, production and cash flow. As result we may
seek to identify and consider acquisition opportunities of oilfield services companies and other non-oilfield companies that align with
our operational plan to implement a diversified growth strategy.

1

Notwithstanding
the above stated objectives, the ramifications of the prior pandemic containment measures and consequent disruptions to the United States
and world economies due to the COVID – 19 viral outbreaks had an adverse impact on the overall business of the Company and the
industry in which it operates. The demand for oil and gas has impacted all producers as commodity prices of oil and gas has increased
substantially but so has inflation resulting in higher costs for materials, equipment, personnel and service providers which the US Federal
Reserve has taken lead to increased interest rates substantially from prior low levels that has tightened financial conditions. In addition,
in early 2022 the industry faced added complications as result of the Russian Federation invasion of Ukraine and also with the Hamas
terrorist attack on Israel in October 2023, and the war response from Israeli forces on Gaza and now as result of the conflict with Iran
has created further instability in the Middle East and in the USA blockade in the Straits of Hormuz that has disrupted global energy
supplies and overall markets. As result energy prices have risen sharply, however, we are unable to predict exact supply and demand balances
that will cause energy prices to be highly volatile and thus affect our revenues into the near future. Therefore, we anticipate that
we may not be able to cover operating costs and will have to take cost cutting measures and seek continued operational financing.

In
November 2024, there was an election, and change of Administrations, which was a departure from prior administration with renewed focus
on traditional domestic energy production. However, the Trump administration has threatened to impose protectionist tariffs on imported
goods which could affect the economic activities and create supply disruptions in the near term. As a result of the prior COVID-19 pandemic,
unresolved wars and trade conflicts and other various governmental and political responses, it may have an impact on our subcontractors,
customers and suppliers, that might result in delays or disruptions or a temporary suspension of operations due to shortages of labor
and increased cost from suppliers. In addition, our financial condition and results of operations have been and are likely to continue
to be adversely affected. Thus, subject to adjustments due to the general economic consequences and the more specific impact on the oil
and gas industry, the current general strategic objectives of the Company are set forth below.

The
Company is currently listed on the OTCQB marketplace of OTC Link as an E&P oil and gas company.

Develop
and Grow Our Hydrocarbon Acreage Positions Using Outside Development Expertise.

We
plan to focus on improving our assets that are in hydrocarbon-rich resource plays to improve our asset quality and to improve production.
We plan to leverage outside expertise to apply available EOR technologies to economically develop our existing property portfolio and
those that we may acquire in the future. We plan to operate most of our acreage, giving us greater control over the planning of capital
expenditures, execution and cost reduction. Operating our own acreage also will allow us to adjust our capital spending based on drilling
results and the economic environment. Our leasehold acquisition strategy is to pursue long-term contracts that allow us to maintain flexible
development plans and avoid short-term obligations to drill wells, as have been common in other resource plans. As a small producer,
we regularly evaluate industry drilling results and implement technologically effective operating practices which may increase our initial
production rates, ultimate recovery factors and rate of return on invested capital.

Manage
Our Property Portfolio Proactively. We evaluate our properties to identify and divest non-core assets and higher cost or lower volume
producing properties with limited developmental potential, to enable us to focus on a portfolio of core properties with what we believe
to be the greatest economic potential to increase our proved reserves and production.

Maintain
Access to Capital to Execute Our Growth Plan. Our management team is focused on maintaining available credit lines since this gives
us the ability to use borrowing capacity and access to outside capital markets and to provide us with a liquidity level to execute if
opportunity emerges to purchase assets and revenues.

Our
operation strategy is to identify niche hydrocarbon land leases in Texas with in-depth studies and develop proven reserves via drilling
new wells and re-entering existing low production wells to maximize production and enhance valuation of our production assets.

2

Based
upon management’s knowledge and its use of outside petroleum exploration experience, geology expertise, and ability to identify
potential acreage and moderate production fields, management believes that the Company’s future valuation as a public company is
speculative but could become attractive if, and when we increase our production successfully.

The
Company acquisition model, to the extent it is implemented, will be based on a concept that has been proven to be an effective and successful
path of development for many other well-known E&P players:

a)
the
financed acquisition of mature smaller oil fields that have potential for instituting EOR incremental production processes; and

b)
Develop
strategic partnerships with existing operators to share production increases garnered through the implementation of this EOR plan.

After
identifying a new prospect, additional research and evaluation will be carried out using geologists, 3D seismic, satellite hydrocarbon
imaging, production data and other available resources to glean information and data in order to make an acquisition decision. After
an acquisition, the objective will be to increase production using current technologies with a designated budget pre-approved by the
Company’s senior management team. The Company will seek to implement cost saving measures in operating budgets for each exploration
project, but each budget will vary depending on the total depth of drilling and whether it is a new drilling or a re-entry. For each
project, the Company plans on hiring selected operators to work under the close supervision of a core team of Company geologists, engineers,
and scientists. The exploration and production process is a two-phase process: 1) drilling and testing and 2) well completion. The Company
plans to hire drilling specialists and technical consultants designated to oversee the drilling and reentering of existing holes for
each well during the drilling and testing phase. For the well completion process, the Company plans to hire technical data collectors
and cementing operators to ensure the best performance upon perforating the wells at different pay zones based on thorough technical
advisory work done by our internal and external production personnel and geologists before production. The Company also plans to apply
selective leading edge EOR technologies from technology vendors to improve existing production.

Our
Competitive Strengths

Management
believes that the Company offers a number of competitive strengths that would allow it to successfully execute our business strategies:

Simple
Capital Structure. We have a simple capital structure and de-risked inventory of locations with what we believe is upside potential
to take advantage of the continuing situation for oil prices to acquire potential production at reasonable cost.

Management
Team. With selected experience in key aspects of the development of resource plays, our management team and its consultants have
decades of combined experience in the industry and a commitment to create shareholder value via an acquisition strategy. We also consult
and work with geologists, engineers, and other professionals to execute our business objectives.

Moderate
Risk Exploration Practice. Unlike many major oil companies that often drill very deep wells with a high degree of risk, we focus
on shallow well exploration (sub 5,000 feet) that is less expensive and has lower risk factors. The basis for management’s belief
that the wells that can be drilled in the prospective leases will have the capacity to produce a reasonable amount of hydrocarbon and
due to our recent studies of the general areas where we are prospecting the projects.

Under
The Radar Asset Base. Management believes there are available for acquisition, from time to time, hydrocarbon land leases with sub-300
barrels of oil per day (“bopd”) wells with have large hydrocarbon reserves that have been overlooked by other oil and gas
operators. Management believes that these “under the radar” prospective leases have multi-year drilling inventory and reasonable
production history with high upside potential, and they are not readily accessible to the public for auctions, thus adding to our competitive
advantage on these “under the radar” opportunities. Management also believes that these leases are not economically justifiable
for the major oil and gas companies in the region because such companies need wells that produce at least 300 barrels (“Bbls”)
of oil per day per well to meet their business model and operating costs.

3

Geographic
Diversity. We believe that our geographic focus encompassing the West, Central West, East and South Texas regions provide us with
some flexibility to direct our capital resources to projects with the better potential returns and access to multiple key end markets,
which mitigates our exposure to temporary price dislocations in any one market.

Technologies

Oil
and natural gas reserve development is now a technology-oriented industry. Management believes that technology has greatly increased
the success rate of finding commercially viable oil or natural gas deposits. In this context, success rate means the ability to locate
an oil/gas well that can produce a commercialized quantity of hydrocarbon.

At
NRIS, we engage consultants to focus on geoscience along with help in our understanding of complex mineralogy in shale reservoirs and
better determining zones susceptible to enhanced production methods. We use technology to indicate where to frack with the potential
of greater success as it provides us with rapidly available data while delivering game changing levels of collaboration: multi-well,
multi-user and multi-interpreter. Our outside contracted field engineers, geologists and petrophysicists work together for better drilling
decisions.

Reservoir
Estimate

As
of March 1, 2026, our estimated gross proved oil and natural gas reserves, as prepared by our independent reserve engineering firm, Kurt
Mire, PE, using SEC prices used throughout this report for crude oil, condensate, and natural gas were $63.54 per barrel of oil and $3.80
per MMBTU for Henry Hub gas. As result of lease purchases from funding made available from our majority owner, we include 100% of our
net oil reserves and 100% of our net natural gas reserves that were classified as proved producing that include values from the proved
developed producing, proved behind pipe, and proved non-producing reserves categories as of March 1, 2026.

Sales
Strategy

Our
sales strategy in relation to spot pricing will be to produce less when the sales price is lower and produce more when the sales price
is higher. To maintain the lowest production cost, we will aim to have our inventory be as low as possible, in some instances virtually
zero. Our E&P core team has business relationships with BML, Transport Oil, and Lion Oil Trading & Transportation, for oil sales
and WTG Jameson for gas sales. The Company entered into production agreements with BML, Lion Oil and WTG Jameson so that, as our tier
1 buyer, they can handle pick-up and sales of our crude oil stock to refineries and gas via local gas pipelines.

As
such, crude oil will be picked up from our leases as needed during the calendar month. At the end of the month the crude total sales
will be tallied by lease and the 30-day average of the daily closing of oil will be tabulated. On or about the 25th of the following
month the proceeds checks will be issued to the financial parties of record.

In
the current market environment resulting from the public health lock-down and overall disruption to the oil and gas market, our production
may have to be curtailed or we may shut-in some of our wells at a point in time or may hold, or continue to store some, or all of our
oil as inventory to be sold at a later date as have refused to accept zero price for our production.

Operational
Plans

During
fiscal year 2026, the Company was in a period of assessment and work-over of its existing wells. We continue to look for, on a selective
basis, oil and gas reserve concessions with existing production. However, any acquisitions will have to consider the current and anticipated
market for oil and gas products and the general economic outlook, which in part drives the consumption of oil and gas. For any potential
acquisition, we will then seek to raise enough capital via equity or debt financing options to meet our operational needs and acquisition
requirements, be this from our control owner, or other third-party financing sources, including the capital markets.

4

Based
on the Company’s general management and petroleum exploration experience, as well as its geology expertise, the Company believes
it has the ability to identify potential acreage with existing producing fields and acquire them.

As
mentioned before the effect of the prior government responses to COVID-19 as well as the various wars, and conflicts (trade or actual),
it could impact the domestic and international demand, production for crude oil and natural gas, which has contributed to price volatility,
impacted dramatically the price we receive for oil and natural gas and has materially and adversely affected the demand for, and costs
incurred on our production, which means that our production may have to be shut-in, or costs will increase on some of our wells at any
point in time.

Completed
Acquisitions with Production Enhancement Programs

To
date, the Company has prospected and completed several exploration and acquisition projects, all of which may change subject to market
conditions and risk assessments due to outside world events mentioned, and overall general economic conditions:

The
Bend Arch Lion 1A JV, Coleman County, TX:

This
drilling joint-venture is a 160-acre leasehold having four producing wells which have been drilled by our Texas-based operating partner
International Western Oil. This field has been surveyed with high quality proven reserves encompassing several pay zones highlighted
by the Gray Sand, the Palo Pinto, and in some instances the Ellenburger pay zone. On May 4, 2015, the Company acquired a 39.5% working
interest from IWO in the Bend Arch Lion 1A Joint Venture (the Pittard Bend Arch White property encompassing 160 acres – State ID#
21488) (the “1A Venture”.) By acquiring these working interests, the Company directly receives the share of working interest
revenue (after accounting for applicable taxes, expenses, and landowner royalties) IWO was receiving prior to the acquisitions.

As
of February 28, 2026, the 1A Venture property had four (4) gross oil and gas wells (1.58 net wells). The initial production of this property
started in April 2014.

Management
plans to review and determine how best to implement a production improvement program on several of its wells including the Bend Arch
Lion 1A and others. As a result of recent studies that show accessible proven reserves in several pay zones highlighted by the Gray Sand
and the Ellenburger pay zones, management believes its production improvement program can offer an increase from the current production
of these fields by re-completing certain pay zones with either standard acidizing jobs, a new EOR method, or reentering and repairing
equipment in areas that have become declining wellbores.

The
Bend Arch Lion 1B JV, Coleman County, TX:

This
drilling joint-venture is a 220-acre leasehold having 6 new producing wells which have been drilled by our Texas-based operating partner
International Western Oil. In May 2015, the Company acquired working interests of this leasehold which has been surveyed with high quality
proven reserves encompassing several pay zones highlighted by the Gray Sand and in some instances the Ellenburger pay zone. At the moment,
the leasehold has 3 producing wells coming from the Gray Sand formation and 3 producing wells coming from the Ellenberger formation.
On May 4, 2015, the Company acquired 46% working interest in the Bend Arch Lion 1B Joint Venture (the Pittard Bend Arch Red property
encompassing 220 acres - State ID# 13121) (the “1B Venture”).

As
of February 28, 2026, the 1B Venture property had six (6) gross oil and gas wells (3 net wells). The initial production of this property
started in March 2015.

Management
plans to determine how best to implement a production improvement program on the Bend Arch Lion 1B as the result of our prior in-depth
studies that show accessible proven reserves in several pay zones highlighted by the Gray Sand pay zone and the Ellenburger pay zone.
Management believes this can offer a potential increase from the current production of this field by re-completing certain Gray Sand
pay zone with either standard acidizing jobs or a new EOR method and entering the virgin Gray Sand pay zone or increasing pumping efficiency
in the Ellenburger pay zone in certain declining wellbores.

5

The
Marshall Walden JV, Kilgore City, TX:

As
of July 29, 2016, the Company served as the managing venturer in a 45-acre joint venture with Odyssey Enterprises LLC which has financed
the Marshall Walden joint venture for the lease purchase and optimization of wells located in Kilgore, Texas, in the heart of the Woodbine
formation. There are 8 wellbores in the acquisition, with 4 currently in production and 4 inactive.

As
of February 28, 2026, the Marshall Walden property had six (6) gross oil and gas wells ((6.0) net wells) which are
intermittently active, plus two (2) injection wells. There are no definitive plans currently; the Company expects to determine such
in the next fiscal year. The initial production of this property started in September 2016.

The
Stuart Leases of Jack County and Palo-Pinto County

The
Jack County and Palo-Pinto County Stuart oil leases were purchased on December 28, 2017 and have twenty (20) gross oil and gas wells
(15 net wells), which the management is operating production on its properties.

Reserve
Information

The
data below is based on the SEC Non-Escalated Analysis of Estimated Proved Reserve of the Jack County and Palo Pinto County associated
leases as well as the Bend Arch Lion 1A and Bend Arch Lion 1B, and Marshall-Walden leaseholds in which the Company has certain minority
interests. As of March 1, 2026, this evaluation report was prepared by an independent third-party Kurt Mire, a PE reservoir engineer
based in Houston, Texas. To the extent able, the Company will concentrate on those wells in which the Company either owns a majority,
or 100% of the working interest in such oil and gas property lease.

6

Estimated
Proved Reserves

Net
to Norris Industries, Inc.

SEC
Non-Escalated Analysis

As
of March 1, 2026

Proved

Proved developed producing
Proved developed, non-producing Behind Pipe
Proved developed, non-producing Shut-In
Total BOE & Value

Net Reserve

Oil - Bbl.
27,300
6,500
-
33,800

Gas - Mcf
86,800
45,200
-
132,000

Income Date

Future revenue
$ 2,103,400
$ 554,100
$ -
$ 2,657,500

Expenses & Taxes
$ 1,361,100
$ 209,600
$ -
$ 1,570,700

Investments costs
$ 180,400
$ 57,400
$ 120,000
$ 357,800

Undiscounted cash flows
$ 561,900
$ 287,100
$ (120,000 )
$ 729,000

Discounted cash flows at 10%
$ 246,600
$ 237,200
$ (97,000 )
$ 386,800

The
unit prices used throughout this report for crude oil, condensate, and natural gas were $63.54 per barrel of oil and $3.80 per MMBTU
for Henry Hub gas which are above current market prices. The reserve report unit prices are based upon the appropriate prices in effect
the first trading day of each month from March 2025 through February 2026 and averaged for the year which ranged from low of $55.44 for
to a high of $75.89 per barrel of oil for WTI crude. After which the Iran conflict and subsequent blockade of the Straits of Hormuz have
lifted oil prices to range of $100 per barrel of oil.

Employees

We
presently have a limited number of individuals performing services for the Company: Patrick Norris our Chief Executive Officer, President,
Chief Accounting Officer and Chief Financial Officer; Ross Henry Ramsey, the President of the oil division and Board-Member.

Mr.
Ramsey devotes approximately 40 hours per week to the affairs of the Company. Mr. Ramsey serves as the President of the oil and gas division
of the Company.

Ms.
Lisa Boudoin devotes approximately 20 hours per week for administrative functions.