Vancouver, British Columbia--(Newsfile Corp. - October 14, 2022) - Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") has finalized the extension of the maturity date of the secured convertible debentures ("Debentures") administered by Delbrook Capital Advisors Inc. (see new release dated September 6, 2022) by one year until December 31, 2023 ("Debenture Extension"). The Debentures have a remaining principal amount of $1,500,000 and all other terms of the Debentures remain unchanged except for the conversion price, which has increased to $0.55 per share from $0.45 per share.

Additionally, Delbrook and the Company have agreed to a debt for equity plan whereby approximately $99,166 of accrued interest will be exchanged for 206,595 units of the Company (the "Units"). Each Unit will consist of one common share of Barksdale (each a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder to acquire one Common Share at a price of $0.72 for a period of three years from the date of issuance. Any subsequent interest accrued under the Debentures shall be payable in cash in accordance with the terms and conditions of the Debentures.

In exchange for extending the Debentures, the Company has agreed to an extension fee of 2,777,777 common share purchase warrants, exercisable at a price of $0.72 for a period lasting up to December 31, 2023 ("Extension Warrants"). Should any part of the Debentures be repaid or converted prior to the maturity date, a pro-rata portion of the Extension Warrants will have their maturity date accelerated to the later of (i) one year from closing of the Debenture Extension, and (ii) 30 days after the date of repayment or conversion. The number of warrants issued as an extension fee has been increased from the original announcement, but the expiry date has been shortened to conform with TSX Venture Exchange ("Exchange") policy. The Company expects to close the Debenture Extension and debt for equity plan within the next seven days, subject to approval of the Exchange.

Barksdale Resources Corp. is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.

ON BEHALF OF BARKSDALE RESOURCES CORP
Rick Trotman
President, CEO and Director
Rick@barksdaleresources.com

Terri Anne Welyki
Vice President of Communications
778-238-2333
TerriAnne@barksdaleresources.com

For more information please phone 778-238-2333, email info@barksdaleresources.com or visit www.BarksdaleResources.com.

Neither the 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.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking information" under applicable securities legislation including, but not limited to, the final terms and conditions of the Debenture Extension and debt for equity plan including the total number of Units and Extension Warrants to be issued and the terms thereof and the estimated completion date therefor. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information is neither a promise nor guarantee, and is subject to known and unknown risks and uncertainties including, but not limited to, delays in obtaining governmental, regulatory or third party approvals as well as general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets and lack of available capital. There are no assurances that the Exchange will approve the Debenture Extension and debt for equity plan on the terms contemplated herein or at all. In addition, there is uncertainty about the continued spread of COVID-19, the ongoing war in Ukraine and rising inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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