Board authorizes repurchase of up to 15,000 shares of common stock

RESERVE PETROLEUM CO

Stock repurchase plan approved effective September 1, 2023; up to 15,000 shares may be bought.
Purchases may occur via a Rule 10b-18 compliant brokerage contract or off-market direct negotiations.
Off-market purchase price cannot exceed the highest independent bid or last transaction price, whichever is higher.
No repurchase prices will be published to stockholders to avoid triggering tender offer rules.
Company will enter brokerage contract when it has no material non-public information.

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