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Tidewater Renewables Ltd. ("Tidewater Renewables" or the "Company") (TSX: LCFS), today announced that, further to its recently completed initial public offering (the "Offering") of an aggregate of 10,000,000 common shares (the "Common Shares") at a price of $15.00 per Common Share (the "Offering Price"), Tidewater Renewables has issued an additional 735,000 Common Shares at the Offering Price pursuant to the over-allotment option granted by the Company to the Underwriters (as defined herein), in connection with the Offering, for additional gross proceeds of $11,025,000. The exercise of the over-allotment option has increased the total gross proceeds of the Offering to $161,025,000.

CIBC Capital Markets and National Bank Financial acted as lead underwriters and joint bookrunners for the Offering with a syndicate that included ATB Capital Markets., RBC Capital Markets, Acumen Capital Partners, Canaccord Genuity, Scotia Capital Inc., Stifel FirstEnergy, Tudor, Pickering, Holt & Co., Echelon Wealth Partners Inc., iA Private Wealth Inc., INFOR Financial Inc., and Paradigm Capital Inc. (collectively, the "Underwriters").

The Common Shares of Tidewater Renewables trade on the Toronto Stock Exchange under the symbol "LCFS".

The Offering was completed pursuant to the Company's supplemented PREP prospectus dated August 12, 2021 (the "Prospectus"), filed with the securities regulators in each of the provinces of Canada, a copy of which is available under the Company's profile on SEDAR at www.sedar.com.

The securities under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States (as such term is defined in Regulation S under the U.S. Securities Act) or to, or for the account or benefit of, U.S. Persons (as defined in the U.S. Securities Act), except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or solicitation of an offer to buy any of these securities in any jurisdiction in which the offering or sale is not permitted.

Forward-Looking Information

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") that relate to Tidewater Renewables' and Tidewater Midstream's current expectations and views of future events. These forward-looking statements relate to future events or the Tidewater Renewables' future performance. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward-looking statements pertaining to Tidewater Renewables' business as described under the heading "About Tidewater Renewables" below.

Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward- looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the Company's supplemented PREP prospectus dated August 12, 2021 filed on SEDAR. Neither Tidewater Renewables nor Tidewater Midstream undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.

About Tidewater Renewables

Tidewater Renewables is a multi-faceted, energy transition company. The Company is focused on the production of low carbon fuels, including renewable diesel, renewable hydrogen and renewable natural gas, as well as carbon capture through future initiatives. The Company was created in response to the growing demand for renewable fuels in North America and to capitalize on its potential to efficiently turn a wide variety of renewable feedstocks (such as tallow, used cooking oil, distillers corn oil, soybean oil, canola oil and other biomasses) into low carbon fuels.

For further information: Tidewater Renewables Ltd., Joel MacLeod, Executive Chairman and CEO, 587.475.0210, jmacleod@tidewatermidstream.com