what will help reduce these droopy areas at the sides of the mouth? What are they called? (photo)

The muscle that pulls down the corners of the mouth is called the DAO (depressor anguli oris). By relaxing this muscle with Botox, the creases often soften. Additionally, we also use hyaluronic acid filler such as Juverderm or Restylane to fill in any residual depth of the creases. Unfortunately, there aren't any facial exercises that can reverse this problem.

The droopy angles of the mouth are called "marionette" lines or "sad" lines. While they often become more pronounced in a person's forties, I have had many cases in my career of these lines appearing even in the early twenties. Marionette lines typically result from a combination of excessive downward pull of the depressor muscles to the sides of the angles of the mouth, known as the depressor anguli oris (DAO) muscles, and shifts in facial fat fat compartments in the cheek region above the sides of the mouth. Fortunately, the marionette lines can be treated quite easily by addressing both problems. The dynamic downward pull of the muscles can be lessened by the injection of a few microdroplets of a neuromodulator, such as Botox, Dysport or Xeomin, and the static component resulting from the changes in the fat compartment above can be restored by injecting a volumizing filler, such as Perlane L, to lift and buttress the area immediately below the droopy corners. The earlier one starts treatment the better to improve the appearance and even prevent progression. Given the fact that we have emphasized that part of appropriate treatment is to soften muscular activity of the depressor muscles, not only would facial exercises not be of value, they theoretically could prove counterproductive. 

Your weight loss has made the change apparent.   Additional weight loss will worsen their appearance.  You could consider filler, such as Restylane but facial exercises will do absolutely nothing of benefit.