Coelacanth lifts output, preps summer Montney drilling

Mr. Robert Zakresky reports COELACANTH ENERGY INC. PROVIDES OPERATIONS UPDATE Coelacanth Energy Inc. has provided an update. Coelacanth is currently producing approximately 8,000 boe/d (barrels of oil equivalent per day) (31 per cent oil and liquids) excluding an additional 1,600 boe/d that is currently shut in but will be back on production before the end of April, 2026. The ramp-up of production has taken longer than anticipated due to a higher than expected initial amount of frac flowback water combined with water handling restrictions at the battery. Production for Q1 2026 is estimated to be 6,200 boe/d versus 761 boe/d in Q1 2025 representing an eightfold year-over-year increase. Coelacanth holds a 150-section contiguous block of Montney land with 6.9 billion barrels of discovered oil petroleum initially-in-place (PIIP) and 5.9 trillion cubic feet of discovered gas PIIP plus 8.3 billion barrels of undiscovered oil PIIP and 7.1 trillion cubic feet of undiscovered gas PIIP in place. Now that production is established on a small portion of the land base, Coelacanth will look to delineate this large resource with further stepout and development drilling to better understand the ultimate capability of this property. Operations to date have allowed the company to refine both its geological model and operational design, increasing the company's confidence in its undeveloped land base. It is anticipated drilling and completion operations will resume in early summer. We seek Safe Harbor.