Coelacanth Energy Inc. Provides Operations Update

• Coelacanth Energy reported current production of approximately 8,000 boe/d with a 31% oil and liquids mix.
• An additional 1,600 boe/d is currently shut-in and is expected to return to production by the end of April 2026.
• Q1 2026 average production is estimated at 6,200 boe/d, representing an eight-fold increase compared to Q1 2025.
• The production ramp experienced delays due to higher-than-expected frac flowback water volumes and battery water-handling restrictions.
• Drilling and completions are scheduled to resume in early summer 2026 to further delineate the 150-section contiguous Montney land package.
• The company holds substantial discovered resources: 6.9 billion barrels of oil PIIP and 5.9 trillion cubic feet of gas PIIP, alongside significant undiscovered potential.

• The update is largely expected and aligns with the company's previously stated development trajectory.
• The 8,000 boe/d run rate is slightly below the >10,000 boe/d target projected for February 2026, but the shortfall is explicitly attributed to a known, near-term operational constraint (water handling) rather than reservoir underperformance.
• The imminent restart of 1,600 boe/d by late April will bring total capacity closer to 9,600 boe/d, validating the underlying asset quality.
• No new strategic partnerships, unexpected resource discoveries, or major financial restructuring were announced. The news confirms execution but highlights a manageable bottleneck.

• Coelacanth Energy is a Canadian oil and gas producer focused on the Montney formation in northeastern British Columbia.
• Flagship project: Two Rivers area, encompassing a 150-section contiguous land package.
• Development strategy targets four distinct Montney benches through multi-well pad drilling, sequential completions, and step-out delineation.
• The company has successfully transitioned from early-stage development to commercial production, with Q1 2026 averaging 6,200 boe/d and targeting near-term capacity approaching 10,000 boe/d.