Coelacanth Energy Increases Previously Announced Bought Deal Public Offering to C$80M

• Coelacanth Energy Inc. increased its previously announced bought deal public offering from C$60 million to C$80 million due to strong demand.
• The expanded offering involves issuing 97,560,980 common shares at a price of C$0.82 per share.
• Gross proceeds are approximately C$80,000,003.60 with net proceeds intended for exploration and development in the Montney and Two River areas, plus working capital.
• The offering is no longer subject to an over-allotment option, indicating the full size was secured immediately or the option mechanism was bypassed/fully utilized.
• Underwriters include Haywood Securities Inc., Roth Canada, Inc., ATB Capital Markets Corp., Acumen Capital Finance Partners Limited, TD Securities Inc., and Ventum Capital Markets.
• Anticipated closing date is on or about May 6, 2026.

• The financing increase from C$60M to C$80M confirms strong institutional demand but introduces significant dilution for existing shareholders.
• Offering price of C$0.82 is below the recent trading range (approx. $0.91 high on April 14, closing at $0.86 on April 16), representing a discount that transfers value from current holders to new investors.
• Capital raised secures runway for drilling programs but does not alter the fundamental operational trajectory established in previous months; it is an update to known financing needs rather than a game-changing discovery or acquisition.
• Dilution of over 97 million shares will materially reduce earnings per share and ownership percentage, outweighing the liquidity benefit in the short term for risk-averse investors.

• Coelacanth Energy Inc. is an exploration and production company focused on the Montney formation in British Columbia.
• Flagship Project: Two Rivers area with a 150-section contiguous land package containing 6.9 billion barrels of discovered oil PIIP and 5.9 trillion cubic feet of discovered gas PIIP.
• Current Production: Approximately 8,000 boe/d (31% oil & liquids) as of March 2026, with an additional 1,600 boe/d shut-in expected to restart by end-April 2026.
• Q1 2026 production estimated at 6,200 boe/d versus 761 boe/d in Q1 2025, representing an eight-fold year-over-year increase.
• Drilling and completions are slated to resume in early summer 2026 following operational refinements from early production data.