Coelacanth Announces Q4 2025 Financial and Operating Results

• Coelacanth Energy reported Q4 2025 production of 4,027 boe/d, a 271% year-over-year increase.
• Exit 2025 production is approximately 5,100 boe/d, with expectations to reach ~8,000 boe/d by late March/early April 2026.
• Construction of the Two Rivers East facility and pipelines was completed in Q4 2025.
• The company amended its credit facility to $90.0 million on April 20, 2026.
• An $80.0 million equity raise is anticipated to close around May 6, 2026, following a bought deal announced in mid-April.
• Management promoted Dan Rach to VP Production.

• The production growth confirms the company's ability to ramp up output as guided in March 2026, validating operational execution.
• However, the $80 million equity raise represents significant dilution (approx. 97 million shares at $0.82) which was already priced into the stock following announcements on April 16 and 17.
• The credit facility increase to $90M provides liquidity but indicates continued reliance on debt for operations, increasing leverage risk.
• Since the financing details were disclosed days prior to this earnings release, the market impact is muted compared to a surprise announcement; it serves primarily as confirmation of the previously announced capital plan.

• Coelacanth Energy focuses on the Montney formation in Northeast British Columbia.
• Flagship Project: Two Rivers East, featuring a 150-section contiguous land package with significant discovered oil and gas PIIP (6.9 billion barrels oil, 5.9 trillion cf gas).
• The company is transitioning from exploration to production ramp-up, focusing on the Lower Montney bench.
• Current infrastructure includes completed facilities at Two Rivers East connecting 5-19 pad wells.