Coelacanth Announces 2025 Year-End Reserves

• Reserves Update (April 22, 2026): Coelacanth Energy Inc. reported a 33% increase in Proved plus Probable reserves to 36.7 million boe for year-end 2025. Total Proved Producing reserves surged 672% to 14.2 million boe from 1.8 million boe the prior year.
• Value Increase: The Net Present Value (NPV @ 10%) of Proved plus Probable reserves increased 51% to $362.5 million. Proved Producing reserve value jumped 1,036% to $168.4 million.
• Capital & Operations: 2025 Capital Expenditures totaled $80.6 million, primarily for infrastructure (Two Rivers East battery/pipelines) and drilling three Lower Montney pad wells plus a step-out well. Current production base is approximately 4,027 boe/d (Q4 2025 average).
• Acreage: Reserves are booked on less than 8% of Lower Montney acreage and less than 2% of Upper Montney acreage, indicating significant undeveloped potential.

• Confirmation of Growth Trajectory: The reserves report validates the production growth announced in the Q4 2025 earnings release (April 21, 2026), which highlighted a 271% YoY production increase. The massive jump in Proved Producing reserves confirms that recent drilling activity has successfully converted resources into booked assets.
• Dilution Context: This positive operational news arrives immediately following an $80 million equity raise announced on April 16, 2026 (closing May 6, 2026) at C$0.82 per share. The issuance of approximately 97.5 million new shares represents significant dilution for existing shareholders.
• Valuation Check: While the asset value increased by $123 million in NPV ($362.5M vs $239.6M), the company raised $80 million in equity and spent $80.6 million in capex. The net accretion to shareholder value is positive but tempered by the financing costs and dilution.
• Risk Aversion: As a critical analyst, I note that while reserves growth is strong, it relies on continued capital deployment. With only <2% of Upper Montney acreage booked, future reserve additions depend heavily on successful drilling execution in 2026, which carries operational risk.

• Overview: Coelacanth Energy Inc. is an oil and gas exploration company focused on the Montney formation in Northeast British Columbia.
• Flagship Project: Two Rivers East (Lower Montney). The company holds a 150-section contiguous land package.
• Development Status: Infrastructure construction (battery and pipelines) completed as of Q4 2025. Drilling has transitioned from exploration to development with pad drilling initiatives.
• Resource Base: Claims 6.9 billion barrels of discovered oil PIIP and 5.9 trillion cf of discovered gas PIIP, though only a small fraction is currently booked in reserves.