Mr. Craig Steinke reports

BLUENERGIES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF UNITS FOR GROSS PROCEEDS OF UP TO C$10 MILLION

Bluenergies Ltd. has arranged a non-brokered private placement financing of up to 4.5 million units at a price of $2.25 per unit for gross proceeds of up to $10,125,000. Each unit will consist of one common share of the company and one common share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of three years from the date of closing at an exercise price of $3.

The company intends to use the net proceeds from the private placement for the exploration and advancement of the company's assets, including the Harper basin project in Liberia, as well as for working capital and general corporate purposes.

The private placement is subject to TSX Venture Exchange acceptance. All common shares and warrants issued pursuant to the private placement as well as the common shares issuable upon exercise of the warrants will be subject to a four-month-and-one-day hold period from the closing date and the TSX-V hold period, as applicable. The company anticipates paying finders' fees equal to 6 per cent cash to certain eligible arm's-length parties on a portion of the proceeds raised under the private placement. In addition, the company may issue to certain eligible arm's-length finders non-transferable warrants equal to 6 per cent of a portion of the number of units issued under the private placement.

It is anticipated that certain insiders of the company will participate in the private placement. Details of any such insider participation, including the applicable related party transaction disclosure under Multilateral Instrument 61-101, will be provided in the closing news release.

About Bluenergies Ltd.

Bluenergies is a Canadian-based oil and gas exploration and development company focused on offshore West Africa. The company has recently partnered with TotalEnergies to explore its basin floor fan plays in blocks LB-26, LB-30 and LB-31 ,covering an area of approximately 8,924 square kilometers (approximately 2.2 million acres), located in the Harper basin, in the deepwater offshore Liberia. Additionally, the company recently acquired a previously discovered and tested sand channel play offshore Louisiana in the shallow-water Gulf of America.

We seek Safe Harbor.