Mr. Don Streu reports

CONDOR ENERGIES ANNOUNCES A $10 MILLION BROKERED FINANCING TO ACCELERATE THE 12 WELL DRILLING PROGRAM IN UZBEKISTAN

Condor Energies Inc. has entered into an agreement with Research Capital Corp. as the sole bookrunner and co-lead agent, together with Canaccord Genuity Corp., as co-lead agent, on behalf of a syndicate of agents, including Auctus Advisors LLP in connection with a brokered private placement of convertible debentures of the company at a price of $1,000 per convertible debenture for aggregate gross proceeds of up to $10-million.

Each convertible debenture has a principal value of $1,000, convertible into common shares of the company at a conversion price of $2 per common share, maturing on the date that is 36 months from the date of issuance. Interest shall accrue on the convertible debentures at 12 per cent per annum, payable semi-annually in cash. The convertible debentures will be repaid in cash on the maturity date.

The company granted the agents an option to increase the size of the offering by up to 15 per cent, exercisable by the agents, giving written notice of the exercise of the overallotment option, or a portion thereof, to the company at any time up to 48 hours prior to the time of closing of the offering.

The net proceeds of the offering will be used to accelerate development activities in Uzbekistan by mobilizing a second drilling rig to execute the planned 12-well drilling program in 2026 and for infield compression facilities which are expected to significantly increase production and cash flow from operations, working capital, and general corporate purposes. The company plans to operate two drilling rigs throughout 2026 drilling back-to-back wells, alongside a separate workover rig focused on production optimization and continued success from the company's continuing re-entry program.

The offering will be offered by way of private placement exemptions in each of the provinces of Canada and may also be offered in other jurisdictions where the offering can lawfully be made, including the United States under applicable private placement exemptions. The convertible debentures to be issued under the offering and the common shares issuable upon conversion of the convertible debentures will have a statutory hold period of four months and one day from closing of the offering.

The offering is anticipated to close on or about the week of Dec. 22, 2025, or such earlier or later date as the agents and the company may determine. The terms and closing of the offering are subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Toronto Stock Exchange.

The company has agreed to pay to the agents a cash commission equal to 6 per cent of the gross proceeds of the offering (subject to a reduced commission for certain orders on a president's list). In addition, the company has agreed to issue to the agents such number of broker warrants of the company equal to 3 per cent of the number of common shares issuable upon conversion of the convertible debentures (subject to a reduced commission for certain orders on a president's list). The broker warrants are exercisable for a period of 36 months following the offering at an exercise price of $2 per broker warrant. Notwithstanding the foregoing, the company has agreed to pay to the agents a reduced cash commission equal to 2 per cent of the gross proceeds of certain president's list orders.

We seek Safe Harbor.