Mr. Don Streu reports

CONDOR ANNOUNCES $15 MILLION BOUGHT DEAL PUBLIC OFFERING

Condor Energies Inc. has entered into an agreement with Canaccord Genuity Corp. and Research Capital Corp., as co-lead underwriters and joint bookrunners, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 5.77 million common shares of the company at a price of $2.60 per common share for gross proceeds of up to $15,002,000.

The company will grant the underwriters an option to purchase up to an additional 865,500 common shares at the offering price, exercisable at any time, for a period of 30 days after and including the closing date (as defined below), which, if exercised in full, would result in additional gross proceeds of approximately $2,250,300.

The net proceeds of the offering are expected to be used to continue development of the company's natural gas fields in Uzbekistan, including enhancing field compression, and general corporate purposes.

The offering will be completed pursuant to an underwriting agreement to be entered into by the company and the underwriters. The common shares will be offered by way of a prospectus supplement to the company's short form base shelf prospectus dated March 18, 2026, to be filed in all provinces of Canada, other than Quebec. The prospectus supplement will contain important information about the offering and will be filed within two business days. The common shares may also be offered by way of private placement in the United States and in offshore jurisdictions as agreed between the company and the underwriters.

The offering is anticipated to close on or about April 21, 2026, or such later date as the underwriters and the company may determine. The closing is 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 underwriters a cash commission equal to 6 per cent of the gross proceeds of the offering. In addition, the company has agreed to issue to the underwriters broker warrants of the company to acquire in aggregate the number of common shares equal to 3 per cent of the number of common shares sold under the offering. The underwriters may exercise the broker warrants for a period of 24 months following the offering at an exercise price equal to the offering price. Notwithstanding the foregoing, the company has agreed to pay to the underwriters a reduced cash commission equal to 2 per cent of the gross proceeds and nil broker warrants in respect of certain president's list orders.

The offering will be made in all provinces of Canada, other than Quebec, under the prospectus supplement and on a private placement basis in the United States pursuant to exemptions from the registration requirements of the 1933 act, as amended and internationally pursuant to applicable private placement exemptions.

Investors should read the prospectus supplement before making an investment decision. Access to the prospectus supplement and any amendments thereto is provided, and delivery thereof will be satisfied, in accordance with securities legislation relating to procedures for providing access to a prospectus supplement, a base shelf prospectus and any amendment to such documents.

About Condor Energies Inc.

Condor Energies is a Toronto Stock Exchange-listed energy transition company that is uniquely positioned on the doorstep of European and Asian markets with three distinct first-mover energy security initiatives: increasing natural gas and condensate production from its existing fields in Uzbekistan; a continuing project to construct and operate Central Asia's first LNG "lower-carbon fuel" diesel substitution facility in Kazakhstan; and a separate initiative to develop and produce critical minerals from brines in Kazakhstan. Condor has already built a strong foundation for reserves, production and cash flow growth while also striving to minimize its environmental footprint.

The company recognizes 100 per cent of the production volumes, sales volumes, sales revenues, royalties and expenses related to the production enhancement contract (PEC) project in Uzbekistan and then allocates 49 per cent of the comprehensive income (loss) attributable to the non-controlling interest holder. This is consistent with the accounting and disclosure in the company's financial statements. Accordingly, the production volumes disclosed in this news release related to the PEC project are 100 per cent of the amounts attributable to the PEC project, of which 51 per cent are attributable to the company.

We seek Safe Harbor.