Mr. Don Streu reports

CONDOR ANNOUNCES FULL EXERCISE AND CLOSING OF OVER-ALLOTMENT OPTION IN PUBLIC OFFERING

Condor Energies Inc., in connection with its recently completed public offering of 12 per cent unsecured convertible debentures of the company at a price of $1,000 (Canadian) per convertible debenture, has issued an additional $488,000 (Canadian) principal amount of convertible debentures, following the exercise of the overallotment option in full, resulting in an aggregate of $28.75-million (Canadian) in gross proceeds to Condor from the offering. The offering was co-led by Research Capital Corp. as co-lead agent and sole bookrunner, and together with Canaccord Genuity Corp. as co-lead agent.

The company raised a total of $72,033,000 (Canadian) in aggregate gross proceeds from the offering and the previously announced non-brokered private placement on the same price, terms, and conditions as the offering, except the convertible debentures issued under the non-brokered private placement are subject to a statutory hold period expiring on Feb. 16, 2027.

Each convertible debenture has a principal value of $1,000 (Canadian), is convertible into common shares of the company at a conversion price of $6 (Canadian) per common share and matures on Oct. 15, 2029. Interest shall accrue on the convertible debentures at 12 per cent per annum, payable quarterly in arrears, in cash. The convertible debentures will be repaid in cash on the maturity date. The convertible debentures are trading on the Toronto Stock Exchange under the symbol CDR.DB.

The net proceeds from the offering and the non-brokered private placement will be used to finance field compression facilities in Uzbekistan, modular LNG (liquefied natural gas) facilities in Kazakhstan, working capital and general corporate purposes:

• Field compression -- Uzbekistan: Due to the strong results from the recent horizontal drilling program at Kumli, Condor is now producing more gas into a gathering system that was designed around lower-rate legacy wells. As production from the new high-rate horizontals increases, higher gathering and downstream pipeline pressures can back out production from the lower-pressure legacy wells. Condor is therefore installing field booster compression to lower gathering-system pressure, improve production reliability and help maintain output from the existing well base. Condor has awarded the contract for a 1,200-kilowatt (kW) booster compressor, with engineering under way, an estimated cost of approximately $25.3-million (U.S.) and commissioning targeted for Q2 (second quarter) 2027.
• First LNG facility -- Saryozek, Kazakhstan: Condor is developing its first modular LNG facility at Saryozek, with module 1 designed to produce approximately 48,000 gallons (80 metric tonnes) per day of LNG. Fabrication of the liquefaction unit has been completed, and the fully assembled unit is undergoing final pressure and acceptance testing ahead of shipment to Kazakhstan, with first LNG production still targeted for Q2 2027. Condor has secured 20 hectares at Saryozek through July, 2059, and is finalizing LNG offtake arrangements, with potential end-markets including rail locomotives, trucking, mining equipment and other diesel-intensive applications.

The offering was completed by way of a prospectus supplement dated Oct. 1, 2026, to the company's short form base shelf prospectus dated March 18, 2026, filed with the securities regulatory authorities in each of the provinces of Canada (except Quebec). Copies of the base shelf prospectus and the prospectus supplement are available under the company's profile on SEDAR+.

We seek Safe Harbor.