Mr. Damien Servant of Risco Energy reports

RISCO ENERGY INVESTMENTS (SEA) LIMITED ACQUIRES COMMON SHARES OF CANASIA ENERGY CORP.

Risco Energy Investments (SEA) Ltd. acquired 10 million common shares of Canasia Energy Corp. on Jan. 16, 2024, in addition to 10 million Canasia common shares that Risco acquired on Dec. 21, 2023. Canasia issued an aggregate of 63 million shares on those dates pursuant to a private placement, which resulted in 112,793,907 issued and outstanding shares. The issue price of each share was 10 cents. The aggregate consideration paid by Risco was $1-million on Dec. 21, 2023, and $1-million on Jan. 16, 2024.

The 10 million Canasia common shares acquired by Risco on Jan. 16, 2024, increased its ownership from 10 million (9.98 per cent) of 100,213,907 common shares to 20 million (17.7 per cent) of 112,793,907 common shares.

The Canasia common shares were acquired by Risco in the ordinary course of business for investment purposes only and not for the purpose of exercising control or direction over Canasia.

Risco will file an early warning report under Canadian Securities Administrators' National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, describing the above transaction. The report will be available under Canasia's profile on SEDAR+. In addition, a copy of the report may be obtained from Damien Servant of Risco, at damien.servant@riscoenergy.com and 656-428-6252.