Mr. Robert Zakresky reports

COELACANTH ENERGY INC. ANNOUNCES SUCCESSION OF CHIEF OPERATING OFFICER

As part of a transition and succession plan outlined in a press release dated Sept. 8, 2022, Terry Trudeau has relinquished his role as Coelacanth Energy Inc.'s chief operating officer. On behalf of the board of directors and management, Rob Zakresky, president and chief executive officer, stated: "Mr. Trudeau's expertise and operational leadership were key to shareholder value for Coelacanth as well as to three predecessor companies over a span of 18 years. We sincerely thank him for his service and wish him well in his retirement."

In conjunction with Mr. Trudeau's resignation, Coelacanth announces the appointment of Bret Kimpton as chief operating officer, in addition to his current role as vice-president, operations. The company also announces the promotion of Jody Denis to vice-president, drilling and completions, from his former role as manager, drilling, for Coelacanth. These promotions coincide with launch of the Two Rivers project. With key people in place and drilling about to commence on the 5-19 Pad, the company is now rapidly advancing its aggressive growth plan.

Coelacanth's board of directors has also approved the granting of incentive stock options under its stock option plan to acquire up to an aggregate of 125,000 common shares of the corporation and the granting of restricted share units (RSUs) under its restricted share unit plan to obtain up to an aggregate of 62,500 common shares.

All of the options are exercisable for a period of five years at a price of 80 cents per common share and 33-1/3 per cent of the options will vest on the date that is one year after the date of the grant of such options and the remainder will vest 33-1/3 per cent per year thereafter. All of the RSUs are exercisable for a period of three years at no additional cost and 33-1/3 per cent of the RSUs will vest on the date that is one year after the date of the grant of such RSUs and the remainder will vest 33-1/3 per cent per year thereafter.

Following the grant of options and RSUs, Coelacanth has an aggregate of 10,902,080 options and 4,537,960 RSUs outstanding. Coelacanth's share-based incentive plans limit the total number of common shares underlying the outstanding options and RSUs to no more than 10 per cent of the outstanding common shares of 426,388,995. As of the date of this press release, the total number of common shares underlying the outstanding options and RSUs on an aggregate basis is 15,440,040, representing about 3.6 per cent of the issued and outstanding common shares.