Mr. Robert Zakresky reports

COELACANTH ANNOUNCES 2023 YEAR-END RESERVES

Coelacanth Energy Inc. has released its 2023 year-end reserves as independently evaluated by GLJ Ltd., effective Dec. 31, 2023, in accordance with National Instrument 51-101 and the Canadian Oil and Gas Evaluation (COGE) handbook.

Introduction

During 2023, Coelacanth completed successful Montney pad wells at both Two Rivers West and Two Rivers East. Longer wells and a new completion design was successfully executed on both pads resulting in materially improved productivity. Baseline productivity was established in the Upper Montney at Two Rivers West and the Lower and Basal Montney at Two Rivers East for future adjustments to completions and well designs.

While reserves booked in 2023 are significantly greater than in 2022, the aerial extent of the bookings comprise less than 7 per cent of Coelacanth's approximately 97,300 acres of Montney land holdings in the Two Rivers area.

Coelacanth's business plan for the Two Rivers Montney Project includes:

• Delineating and establishing production on multiple Montney zones over its extensive land base.
• Constructing facilities and pipelines to process production and connect to established egress in the area.
• Accelerate production through pad drilling once infrastructure is constructed.

Coelacanth is currently:

• Completing the permit process for its Two Rivers East facility and pipelines.
• Finalizing engineering design and procuring long lead items for facility construction at Two Rivers East.
• Preparing for future pad drilling in late 2024 and early 2025 to coincide with facility completion in late Q1 2025.
• Initiating a third-party resource study to aid in well spacing and completion design as well as future delineation.
• Completing a detailed review of Two Rivers West regarding both wellbore and completion design and future infrastructure requirements.

Coelacanth is excited to initiate its business plan to aggressively develop the property, establish the ultimate reserve recoveries and move the established recoverable resource from land to its established producing reserve base.

Reserve Highlights

Coelacanth is pleased to report material reserve and value:

• Increased Total Proved plus Probable reserves by 216 per cent to 14.1 million boe from 4.5 million boe.
• Increased Total Proved reserves by 426 per cent to 10.5 million boe from 2.0 million boe.
• Increased Total Proved plus Probable Reserve value (net present value discounted at 10 per cent) by 192 per cent to $93.9 million from $32.2 million.

Reserves Summary

Coelacanth's Dec. 31, 2023 reserves as prepared by GLJ effective Dec. 31, 2023 and based on the GLJ (2024-01) future price forecast are as follows:

Reserves Values

The estimated future net revenues before taxes associated with Coelacanth's reserves effective Dec. 31, 2023 and based on the GLJ (2024-01) future price forecast are summarized in the following table:

Price Forecast

The GLJ (2024-01) price forecast is as follows:

Reserve Life Index ("RLI")

Coelacanth's RLI presented below is based on estimated Q4 2023 average production of 923 boe per day.

Reserves Reconciliation

The following summary reconciliation of Coelacanth's working interest reserves compares changes in the company's reserves as at Dec. 31, 2023 to the reserves as at Dec. 31, 2022 based on the GLJ (2024-01) future price forecast: (1,2)

Capital Expenditures

Capital allocation by category is as follows:

Finding and Development Costs ("F&D") and Finding, Development and Acquisition Costs ("FD&A")

Coelacanth has presented FD&A and F&D costs below:

For Coelacanth's full NI 51-101 disclosure related to its 2023 year-end reserves please refer to the company's AIF dated April 16, 2024 filed on SEDAR+ at www.sedarplus.ca.

We seek Safe Harbor.