Mr. Robert Zakresky reports

COELACANTH ENERGY INCREASES PREVIOUSLY ANNOUNCED BOUGHT DEAL PUBLIC OFFERING TO C$80M

Coelacanth Energy Inc., due to strong demand, has entered into an agreement to increase the size of the previously announced bought deal public offering of common shares with a syndicate of underwriters co-led by Haywood Securities Inc. and Roth Canada Inc., as joint bookrunners, and including ATB Capital Markets Corp., Acumen Capital Finance Partners Ltd., TD Securities Inc. and Ventum Capital Markets, as co-managers, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 97,560,980 common shares in the capital of the company at a price of 82 cents per common share for gross proceeds to the company of $80,000,003.60. The offering is no longer subject to an overallotment option.

The net proceeds from the offering will be used for exploration and development of its projects in the Montney and Two River areas in British Columbia, and for working capital and general corporate purposes.

The offering is to be effected on a bought deal basis in each of the provinces of Canada (other than Quebec) pursuant to a short form prospectus to be filed in each of the qualifying jurisdictions and by way of private placement to eligible purchasers resident in jurisdictions other than Canada that are mutually agreed to by the company and the co-lead underwriters, provided that no prospectus filing or comparable obligation arises, and the company does not thereafter become subject to continuous disclosure obligations in such jurisdictions.

The offering is anticipated to close on or about May 6, 2026, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities. In all other respects, the terms of the offering and use of proceeds therefrom will remain as previously disclosed in the original news release dated April 16, 2026.

We seek Safe Harbor.