Ms. Ann Lin reports

CF ENERGY ANNOUNCES NEW BOARD OF DIRECTOR NOMINEES

CF Energy Corp. has filed with securities regulators and mailed to shareholders the notice of meeting of shareholders, management information circular and related documents for the annual general and special meeting of shareholders of the company to be held virtually on Nov. 20, 2023, at 10 a.m. Eastern Time held by way of a fully virtual meeting.

At the meeting, shareholders will be asked to fix the number of directors at five, elect the directors, reappoint the auditors and reapprove the corporation's existing long-term incentive plan. The company will be nominating three new director candidates as part of its board refreshment efforts; Laurence Wang, Mingzhao (Rick) Zhu and Siqin Lin will be standing for election for the first time. As part of the transition, the four longest-serving members of the board of directors, Hui Cai, Yongbiao (Winfield) Ding, Dan Liu and Wencheng Zhang, will not be standing for re-election this year.

Ms. Lin, chair of the board and chief executive officer of the company, commented: "We are pleased to be adding three new voices and perspectives as part of a board renewal process. On behalf of the rest of the board and the team at CF Energy, I would like to thank Hui, Winfield, Dan and Wencheng for their guidance and contributions over their years of service to CF Energy. We are honoured to be welcoming Laurence, Rick and Siqin to the CF Energy board as new director nominees, each of whom bring significant and valuable experience to our board."

Further details related to the director nominees and other business of the meeting can be found in the meeting documents, which have been mailed to shareholders and can also be found on-line under the company's profile on SEDAR+.

In order to be eligible to vote, shareholders must have held shares as of the close of business on the record date, Oct. 16, 2023. Shareholders are encouraged to vote well in advance of the proxy voting deadline of 10 a.m. Eastern Time on Nov. 16, 2023.

Shareholders who have questions or need assistance with voting their shares should contact the company's proxy solicitation agent, Laurel Hill Advisory Group: 1-877-452-7184 (North American toll-free) or 416-304-0211 (outside North America); or by e-mail at: assistance@laurelhill.com.

About CF Energy Corp. (previously known as Changfeng Energy Inc.)

CF Energy is a Canadian public company trading on the Toronto Venture Exchange under the stock symbol CFY. It is an integrated energy provider and natural gas utility/distribution company in the People's Republic of China (PRC). CF Energy strives to combine leading clean energy technology with natural gas usage to provide sustainable energy for its customer base in the PRC.