Mr. Chris Wensley reports

CRESTVIEW EXPLORATION ANNOUNCES CLOSING OF SECOND TRANCHE OF PRIVATE PLACEMENT

Crestview Exploration Inc. has closed, subject to Canadian Securities Exchange approval, the second tranche of its non-brokered private placement previously announced on Feb. 27, 2023. In this second tranche closing, the Company issued 1,460,000 units at a price of $0.105 per unit, for aggregate proceeds of $153,300.00. Each unit consisted of one common share of the Company and one share purchase warrant of the Company (the " Offering "). Each warrant is exercisable into one common share of the Company at a price of $0.20 for a term of two-years from the date of issuance. The Company intends to use the proceeds from this Offering for permitting and other drilling preparatory work, and for general corporate purposes.

In connection with this second tranche closing, the Company will pay $12,264.00 in cash and issue 116,800 warrants as compensation to qualified finders as part of this Offering. Each warrant is exercisable at a price of $0.20 for a term of two-years from the date of issuance.

Also, in conjunction with this closing and subject to approval by the Canadian Securities Exchange, the Company announces that it is issuing 482,250 units, on the same terms as the Offering, to GoldPlay LLC, in accordance with the Exploration License with Option to Purchase Agreement (the " Agreement ") dated April 8, 2020 and amended April 15, 2023, in respect of the Minimum Advanced Royalty Payments (as defined in the Agreement) for the Company's Divide and Castile projects. Each unit shall comprise one common share of the Company and one common share purchase warrant of the Company. Each warrant is exercisable into one common share of the Company at a price of $0.20 for a term of two years from the date of issuance.

The securities issued under the Offering and Agreement will have a hold period expiring four months and one day from the date of issuance pursuant to applicable Canadian securities laws.

About Crestview Exploration Inc.

Crestview Exploration is an experienced exploration company focused on the exploration and development of its portfolio of gold and silver properties located in prolific mining districts of Nevada.

The Rock Creek gold project is Crestview's flagship asset, with 74 unpatented lode mining claims wholly owned and controlled by CRS. The Rock Creek property was acquired in 2017, and the company went public in 2019. Emboldened by the results coming out of Rock Creek, Crestview strategically expanded on the land position with the acquisition of the nearby Divide Mine prospect in April 2020, and the acquisition of the Falcon silver-gold prospect in September 2022. Between the three properties, all targeting similar mineralization and likely the same hydrothermal system, Crestview now holds 260 total claims in close proximity of one another. These three gold prospects, along with the nearby Castile prospect, are situated in a region with proven "world class" gold deposits (including Midas, Jerritt Canyon, Betze-Post, Meikle, and Gold Quarry), where the potential of finding large, high-grade gold-silver deposits is favorable.

The Cimarron project is located in the San Antonio Mountains of Nye County, Nevada, and is comprised of 31 unpatented lode mining claims, including control of 6 historically producing claims associated with the historic San Antonio mine. The property is located in the prolific Walker-Lane trend, approximately 44 kms south of the "world class" Round Mountain deposit.

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