Mr. Jason Eubanks reports

EF ENERGYFUNDERS ANNOUNCES DELAY IN FILING OF ANNUAL FILINGS AND APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

Further to EF EnergyFunders Ventures Inc.'s news release dated April 12, 2024, in connection with the recent transition to the new management team that will result in delays in the completion of its audit, the corporation will be unable to meet the filing deadline of April 29, 2024, for filing of the following continuous disclosure documents:

• The corporation's annual audited financial statements for the year ended Dec. 31, 2023, as required by Section 4.2 of National Instrument 51-102 -- Continuous Disclosure Obligations.
• The corporation's management discussion analysis for the year ended Dec. 31, 2023, as required by Section 5.1 of NI 51-102.
• The certification of the annual filings for the year ended Dec. 31, 2023.
• The corporation's statement of reserves data and other oil and gas information, report on reserves data by independent qualified reserves evaluator, and report of management and directors on oil and gas disclosure for the year ended Dec. 31, 2023, as required by Section 2.1 of National Instrument 51-101 -- Standards of Disclosure for Oil and Gas Activities.

The delay is a result of the recent changes to the officers of the corporation. The newly appointed management team, including the new chief executive officer and chief financial officer, will need additional time to collect and review all necessary information to complete the annual filings, including working with the auditors and ensuring that Fruci has all necessary information to complete the audit, and also to be in a position to sign the certifications of the annual filings.

In response to the annual filings delay, the corporation has applied to the Alberta Securities Commission for a management cease trade order (MCTO) under National Policy 12-203 -- Management Cease Trade Orders that will prohibit the management of the corporation from trading in the securities of the corporation until such time as the annual filings are filed. No decision has yet been made by the Alberta Securities Commission on this application. The Alberta Securities Commission may grant the application and issue the MCTO or it may impose an issuer cease trade order if the annual filings are not filed in a timely fashion.

The corporation continues to work to complete the corporation's annual financial statements, and expects to file the annual filings by May 29, 2024, and will issue a news release once the annual filings have been filed.

EF Energyfunders has made all efforts and allocated all available resources to the preparation, completion and filing of the annual filings.

Until the corporation files the annual filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the corporation to issue biweekly default status reports, in the form of news releases, for so long as the annual filings have not been filed.

Until the corporation has filed the annual filings, members of the corporation's management and other insiders are subject to an insider trading blackout policy as per its internal insider trading policy that is consistent with the principles in Section 9 of National Policy 11-207 -- Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The corporation confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on Nov. 29, 2023, of the corporation's interim financial reports for the period ended Sept. 30, 2023. There are no insolvency proceedings involving the corporation.

We seek Safe Harbor.