Mr. Serafino Iacono reports

NG ENERGY FINALIZES PLAN FOR PHASE 1 OF COMMERCIAL PRODUCTION FROM SINU-9

NG Energy International Corp., together with its partners CleanEnergy Resources SAS and Desarrolladora Oleum, has reached agreements with new local mid-stream partners, Surenergy SAS ESP, INFRAES SAS ESP and Grupo Energetico de las Americas SAS ESP -- GEAM, to accelerate the schedule for phase 1 of commercial production from Sinu-9. Pursuant to the terms of the agreements, 30 million standard cubic feet per day (MMscf/d) of natural gas will be brought on-line in Q1 2024, with an additional 10 MMscf/d of production brought on-line in Q3 2024, for total initial production volumes of 40 MMscf/d in phase 1.

The company will deliver 30 MMscf/d of natural gas under its take or pay arrangement with INFRAES SAS ESP and Surenergy SAS ESP, and 10 MMscf/d on a transport and commercialization arrangement with INFRAES SAS ESP and Grupo Energetico de las Americas SAS ESP -- GEAM, both of which have a term of 10 years. The strategy to partner with mid-stream construction experts during phase 1 of commercial production provides the company with the opportunity for early monetization with minimal capital expenditures and significantly reduced construction risk, while maintaining pricing upside. Partnering with in-country mid-stream construction experts further allows the company to focus on its upstream business of growing and upgrading its reserves and resources at both Maria Conchita and Sinu-9. Over the coming weeks, the company will re-engage independent qualified reserves and resources evaluator Sproule International Ltd. to review the company's contingent resources at Maria Conchita and Sinu-9, which are now eligible for upgrade since an infrastructure plan is in place.

Serafino Iacono, chief executive officer of NG Energy, commented: "It is with great excitement that we finalize these agreements with our new local mid-stream partners, unlocking significant value for our shareholders and providing a strong foundation for the full development of Sinu-9. Under the terms of these agreements, and with no need to drill additional wells at this time, the company will maintain a capital-light strategy as our partners spend more than $100-million (U.S.) to complete the production facilities and pipeline. We are also encouraged not only by the time to market, but also by the opportunity to finance this infrastructure with mid-stream experts off balance sheet. As a company, we look forward to a production ramp from seven MMscf/d to 60 MMscf/d by Q3 2024 and are motivated to continue finding opportunities to bring more natural gas to market with phase 2 at both Sinu-9 and Maria Conchita, as we aim to meet our company goal of 200 MMscf/d ahead of schedule."

About NG Energy International Corp.

NG Energy International is a publicly traded exploration and production company on a mission to provide a clean and sustainable solution to Colombia's energy needs. The company intends on executing this mission by producing and bringing gas to the premium-priced Colombian gas market from SN-9, a 311,353-acre block which is adjacent to Canacol's Nelson field, as well as Maria Conchita, a 32,518-acre block located in the region of La Guajira. NG Energy's team has extensive technical expertise and a proven record of building companies and creating value in South America.

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