Mr. Brian Paes-Braga reports

NG ENERGY ANNOUNCES FILING OF Q2 FINANCIAL RESULTS

NG Energy International Corp. has filed its financial results for the three and six months ended June 30, 2024. The company's consolidated financial statements and management's discussion and analysis for the three and six months ended June 30, 2024, are available on the company's profile on SEDAR+.

Second quarter financial highlights:

• The company achieved quarterly revenue of $10.2-million (U.S.), versus $2.8-million (U.S.) in the second quarter of 2023, a 262-per-cent increase year over year (YOY).
• The company achieved quarterly cash flow from operations of $2.6-million (U.S.), versus $800,000 (U.S.) in the second quarter of 2023, a 431-per-cent increase YOY.
• The company achieved record quarterly funds flow from operations of $4.2-million (U.S.), versus $100,000 (U.S.) in the second quarter of 2023, a 7,601-per-cent increase YOY.
• The company achieved average net production of 13.8 million cubic feet per day (mmcf/d) during the quarter, versus an average net production of 5.7 mmcf/d in the second quarter of 2023, a 142-per-cent increase YOY.
• The company achieved an operating netback of $5.28 (U.S.) per thousand cubic feet (mcf) during the quarter, versus an operating netback of $3.48 (U.S.) in the second quarter of 2023.
• The company achieved operating income of $6.8-million (U.S.), versus $1.9-million (U.S.) in the second quarter of 2023, a 249-per-cent increase YOY.

First-half financial highlights:

• The company achieved first-half revenue of $20.4-million (U.S.), versus $4.9-million (U.S.) in the first half of 2023, a 316-per-cent increase YOY.
• The company achieved first half cash flow from operations of $9.9-million (U.S.), versus negative $1.2-million (U.S.) in the first half of 2023, a 907-per-cent increase YOY.
• The company achieved record first-half funds flow from operations of $10.0-million (U.S.), versus negative $400,000 (U.S.) in the first half of 2023, a 2,878-per-cent increase YOY.
• The company achieved 2024 first-half average net production of 13.9 mmcf/d, versus 5.1 mmcf/d in the first half of 2023, a 172-per-cent increase YOY.
• The company achieved a first-half operating netback of $5.54 (U.S.), versus $3.20 (U.S.) in the first half of 2023.
• The company achieved first-half operating income of $14.2-million (U.S.), versus $3.1-million (U.S.) in the first half of 2023, a 363-per-cent increase YOY.

Jorge Fonseca, chief financial officer of NG Energy, commented: "We're pleased to build on a strong Q1, and deliver significant year-over-year growth across revenue, cash flow from operations, funds flow and operating income in the first half of 2024. The business continues to deliver over 65-per-cent operating profit margin as we experience strong prices for our natural gas as the marketplace continues to experience short supply, driving compelling economics for our fast-growing business."

About NG Energy International Corp.

NG Energy is a growth-orientated natural gas exploration and production company focused on delivering long-term shareholder and stakeholder value through the discovery, delineation and development of large-scale natural gas fields in developing countries, and supporting energy transition and economic growth. NG Energy's team has extensive technical and capital markets expertise with a proven record of building companies and creating significant value in South America. In Colombia, the company is executing on this mission with a rapidly growing production base and an industry-leading growth trajectory, delivering natural gas into the premium-priced Colombian marketplace (approximately $8 (U.S.) per million British thermal units (mmBtu)) with projected triple-digit production growth over the next two to three years toward a production goal of 200 mmcf/d. The company expects to achieve a more-than-150-per-cent increase in 2024 and has seen a 551-per-cent year-over-year increase in 3P (proven, probable and possible) reserves, a 314-per-cent year-over-year increase in 2P (proven and probable) reserves and a 241-per-cent increase in 1P (proven) reserves. To date, over $100-million (U.S.) has been invested in the exploration and development of Sinu-9 and Maria Conchita, with significant contributions from insiders who currently own approximately 34 per cent of the company. Recently, Macquarie Group provided financing of up to $100-million (U.S.), including initial committed financing of $50-million (U.S.), resulting in a fully financed 2024/2025 development plan and aligning NG Energy with a global financial institution.

We seek Safe Harbor.