Mr. Pat Carlson reports

KIWETINOHK RENEWS NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has approved Kiwetinohk Energy Corp.'s notice to renew its normal course issuer bid for its common shares.

The NCIB is anticipated to commence on Dec. 22, 2023, and to expire Dec. 21, 2024. Kiwetinohk may purchase up to 2,183,477 common shares under the NCIB, representing 5 per cent of the 43,669,544 issued and outstanding common shares as of Dec. 8, 2023. TSX rules indicate Kiwetinohk may purchase a maximum of 2,439 common shares on any single day, representing 25 per cent of the average daily trading volume of the common shares on the TSX for the six months ended Nov. 30, 2023, of 9,759 common shares. Kiwetinohk may also make one block purchase per calendar week, which exceeds the daily purchase restriction, subject to TSX rules. The actual number of common shares that will be purchased under the terms of the NCIB, and the timing of any such purchases, will be subject to market conditions and Kiwetinohk's capital allocation decisions. Use of the NCIB will be made through the facilities of the TSX and/or alternative Canadian trading systems at the market price at the time of purchase. Any common shares purchased under the terms of the NCIB will be cancelled upon their purchase by Kiwetinohk.

Kiwetinohk is authorized to purchase up to 2,209,159 common shares under its current NCIB, which will expire on Dec. 21, 2023. To Dec. 8, 2023, 598,147 common shares have been purchased on the open market under the NCIB at a weighted-average price of $12.74 per common share.

Kiwetinohk also announced today that, in connection with its intention to implement the NCIB, the company has renewed its automatic share purchase plan with a designated broker to allow for the purchase of its common shares under the NCIB at times when Kiwetinohk would ordinarily not be permitted to purchase common shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, Kiwetinohk has instructed the designated broker to make purchases under the NCIB in accordance with the ASPP terms. The designated broker will determine such purchases at its sole discretion based on Kiwetinohk-set purchasing limits, without further instructions by Kiwetinohk, in accordance with TSX rules, applicable securities laws and the ASPP terms. The ASPP will commence on the NCIB's effective date, and will terminate on the earliest of the date on which: (a) the maximum annual purchase limit under the NCIB has been reached; (b) the NCIB expires; or (c) Kiwetinohk terminates the ASPP in accordance with its terms. The ASPP constitutes an automatic securities purchase plan under applicable Canadian securities law.

Outside of predetermined blackout periods, common shares may be purchased under the NCIB based on management's discretion and in compliance with TSX rules and applicable securities laws. All purchases made under the ASPP will be included in computing the number of common shares purchased under the NCIB.

Kiwetinohk believes the company's common shares have been trading in a price range, which does not adequately reflect appropriate value in relation to the company's current operations, growth prospects, energy transition projects and financial position.

Kiwetinohk's capital spending priorities are to enhance the value of its upstream and power businesses, and the measured application of an NCIB may be used to both repurchase common shares at times when management believes that the market price of the common shares does not adequately reflect underlying value and may provide additional trading liquidity for shareholders.

About Kiwetinohk Energy Corp.

The company, at Kiwetinohk, is passionate about addressing climate change and the future of energy. Kiwetinohk's mission is to build a profitable energy transition business, providing clean, reliable, dispatchable, affordable energy. Kiwetinohk develops and produces natural gas and related products, and is in the process of developing renewable power, natural-gas-fired power, carbon capture and hydrogen clean energy projects. It views climate change with a sense of urgency, and it wants to make a difference.

Kiwetinohk's common shares trade on the Toronto Stock Exchange under the symbol KEC.

We seek Safe Harbor.