Mr. Shelby Beattie reports

NEXERA ANNOUNCES DELAYED FILING OF ANNUAL FINANCIAL STATEMENTS AND MD&A AND APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

Nexera Energy Inc. would like to provide an update on the status of the filing of its annual financial statements, accompanying management discussion and analysis, and related chief executive officer and chief financial officer certifications for the year ended Dec. 31, 2022.

The current auditor of the corporation has recently informed the corporation that, due to the auditor's delayed receipt of certain information (such delay a result of: (i) certain internal staffing issues at the corporation that are now resolved; and (ii) certain other obligations the corporation's reserve report engineer had to attend to which delayed his work for the corporation), the auditor will not be able to complete the audit of the corporation by the prescribed filing deadline, and the company anticipates the annual filings will be delayed beyond the required filing deadline: (i) under parts 4 and 5 of National Instrument 51-102, Continuous Disclosure Obligations, and pursuant to National Instrument 52-109, Certification of Disclosure in Issuer's Annual and Interim Filings, being May 1, 2023.

The company intends to continue to work diligently and expeditiously with its auditor and expects to file the annual filings as soon as possible and, in any event, no later than May 31, 2023.

Other than as previously disclosed by the company and herein with this press release, the company confirms that there have been no material business developments since the date of its last financial statements that were filed.

Management cease trade order application

In light of the delay in filing of the annual filings prior to the filing deadline, the company is providing this default announcement in accordance with National Policy 12-203, Management Cease Trade Orders. The company has made an application to the Alberta Securities Commission, as principal regulator of the company, for a management cease trade order (MCTO) under NP 12-203 in respect of the anticipated default regarding the annual filings. The granting of the MCTO is at the discretion of the Alberta Securities Commission and there is no guarantee that this will be granted. The issuance of the MCTO will not affect the ability of persons who have not been directors, officers or insiders of the company to trade in their securities. In the event that the MCTO is granted, it will be in effect until the default is remedied. The company intends to follow the provisions of the alternative information guidelines set out in NP 12-203, including the issuance of biweekly default status reports in the form of news releases, for as long as the company remains in default.

About Nexera Energy Inc.

Nexera Energy is an energy company with oil-producing properties in southwest Texas. Nexera is owner and operator of the Lavernia, Wooden Horse and Stockdale Horizon projects. The company also owns 100 per cent of Production Resources Inc., a south Texas oil company.

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