Mr. Shelby Beattie reports

NEXERA ANNOUNCES DELAYED FILING OF Q1 FINANCIAL STATEMENTS AND MD&A AND APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

Nexera Energy Inc. has provided an update on the status of the filing of its first quarter financial statements, accompanying management's discussion and analysis, and related chief executive officer and chief financial officer certifications for the quarter ended March 31, 2023.

The current bookkeeper of the corporation has recently informed the corporation that, due to the delay in completing the 2022 annual financial statements on time, it will not be able to compile and complete the unaudited Q1 financial statements of the corporation by the prescribed filing deadline, and the company anticipates the Q1 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 30, 2023.

The company intends to continue to work diligently and expeditiously with its bookkeeper and auditor, and expects to file the Q1 filings as soon as possible, and in any event no later than June 23, 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 Q1 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 under NP 12-203 in respect of the anticipated default regarding the Q1 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 (TSX Venture Exchange: NGY) 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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