Mr. Shelby Beattie reports

NEXERA PROVIDES UPDATE ON DELAYED FILING OF ANNUAL AND Q1 FINANCIAL STATEMENTS AND MD&A AND MANAGEMENT CEASE TRADE ORDER

Nexera Energy Inc. has provided a biweekly default status report in accordance with National Policy 12-203 -- Management Cease Trade Orders.

The corporation has now filed its annual financial statements, accompanying management discussion and analysis, and related chief executive officer and chief financial officer certifications for the period ended Dec. 31, 2022.

On May 26, 2023, the company announced that, for the reasons disclosed in the default announcement, the filing of its Q1 financial statements, accompanying management discussion and analysis, and related CEO and CFO certifications for the quarter ended March 31, 2023 (the Q1 filings) would not be completed by the prescribed filing deadline.

Management of the company is currently the subject of a management cease trade order (MCTO) in regard to these Q1 filings, as granted by its principal regulator, the Alberta Securities Commission. The MCTO restricts all trading in securities of the company, whether direct or indirect, by the chief executive officer and the chief financial officer of the company until such time as the Q1 filings have been filed by the company. The MCTO does not affect the ability of shareholders who are not insiders of the company to trade their securities.

The company's board of directors and its management confirms that they are working expeditiously to meet the company's filing obligations, and expect to file the Q1 filings on or before June 23, 2023.

As required by the alternative information guidelines specified by NP 12-203, the company reports that since the default announcement, and any subsequent press release disclosure, there have not been any changes to the information set out in the default announcement that would reasonably be expected to be material to an investor, nor any failure by the company to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the Q1 filings. Further, there is no additional material information concerning the affairs of the company that has not been generally disclosed, and there are no insolvency proceedings against the company as of the date of this default status report.

Until the Q1 filings have been filed, the company intends to continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 by issuing biweekly default status reports in the form of further press releases, which will also be filed on SEDAR. To the extent applicable, the company is scheduled to file its next default status report in two weeks from the date hereof.

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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