Mr. Jose Arata reports

NEW STRATUS ENERGY ANNOUNCES CONSOLIDATED FINANCIAL RESULTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2022

New Stratus Energy Inc. has released its consolidated financial and operating results for the nine months ended Dec. 31, 2022.

Nine Month Highlights:

• Revenues of $93.3 million
• Funds flow from operations1 of $25.1 million ($0.21 per share)
• Adjusted EBITDA1 of $30.9 million ($0.26 per share)
• Adjusted working capital 1of $34.6 million ($0.30 per share).

(1) This is a non-GAAP financial measure or non-GAAP ratio. Refer to the disclosure under the heading "Non-GAAP and Other Financial Measures" within press release.

As previously disclosed, the Corporation has changed its year end from March 31 to December 31 effective this reporting period, accordingly a stub 9 month period ended December 31, 2022 is presented, compared with a 12 month period for the year ended March 31, 2022.

Corporate Updates:

• The Corporation has been approved as a qualified operator by the Ministry of Energy and Mines in Ecuador, thus allowing the Corporation to participate in the bidding process for development and exploration blocks in the XIII Oil Round denominated "Intracampos II". The Corporation will evaluate these opportunities as an approved bidder while it continues to pursue its legal demand against the Government of Ecuador under International arbitration.
• As previously disclosed the Corporation continues to advance development / optimization opportunities in Mexico, Peru, Venezuela and Colombia. The Corporation will have further updates on these opportunities shortly.
• As part of the July 30, 2021 financing, the Corporation issued 16,095,376 warrants. Each warrant entitles the holder to purchase one common share at an exercise price of $0.45 until the second anniversary of the issuance of the warrant, specifically July 30, 2023. Accordingly, the Corporation will be making an application to the TSX-V to extend the exercise period to July 30, 2024.
• The Corporation remains a well capitalized and technically focused entity pursuing its stated business plan of becoming a major operator of oil and gas assets in Latin America.

We seek Safe Harbor.