Calgary, Alberta--(Newsfile Corp. - November 12, 2026) - Further to its news release dated August 31, 2026, Petrox Resources Corp. (TSXV: PTC) ("Petrox" or the "Company") announces that it has entered into a definitive Master Gas Supply and Power Generation Agreement (the "Definitive Agreement") with International Energy (Hong Kong) Group Company Limited ("IEHK").

The Definitive Agreement replaces the non-binding term sheet announced on August 31, 2026 and sets out the commercial and operating framework under which Petrox will supply natural gas from sites in Alberta and Saskatchewan to modular gas fired power generation equipment owned and operated by IEHK, with the electricity produced consumed on site by IEHK for computing load.

Terms of the Definitive Agreement

In addition to paying for the natural gas consumed by the IEHK equipment, IEHK pays Petrox a fee of US$0.01 per kilowatt hour of qualified power generation, measured at the output terminals of the generating equipment. The gas is priced site by site. For pipeline connected sites the price is the AECO/NIT monthly index price. Where the gas is stranded, trapped, shut in or otherwise underutilized, the price is to be agreed between the parties for that site and may be less than the index price. Where the gas is held by a third party partner, the price is negotiated with that partner and may range from nil to the index price.

Sites are added by site schedules executed by both parties. Petrox is not obligated to nominate any site or to reserve or supply any volume of natural gas, and IEHK may accept or reject any site nominated to it.

IEHK owns, installs, operates and maintains the power generation and computing equipment and is responsible for the equipment approvals and field evaluations, electrical and gas permits, emissions registration and testing, and the noise obligations at the generation compound. Petrox holds the well, facility and pipeline licenses, the environmental authorizations for the upstream facility, surface rights and landowner agreements, and carries out the procedural aspects of Indigenous consultation required of the licensee. Where a regulator requires the site licensee to hold a particular approval, Petrox may act in that capacity using information provided by IEHK and at IEHK's cost.

IEHK is required to provide security in favour of Petrox for the removal of its equipment and the restoration of the generation compound at the end of each site schedule.

The Definitive Agreement records that IEHK plans, but is not obligated, to deploy between 50 MW and 100 MW of generation capacity by 2028, with delivery of the first 1 MW unit planned for January 2027. Petrox intends to work cooperatively with IEHK in support of the rollout to the extent Petrox considers commercially reasonable. No assurance can be given that any capacity will be deployed.

Equity Subscription Right

IEHK has the right, exercisable on ten business days' notice to the Company, to subscribe for common shares of Petrox representing up to 19.99% of the issued and outstanding common shares of the Company calculated on a post issuance basis, at a price equal to the market price of the common shares determined in accordance with the policies of the TSX Venture Exchange at the time the subscription is made. The grant and any exercise of the subscription right are subject to the acceptance of the TSX Venture Exchange and to compliance with applicable securities laws, and any common shares issued will be subject to the applicable statutory hold period. No common shares have been issued to IEHK as at the date of this news release. IEHK does not currently hold any common shares of the Company. The Definitive Agreement was negotiated at arm's length, and no insider or other Non-Arm's Length Party of the Company has an interest in IEHK.

Edwin Tam, President and Chief Executive Officer of Petrox, commented: "This agreement puts a framework in place that lets us take natural gas that has limited or no economic route to market and use it as an opportunity to earn fee revenue at the wellsite. Petrox stays in the business it knows, which is the gas and the licenses, while IEHK carries the generation and computing equipment and the cost of it. Each site stands on its own, which is how we intend to grow this collaboration."

About IEHK

IEHK is a Hong Kong incorporated company focused on integrated natural gas to power to computing infrastructure, with an emphasis on associated, marginal and remote natural gas that would otherwise be vented or flared. Its energy technology and digital operations brand, GasGx, is operated through GasGx Power Global Investment Limited. IEHK intends to carry on its Canadian activities through an Alberta subsidiary, which will hold the Canadian approvals and act as the contracting party for the equipment.

IEHK is managed by Ms. Joanna Chong and Mr. Tiger Peng.

Ms. Chong is a Canadian citizen, a director of IEHK and its President, North American Affairs. She has been active in the capital markets of Hong Kong and mainland China, has participated in investments in a number of listed companies, and is the principal interface with Petrox on this project.

Mr. Peng is Executive President of IEHK. He began his career in 2010 with the Shenzhen branch of the Industrial and Commercial Bank of China, where he spent ten years in institutional finance, asset custody and asset management. Since 2022 he has been an Executive Partner of Touchstone Capital (UK), where he is responsible for Hong Kong capital interface and strategic cooperation, with a focus on capital and debt structuring for mining, oil and gas and new energy projects. Mr. Peng is a co founder of Hong Kong Upay Payment Technology Company Limited.

About Petrox Resources Corp.

Petrox Resources Corp. is a Calgary based company listed on the TSX Venture Exchange under the symbol PTC. The Company holds oil and natural gas interests in Alberta and is pursuing the conversion of natural gas at and near its sites into electricity for on site computing and data processing load, as an alternative to conventional marketing of that gas.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains forward looking statements and forward looking information within the meaning of applicable Canadian securities legislation. Forward looking information includes, without limitation, statements regarding the execution of site schedules under the Definitive Agreement, the timing of construction, commissioning and commercial operation at any site, the number, size and location of sites that may be developed, IEHK's planned deployment of between 50 MW and 100 MW by 2028 and planned delivery of the first 1 MW unit in January 2027, the volumes and prices of natural gas to be supplied, the amount and timing of fees payable to the Company, the availability, certification and field evaluation of the equipment to be supplied by IEHK, the receipt of regulatory approvals, licenses and permits, the exercise of the equity subscription right and the acceptance of the TSX Venture Exchange in respect of it, and the Company's plans and objectives generally.

Forward looking information is based on assumptions and subject to risks and uncertainties. Material assumptions include that suitable sites will be identified and brought under executed site schedules, that the natural gas available at those sites will meet the volume and specification requirements of the equipment, that the equipment will be certified or field evaluated and will operate reliably under Alberta and Saskatchewan ambient conditions, that the required regulatory approvals, licenses and permits will be obtained on a timely basis, that IEHK will have access to the capital required to perform its obligations, and that the parties will perform their respective obligations under the Definitive Agreement.

Material risks include that site schedules may never be executed and that no site may ever be constructed or placed into commercial operation; that the equipment may not be approved for use in either province, may not perform as specified, or may not be delivered on schedule; that emissions, noise, electrical or gas code requirements may not be satisfied or may require modifications that render a site uneconomic; that natural gas volumes, composition or deliverability may be insufficient; that regulatory approvals may be delayed, refused or granted on unacceptable conditions; that the equity subscription right may not be accepted by the TSX Venture Exchange or may not be exercised; that foreign investment, national security or other governmental review may apply to the arrangements or to any subsequent investment; that export controls or similar restrictions may limit the computing equipment that can be deployed; that Petrox, as licensee, may bear regulatory obligations or liabilities in respect of equipment owned by IEHK; that counterparty default, insolvency or withdrawal may occur; and that commodity prices, computing economics, exchange rates, capital availability and general economic conditions may change materially.

Readers are cautioned that the foregoing lists are not exhaustive and that actual results may differ materially from those anticipated in the forward looking information. The forward looking information in this news release is given as at the date of this news release, and the Company disclaims any intention or obligation to update or revise it, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/323781