Mr. Gregory Leia reports

WASKAHIGAN OIL & GAS CORP COMPLETES DIVIDEND, 4:1 CONSOLIDATION AND SPINOUT OF FCE SHARES - JUNE 30-25

On June 27, 2025, Waskahigan Oil & Gas Corp. effected: (a) a one-new-for-four-old consolidation of its common shares; and (b) a dividend of 123,809 postconsolidated common shares to certain Waskahigan shareholders. Postconsolidation there will be 3,423,026 Waskahigan common shares. On June 30, 2025, Waskahigan, Fox Creek Energy Ltd. (FCE) and Odaat Oil Corp. filed articles of arrangement with the Registrar of Corporations for the province of Alberta to give effect to a plan of arrangement dated Jan. 1, 2023 (which was amended on Sept. 27, 2024, and May 1, 2025). The plan of arrangement was approved by the Court of King's Bench of Alberta on April 6, 2023 (as amended on Dec. 20, 2023, May 28, 2024, Oct. 22, 2024, March 6, 2025, and June 6, 2025). Pursuant to the plan of arrangement, on June 30, 2025, Waskahigan issued a dividend to its shareholders of 3,423,026 FCE common shares on a 1:1 basis. As a result of the dividend, FCE will no longer be a subsidiary of Waskahigan. FCE will be a reporting issuer in Alberta and British Columbia. The common shares of FCE will not trade on any stock exchange.