Mr. David Hislop reports

STRIKEWELL ENERGY CORP. ANNOUNCES NEW LOAN AGREEMENTS WITH CARAVEL AND HISLOP

Strikewell Energy Corp. has entered into a new promissory note dated Jan. 1, 2026, with Caravel Management Corp. in the amount of $7,804,448.67. The loan is unsecured, has an interest rate of 15 per cent per annum and a maturity date of Dec. 31, 2032. The Caravel loan replaces and supersedes the expired Caravel promissory note dated Jan. 1, 2019. Caravel is wholly owned by John R. Hislop, a significant shareholder of the company.

The company also entered into a promissory note dated Jan. 1, 2026, with Mr. Hislop in the amount of $14,110,715.38. The loan is unsecured, has an interest rate of 15 per cent per annum and a maturity date of Dec. 31, 2032. The loan with Mr. Hislop replaces and supersedes the expired promissory note with Mr. Hislop dated Jan. 1, 2019.

The loan is a related party transaction as defined in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as Mr. Hislop is a control person, as such term is defined in the Securities Act (British Columbia), of the company and Caravel. The company is exempt from the formal valuation requirement in Section 5.4 of MI 61-101 in reliance on Section 5.5(b) of MI 61-101 as the company is not listed or quoted on a specified market (as defined in MI 61-101). Additionally, the company is exempt from the minority shareholder approval requirement in Section 5.6 of MI 61-101 in reliance on Section 5.7(1)(f) of MI 61-101 as the transaction is a loan to the company and the loan is not convertible, directly or indirectly, into any securities of the company, nor is any principal or interest due under the loan repayable, directly or indirectly, into equity or voting securities of the company.

Strikewell Energy is an oil and gas issuer with its common shares listed on the TSX Venture Exchange.

We seek Safe Harbor.