Mr. Sean Guest reports

VALEURA ENERGY ANNOUNCES C$10 MILLION BOUGHT DEAL FINANCING

Valeura Energy Inc. has arranged a bought deal basis private placement of 3,937,000 common shares of the company at a price of $2.54 per common share for aggregate gross proceeds to the company of approximately $10-million. The offering is being led by Research Capital Corp. as the sole underwriter and sole bookrunner.

The net proceeds from the offering will be used to finance the company's preproduction operations at the Wassana field and its Wassana infill drilling program, and for general corporate purposes.

The closing of the offering is expected to occur on or about Feb. 9, 2023, or such later or earlier date as the underwriter may determine; it is subject to the company receiving all necessary regulatory and TSX (Toronto Stock Exchange) approvals.

The offering will be conducted pursuant to the amendments to National Instrument 45-106 -- Prospectus Exemptions (NI 45-106) set forth in Part 5A thereof to purchasers resident in Canada, except Quebec, and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption. The common shares offered under the listed issuer financing exemption will not be subject to resale restrictions, pursuant to applicable Canadian securities laws.

There is an offering document related to the listed issuer financing exemption offering that can be accessed under the company's profile on SEDAR and the company's website. Prospective investors should read this offering document before making an investment decision.

About Valeura Energy Inc.

Valeura Energy is a Canada-based public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Turkey; it is pursuing further inorganic growth in Southeast Asia.

We seek Safe Harbor.