Mr. Paul Clarke reports

CANCAMBRIA ENERGY ANNOUNCES CLOSING OF $6.9 MILLION BROKERED LIFE OFFERING TO ACCELERATE HIGH-IMPACT SHALLOW OIL PROJECT WITH USD $100 BRENT PRICES, COMPLEMENTING DEEP GAS STRATEGY IN SOUTHERN HUNGARY WHERE EUROPEAN GAS PRICES ARE ~USD $25 PER MM

Cancambria Energy Corp. has closed its brokered best effort private placement of 23 million units of the company at a price of 30 cents per unit for gross proceeds of $6.9-million, including the full exercise of the agent's option. The offering was conducted by Research Capital Corp. as sole agent and sole bookrunner.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of 40 cents until Oct. 8, 2029. The company has applied to list the warrants on the TSX Venture Exchange. The listing of the warrants is subject to the company satisfying the listing requirements of the exchange. If the warrants are listed, they are expected to trade on the exchange under the symbol CCEC.WT.

The offering was completed by way of the listed issuer financing exemption under Part 5A of National Instrument 45-106 (Prospectus Exemptions) and in reliance on the amendments to Part 5A of NI 45-106 set forth in Coordinated Blanket Order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption). The units offered under the listed issuer financing exemption are not subject to resale restrictions pursuant to applicable Canadian securities laws.

The net proceeds from the offering will be used to delineate and derisk 10 identified shallow oil prospects and advance the drilling of the company's top-ranked prospect(s). This will be underpinned by the acquisition of a new, state-of-the-art, proprietary 3-D seismic survey covering the Soltvadkert/Tazlar/Alpar shallow oil fairway in southern Hungary, with a portion of the proceeds also made available for general corporate purposes. This survey is designed to reduce predrill uncertainties and geologic risks related to prospect geometry, resource size, reservoir distribution and well placement, providing the technical foundation for prospect maturation and drilling decisions.

In connection with the offering, the company paid to the agent a cash commission of $362,271 and issued to the agent 1,207,570 broker warrants. Each broker warrant is exercisable to acquire one common share at a price of 30 cents per common share until Oct. 8, 2029. In addition, the company paid an advisory fee of $105,000 plus tax and issued 350,000 advisory warrants of the company on the same terms as the broker warrants.

Certain members of Cancambria's management team and board of directors participated in the offering for an aggregate of 200,000 units, corresponding to an aggregate subscription price of $60,000. The participation of the related parties constituted a related-party transaction within the meaning of the TSX Venture Exchange Policy 5.9 (Protection of Minority Security Holders in Special Transactions) and Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). This transaction was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the securities to be distributed and the consideration to be received for the securities issued to related parties under the offering did not exceed 25 per cent of the company's market capitalization. The company did not file a material change report at least 21 days in advance of the closing of the offering as the participation of the related parties in the offering had not been confirmed at that time.

About Cancambria Energy Corp.

Cancambria is a Canadian-based exploration and production company specializing in tight gas development. With a globally experienced leadership team, Cancambria focuses on high-quality, derisked projects with direct access to profitable markets. Leveraging the industry's most advanced technologies, the company aims to commercialize its flagship asset, the 100-per-cent-owned Kiskunhalas project in southern Hungary, a gas-condensate resource in the heart of Europe.

We seek Safe Harbor.