Mr. Robert Zakresky reports

COELACANTH ENERGY INC. ANNOUNCES INCREASED BANK CREDIT FACILITY AND PROVIDES OPERATIONS UPDATE

Coelacanth Energy Inc. has provided an update.

Bank credit facility

Coelacanth has signed an agreement to increase its bank credit facility from $52-million to $80-million with closing expected in mid-November. The company estimates net bank debt relative to the credit facility to be $43-million as at Sept. 30, 2025. The additional liquidity provided will be used, in part, to finance the fall drilling program noted below.

Operations update

Coelacanth is currently drilling three additional wells in the Lower Montney on its 5-19 pad at Two Rivers East. Completions are anticipated for late November for an on-stream date of early February, 2026. Coelacanth's last three wells on the pad tested a combined 4,872 barrels of oil equivalent per day (60 per cent light oil) and similar results are expected.

Coelacanth is currently producing four of its nine wells on the 5-19 pad plus its legacy production at Two Rivers West. Based on field estimates, current production is approximately 4,400 boe/d (40 per cent light oil). The remaining five wells are scheduled to come on production sequentially from mid-November until year-end. Test production on the five remaining wells was approximately 6,400 boe/d on a combined basis but net of flush production and declines, Coelacanth estimates production will be approximately 8,400 boe/d (40 per cent light oil) at year-end and then exceed 10,000 boe/d in February, 2026, when the new wells are on production.

Coelacanth's business plan includes delineating and developing its large Montney resource that includes four potential Montney benches on its 150 section contiguous block of land at Two Rivers in northeast British Columbia.

Hedge position

In conjunction with the drilling program and anticipated new wells coming on production, Coelacanth has placed hedges as shown in the attached table.

Coelacanth is pleased with the results to date and the progression of the business plan.

We seek Safe Harbor.