Mr. Scott Lower reports

DUNE OIL ANNOUNCES NEW DIRECTOR MANAGEMENT APPOINTMENT AND AGM

Dune Oil has made management and director appointments and the company has discussed the timing of the annual general meeting.

2026 annual general meeting

The company announces that its 2026 annual general meeting of shareholders (the AGM) will be held on Monday, Nov. 16, 2026. The company intends to use notice and access for the AGM, with the management information circular and other proxy materials to be made available electronically on the company's website and filed on SEDAR+.

The anticipated AGM timetable is as follows: Sept. 4, 2026 -- notice of meeting filed on SEDAR+; Oct. 2, 2026 -- record date for determining shareholders entitled to receive notice of and vote at the AGM; Oct. 16, 2026 -- mailing date for notice-and-access materials; and Nov. 16, 2026 -- AGM date.

At the AGM, shareholders will be asked to set the number of directors at six, elect the company's directors for the ensuing year, appoint the company's auditor and consider the company's long-term equity incentive plan, together with any other business properly brought before the meeting. Full details will be included in the company's management information circular and related AGM materials.

Director appointment

The company has appointed Neil Maedel to the board, effective immediately, by board resolution as permitted under the company's current articles. Mr. Maedel fills the additional board position currently available under the articles. Mr. Maedel has more than 45 years of capital markets, investment banking and international resource sector experience. He began his career on the floor of the Vancouver Stock Exchange in 1979 and subsequently worked as an equities trader with RBC Dominion Securities, and as a trader and analyst with Haywood Securities.

Mr. Maedel later founded Zurich-based ProTrader Finanz AG, which assisted with the analysis and financing of small-cap oil and gas and mining companies. He also served as director of business development for Manas Petroleum, where he participated in the acquisition of oil licences in Tajikistan, Mongolia, Chile and Albania. More than $250-million (U.S.) was raised for Manas through equity financings and asset farm-outs. He has also assisted with the marketing and financing of companies including Ultra Petroleum and Arequipa Resources, and currently works as an investment banker and adviser to companies in the mining and energy sectors. Mr. Maedel has advised the executive team of Lost Soldier Oil and Gas since 2022.

Management appointments

Jordan Coleman has been appointed chief operating officer. Mr. Coleman is a commercially and technically experienced energy executive with more than 18 years of international industry experience and a record leading multidisciplinary teams, field operations and capital-intensive projects from planning through execution in United States, Chad, Argentina and Paraguay, spanning field execution and supervisory management across the drilling and production cycle on multiple fields. Most recently, he has served as chief operating officer of CG International, where he has been part of the executive team an exploration company with assets in Chad, including in charge of activation of four producing wells with aggregate production potential exceeding 5,000 barrels of oil per day. He previously held operations management, production, and engineering roles with Schlumberger Well Services and President Energy PLC. Mr. Coleman holds a bachelor of science in mechanical engineering from the University of Miami and is fluent in English and Spanish.

Scott Lower, the company's president, has been appointed chief executive officer. Sean Stofer, who has served as interim chief executive officer during the company's transition, will step down as interim chief executive officer and is pleased to welcome Mr. Lower to the position. Mr. Stofer will continue as chairman of the board and a director of the company. Mr. Lower, a chartered professional accountant (CPA) with a bachelor of business administration from Simon Fraser University, brings 15 years of oil and gas experience across consulting and public markets roles. As president, he has been the day-to-day driver of the company's M47 strategy and financing and has helped raise capital for the company to date.

Mr. Stofer, a professional engineer and University of British Columbia engineering graduate, has more than 20 years of leadership in the energy sector. He has founded and directed several energy development, engineering-procurement-construction, and data centre energy supply companies and has guided government energy policy. He brings deep project development and capital markets experience, and will provide continuity and oversight as Chairman.

About Dune Oil Corp.

Dune Oil is focused on oil exploration and production in Turkey. The company has an agreement to earn a 29-per-cent working interest in the M47 oil exploration block (C3 and C4 licences) located in the Cudi-Gabar petroleum province of southeastern Turkey. More information may be found on SEDAR+ and the company's website.

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