Mr. James Hill reports

MCF ENERGY ANNOUNCES FARMOUT OPTION FOR REUDNITZ LICENCE, GERMANY

MCF Energy Ltd. has completed and executed through Genexco GmbH, a wholly owned subsidiary of MCF Energy, of a heads of agreement with Lime Petroleum Holdings AS for an option to farm-in on Genexco's 100-per-cent interest in the Reudnitz gas exploration licence in Germany.

An independent resource evaluation of the Reudnitz field by GCA Associates has estimated resources of over 118 BCF (billion cubic feet) of methane and over one BCF of helium.

Genexco will conduct and complete a workover of well RZ2 in Reudnitz in Q4 2024 which includes installing a velocity string, acid job and well test.

In parallel to the workover, Genexco intends to apply for the production licence for the proven area within Reudnitz as established by the workover and previous discoveries. Lime has the option to assume an ownership share/working interest share in Reudnitz and the production licence of up to 80 per cent of the total ownership interest/working interest in Reudnitz and the production licence.

In consideration for the option:

1. Lime pays to Genexco 500,000 euros ($746,000), which is the estimated cost of the workover;
2. If Lime exercises its option after the workover and the production licence is granted, Lime will carry all costs and expenses related to the pilot development of the reservoir in the production licence up to 5.5 million euros ($8.2-million).

If Lime exercises its option, Lime will become operator of the Reudnitz production licence. Lime is not obligated to assume operatorship so if it declines to do so, Genexco will continue as operator.

James Hill, chief executive officer and director of MCF Energy, stated: "This partnership with Lime Petroleum will greatly speed development at Reudnitz and establish cash flow from this valuable resource. We look forward to working with Lime Petroleum in the years ahead. I am grateful for the continued support of our shareholders while the company strives to enhance value and meet our operational objectives."

About MCF Energy Ltd.

MCF Energy was established in 2022 by leading energy executives to strengthen Europe's energy security through responsible exploration and development of natural gas resources within the region. The company has secured interests in several significant natural gas exploration projects in Austria and Germany with additional concession applications pending. MCF Energy is also evaluating additional opportunities throughout Europe. The company's leaders have extensive experience in the European energy sector and are working to develop a cleaner, cheaper and more secure natural gas industry as a transition to renewable energy sources.

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