Decklar Updates Crude Oil Trucking Operations and Sales at the Oza Oil Field

• Decklar Resources Inc. (“Decklar”) and its co-venturer Millenium Oil & Gas Company Limited (“Millenium”) are pleased to announce that trucking of crude oil from the Oza Oil Field to the Edo Refinery and Petrochemicals Company Limited (“ERPC”) has continued steadily, and total deliveries have now exceeded 27,000 barrels of crude oil (“bbls”) under the 30,000 bbls crude sale agreement.
  
• Trucking of crude oil also commenced in late March to the Duport refinery in Edo State, with over 3,700 bbls delivered to date. Under the sale and purchase agreement with Duport Midstream Company Limited (“DMCL”), Decklar and Millenium will initially deliver 5,000 bbls to the Duport refinery, followed by a minimum of 2,500 bbls per month thereafter.
• Decklar and Millenium now have a total of 30 trucks contracted and permitted to deliver crude oil from the Oza Oil Field to ERPC and to DMCL.
  

CALGARY, Alberta, April 04, 2023 (GLOBE NEWSWIRE) -- Decklar Resources Inc. (TSX-V: DKL) (OTCQX: DKLRF) (FSE: A1U1) (the “Company” or “Decklar”) and its co-venturer Millenium are pleased to provide updates regarding crude oil delivery operations at the Oza Oil Field in Nigeria.

Trucking and Sale of Crude Oil to ERPC’s Edo Refinery

Trucking of crude oil from the Oza Oil Field to the ERPC facility in Edo State, Nigeria has reached a cumulative volume of over 37,000 bbls, with 10,000 bbls delivered in 2022 under the initial sale and purchase agreement and over 27,000 bbls delivered so far in 2023 under the 30,000 bbls contract. The terms of the 30,000 bbls agreement include an invoicing and payment cycle that is triggered as each 5,000 bbls batch is delivered and offloaded at the refinery. Invoices for 25,000 bbls have been issued, and total deliveries under this contract are nearing the final 5,000 bbls batch. This cycle will continue after completion of deliveries under the 30,000 bbls contract, as Decklar and Millenium recently signed a sale and purchase agreement with ERPC for delivery of an additional of 200,000 bbls to ERPC’s facility.

Delivery of Crude Oil to DMCL’s Refinery

In late March, delivery of crude oil commenced from the Oza Oil Field to the Duport refinery in Edo State, and over 3,700 bbls have been delivered to date. Under the sale and purchase agreement with DMCL, Decklar and Millenium will initially deliver 5,000 bbls to the Duport refinery, followed by a minimum of 2,500 bbls per month thereafter. This agreement adds a new customer for the sale of crude oil from the Oza Oil Field and gives Decklar and Millenium an expanded base to deliver and sell additional crude oil volume.