Decklar Granted Management Cease Trade Order and Provides Bi-Weekly Default Status Report

CALGARY, Alberta, May 24, 2024 (GLOBE NEWSWIRE) -- Decklar Resources Inc. (TSX-V: DKL) (OTC: DKLRF) (FSE: A1U1) (the “Company” or “Decklar”) is providing this bi-weekly default status report in accordance with National Policy 12-203 - Management Cease Trade Orders (“NP 12-203”). The Company was granted a temporary management cease trade order (“MCTO”) by the Alberta Securities Commission, (the “ASC”) on May 8, 2024 in respect of the late filing within the time period prescribed by securities legislation of one or more of the following: (a) annual financial statements; (b) annual MD&A; (c) a certification of filings under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual Filings (the “Annual Filings”).

Decklar has now engaged its auditor and the audit work program has commenced. In addition, the Company has commenced discussions with the reporting reserve engineers to update and provide the reserves estimates and future net revenue forecasts.

The Company confirms, as of the date hereof, that: (i) it is not subject to any insolvency proceeding; and (ii) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

For further information about Decklar, see its disclosure documents on SEDAR+ at www.sedarplus.ca or visit the company’s website at https://www.decklarresources.com/

For further information:

Sanmi Famuyide
Chief Executive Officer
Telephone: [phone]
Email: [e-mail]

Investor Relations: [e-mail]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Language

Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation), including, but not limited to, statements regarding: disclosure regarding possible events, that are based on assumptions about future economic conditions and courses of action, obtaining necessary approvals from regulatory authorities, availability of services and personnel necessary to complete required tasks in order to fulfill regulatory requirements in a timely manner, permits and agreements to allow access and production into pipelines and deliveries of crude oil by truck, the timing for payment of crude oil sales, the final execution of necessary agreements to sell additional crude oil, the maintaining of stable crude oil production, the ability to transport crude oil by pipeline or truck, the continued access to functioning pipelines and the availability of export vessels. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such statements and information (together, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities.