New Stratus Energy Provides Update on Financing

Calgary, Alberta--(Newsfile Corp. - April 28, 2025) - New Stratus Energy Inc. (TSXV: NSE) ("New Stratus", "NSE" or the "Corporation") announces that it will be deferring the closing of its previously announced subscription receipts financing until at least May 24, 2025. On this date, President Noboa and the new Government of Ecuador will be officially sworn in to govern the Republic of Ecuador for a new four-year term. This also provides equity subscribers with as small of an escrow period on funds as possible.

As previously announced on March 3, 2025, the Corporation had reached an agreement for an award, as part of a consortium (the "Consortium"), for the production sharing contract (the "PSC") for crude oil production and additional exploration relating to Block 60 in Ecuador, also known as the "Sacha Block".

During this recent period, both official and unofficial sources have released conflicting information regarding the progress and continuity of the process, which is expected to be clarified by the Ministry of Energy and Mines of Ecuador ("MEM") once the new government term begins on May 24. The official awarding period concluded on April 25, 2025, and we expect that a good faith dialogue period will follow to clarify any misunderstandings that may exist in this regard.

The Corporation wishes to thank all stakeholders, including its equity and debt partners, for their support of NSE and the Consortium. The Consortium, on one hand, will seek to obtain further clarity regarding the award of the PSC, and on the other, reaffirm its interest in supporting the Government of Ecuador in the development of this project.

Contact Information

Jose Francisco Arata
Chairman & Chief Executive Officer
[e-mail]

Wade Felesky
President & Director
[e-mail]

Mario Miranda
Chief Financial Officer
[e-mail] - [phone]

Forward-Looking Information

Certain information set forth in this news release constitutes "forward-looking statements", and "forward-looking information" under applicable securities legislation (collectively, "forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may be identified by the use of conditional or future tenses or by the use of words such as "will", "expects", "intends", "may", "should", "estimates", "anticipates", "believes", "projects", "plans", and similar expressions, including variations thereof and negative forms. Forward-looking statements in this news release include, among others, the outcome of the discussion period with the MEM and the prospect of an agreement for a renewed award of the PSC to the Consortium. Forward-looking statements are based on the Corporation's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them.