Innovation Beverage Group and BlockFuel Energy Announce Completion of Independent Reserve Report and Multi-Phase Development Plan

• Reserve Report Effective Date December 31, 2025, Prior to Field Reactivation
   

• Recompletion of Existing Well Bores Underway
   

Plans to Drill Eight (8) New Vertical Wells in 2026 and Up to 20 New Vertical Wells in 2027 and 2028
 

Demonstrates Operational Progress in Central Oklahoma With 19 Wells Returned to Production

SYDNEY, AU / ACCESS Newswire / April 30, 2026 / Innovation Beverage Group Ltd ("IBG" or the "Company") (NASDAQ:IBG), an innovative developer, manufacturer, and marketer of a growing beverage portfolio of 60 formulations across 13 alcoholic and non-alcoholic brands, along with its proposed merger partner BlockFuel Energy, Inc. ("BlockFuel" or "BFE"), a Texas-based energy corporation, today announced the completion of an independent reserve report and outlined a multi-phase development plan for its Central Oklahoma oil and gas assets.

The reserve report, effective December 31, 2025, was prepared during the period when operations across the asset base were temporarily shut-in. Since that time, BlockFuel has made significant operational progress, successfully returning 19 wells to production and demonstrating its ability to efficiently reactivate assets and generate cash flow.

"Completion of this independent reserve report represents an important milestone for BlockFuel, as it provides third-party validation of the scale and quality of our asset base," said Daniel Lanskey, President and Chief Executive Officer of BlockFuel Energy. "Importantly, it reinforces our confidence in the progress already made to bring wells back online and demonstrates a clear, capital-efficient pathway to continue growing production and unlocking value across our Oklahoma assets."

Reserve Summary

Foto: Accesswire

Development Strategy

BlockFuel is executing a structured, multi-phase development plan designed to unlock value across its approximately 35,000-acre position:

• Phase 1 - Reactivation (Completed/Ongoing): The Company has successfully returned 19 shut-in wells to production, validating field infrastructure and establishing initial production and revenue streams.
  

• Phase 2 - Recompletion Program (Commencing May 2026): BlockFuel plans to begin recompletion of select existing wells that historically produced from the Woodford Shale. These wells will be recompleted to target the shallower Mississippi Lime formation, providing a capital-efficient pathway to access bypassed reserves. Recompletion costs are estimated at approximately $250,000 per well, including hydraulic fracture stimulation. Thirty-four of the Company's 55 existing wells have been identified as candidates for this program.

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