Orca Energy Group Provides Update on Management Cease Trade Order

TORTOLA, British Virgin Islands, June 01, 2026 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. ("Orca" or the "Company") (TSXV: ORC.A, ORC.B) announces an update to its previously announced management cease trade order (the "MCTO") issued by the Alberta Securities Commission (the "ASC") on May 1, 2026, pursuant to National Policy 12-203 Management Cease Trade Orders ("NP 12-203"), as previously disclosed in news releases of the Company dated April 23, 2026, May 4, 2026, and May 19, 2026 (collectively, the "MCTO Announcements").

As previously disclosed in the MCTO Announcements, the Company applied for the MCTO due to an expected delay (the "Filing Delay") in filing its audited consolidated annual financial statements for the year ended December 31, 2025, the related management's discussion and analysis, and its Form 52-109FV1 CEO and CFO certifications of annual filings (collectively the "Required Filings").

The Company filed the Required Filings on May 29, 2026, however, as a result of the Filing Delay, the Company will be unable to file its interim financial statements for the three months ended March 31, 2026, it's related management's discussion and analysis, and it's Form 52-109FV2 CEO and CFO certifications of interim filings (collectively, the "Interim Filings") by the deadline under National Instrument 51-102 Continuous Disclosure Obligations of June 1, 2026. The Company anticipates filing the Interim Filings on or before June 8, 2026.

On May 22, 2026, the ASC granted the Company's request to leave the MCTO until June 8, 2026 given the expected delay in the Interim Filings. The MCTO prohibits trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer until such time as the Required Filings, Interim Filings, and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is effective, there will be no impact to the operations of the Company and the general public, who are not insiders of the Company, will continue to be able to trade in the Company's listed securities.

The Company confirms that since the date of the MCTO Announcements: (i) there has been no material change to the information set out in the MTCO Announcements that has not been generally disclosed, other than as described in this news release and as a result of the completion of the Required Filings; (ii) the Company is satisfying and confirms that it intends to satisfy the provisions of the "alternative information guidelines" under NP 12-203 and issue bi-weekly default status reports in the form of a news release for so long as the MCTO is effective; (iii) there has not been any other specified default by the Company under NP 12-203; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.

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