BlockFuel Energy Expands Oklahoma Oil & Gas Platform with Acquisition of Six-Well Package and Associated Infrastructure

Deal Brings Operated Well Count to 61 Across a 55-Square-Mile Oklahoma Footprint

Multi-Well Vertical Drilling Program Targeting H2 2026

PONCA CITY, OK / ACCESS Newswire / June 10, 2026 / BlockFuel Energy, Inc. ("BlockFuel" or the "Company"), an independent energy and infrastructure company focused on conventional energy production and next-generation utility infrastructure development, today announced the acquisition of producing oil and gas assets and associated infrastructure located in Payne County, Oklahoma. BlockFuel Energy Inc. is currently 51% owned by Innovation Beverage Group Limited (NASDAQ:IBG), which has announced a proposed merger of the two companies.

The acquisition includes interests across six (6) operated wells, including four (4) producing horizontal oil wells, one (1) drilled and uncompleted well, and one (1) saltwater disposal well ("SWD"), production equipment, gathering systems, and utility-related infrastructure positioned to support both conventional hydrocarbon operations and future energy development initiatives.

Prior to this acquisition, the Company had assembled a substantial operating position consisting of 55 oil and gas production wells and nine (9) saltwater disposal wells, together with extensive production infrastructure spanning approximately 55 square miles across Payne, Pawnee and Noble Counties in Oklahoma. The addition of these new contiguous assets will enhance operational efficiencies, improve field logistics, and support near-term growth in oil and gas production in the near term.

In conjunction with the acquisition, the Company is planning an eight-well vertical development drilling program scheduled for the second half of 2026. The proposed wells are expected to be drilled as step-out locations offsetting existing production, allowing BlockFuel to leverage its existing field infrastructure, gathering systems, utility connections, tank batteries, and saltwater disposal network.

Management believes the ability to utilize existing infrastructure will significantly reduce development costs and capital expenditures compared to greenfield development projects, while accelerating the timeline to first production.

The acquired asset package includes:

• Working interests in five (5) production wells and one (1) additional Saltwater Disposal Well.

• Extensive production and field infrastructure including separators, tank batteries, beam pumps, transformers, SWD facilities, gathering systems, utility systems, and associated field equipment; and

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