BlockFuel Energy Launches Vertical Drilling Program for Second Half 2026

Initial Development Campaign Targets Multiple Stacked Pay Horizons Across 55-Square-Mile Oklahoma Position with Potential for 400+ Future Drilling Locations

OKLAHOMA CITY, OK / ACCESS Newswire / June 18, 2026 / BlockFuel Energy Ltd. (NASDAQ:FUEL) ("BlockFuel" or the "Company") today announced plans to commence a multi-well vertical drilling program during the second half of 2026 across its approximately 55-square-mile operated position in Oklahoma, targeting multiple stacked hydrocarbon-bearing formations beneath one of the largest operated acreage positions in the Company's portfolio. 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 planned campaign represents the first phase of a long-term development strategy designed to unlock management's identified inventory of low-cost, repeatable drilling opportunities across approximately 35,000 acres of operated leasehold. The acreage position includes extensive existing infrastructure, production facilities, gathering systems, power distribution assets and commercial saltwater disposal capacity, providing a foundation for rapid and capital-efficient development.

Management believes the Company's acreage is underlain by multiple stacked oil and natural gas reservoirs that have historically produced throughout the Mid-Continent region. These stacked pay intervals create the opportunity to develop numerous productive horizons from the same acreage footprint, potentially amplifying recoverable resource opportunities while minimizing infrastructure requirements.

"The upcoming drilling campaign has the potential to be a defining event for BlockFuel," said Daniel Lanskey, President and Chief Executive Officer. "We control approximately 55 square miles of highly prospective acreage with existing infrastructure already in place. Our objective is to demonstrate that these stacked reservoir intervals can be developed using low-cost vertical wells, creating a scalable development platform capable of supporting production growth for many years."

Potential for Large-Scale Development Inventory

Based on current geological mapping, historical production data, reservoir interpretation and development planning, management believes successful results from the initial drilling campaign could support substantial future drilling activity across the Company's acreage position.

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