Coelacanth Energy Inc. announced that it has completed 2 wells at Two Rivers West and has finished the drilling of a 5-well pad at Two Rivers East. Two Rivers WEST PROJECT. Coelacanth has completed the 2 Upper Montney wells on its 10-08 pad at Two Rivers West and recently placed the first well (C10-08) on production at a rate of 542 boe/d comprised of 225 bbls/d of 42 API light oil, 1.75 mmcf/d of liquids-rich gas, and approximately 26 bbls/d of NGLs.

Coelacanth anticipates that production of hydrocarbons will incline as excess initial frac and formation water are pumped and disposed. To facilitate this, consideration is being given to increasing water pumping capacity at the Two Rivers West battery. The second well (B10-08) was flowed to remove some of the initial frac water and then shut in to focus on the C10-08 well.

Coelacanth will flow both wells once additional pump capacity is installed at the facility and the water rate on the C10-08 declines as a result of additional frac water being produced out. Coelacanth will continue to disseminate information on this project when more material information is gathered. Two Rivers East PRO project.

Coelacanth has finished the drilling of its 5- well pad at Two Rivers East that is comprised of 3 Lower Montney Wells, 1 Upper Montney Well and 1 Basal Montney Well. Completion and testing is scheduled for Mid-November. The 5-19 pad is directly offsetting a Lower Montney well on the pad site that was drilled and tested in 2018 and in proximity to new Lower Montney wells drilled and completed by a nearby operator using modern completion technology.

The operator publicly released results of its 2-well Lower Montney pad that had an average per well IP30 of 1,250 boe/d (49% light oil and 2% NGLs) and later updated that the pad was producing flat at that rate for its initial four months with an average 40% liquids. This is above the type curve provided by independent reserves evaluator (GLJ Ltd.) for the Lower Montney. Coelacanth intends to use similar completion technology for its 5-well pad.

The Company is in the process of obtaining final regulatory approval to construct an oil battery and compression station (the "Two Rivers East Facility") as well as sales lines and gathering lines to handle production from the 5-19 and subsequent pads. It is anticipated that the Two Rivers East Facility and related pipelines will be completed for an on-stream date in early 2025 and will be sized to handle over 20,000 boe/d by adding compression as needed. The completion and testing of the 5 wells will be a big first step on proving up and quantifying estimated value on the Company's large Montney land block of over 150 contiguous sections.

Oil equivalent refers to the total oil equivalent of shale gas, tight oil, and NGLs combined, using the conversion rate of six thousand cubic feet of shale gas to one barrel of oil equivalent as described above.