COELACANTH ENERGY INC - CEIEF STOCK NEWS

Coelacanth Energy Inc. (TSXV: CEI) has announced a $52 million revolving bank credit facility and the commencement of a 4-well drilling program at Two Rivers East. The program includes drilling and completing 3 Lower Montney wells, completing 1 previously drilled Upper Montney well, and drilling a Bluesky disposal well, with a total cost of approximately $36 million. The company has also secured a $22 million commitment from a Mid-Stream company to finance a pipeline. Coelacanth estimates it will have approximately $40 million net debt plus the mid-stream commitment once the drilling program is completed and the facility is operational. The company's production is expected to stabilize at over 6,000 boe/d until additional wells are drilled in summer 2025. Additionally, Coelacanth plans to extend the expiry date of its share purchase warrants to June 30, 2025.

Coelacanth Energy Inc. (TSXV: CEI) has released its Q2 2024 financial and operating results. Key highlights include:

- Oil and natural gas sales increased 283% to $3.16 million in Q2 2024 compared to Q2 2023
- Adjusted funds flow improved to $262,000 in Q2 2024 from -$756,000 in Q2 2023
- Average production grew 229% to 944 boe/d in Q2 2024 vs Q2 2023
- Operating netback improved to $15.10/boe in Q2 2024 from -$0.49/boe in Q2 2023

The company is progressing its Two Rivers Montney Project, with construction of the Two Rivers East infrastructure to begin soon. The facility is expected to handle up to 16,000 boe/d and start up in April 2025. Coelacanth has secured financing and believes the project is on schedule and budget.

Coelacanth Energy has received all necessary regulatory approvals for the construction of infrastructure at its Two Rivers East Project. The company will build a new battery facility for gas compression/dehydration, oil treating, and water handling. Estimated costs for the project are $80 million, with $50 million allocated to the facility. Manufacturing has started, with construction expected to run from fall 2024 to April 2025. The project, anchored by the Lower Montney, has estimated initial production of 4,500 boe/d from five wells.

Additionally, Coelacanth finalized an agreement with NorthRiver Midstream for up to 60 mmcf/d of firm processing service over 10 years at NRM's McMahon gas processing facility. NRM will fund an extension of its gathering system to connect with Coelacanth's new facility. The company has secured long-term takeaway capacity of over 60 mmcf/d of gas into the Westcoast system.

Coelacanth Energy announces its Q1 2024 financial and operating results. Key figures include a 284% increase in oil and natural gas sales to $3.666 million, and a net loss reduction of 33% to $1.201 million compared to Q1 2023. Daily production rose by 242% to 993 boe/d. Operating netback per boe surged by 521% to $18.06. The company reported adjusted working capital of $67.1 million and no debt.

Coelacanth's Two Rivers Montney project showed promising results with successful pad tests and ongoing licensing for infrastructure construction slated for completion by Q1 2025. The company secured long-term transportation and processing capacities to support future growth.

Coelacanth Energy Inc. announces its 2023 year-end reserves, showing significant increases in Total Proved plus Probable reserves, Total Proved reserves, and Total Proved plus Probable Reserve value. The company's business plan for the Two Rivers Montney Project includes delineating and establishing production on multiple Montney zones, constructing facilities and pipelines, and accelerating production through pad drilling. Coelacanth is excited to aggressively develop the property and move the established recoverable resource to its producing reserve base.

Coelacanth Energy Inc. announces its Q4 2023 financial and operating results, highlighting successful drilling activities, completion of wells, and significant financing activities. The company reported positive test production results and closed a bought-deal public financing, ending 2023 with adjusted working capital of $67.6 million. The operational update for Two Rivers East and Two Rivers West showcases productive quarters with successful pad completions and production commencements. The common-control transaction with Leucrotta Exploration Inc. and Vermilion Energy Inc. closed in May 2022, transferring assets to Coelacanth. The financial and operational results demonstrate growth and progress in the company's strategic initiatives.

Coelacanth Energy Inc. (TSXV: CEI) announces a capital budget of up to $128 million for 2024 and Q1 2025, focusing on developing its Montney acreage position at Two Rivers. The company plans to invest in infrastructure, drilling, and completions, with a significant portion allocated to a new battery facility and gathering/sales lines at Two Rivers East. Coelacanth also provides updates on well production rates at Two Rivers East and West, showcasing positive test results and future growth potential. Financially, the company ended 2023 with positive working capital of $67 million and no debt, aiming to fund the budget through cash flow and short-term debt.

Coelacanth Energy Inc. announces the completion and testing of 4 wells at its Two Rivers East Project, revealing positive results and future growth potential. The Lower Montney wells achieved an average rate of 1,338 boe/d per well, with 54% light oil. The Basal Montney well flowed 395 boe/d, and the company has secured long-term gas takeaway and processing, with an estimated completion date of Q1 2025. Financially, the company estimates positive working capital of approximately $65 million with no debt at the end of 2023.

COELACANTH ENERGY INC. (TSXV: CEI) Announces Financial Results and Operations Update, Completes Wells and Secures Financing