Oil Letter

CanCambria Energy Provides an Update on Its Shallow High-Impact Oil Play in Southern Hungary, Highlighting Nearby Producing Oil Fields, Increasing Industry Activity and Ten Identified Oil Field Targets

(TSXV: CCEC, OTCQB: CCEYF) CanCambria Energy Corp. announced a technical and commercial update for the Soltvadkert/Tazlar/Alpar Shallow Oil Fairway (STA Fairway), including plans to acquire its own 3D seismic survey over the STA Fairway, with acquisition currently targeted for late 2H, 2026 subject to customary regulatory approvals. The company holds a 100% working interest in the Kiskunhalas Concession Area, encompassing approximately 233,000 acres in southern Hungary, with a focused evaluation area of approximately 80,000 acres within the STA Fairway. Ten oil field prospects have been identified across the 80,000-acre fairway, where adjacent oil fields have collectively produced approximately 160 MMBOE, and area analogs indicate a target mean oil field size of approximately 15 MMBOE. Each oil prospect targets mean prospective net revenue of up to US$567 million (net of royalties and taxes), and the company's existing portfolio includes a strategic US$1.76 billion NPV10, risked, development pending, contingent tight-gas resource. The planned proprietary 3D seismic acquisition is targeted for 2H, 2026, with initial drilling anticipated in 1H 2027 following seismic acquisition, interpretation, and prospect maturation. The company projects fast-cycle development opportunities with anticipated drill-to-production timelines of approximately one month, well count from existing portfolio of prospects is up to 50 locations (vertical), and a low-cost, vertical oil well cost ranges from $2.75 to $3.75 million. Management targets a per-well internal rate of return (IRR) exceeding the corporate 40% (ATAX) benchmark, with a payout of <12 months at $70 oil (US$3.75 million well costs), and an estimated un-risked project break-even of approximately US$34 oil.

New Stratus Energy Announces Corporate Update & Private Placement

(TSXV:NSE) New Stratus Energy Inc. announced a private placement of common shares for gross proceeds of up to C$7 million. The Corporation intends to complete a non-brokered private placement at a price of $0.53 per Common Share for aggregate gross proceeds of up to $7 million (approximately US$5 million), with closing expected on or about July 28, 2026. NSE has entered into a binding memorandum of understanding for a joint venture agreement with a local operator in Colombia, approved by the Agencia Nacional de Hidrocarburos in Colombia, to jointly acquire and develop existing oil and gas production blocks, with the definitive agreement now expected to be signed after the official transition on August 7, 2026. NSE is working with numerous partners to acquire working interests in existing joint ventures with Petroleos de Venezuela S.A. and to sign new production sharing contracts to operate oil fields under administration by PDVSA, and currently has 5 active opportunities in the final MOU stage. The proceeds from the Offering will be used to advance due diligence on MOUs for opportunities in Venezuela. Mr. Wade Felesky will remain President and will additionally assume the role of Chairman of the Board of Directors, while José Francisco Arata will remain Chief Executive Officer and Director. Certain directors and officers of the Corporation have advised that they expect to subscribe for Common Shares in the Offering.

Sunda Energy: Exploration Permit Application in New Zealand

(AIM: SNDA) Sunda Energy Plc has submitted an application for a new Petroleum Exploration Permit ("PEP") within the offshore area of the Taranaki Basin on the west coast of New Zealand's North Island. The PEP covers approximately 645 km2 and contains the Awakino gas condensate field, which was originally drilled in 1985. The firm commitment programme under the application consists of technical studies of the existing well and field data and, within 36 months, reprocessing of 450 km2 of 3D seismic data. The PEP application has been accepted by New Zealand Petroleum and Minerals ("NZPAM") for entry into its open market competitive process, which includes a 3-month Period of Competition for competing offers. Following this period, NZPAM will assess the application and any competing offers before making a final decision on the permit award. Sunda Energy Plc previously announced the conditional acquisition of Matahio Energy NZ Limited ("Matahio NZ"). The company projects further announcements on its New Zealand initiatives in due course.

New Zealand Energy Corp. Announces Revocation of Cease Trade Orders

(TSXV: NZ) New Zealand Energy Corp. announced that the British Columbia Securities Commission has revoked, effective July 13, 2026, the management cease trade order issued against the Company on May 1, 2026, and the failure to file cease trade order issued against the Company on June 30, 2026. With the revocation of the Cease Trade Orders, trading in the Company's common shares is expected to resume, subject to the policies of the TSX Venture Exchange. The Company holds interests in multiple heritage assets and development-stage projects, including the Tariki Gas Storage Project in Taranaki. New Zealand Energy Corp. has a 50% ownership stake in the Waihapa production station. The company projects that trading in the Company's common shares is expected to resume, subject to the policies of the TSX Venture Exchange.

Syntholene Energy Corp. Announces $1.5 Million Non-Brokered Private Placement

(TSXV: ESAF) (OTCQB: SYNTF) Syntholene Energy Corp. announced its intention to conduct a non-brokered private placement of units at a price of $0.45 per Unit for gross proceeds of up to $1.5 million. Each Unit will consist of one common share and one-half of one Common Share purchase warrant, with each full warrant exercisable at $0.63 for two years from issuance. The proceeds are intended for future testing and production at the Company's demonstration facility in Húsavík, Iceland, and for general working capital. The Offering is expected to close on or about July 21, 2026, subject to regulatory approvals including TSX Venture Exchange approval. Syntholene is producing low-cost clean hydrogen at its geothermally-integrated high temperature electrolysis demonstration facility, which is now producing 99.9%+ purity Hydrogen. The company seeks to manufacture ultrapure synthetic jet fuel at 70% lower cost than the nearest competing technology. Units and underlying shares will be subject to a statutory hold period of four months and one day from issuance.

Cardinal Energy Ltd. Announces Monthly Dividend for July

(TSX: CJ) Cardinal Energy Ltd. announced that its July dividend of $0.06 per common share will be paid on August 17, 2026 to shareholders of record on July 31, 2026. The Board of Directors of Cardinal has declared the dividend payable in cash. This dividend has been designated as an "eligible dividend" for Canadian income tax purposes. Cardinal is a Canadian oil and natural gas production company with operations focused on low decline sustainable oil production in Western Canada. The Company's portfolio includes conventional and SAGD projects, offering a complimentary low decline, long life resource base. The company states its operations are ideally suited to sustain its commitment to meaningful dividend returns to shareholders. For further information, Cody Kwong is listed as Business Development Manager.

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