Calgary, Alberta--(Newsfile Corp. - October 8, 2024) - This news release is being disseminated as required by National Instrument 62‐103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of the Early Warning Report regarding the disposition of securities of New Zealand Energy Corp. ?(the "Company") by a company controlled by Frank Jacobs (?"Jacobs").

On October 8, 2024 a company controlled by Jacobs disposed of an aggregate of 100,000 common shares of the Company (the "Common Shares") by way of a gift, representing 0.67% of the outstanding Common Shares?. Prior to the disposition of the Common Shares, Jacobs controlled 2,227,163 Common Shares, ?or approximately 14.86% of the total issued and outstanding Common Shares and 200,000 stock options. ?Jacobs now controls 2,127,163 Common Shares, or approximately 14.19% of the total issued ?and outstanding Common Shares and 200,000 stock options. Assuming the exercise of the stock options, Jacobs would own or ?control 2,327,163 Common Shares, or approximately 15.32% of the total issued and outstanding ?Common Shares?.?

The Common Shares were disposed by way of a gift to Jacobs' children. Presently, Jacobs has ?no intention of acquiring or disposing of any further securities of the Issuer. Jacobs may acquire ?ownership of or control over securities of the Issuer in the future depending upon market circumstances. ?Increase or decrease in ownership of securities of the Issuer will depend on numerous conditions, ?including the price of the Common Shares and general market conditions.?

A copy of the Early Warning Report to be filed by Jacobs, will be available on SEDAR+ under the Company's profile on www.sedarplus.ca .

For more information, or to obtain copies of the Early Warning Report, please contact: Frank Jacobs, Telephone: 64-800-924-427; Email: [email protected]

This early warning news release is issued under the early warning provisions of Canadian securities ?legislation, including National Instrument 62-104 - Take-Over Bids and Issuer Bids and National ?Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.?

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226077