Calgary, Alberta--(Newsfile Corp. - November 30, 2023) - New Stratus Energy Inc. (TSXV: NSE) ("New Stratus", "NSE" or the "Corporation") is pleased to announce that the consolidated financial and operating results for the three and nine months ended September 30, 2023 have been filed on SEDAR+ (www.sedarplus.ca).

Q3 2023 Highlights:

• Working Capital at the end of Q3 of $44,863,108 ($0.37 per share)

• Net Income (loss) for Q3 of ($4,261,385) ($0.03 per share) which is slightly higher than the previous quarter primarily due to legal costs associated with pending acquisitions and the continued dispute with the Government of Ecuador as well as severance costs associated with former employees in Ecuador

Corporate Updates:

• As disclosed on August 29, 2023, the Corporation has signed a memorandum of understanding ("MOU") with a vendor to acquire operatorship and a high working interest in a light oil production block in Mexico. The deal is now expected to close in mid-December 2023 with operatorship of a profit sharing contract for 14 years to begin on January 1, 2024.

• As disclosed on August 29, 2023, the Corporation has signed a MOU with GoldPillar International Fund SPC Ltd. ("GoldPillar"), a private entity organized and existing under the laws of the British Virgin Islands and which is in negotiations with Petroleos de Venezuela S.A. ("PDVSA"), the national oil company, to partner in mixed companies to develop oil and gas assets in Venezuela. The deal is now expected to close in mid-December 2023 with operatorship of a profit sharing contract for 26 years to begin immediately after closing.

• The Corporation recognizes that the closing of these two deals has taken significantly longer than expected and appreciate the patience of our loyal shareholders as we look to close them both imminently.

Contact Information:

Jose Francisco Arata
Chairman & Chief Executive Officer
[email protected]

Wade Felesky
President & Director
[email protected]

Mario Miranda
Chief Financial Officer
[email protected] - (416) 363-4900

Forward-Looking Information

Certain information set forth in this news release constitutes "forward-looking statements", and "forward-looking information" under applicable securities legislation (collectively, "forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may be identified by the use of conditional or future tenses or by the use of words such as "will", "expects", "intends", "may", "should", "estimates", "anticipates", "believes", "projects", "plans", and similar expressions, including variations thereof and negative forms. Forward-looking statements in this press release include, among others, the signing of a definitive agreement in respect of each of the MOU in Mexico and the MOU with GoldPillar, the closing of such acquisition opportunities including the timing thereof and the expected benefit to the Corporation, and are based on the Corporation's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them.