New Stratus Energy provides corporate update

New Stratus Energy release

Calgary, Alberta, February 27, 2023 – New Stratus Energy Inc. (TSX.V - NSE) (“New Stratus” or the “Corporation”) is pleased to provide the following updates:

Corporate Updates

 The Corporation has successfully completed all 2022 year end accrued sales of crude and expects to maintain the cash and receivables per share of CAD$0.30 as at March 31, 2023, as previously announced.

 The Corporation is changing its year end from March 31 to December 31 effective immediately; accordingly, a stub 9 month year end for the period ended December 31, 2022 will be presented, compared to a twelve months period for the year ended March 31, 2022.

 The Corporation continues to pursue its legal demand against the Government of Ecuador under International Arbitration. The Corporation re-commits to pursue its legal and contractual rights with minimal cash dilution to shareholders.

 The Corporation, and its operating subsidiary Petrolia S.A. continue to advance near term projects in Mexico, Peru and Venezuela. The deep technical expertise of the team at NSE has allowed for the evaluation of numerous opportunities similar in both size and scale to Blocks 16 & 67. Several of these projects are expected to result in Letters of Intent prior to the end of March 2023.

 Mr. Humberto Calderon Berti has notified the Corporation of his intention to step down from the Board of Directors. The Corporation thanks Mr. Humberto Calderon Berti for his valuable contributions and wishes him every success in his future endeavors.

All members of the NSE management and Board of Directors thank shareholders for their enduring support during this period of recalibration and look forward to sharing our new and value enhancing Latin American projects in the very near future.