Greenflame Resources Inc. Provides Update on Planned Redevelopment of Parrylands Block E, Trinidad and Tobago

Key Terms

enhanced oil recovery technical

Enhanced oil recovery is a set of techniques used to extract additional oil from a reservoir after the easy-to-reach portion has been produced, for example by injecting water, gas or chemicals to push or loosen remaining oil—like rinsing a sponge to get the last drops. It matters to investors because it can significantly increase a field’s output and cash flow, extend the life of assets, and change cost, environmental and regulatory risk profiles for an oil project.

cold heavy oil production with sand technical

Cold heavy oil production with sand (CHOPS) is a method for extracting thick, heavy crude by intentionally allowing sand to flow into wells so the oil can move more easily—think of creating small tunnels in a sponge so liquid can be squeezed out. It matters to investors because CHOPS can boost short‑term production and revenue but often increases maintenance costs, accelerates reservoir depletion, and creates environmental and operational risks that affect long‑term value.

thermally-assisted polymer flooding technical

Thermally-assisted polymer flooding is an enhanced oil recovery method that mixes heat (often steam) with water thickened by polymers and injects the blend into a reservoir to push more oil toward production wells. Think of warming and stirring thick syrup through a sponge to loosen and sweep out trapped liquid; it matters to investors because it can materially raise how much oil a field yields, change production rates, and alter operating and capital costs that affect project economics.

enhanced slotting technical

Enhanced slotting is a retailer practice where a supplier pays extra or provides special terms to secure premium shelf placement, larger display space, or better timing in a store’s layout and promotions—think of paying for a front-row spot in a store instead of the back shelves. For investors, it matters because these payments affect a supplier’s costs and a product’s sales visibility, so they influence revenue forecasts, profit margins, and the competitive landscape.

progressive cavity pumps technical

A progressive cavity pump is a mechanical device that moves liquid by turning a corkscrew-shaped rotor inside a flexible, tube-like housing so pockets of fluid are carried steadily from inlet to outlet. Because it can handle thick, gritty or delicate fluids without pulsing, it is widely used in industries like oil, mining and wastewater. Investors watch sales and service demand for these pumps as durable capital equipment, spare parts and maintenance drive steady revenue and signal industrial activity levels.

polyacrylamide medical

Polyacrylamide is a long-chain synthetic polymer that acts like a water-absorbent net or gelatin: it thickens fluids, binds fine particles, and forms gels used in labs. Investors care because it is a basic industrial ingredient in water treatment, oil recovery, paper and cosmetics, and laboratory diagnostics, so demand, price swings, regulatory limits on residual toxic monomers, or supply disruptions can affect revenues and compliance costs for manufacturers and users.

ni 51-101 regulatory

NI 51-101 is a Canadian securities rule that sets uniform standards for how public companies report oil and gas reserves, production and the methods used to estimate them, and requires independent, qualified evaluators for key figures. It matters to investors because it makes companies’ resource numbers comparable and more trustworthy—like standardized nutrition labels—so you can better judge value and risk without being misled by inconsistent or optimistic estimates.

capital pool company financial

A capital pool company is a publicly listed shell set up to raise initial funding and then merge with a private business so that the private firm can become public without a traditional IPO. For investors, it’s like backing a blank-check vehicle: you’re buying into an early-stage, high‑uncertainty opportunity that can deliver big gains if the merger creates value but also carries greater risk, limited operating history and potential for dilution, so careful scrutiny is essential.

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Update on field redevelopment activities at the 744-acre onshore Parrylands Block E asset under the Production Sharing Agreement with New Horizon Trinidad and Tobago Ltd.

PORT OF SPAIN, Trinidad and Tobago--(BUSINESS WIRE)-- Elevated crude oil prices have contributed to rising interest in enhanced oil recovery (“EOR”) technologies. Greenflame Resources Inc. (“Greenflame” or the “Company”) is redeveloping Parrylands Block E, applying engineered solutions to increase crude oil and gas production from existing fields.

The Company’s EOR redevelopment strategy is to enter wells that conventional primary producers have left behind or previously written off as low in economic value or economically extinct, and rework them. The Company proposes accelerating oil recovery in key existing field assets where the majority of the oil remains in place by leveraging EOR at the primary production stage.

Greenflame will utilize and leverage existing infrastructure while applying purpose-designed science, chemistry, and technology to deliver significant improvements in production and ultimate recovery. The Company expects that its proprietary two-phase solution combining Cold Heavy Oil Production with Sand (CHOPS) and EOR, which utilizes thermally-assisted polymer flooding, as well as a novel mechanical re-entry process known as “enhanced slotting”—a technique that replaces conventional 4mm perforations with large-diameter cuts to maximize reservoir inflow area—has the potential to reinvigorate a field that conventional operators have considered to have limited economic value.

The Company’s CHOPS completion approach has been tested across multiple wells at Block E, with the CHOPS system out-performing alternative completion strategies in early field trials. Block E is a 744-acre onshore heavy oil asset in southwestern Trinidad and Tobago, within the country's onshore heavy oil belt. According to industry studies, Trinidad's onshore heavy oil reservoirs are estimated to contain on the order of 1.5 billion barrels of oil initially in place, of which approximately 20% has been recovered to date.¹ The Southern Basin in which Block E is situated has produced over 3.5 billion barrels of oil from more than 13,000 wells drilled to date.² These figures are regional and basin-level estimates only, derived from third-party industry sources, and are not attributable to Block E or to the Company. They are not equivalent to, and should not be confused with, reserves or resources attributable to the Company or its properties. No Block E-specific petroleum initially-in-place estimate has been determined by a qualified reserves evaluator as of the date of this release. The sources cited above are published third-party industry references that are independent of the Company. The Company is unable to confirm that the analogous information was prepared by a qualified reserves evaluator or auditor or in accordance with the COGE Handbook. The relevance of the foregoing regional data to the Company’s activities is that Block E is situated within the Southern Basin and produces from the Cruse and Forest formations that are among the reservoirs described in the cited studies; however, readers should not rely on the regional data as indicative of volumes attributable to Block E.

Based on early operational results, Greenflame anticipates that its re-entry program will deliver higher per-well production rates, with its EOR process serving as a primary driver of value recovery from the remaining undrained oil at Block E. Greenflame’s thermally-assisted polymer method is designed to address this opportunity at scale. Beyond the immediate redevelopment of Block E, the broader southwestern peninsula of Trinidad—especially its South Basin—is recognized in industry literature as a region with significant heavy oil resources, and the Company may evaluate additional opportunities in the region in the future, subject to obtaining the necessary rights and regulatory approvals.

Parrylands Block E is currently in the early stages of a workover and re-entry program on existing wellbores. The Company is applying Cold Heavy Oil Production with Sand (“CHOPS”) completion techniques and intends, subject to regulatory approvals and capital availability, to subsequently introduce cyclical steam stimulation and a thermally-assisted polymer process. The Company’s polymer process is designed with the objective of addressing the production decline characteristics typically associated with conventional steam injection. The Company’s longer-term production outlook is subject to a number of risks and uncertainties, including the results of the workover program, the timing and outcome of regulatory approvals and the successful implementation of the planned enhanced oil recovery program. There is no assurance that any of the foregoing will be achieved on the timelines anticipated or at all. See “Forward-Looking Statements” below.

“At Greenflame, we are focused on unlocking value from existing infrastructure rather than pursuing greenfield discoveries. By applying EOR techniques to mature assets like the Parrylands Field, we are working to improve production from reservoirs that primary producers have left behind. Our objective is to apply technical expertise in a disciplined way to demonstrate that mature heavy oil assets can deliver competitive returns." ​— Dr. David Kahn, Chief Executive Officer of Greenflame Resources Inc.

Greenflame’s Technological Process

The Company's technical model is built on three integrated pillars designed to address the specific conditions of the Parrylands formation.

The Company's EOR process for Parrylands Block E is designed to be a repeatable, well-by-well deployable platform:

1. Wellbore Completions Using Enhanced Slotting and Artificial Lift

At the centre of the Company's approach is a novel "enhanced slotting" process. Rather than relying on conventional perforation to re-enter existing wellbores, specialized downhole tooling creates large-diameter cuts along the well casing, significantly widening the inflow area and overcoming the production limits imposed by primary recovery.

The artificial lift system utilizes Progressive Cavity Pumps ("PCPs"). These are uniquely suited to the high-solids environment of the Parrylands reservoir. The PCP operates via a helical rotor turning within a synthetic elastomer stator, creating a sequence of sealed cavities that continuously move fluid upward. Unlike traditional pumps that lose efficiency when handling particulates, the PCP's positive displacement design allows it to handle reservoir sands containing in excess of 40% fines without mechanical degradation. High-power, high-torque pumps and drive motors are specified for robust performance, ensuring the PCP maintains the consistent torque required to reliably lift 10–15° API crude to the surface at scale.

2. Thermally-Assisted Polymer Flooding

Alongside enhanced slotting, Greenflame plans to apply a thermally-assisted polymer injection process. The process is designed so that high-pressure steam, in combination with polymer, may assist in mobilizing heavy oil within the reservoir. The Company refers readers to its forthcoming technical disclosure for further information regarding the planned EOR process, recovery objectives and the contingencies that may affect outcomes.

3. Digital Oil Field Management Using AI Data Acquisition and Automated Flow Control

The Company's AI platform builds on and goes beyond conventional Programmable Logic Controller ("PLC") pump-speed regulation. The platform applies artificial intelligence to continuously analyze wellsite data and optimize PCP RPM in real time. It’s capable of anticipating operational variances, such as sand slugs or torque spikes, well before they impact production, and of maximizing recovery efficiency across the well network through machine-learning-driven flow-control optimization.

This 3-pronged technical approach underpins a two-phase production strategy and rollout.

Phase 1: CHOPS

The Company deliberately allows reservoir sand to co-produce with oil. The PCP is the critical engine of this phase. Its internal geometry transports sand-laden fluid without clogging, and the co-production of sand creates wormholes and flow channels that progressively increase drainage rates and improve near-wellbore connectivity.

Phase 2: Thermally-Assisted Polymer Flooding

Polyacrylamide is introduced into the injection water to increase viscosity. This approach is designed to improve sweep efficiency, ensuring the injected fluid contacts a greater proportion of the reservoir and displaces mobilized oil toward the enhanced slotting zones. This reduces bypass and maximizes ultimate recovery.

Taken together, the Company’s technology platform and two-phase solution are designed to be applied incrementally across the field as wells are re-entered. Volumes of petroleum initially-in-place referenced in this release are estimates only and are not equivalent to reserves or to economically recoverable volumes.

To determine the optimal production method for the field, the Company has systematically investigated and tested multiple completion strategies, equipping wells with liners, gravel packs, and CHOPS systems to benchmark performance under field conditions. The CHOPS system has out-performed the others by a wide margin. As of the date of this release, 13 wells have been re-entered and four of the 10 currently equipped wells are in production. The oil and gas technical disclosure in this release relating to Block E has been reviewed and approved by Chapman Hydrogen and Petroleum Engineering Ltd., C.W. Chapman, President, P.Eng, a qualified reserves evaluator within the meaning of NI 51-101, who has confirmed that such information is presented in accordance with the requirements of NI 51-101.

Following this initial scale-up, the Company intends to continue re-entering and equipping additional wells across Block E in accordance with its operational plans, capital budget and applicable regulatory approvals. Any future production rates, completion timelines and recovery objectives are forward-looking and subject to the risks and uncertainties described under “Forward-Looking Statements” below.

The Parrylands Block E Asset

Parrylands Block E is a 744-acre onshore heavy oil property situated in the Republic of Trinidad and Tobago, on which the Company holds a 75% interest in production under a Production Sharing Agreement, as further described below. The property is largely developed, with 110 previously drilled wells and operational facilities largely in place. The Company has invested in excess of US$20 million in infrastructure on the property, including power and water system upgrades.

The Company has commissioned an independent reserves evaluation report on Parrylands Block E, prepared by Chapman Hydrogen and Petroleum Engineering Ltd., an independent qualified reserves evaluator, in accordance with the standards set out in the Canadian Oil and Gas Evaluation Handbook and consistent with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”), with an effective date of December 31, 2025. The Company intends to disclose the results of the reserves evaluation in a subsequent news release following public filing of the technical report on SEDAR+ in connection with the Proposed Transaction. Until that filing occurs, the Company is not disclosing reserves volumes or future net revenue estimates in this release.

Over 110 previously drilled and equipped wells at Parrylands give Greenflame an existing wellbore inventory across the property. Cumulative production to date from the property is estimated to be approximately 400,000 barrels of oil, based on the Company’s internal records and production data. Parrylands Block E's location, adjacent to the Port of Spain pipeline network and less than 24 kilometres from the existing Guaracara Refinery at Pointe-à-Pierre, provides direct, immediate access to the market.

Opportune Regional Energy Dynamics Support Demand

Greenflame’s redevelopment of Parrylands Block E sits at the intersection of several positively converging regional energy realities that are supporting demand for locally produced heavy crude.

The Guaracara Refinery at Pointe-a-Pierre has a nameplate capacity of 150,000 bpd, and is undergoing rehabilitation feasibility studies, with assessments currently valued at approximately USD 50 million. A restart of this refinery would mean immediate and sustained demand for local heavy crude, with throughput expansion studies poised to further accelerate this demand and support long-term, stable pricing.

A recent restructuring of Atlantic LNG, which consolidated ownership and drew renewed engagement from supermajors, has resulted in a structurally and operationally agile LNG export platform. Major operators are moving to re-establish operations within Trinidad’s energy sector. This speaks to Greenflame’s location advantage and its strategic position in a region vital to the Caribbean’s success as a processing hub.

Trinidad’s LNG trains, ammonia and methanol export facilities and established pipeline networks are critical assets that surrounding producing regions, including Guyana, Suriname, and Venezuela, may struggle to replicate at comparable cost. Trinidad is increasingly positioning itself as a key processing and logistics platform for upstream sectors, which is expected to drive sustained demand for local feedstock.

Beyond Block E, the South Basin of Trinidad is recognized in publicly available industry literature as a heavy oil-bearing basin with established Miocene reservoirs, including the Cruse and Forest formations from which Block E produces. While the Company may, over time, consider opportunities to apply its operating expertise elsewhere in the region, it does not have rights to acreage outside Block E as of the date of this release and is not making any representation about volumes that may exist on lands in which it does not have an interest.

As geopolitical tensions in the Middle East place upward pressure on global crude benchmarks, with Brent trading at elevated levels, Trinidad-produced crude carries no “Hormuz War Premium.” This offers buyers a stable feedstock from a Western-aligned jurisdiction, a former British territory operating under a Commonwealth legal system, with protections under the Foreign Investment Act of 1990, U.S. dollar-denominated oil sales, and the free flow of capital through the banking system. This geopolitical positioning is expected to support premium netback pricing for Parrylands production.

On December 22, 2025, Greenflame entered into a business combination agreement with Woodbridge Ventures II Inc. (“Woodbridge”), a capital pool company listed on the TSX Venture Exchange (“TSX-V”), pursuant to which it is proposed that Woodbridge will acquire 100% of the issued and outstanding shares of Greenflame through the amalgamation of Greenflame with a wholly-owned subsidiary of Woodbridge (the “Proposed Transaction”). It is anticipated that the Proposed Transaction will constitute the “Qualifying Transaction” of Woodbridge in accordance with Policy 2.4 – Capital Pool Companies of the TSXV. In this press release, Woodbridge, as it will exist after the completion of the Proposed Transaction, is referred to as the "Resulting Issuer”. The parties have made an application to the TSX Venture Exchange for the listing of the common shares of the Resulting Issuer upon completion of the Proposed Transaction. Listing on the TSX Venture Exchange will be conditional upon meeting all of the conditions of the TSX Venture Exchange.

The Company’s near-term operational target is to achieve production of 1,000+ barrels per day at a continued weekly well-completion cadence across 100-plus remaining wellbore locations. This production target is a forward-looking statement based on the Company’s operational plans and is not supported by reserves or resources disclosed herein. There is no assurance that this target will be achieved. See “Forward-Looking Statements” below.

Proposed Management and Directors

Greenflame’s leadership team combines decades of hands-on EOR and completions expertise with deep capital markets knowledge.

Dr. David Kahn – Chief Executive Officer Director, Istanbul, Türkiye

Dr. David Kahn, Chief Executive Officer, is a third-generation oilman and global EOR pioneer. Dr. Kahn holds a Ph.D. in Chemistry from École Nationale Supérieure du Pétrole et des Moteurs (ENSPM), France and has worked across every major hydrocarbon basin for multiple majors. He served as Director of Heavy Oil Technology at Halliburton, BHI, Texaco, and BP Alaska, and as Chief Operating Officer of Ivanhoe Energy subsidiary, Ensyn Petroleum (NASDAQ: IVAN). He is a Founder and former CTO of Valkor Energy and advised several Lundin Group subsidiaries.

Frank Ingriselli – Director, San Francisco, California

Mr. Frank Ingriselli is a veteran oil and gas executive with more than four decades of international experience spanning upstream operations, corporate development, and public-company leadership. He is currently recognized for his role at Indonesia Energy Corporation Limited, a publicly traded exploration and production company focused on onshore assets in Indonesia, where he has contributed to strategic growth, capital markets execution, and operational oversight.

Mr. Ingriselli began his career with Texaco, where he gained foundational management, commercial and operational experience across exploration, production, and international petroleum operations. He later was the founder and CEO of NYSE-listed Pacific Asia Petroleum and Pacific Energy Development, where he was actively involved in asset acquisition, field development, production optimization, and regional expansion across Asia-Pacific and other international and U.S. markets.

In addition to his executive roles, Mr. Ingriselli has served on multiple boards, where he is valued for his disciplined approach to governance, risk management, and shareholder alignment. His expertise bridges technical oil and gas operations with capital markets execution, making him a trusted figure among investors, lenders, and industry partners focused on emerging-market energy opportunities.

James Shipka – Director, Calgary, Alberta

Mr. James Shipka is a senior oil and gas executive with extensive experience in upstream asset development, operations management, and health, safety and environmental (HSE) oversight. He most recently served as Executive Vice President, Asset Development and HSE of Touchstone Exploration Inc., a publicly listed exploration and production company focused on onshore oil and natural gas assets in the Republic of Trinidad and Tobago.

During his tenure at Touchstone, Mr. Shipka also held the roles of Chief Operating Officer and Vice President, Geosciences and Business Development, where he was responsible for field development planning, production optimization, capital program execution, reserves development, and regulatory and HSE compliance. He played a key role in advancing both exploration and development assets and in strengthening operational and governance systems within the organization.

Prior to Touchstone, Mr. Shipka served as Asset Team Manager at Daylight Energy Ltd., where he focused on the redevelopment of mature oil and gas properties through drilling, completion, and reservoir optimization initiatives.

Raphael Danon – CFO, COO, Toronto, Ontario

Mr. Raphael Danon is a seasoned business executive and Chartered Professional Accountant with more than 20 years of senior financial, operational, and strategic leadership experience across public and private companies in Canada and internationally. Mr. Danon currently serves as Chief Financial Officer and Chief Operating Officer of Greenflame.

Throughout his career, Mr. Danon has demonstrated a strong ability to build and scale organizations from inception. He has been directly involved in raising significant equity capital, structuring and negotiating complex commercial and project agreements, developing internal controls and governance frameworks, and overseeing regulatory reporting obligations, including audited financial statements, Management's Discussion and Analysis, and disclosure documents required for public companies.

Mr. Danon was a co-founder of Clearblue Ltd. (operating as Clearblue Markets), a company active in the carbon and emissions markets. Previously, Mr. Danon served as Chief Financial Officer of NWT Uranium Corp., a junior exploration mining company. Earlier in his career, Mr. Danon was Chief Financial Officer of Asian Coast Development (Canada) Ltd., an international resort development company and developer of the Ho Tram Strip project in Vietnam.

Mr. Danon holds a Chartered Professional Accountant (CPA, CA) designation and a Bachelor of Administrative Studies (Honours) from York University.

Jeff Reymer – Director, Toronto, Ontario

Mr. Jeff Reymer is a Managing Director in the Investment Banking group at Research Capital Corporation, a leading Canadian independent full-service investment dealer. With extensive experience in capital markets advisory, corporate finance, and strategic transaction execution, he specializes in advising small- and mid-capitalization public companies across diverse sectors.

In his role, Mr. Reymer advises public and private issuers on a wide range of transactions, including equity financings, initial public offerings, reverse takeovers, private placements, mergers and acquisitions, and other capital-raising and strategic initiatives. Mr. Reymer has led numerous high-impact deals, providing expertise in valuation, investor positioning, and coordination with stakeholders throughout the public company lifecycle.

Prior to joining Research Capital Corporation, Mr. Reymer served as Managing Director and Head of Energy Investment Banking at a prior Canadian boutique investment bank, where he led the energy-focused practice and held other senior energy investment banking roles, building deep expertise in oil and gas. He has cultivated strong relationships with institutional and retail investors, possesses in-depth knowledge of Canadian securities regulations and exchange requirements, and frequently advises issuers on Canadian stock exchange listings.

Mr. Reymer holds an MBA from the University of Toronto's Rotman School of Management and an engineering degree from Queen's University. His broad transactional expertise, energy sector leadership, and investor network make him a trusted advisor in the Canadian capital markets.

R. Marc Bustin – Director, Delta, British Columbia

Dr. R. Marc Bustin is a Professor of Geology at the University of British Columbia and President of RMB Earth Science Consultants. Dr. Bustin has over 40 years' experience as a researcher, consultant and officer in companies engaged in the fields of carbon capture and storage, mineral and fossil fuel exploitation, and renewable and alternative energy resource development. Dr. Bustin has served as a director, officer and technical advisor for a variety of large and small companies in Europe, Africa, North America, South America, Australia, New Zealand and Asia.

Dr. Bustin received his Ph.D in geology from the University of British Columbia and MSc and BSc (Dist.) from the University of Calgary. Dr. Bustin is an elected Fellow of the Royal Society of Canada and a registered professional geologist in the province of British Columbia.

“Our team at Greenflame brings together a broad range of technical and capital markets experience. We are focused on advancing the planned redevelopment work at Parrylands Block E in a disciplined and methodical way.”
— Dr. David Kahn, Chief Executive Officer of Greenflame Resources Inc.

ABOUT GREENFLAME RESOURCES INC.

Greenflame Resources Inc. is a Trinidad and Tobago-based oil and gas development company focused on the redevelopment of legacy onshore assets using proprietary Enhanced Slotting and an AI-driven Enhanced Oil Recovery technology platform. The Company’s flagship asset, Parrylands Block E, is a 744-acre onshore heavy oil property in southwestern Trinidad supported by 110 previously drilled wells and fully established production and export infrastructure.

Through thermally-assisted polymer flooding and the Company’s proprietary Enhanced Slotting well re-entry process, Greenflame plans to apply enhanced oil recovery techniques designed to improve recovery from the heavy oil reservoir at Block E. Greenflame Resources is pursuing a public listing on the TSX Venture Exchange through the Proposed Transaction. Additional information concerning the Proposed Transaction, Woodbridge, Greenflame Resources and the Resulting Issuer will be provided in the disclosure document to be filed by Woodbridge in connection with the Proposed Transaction which will be available under Woodbridge’s SEDAR+ profile at www.sedarplus.ca.

[Safe Harbour and Cautionary Notes / Forward-looking statements]

Forward-Looking Statements

This news release contains certain “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information typically can be identified by the use of words such as “will”, “intends”, “plans”, “anticipates”, “expects”, “targets”, “objective” and similar expressions, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements in this release include, without limitation, statements regarding: the planned redevelopment of Parrylands Block E and the anticipated application of CHOPS, steam stimulation and thermally-assisted polymer enhanced oil recovery techniques; the pace and outcome of the well re-entry and workover program; the completion of the Proposed Transaction and the listing of the Resulting Issuer on the TSX Venture Exchange; the filing of the Company’s independent reserves evaluation report; the Company’s near-term production target of 1,000+ barrels per day; and the broader regional energy environment.

Forward-looking statements are based on a number of material factors and assumptions, including, among others: that the Proposed Transaction will be completed substantially on the terms anticipated; that the Company will obtain all required regulatory, stock exchange and other approvals; that the operating, financial and technical results of the workover and EOR programs will be substantially as anticipated; that crude oil prices, exchange rates, operating costs and capital costs will remain at levels consistent with the Company’s current expectations; that the Company will have access to sufficient capital to fund its planned operations; and that the Company will be able to retain qualified personnel and operate in Trinidad and Tobago in accordance with the Production Sharing Agreement.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. Such factors include, without limitation: risks relating to the completion of the Proposed Transaction and the listing of the resulting issuer; risks relating to exploration, development and production activities, including operational and technical risks associated with steam stimulation and polymer-based EOR techniques; the risk that anticipated well productivity, recovery factors or production rates are not achieved; volatility in crude oil prices; the availability of capital; regulatory, environmental, political and tax risks; risks relating to title to and interests in the Company’s assets, including the Production Sharing Agreement; and general economic, market and business conditions. The reader is cautioned that the foregoing list is not exhaustive. Additional risk factors will be disclosed in the disclosure documents to be filed in connection with the Proposed Transaction.

Forward-looking statements are made as of the date of this news release and the Company disclaims any obligation to update or revise any forward-looking statements, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements.

Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance and if applicable pursuant to TSX Venture Exchange requirements, majority of the minority shareholder approval. Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Oil and Gas Information; Reserves and Resources

This news release does not contain disclosure of reserves or future net revenue. The Company has commissioned an independent reserves evaluation report on Parrylands Block E with an effective date of December 31, 2025, prepared by Chapman Hydrogen and Petroleum Engineering Ltd., an independent qualified reserves evaluator, in accordance with the standards set out in the Canadian Oil and Gas Evaluation Handbook and consistent with NI 51-101. The results of that report will be disclosed in a subsequent news release following public filing of the technical report.

References in this news release to volumes of “oil in place” or “original oil in place” (“OOIP”), where they appear, are references to estimates of petroleum initially-in-place. Petroleum initially-in-place is, by definition, that quantity of petroleum estimated to exist originally in naturally occurring accumulations. It is not equivalent to, and should not be confused with, reserves or contingent or prospective resources. There is no certainty that any portion of the petroleum initially-in-place will be discovered or, if discovered, that it will be economically producible. Estimates of petroleum initially-in-place have not been classified in accordance with the resource categories of the Canadian Oil and Gas Evaluation Handbook in this release; readers should not rely on such figures as an indication of recoverable volumes.

BOEs

References in this news release to “BOE” or “BOE/D” mean barrels of oil equivalent or barrels of oil equivalent per day, respectively. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf : 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

No Offer or Solicitation

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. The Proposed Transaction remains subject to a number of conditions, including the approval of the TSX Venture Exchange and applicable securities regulators. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.

¹ Rajnauth, J. & Vasquez, A., "Trinidad EOR—1: More than 1 billion bbl of heavy oil remain onshore," Oil & Gas Journal (2013).
² Caribbean Insight, "Exploration Potential in Trinidad's Southern Basin" (June 17, 2021).

View source version on businesswire.com: https://www.businesswire.com/news/home/20260527768218/en/

Raphael Danon
rdanon@greenflameresources.com

Source: Greenflame Resources Inc.