Calgary, Alberta--(Newsfile Corp. - November 20, 2025) - COELACANTH ENERGY INC. (TSXV: CEI) ("Coelacanth" or the "Company") is pleased to announce its financial and operating results for the three and nine months ended September 30, 2025. All dollar figures are Canadian dollars unless otherwise noted.HIGHLIGHTSIncreased oil and natural gas production 296% to 3,280 boe/d in Q3 2025 from 829 boe/d in Q3 2024.Increased oil and natural gas sales 381% to $11.4 million in Q3 2025 from $2.4 million in Q3 2024.Sub ...

Acquisition and Ownership - Camber acquired approximately 60.5% of Simson-Maxwell for $7,958,159 in cash, focusing on custom energy solutions for commercial and industrial clients [172]. - Following a restructuring, Camber's ownership in Simson-Maxwell decreased to 49%, resulting in the company no longer consolidating Simson-Maxwell's financial results [175]. - Viking acquired a 51% interest in Viking Ozone, which owns a patented medical waste treatment system using ozone technology, designed as a sustainable alternative to incineration [183]. - The Unanimous Shareholders Agreement allows T&T to nominate two board members and Viking to nominate one, with options for T&T to purchase Viking's 49% interest for CAD $5.75 million [176]. - The Company has aggregate intangible assets of $15,433,536 related to its acquisition of a 51% interest in Viking Ozone, Viking Sentinel, Viking Protection, and Viking Distribution [218]. Financial Performance - The company generated a net loss of $(4,166,782) for the nine months ended September 30, 2025, compared to a net loss of $(64,891,096) for the same period in 2024, representing a significant improvement [196]. - As of September 30, 2025, the company had a working capital deficit of $(13,754,541), with current liabilities totaling $15,764,788 and current assets of $2,010,247 [200]. - The company had gross revenues of $6,229,335 for the nine months ended September 30, 2025, down from $23,214,755 for the same period in 2024, primarily due to a change in accounting for Simson-Maxwell [210]. - Operating expenses decreased to $9,972,162 for the nine months ended September 30, 2025, from $29,552,093 in the prior year, reflecting a reduction in general and administrative expenses [211]. - The company had no revenues for the three months ended September 30, 2025, compared to $7,016,725 for the same period in 2024, due to the change in accounting for Simson-Maxwell [203]. - The company reported a net cash used in operating activities of $(1,999,727) for the nine months ended September 30, 2025, compared to $(1,454,022) in the same period in 2024 [200]. - Net cash flows from financing activities increased to $2,154,529 during the nine months ended September 30, 2025, compared to $860,831 in the prior year, mainly due to long-term debt issuance [202]. - The company had a stockholders' deficit of $(42,208,886) as of September 30, 2025, with long-term debt of $44,088,176 [197]. Energy Solutions and Technology - The ESG Clean Energy System aims to capture approximately 100% of the carbon dioxide emitted from internal combustion engines while maintaining efficiency [180]. - The company holds a license for a patented clean energy and carbon-capture system with exclusivity in Canada and multiple locations in the U.S. [171]. - The company intends to sell, lease, and/or sub-license the ESG Clean Energy System to third parties [181]. - Viking's patent portfolio includes multiple patents related to bottoming cycle power systems and carbon capture technologies, with several patents issued and pending [178]. - The company is exploring other energy-related opportunities that are currently generating revenue or have a reasonable prospect of doing so [171]. Corporate Structure and Governance - The merger with Viking was completed on August 1, 2023, with Viking becoming a wholly-owned subsidiary of Camber [187]. - The company issued approximately 49,290,152 shares of Camber Common Stock in connection with the merger, representing about 59.99% of the outstanding shares post-issuance [194]. - The Company consolidates financial results of subsidiaries where it holds a controlling financial interest, including Variable Interest Entities (VIEs) where it is the primary beneficiary [216][217]. - Intangible assets have an indefinite life and are not being amortized, with annual reviews for possible impairment [219].

Core Viewpoint - Coelacanth Energy Inc. has announced an increase in its bank credit facility from $52 million to $80 million, which is expected to enhance liquidity for upcoming operations, including a fall drilling program [1][5]. Bank Credit Facility - The company has signed an agreement to increase its bank credit facility to $80 million, with closing anticipated in mid-November [1]. - As of September 30, 2025, Coelacanth estimates its net bank debt to be $43 million relative to the credit facility [1]. Operations Update - Coelacanth is currently drilling three additional wells in the Lower Montney on its 5-19 Pad at Two Rivers East, with completions expected in late November and an on-stream date projected for early February 2026 [2]. - The last three wells on the pad tested a combined production rate of 4,872 barrels of oil equivalent per day (boe/d), with 60% being light oil [2]. Current Production - The company is producing from four of its nine wells on the 5-19 pad, along with legacy production at Two Rivers West, with current production estimated at approximately 4,400 boe/d (40% light oil) [3]. - The remaining five wells are scheduled to come online sequentially from mid-November until year-end, with an estimated production of approximately 8,400 boe/d (40% light oil) by year-end and exceeding 10,000 boe/d in February 2026 [3]. Business Plan - Coelacanth's business strategy focuses on delineating and developing its extensive Montney resource, which includes four potential Montney benches on a contiguous block of land in northeast British Columbia [4]. Hedge Position - The company has implemented hedges in conjunction with its drilling program, including natural gas and light oil hedges for various quantities and prices over the upcoming months [5].

Core Points - Coelacanth Energy Inc. has engaged ICP Securities Inc. for automated market making services, utilizing its proprietary algorithm, ICP Premium™ [1] - The agreement is set for an initial term of four months starting October 31, 2025, with a monthly fee of C$7,500 plus applicable taxes [1] - There are no performance factors or stock options included in the agreement, and both parties are unrelated entities [1] Company Overview - ICP Securities Inc. is a Toronto-based CIRO dealer-member specializing in automated market making and liquidity provision, established in 2023 [2] - The company focuses on market structure, execution, and trading, leveraging proprietary technology to enhance liquidity and quote health [2]

Core Viewpoint - Coelacanth Energy Inc. has provided an operations update, revised reserve report, and initial resource report, highlighting successful production from new wells and an increase in reserve values [1][4][7]. Operations Update - The company completed and commissioned a new battery facility in early June and began production from nine previously drilled Montney wells, with results exceeding expectations despite low natural gas prices [2][3]. - Three Lower Montney wells (D5-19, E5-19, F5-19) were placed on production, showing meaningful initial production data [3]. Reserve Report - The updated GLJ reserves report, effective June 30, 2025, reflects a mechanical update without changing production profiles but increases overall reserve value by $40.4 million and producing status reserves by $107.4 million [4][7]. - The report reclassifies reserves on all nine Montney wells from non-producing to producing status, totaling 8.7 million barrels of oil equivalent (boe) [6]. Reserves Summary - As of June 30, 2025, Coelacanth's reserves are as follows: - Proved Producing: 10,374 Mboe - Total Proved: 16,878 Mboe - Total Proved & Probable: 27,302 Mboe [9]. Resource Report - The GLJ resource report estimates 6.9 billion barrels of Discovered Petroleum Initially-In-Place (PIIP) and 5.9 trillion cubic feet of Discovered Gas PIIP on Coelacanth's Two Rivers Montney lands [13]. - The report also estimates 8.3 billion barrels of Undiscovered Petroleum PIIP and 7.1 trillion cubic feet of Undiscovered Gas PIIP [13]. Price Forecast - The GLJ price forecast for Q3-Q4 2025 includes WTI Oil at $65.00 per barrel and AECO Natural Gas at $2.20 per Mmbtu, with a gradual increase in prices projected through 2034 [12].

Business Acquisitions and Mergers - Camber has a majority interest in a patented medical and bio-hazard waste treatment system using ozone technology and a clean energy and carbon-capture system with exclusivity in Canada and multiple locations in the U.S.[163] - On August 6, 2021, Viking acquired approximately 60.5% of Simson-Maxwell for $7,958,159, which manufactures power generation products and custom energy solutions[164] - Following a restructuring on April 1, 2025, Viking's ownership in Simson-Maxwell decreased to 49%, resulting in the cessation of consolidation of Simson-Maxwell's financial results[167] - Viking acquired a 51% interest in Viking Ozone, which owns a patented medical waste treatment system using ozone technology, designated for exclusive manufacturing by Simson-Maxwell[173] - Viking also acquired a 51% interest in Viking Sentinel and Viking Protection, which own proprietary electric transmission and distribution broken conductor protection systems[174] - Camber completed the merger with Viking Energy Group, Inc. on August 1, 2023, with Viking becoming a wholly-owned subsidiary of Camber[176] - Each share of Viking Common Stock was converted into one share of Camber Common Stock, and Series C and E Preferred Stocks were converted into New Camber Preferred Stocks[178] - The merger resulted in the issuance of approximately 49,290,152 shares of Camber Common Stock, representing about 59.99% of the outstanding shares post-merger[183] Financial Performance - For the six months ended June 30, 2025, the company reported a net income of $1,182,837, a significant improvement from a net loss of $(30,097,506) in the same period of 2024[202] - The company had gross revenues of $6,229,335 for the six months ended June 30, 2025, down from $16,198,030 in the prior year, primarily due to a change in accounting for Simson-Maxwell[198] - Operating expenses decreased to $9,310,944 for the six months ended June 30, 2025, compared to $20,643,939 in the same period of 2024[199] - The company reported a working capital deficit of $(13,142,496) as of June 30, 2025, an improvement from $(15,906,241) in 2024[189] - Net cash used in operating activities was $(1,989,306) for the six months ended June 30, 2025, compared to $(1,409,813) in the same period of 2024[190] - The company had other income, net, of $4,264,446 for the six months ended June 30, 2025, compared to other expense of $(25,651,597) in the prior year[201] Future Operations and Financing - The company’s ability to continue as a going concern is dependent on generating future profitable operations and obtaining necessary financing[187] - T&T Power Group agreed to provide up to CAD $3.0 million in additional working capital to Simson-Maxwell to meet cash requirements[166] Intangible Assets and Amortization - The Company has aggregate intangible assets of $15,433,340 from the acquisition of a 51% interest in Viking Ozone, Viking Sentinel, and Viking Protection, which have an indefinite life and are not being amortized[209] - Intangible assets related to the Company's license agreement with ESG are amortized on a straight-line basis over approximately 16 years[208] - The Company reviews intangible assets annually for possible impairment, estimating anticipated discounted future net cash flows over the remaining estimated useful life[210] Stock and Derivative Liabilities - The Series C Preferred Stock has a fixed conversion rate of $162.50, with a Conversion Premium that may be paid in shares or cash[212] - The Conversion Premium is subject to a VWAP calculation based on the lowest stock price over a specified Measurement Period, which can be adjusted under certain conditions[212] - True-Up shares may be issued if the VWAP calculation after conversion is lower than the VWAP prior to conversion[213] - The fair value of the derivative liability related to the Conversion Premium is equal to the cash required to settle it, estimated using a binomial pricing model[215] Corporate Governance - The restructuring of Simson-Maxwell includes a Unanimous Shareholders Agreement that allows T&T to nominate two board members and Viking to nominate one[168] - The call option allows T&T to purchase Viking's 49% interest for CAD 5.75 million within the first 36 months[168] Environmental and Clean Energy Initiatives - The ESG Clean Energy System aims to capture approximately 100% of the carbon dioxide emitted from internal combustion engines while maintaining efficiency[171] - The Company plans to utilize the ESG Clean Energy System through existing distribution channels and for its own operations[172] Reporting and Compliance - The Company is classified as a smaller reporting company and is not required to furnish certain market risk information[217]

Market Overview - Pre-market indexes are showing positive movement, with the small-cap Russell 2000 up more than +1% [1] - The Dow is up +114 points, S&P 500 +14 points, Nasdaq +62 points, and Russell +25 points, with only S&P 500 and Nasdaq showing year-to-date gains [2] Economic Indicators - The Philly Fed manufacturing index for June is at -4.0, marking the third consecutive month of decline, with lower readings in business conditions, capital expenditures, new orders, and prices paid [3] - The Employment Index has dropped to -9.8, indicating a potential softening labor market in the U.S. [3][4] Future Expectations - The decline in the Employment Index may create an opportunity for the Federal Reserve to consider lowering interest rates, contingent on further negative employment data [4] - Upcoming U.S. Leading Economic Indicators (LEI) report for May is expected to show a marginally negative headline of -0.1%, down from -1.0% in April [6] - The Coincident Economic Index (CEI) has recovered from Covid-era lows, indicating current economic conditions are improving [7] Upcoming Data Releases - A significant week ahead for the stock market with various economic data releases including housing market statistics, Services and Manufacturing PMI, Durable Goods, Jobless Claims, and Personal Consumption Expenditures (PCE) [8]

Market Overview - Pre-market indexes are showing a slight increase, with the small-cap Russell 2000 up more than +1% [1] - The Dow is up +114 points, S&P 500 +14 points, Nasdaq +62 points, and Russell +25 points, with only S&P 500 and Nasdaq showing year-to-date gains [2] Economic Indicators - The Philly Fed manufacturing index for June is at -4.0, marking the third consecutive month of decline, with lower readings in business conditions, capital expenditures, new orders, and prices paid [3] - The Employment Index has dropped to -9.8, indicating a potential softening labor market in the U.S. [3][4] Federal Reserve Outlook - The decline in the Employment Index may create an opportunity for the Federal Reserve to consider lowering interest rates, although worse employment numbers would need to be observed first [4] Upcoming Economic Data - The U.S. Leading Economic Indicators (LEI) report for May is expected to show a marginally negative headline of -0.1%, improving from -1.0% in April [6] - The Coincident Economic Index (CEI) has recovered from Covid-era lows, indicating current economic conditions are improving [7] Future Market Expectations - A significant week for economic data is anticipated, including reports on the housing market, Services and Manufacturing PMI, Durable Goods, Jobless Claims, and Personal Consumption Expenditures (PCE), which are crucial for future Fed monetary policy decisions [8]

Acquisitions and Investments - The company acquired approximately 60.5% of Simson-Maxwell for $7,958,159, enhancing its custom energy solutions capabilities[194] - The company holds a 51% interest in Viking Ozone, which has developed a patented medical waste treatment system using ozone technology[198] - The company has acquired a 51% interest in Viking Sentinel and Viking Protection, focusing on electric transmission line protection technologies[199] - Camber Energy completed a merger with Viking Energy Group, with Viking becoming a wholly-owned subsidiary of Camber[202] - Approximately 49,290,152 shares of Camber Common Stock were issued, representing about 59.99% of the outstanding shares post-merger[209] Financial Performance - The company reported gross revenues of $6,229,335 for the three months ended March 31, 2025, a decrease of 7% from $6,690,880 in the same period of 2024[220] - Operating expenses decreased by $939,334 to $8,010,107 for the three months ended March 31, 2025, compared to $8,949,441 in the prior year[222] - The net loss for the three months ended March 31, 2025, was $(3,191,653), significantly improved from a net loss of $(26,618,215) in the same period of 2024[225] - The company had a working capital deficit of $(19,821,650) as of March 31, 2025, compared to $(14,512,332) in the prior year[216] - Net cash provided by operating activities was $241,960 for the three months ended March 31, 2025, compared to $(1,185,014) in the same period of 2024[217] - The company had long-term debt of $41,276,474 and a stockholders' deficit of $(40,927,038) as of March 31, 2025[213] Legal Matters - The Company is involved in a legal proceeding regarding a merger-related class action complaint, which was dismissed with prejudice on March 31, 2025[250] - The Company is facing a lawsuit from Maranatha Oil Co. seeking approximately $100,000 for alleged unpaid royalties and other claims[251] - The Company has not reported any pending or threatened lawsuits that could materially affect its operations, aside from the mentioned litigation[249] Internal Controls and Governance - The Company has identified material weaknesses in its internal control over financial reporting and is addressing these by hiring additional staff and seeking expert assistance[246] - As of March 31, 2025, the Company does not maintain effective disclosure controls and procedures, as concluded by the Chief Executive Officer[245] - The Company is committed to ongoing evaluation and enhancement of its internal controls as funds allow[246] Energy and Sustainability Initiatives - The ESG Clean Energy System aims to capture approximately 100% of CO2 emissions from internal combustion engines, facilitating the production of certain commodities[196] - The company is exploring other energy-related opportunities that are currently generating revenue or have a reasonable prospect of doing so[192] - The company has entered into multiple patent agreements related to clean energy and carbon capture technologies, with several patents issued and pending[195] - The company intends to utilize the ESG Clean Energy System through existing distribution channels and for its own operations[197] - The company has a focus on sustainable alternatives for medical waste disposal, positioning itself in the renewable energy sector[198] - The company is committed to enhancing public safety through its broken conductor protection systems, which are integral to grid stability initiatives[199] Financial Instruments - The Series C Preferred Stock has a fixed conversion rate of $162.50, with a Conversion Premium that may be paid in cash or shares[238] - The fair value of the derivative liability related to the Conversion Premium is equal to the cash required to settle it[241] - The Company has determined that the Series C Preferred Stock contains an embedded derivative liability related to the Conversion Premium[240] - The Measurement Period for the Series C Preferred Stock conversion is typically 30 trading days, extendable under certain conditions[238] Future Outlook - Management believes the company may continue to develop new opportunities and obtain additional funding, although there is no assurance of funding availability[214]

Acquisition and Mergers - Camber Energy acquired approximately 60.5% of Simson-Maxwell for $7,958,159, enhancing its custom energy solutions capabilities[21]. - The merger with Viking Energy Group, Inc. was completed on August 1, 2023, with Viking becoming a wholly-owned subsidiary of Camber, resulting in the issuance of approximately 49,290,152 shares of Camber Common Stock[41]. - The Company completed a merger with Viking Energy Group, Inc. on August 1, 2023, with Viking becoming a wholly-owned subsidiary of the company[325]. - Approximately 49,290,152 shares of Camber Common Stock were issued in connection with the merger, representing about 59.99% of the outstanding shares post-merger[332]. - The acquisition of a 51% interest in Viking Ozone was recorded at a total consideration of $2,495,868, with an intangible asset value of $4,916,057[418]. - Viking acquired a 51% ownership interest in Viking Sentinel for a total consideration of $233,334, issuing 416,667 shares of common stock to Virga[420]. - The acquisition strategy reflects Viking's focus on expanding its portfolio through strategic partnerships and technology integration[420]. Financial Performance - Total revenue for the year ended December 31, 2024, was $28.61 million, a decrease of 10.5% from $32.05 million in 2023[311]. - The net loss attributable to Camber Energy, Inc. for 2024 was $68.14 million, compared to a net loss of $18.16 million in 2023, representing a significant increase in losses[312]. - The company reported a loss per common share of $0.35 for 2024, compared to a loss per share of $0.25 in 2023, indicating a worsening financial position[312]. - The net loss for the year ended December 31, 2024, was $70,259,894, compared to a net loss of $18,535,067 for 2023, representing an increase of approximately 278%[314]. - The total comprehensive loss for 2024 was $70,145,996, compared to $18,358,204 in 2023, indicating a significant rise in losses year-over-year[314]. - The loss attributable to non-controlling interest increased to $2,117,901 in 2024 from $371,847 in 2023, marking a growth of approximately 469%[314]. - The accumulated deficit for Camber Energy, Inc. reached $208,492,886 as of December 31, 2024, compared to $140,350,893 in 2023, representing an increase of approximately 48%[320]. - The total stockholders' deficit at the end of 2024 was $258,136,858, compared to $136,863,364 at the end of 2023, indicating a significant increase of approximately 88%[320]. Revenue Breakdown - For the year ended December 31, 2024, Simson-Maxwell's revenue from power generation units was $11,990,463, a decrease of 11.1% from $13,488,525 in 2023[377]. - Parts revenue for Simson-Maxwell was $3,733,320 in 2024, down 27.5% from $5,143,068 in 2023[377]. - Total revenue from units and parts for Simson-Maxwell was $15,723,783 in 2024, a decline of 15.4% compared to $18,631,593 in 2023[377]. - Service and repairs revenue increased to $12,787,756 in 2024, up 3.3% from $12,380,706 in 2023[377]. - The total revenue for the Company in 2024 was $28,511,539, a decrease of 8.1% from $31,012,299 in 2023[377]. Assets and Liabilities - Current assets decreased to $13.68 million in 2024 from $19.65 million in 2023, primarily due to reductions in cash and accounts receivable[309]. - Total liabilities increased to $80.14 million in 2024 from $77.41 million in 2023, with current liabilities remaining relatively stable at approximately $31.34 million[309]. - Cash reserves significantly declined from $906,060 in 2023 to $114,648 in 2024, reflecting liquidity challenges[309]. - As of December 31, 2024, the Company had a stockholders' deficit of $37,819,657 and long-term debt of $40,483,795, alongside a working capital deficiency of $17,655,810[347]. Impairments and Adjustments - Goodwill and intangible assets were recorded at $0 and $19.4 million, respectively, as of December 31, 2024, with impairment charges of $34.86 million for goodwill and $2.25 million for intangible assets recognized during the year[301]. - The Company recorded a goodwill impairment charge of $34,860,411 for the year ended December 31, 2024, due to a significant decline in the market price of its common stock[406]. - The Company recognized an impairment charge of $698,011 related to Customer Relationships and $1,550,929 related to the Brand for the year ended December 31, 2024[416]. Operational Strategies and Future Outlook - The company is exploring energy-related opportunities that are currently generating revenue or have a reasonable prospect of doing so[20]. - The company plans to utilize the ESG Clean Energy System through existing distribution channels and for its own operations[26]. - The company is focused on integrating and realizing benefits from future acquisitions, which may impact its financial position[17]. - The company has indicated ongoing concerns regarding its ability to continue as a going concern due to recurring losses and net capital deficiency[295]. - The Company has raised substantial doubt regarding its ability to continue as a going concern, dependent on generating future profitable operations and obtaining necessary financing[348]. Clean Energy Initiatives - The ESG Clean Energy System aims to capture approximately 100% of CO2 emissions from internal combustion engines while maintaining efficiency[25]. - Camber Energy's clean energy and carbon-capture system has exclusivity in Canada and multiple locations in the United States[20]. - The company has multiple patents related to its clean energy technologies, with several pending applications[22][23][25]. - The company intends to utilize the ESG Clean Energy System for its own operations and to sell or lease it to third parties[338]. - The ESG Clean Energy License intangible asset had a carrying value of $3,958,897 as of December 31, 2024, after recognizing amortization expense of $309,540 for the year[414]. - The Company is obligated to make minimum continuing royalty payments to ESG, starting at $500,000 for the second year after the Trigger Date, potentially increasing to $3,250,000 in subsequent years[412].