Coelacanth Energy Inc. Announces Increased Bank Credit Facility and Provides Operations Update

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].