This version of New Stratus Energy was published using a machine translation system.

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

business updates

 The Company has successfully completed all cumulative crude oil sales by year-end 2022 and expects to maintain cash and receivables per share at CA$0.30 per share as of March 31, 2023, as previously announced .

 The Company is changing its year-end from March 31 to December 31 with immediate effect; therefore, a 9-month closing stub will be presented for the period ended December 31, 2022, compared to a twelve-month period for the year ended March 31, 2022.

 The Company is pursuing its legal claim against the government of Ecuador in international arbitration. The Company recommits to exercise its legal and contractual rights with minimal cash dilution for shareholders.

 The Company and its operating subsidiary Petrolia SA continue to advance on near-term projects in Mexico, Peru and Venezuela. The NSE team’s in-depth technical expertise has helped evaluate numerous opportunities of similar size and scale to Blocks 16 and 67. Several of these projects are expected to result in Letters of Intent before the end of March 2023.

 Mr. Humberto Calderón Berti notified the Company of his intention to retire from the Board of Directors. The Society thanks Mr. Humberto Calderón Berti for his valuable contributions and wishes him much success in his future endeavours.

All NSE management and board members thank shareholders for their continued support during this period of recalibration and look forward to sharing our new value-creating Latin American projects in the very near future.