NG ENERGY ANNOUNCES FILING OF 2023 ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND 2023 ANNUAL OIL AND GAS DISCLOSURE

Energy
Monday, April 29th, 2024 3:03 pm EDT

NG Energy International Corp. has filed on SEDAR+ its annual audited consolidated financial statements, annual management’s discussion and analysis (MD&A), and its certification of annual filings for the fiscal year ended Dec. 31, 2023. The company has also filed on SEDAR+ its annual information form, dated April 26, 2024, Form 51-101F1 — Statement of Reserves Data and Other Oil and Gas Information, Sproule International Ltd.’s Form 51-101F2 — Report on Reserves Data, Contingent Resources Data and Prospective Resources Data by Independent Qualified Reserves Evaluator or Auditor, and the company’s Form 51-101F3 — Report of Management and Directors on Oil and Gas Disclosure for the fiscal year ended Dec. 31, 2023.

Highlights — Q4 2023:

• The company achieved record quarterly revenue of $4.6-million (U.S.) versus $1.8-million (U.S.) in Q4 2022.
• The company achieved record average gross production of 10 MMcf/d (million cubic feet per day), a 136-per-cent increase versus average gross production of 4.2 MMcf/d in Q4 2022.

Highlights — fiscal year ended Dec. 31, 2023:

• The company achieved record annual revenue of $12-million (U.S.) versus $1.8-million (U.S.) in the fiscal year ended Dec. 31, 2022.
• The company exited the year with average gross production of 15.1 MMcf/d in December, 2023, versus 4.9 MMcf/d in December, 2022.
• The company achieved a 241-per-cent increase in proved (1P) reserves to company gross 51.7 Bcf (billion cubic feet) versus 21.5 Bcf in the fiscal year ended Dec. 31, 2022.
• The company achieved a 314-per-cent increase in proved plus probable (2P) reserves to company gross 161.6 Bcf versus 39 Bcf in the fiscal year ended Dec. 31, 2022.
• The company achieved a 551-per-cent increase in proved plus probable plus possible (3P) reserves to company gross 304.8 Bcf versus 46.9 Bcf in the fiscal year ended Dec. 31, 2022.

Highlights — company oil and natural gas properties:

• At the Maria Conchita block, in the fiscal year ended Dec. 31, 2023, the company drilled, successfully completed and tied-in the Aruchara-3 well, allowing the company to ramp up production to 18 MMcf/d in December, 2023. The company expects to maintain gross production levels of approximately 20 MMcf/d throughout 2024. The company continues its efforts on the rescoping of the Maria Conchita block based on the success of the Aruchara-3 well.
• At the Sinu-9 block, the company signed mid-stream agreements pursuant to which, following the expected completion of construction in Q2 2024, the company will bring 30 MMcf/d of processing and transportation capacity on-line, with an additional 10 MMcf/d on-line no later than the end of Q1 2025, however, the company expects this to occur prior to the end of Q4 2024.

With significant operational objectives met in the fiscal year ended Dec. 31, 2023, at both the Maria Conchita Block and the Sinu-9 Block, the Company is well positioned to achieve substantial production growth in 2024.

About NG Energy International Corp.

NG Energy International Corp. is a natural gas exploration and production company with operations in Colombia. The Company is on a mission to discover, delineate and develop meaningful natural gas fields in developing countries to support energy transition and economic growth. In Colombia, the Company is executing on this mission with a rapidly growing production base that is being delivered to the premium priced Colombian market. NGE’s team has extensive technical expertise and a proven track record of building companies and creating value in South America. For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company’s website (www.ngenergyintl.com).

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