Kraken Energy Corp. announces that it has expanded its 100%- owned Apex Uranium Property in Central Nevada by 117 contiguous claims located on Bureau of Land Management ground along strike with a property-wide mineralized trend. The newly staked claims consist of 2,401 total acres, bringing the Property to a combined 14,892 acres of contiguous claims, and cover a continuous geophysical trend west of the Apex Uranium Mine at a shallow interpreted overburden depth.

Kraken plans to conduct passive seismic testing in Fourth Quarter 2023 to accurately determine target depths and also plans to complete additional airborne magnetic surveys which will tie into the existing property wide coverage. Ongoing additional prospecting and radon surveying will continue through the summer and fall of 2023, ground truthing airborne radiometric anomalies and geophysical signatures across the Property. The Company has also received a response from the United States Forest Service for drill permits on the USFS portion of the Property.

The USFS has requested that Kraken complete three additional baseline surveys in order to proceed with the planned inaugural drilling program. The first, a botany survey, was completed as of July 2023. The Company currently plans to commence the required archaeological /cultural study that is scheduled to begin in Fourth Quarter 2023 and will schedule a wildlife survey based on raptor nesting dates.

All scientific and technical information in this news release has been prepared by, or reviewed and approved, by Matthew Schwab, P.Geo., President and CEO of the Company, and Garrett Ainsworth, P.Geo., Chairman of the Company. Each of Mr. Schwab and Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The data disclosed in this news release is related to historical drilling results.

Kraken has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. Kraken considers these historical drill results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.