NG Energy International Corp. announced the results of its independent evaluation of natural gas and condensate reserves and resources in respect of the year ended December 31, 2022 conducted by Sproule International Limited. These results highlight a very successful 2022 for the Company following the completion of the production facilities and start of commercial production at the Maria Conchita Block and the successful drilling and testing of two exploration wells at the Sinú-9 Block.

The report entitled "Evaluation of the P&NG Reserves and Resources of NG Energy International in the Maria Conchita Block, Colombia" was prepared by Sproule with an effective date of December 31, 2022. The Company holds an 80% working interest in the Maria Conchita Block. Reserves and resources attributed to the H1A, H1A1, H1B, H2, H2B and LM2 zones have been included in the Maria Conchita Report.

Contingent resources for the Maria Conchita Block are petroleum and natural gas classified as "development pending" and are attributed a chance of development risk factor of 0.73. However, the Company believes the unrisked best estimate contingent resources provides the most appropriate indication of volumes that will become 2P petroleum and natural gas reserves. Based on the foregoing, the Maria Conchita Report estimates the following reserves and resources: 74% year over year increase in Proved reserves to Company gross 3.6 MMBOE (21.5 BCF of natural gas and 47 MBBL of condensate); 16% year over year increase in Probable reserves to Company gross 2.9 MMBOE (17.5 BCF of natural gas and 14 MBBL of condensate); Initial Possible reserves of Company gross 1.3 MMBOE (7.9 BCF of natural gas and 11 MBBL of condensate); 71% year over year increase in Proved + Probable + Possible (3P) reserves at the Maria Conchita Block to Company gross 7.9 MMBOE or 46.8 BCF (before-tax NPV10 of US$ 50.1 million); and Company gross unrisked best estimate contingent resources (development pending) of 65.8 BCF of natural gas and 136 MBBL of condensate or 11.1 MMBOE (before-tax NPV10 of US$ 49.7 million) and unrisked high estimate contingent resources (development pending) of 137.8 BCF of natural gas and 283 MBBL of condensate or 23.2 MMBOE (before-tax NPV10 of US$ 120.6 million.).

For further disclosure regarding the Maria Conchita Block please see the section entitled "Additional Disclosure Regarding the Maria Conchita and Sinú-9 Block" below. Additionally, for further disclosure regarding possible reserves and contingent resources, as well as other applicable oil and gas disclosure please see the cautionary statements below. The report entitled "Evaluation of the P&NG Resources of NG Energy International in the Sinú-9 Block, Colombia" was prepared by Sproule with an effective date of December 31, 2022.

The Company's working interest in the the Sinú-9 Block is 72%, subject to payment of ANH sliding scale royalties. Resources attributed to the Hechizo, Brujo, Magico, Mago, Hechicero, Encanto, Milagroso, Porquero, Embrujo, Ensalmo and Sortilegio zones have been included in the Sinú-9 Report. Contingent resources for the Sinú-9 Block are petroleum and natural gas classified as "development pending" and are attributed a chance of development of 80%.

However, the Company believes the unrisked best estimate contingent resources provides the most appropriate indication of volumes that will become 2P petroleum and natural gas reserves. Based on the foregoing, the Sinú-9 Report estimates Company gross unrisked best estimate contingent resources (development pending) of 249.5 BCF (before-tax NPV10 of $294.4 million) and Company gross unrisked high estimate contingent resources (development pending) of 596.4 BCF (before-tax NPV10 of $873.9 million).