Calgary, Alberta--(Newsfile Corp. - May 2, 2023) - New Stratus Energy Inc. (TSXV: NSE) ("New Stratus" or the "Corporation") is pleased to announce its consolidated financial and operating results for the nine months ended December 31, 2022.

Nine Month Highlights :

• Revenues of $93.3 million
• Funds flow from operations¹ of $25.1 million ($0.21 per share)
• Adjusted EBITDA¹ of $30.9 million ($0.26 per share)
• Adjusted working capital ¹of $34.6 million ($0.30 per share).

(1) This is a non-GAAP financial measure or non-GAAP ratio. Refer to the disclosure under the heading "Non-GAAP and Other Financial Measures" within press release.

As previously disclosed, the Corporation has changed its year end from March 31 to December 31 effective this reporting period, accordingly a stub 9 month period ended December 31, 2022 is presented, compared with a 12 month period for the year ended March 31, 2022.

Financial and Operational Summary

(1) Non-GAAP financial measure. Refer to "Non-GAAP and Other Financial Measures" within press release.
(2) Includes only in-the-money dilutive instruments
(3) Non-GAAP ratio. Refer to "Non-GAAP and Other Financial Measures" within press release.

Corporate Updates:

• The Corporation has been approved as a qualified operator by the Ministry of Energy and Mines in Ecuador, thus allowing the Corporation to participate in the bidding process for development and exploration blocks in the XIII Oil Round denominated "Intracampos II". The Corporation will evaluate these opportunities as an approved bidder while it continues to pursue its legal demand against the Government of Ecuador under International arbitration.
• As previously disclosed the Corporation continues to advance development / optimization opportunities in Mexico, Peru, Venezuela and Colombia. The Corporation will have further updates on these opportunities shortly.
• As part of the July 30, 2021 financing, the Corporation issued 16,095,376 warrants. Each warrant entitles the holder to purchase one common share at an exercise price of $0.45 until the second anniversary of the issuance of the warrant, specifically July 30, 2023. Accordingly, the Corporation will be making an application to the TSX-V to extend the exercise period to July 30, 2024.
• The Corporation remains a well capitalized and technically focused entity pursuing its stated business plan of becoming a major operator of oil and gas assets in Latin America.

Contact Information:

Jose Francisco Arata
Chairman & Chief Executive Officer
jfarata@newstratus.energy

Wade Felesky
President & Director
wfelesky@newstratus.energy

Mario Miranda
Chief Financial Officer
mmiranda@newstratus.energy - (416) 363-4900

Forward-Looking Information

Certain information set forth in this news release constitutes "forward-looking statements," and "forward-looking information" under applicable securities legislation (collectively, "forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may be identified by the use of conditional or future tenses or by the use of words such as "will", "expects", "intends", "may", "should", "estimates", "anticipates", "believes", "projects", "plans", and similar expressions, including variations thereof and negative forms. Forward-looking statements in this press release are based on the Corporation's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them.

In respect of the forward-looking statements contained herein, the Corporation has provided them in reliance on certain assumptions that it believes are reasonable at this time, some or all of which may prove to be incorrect. Accordingly, readers should not place undue reliance on the forward-looking statements contained herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. New Stratus undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits may be derived therefrom.

Non-GAAP and Other Financial Measures

This news release contains the financial terms "Adjusted working capital", "Adjusted EBITDA", "Funds flow from operations" and "Operating Netback" that do not have a standardized definition under International Financial Reporting Standards ("IFRS"). These financial measures, together with measures prepared in accordance with IFRS, provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Corporation. The Corporation's determination of these non-IFRS measures may differ from other reporting issuers, and therefore are unlikely to be comparable to similar measures presented by other companies. Further, these non-IFRS measures should not be considered in isolation or as a substitute for measures of liquidity, performance or cash flows prepared in accordance with IFRS.

For a reconciliation and details on Non-GAAP measures, see the Company's management's discussion and analysis for the nine months ended December 31, 2022.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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