Condor Signs a Heads of Agreement With the Government and National Energy Company of the Republic of Uzbekistan to Enhance Gas Production on Eight Gas Fields

CALGARY, Alberta, May 23, 2023 (GLOBE NEWSWIRE) -- Condor Energies Inc. ("Condor" or the "Company") (TSX: CDR), a Canadian based energy transition company is pleased to announce that it has signed a Heads of Agreement ("HoA") with the Ministry of Energy, the Ministry of Mining Industry and Geology and the national hydrocarbon energy company JSC Uzbekneftegaz ("UNG") of the Republic of Uzbekistan.

The HoA establishes the detailed framework for the final negotiations and approval of the definitive legal documents for an investment project to assume full operations of eight existing gas-condensate fields along with two additional exploration blocks in the surrounding area with the objective of increasing production rates and recoverable reserves.

If the definitive agreements are executed, Condor will implement a comprehensive field refurbishment, infill drilling and an emissions-intensity reduction plan. The produced gas will be processed under long-term agreements with UNG using fixed tariffs and sold domestically under long-term contracts with the state gas marketing company.

Don Streu, President and CEO of Condor commented: "Condor is honored to be selected as a strategic partner of UNG and to be given the opportunity to materially contribute to increasing Uzbekistan's natural gas production rates and recoverable reserves. The Company's plan will introduce proven technologies and operating practices and take advantage of Condor's regional experience. This investment project will also allow UNG to benefit by deploying their capital and the new technologies introduced by Condor to UNG's larger projects. The Uzbekistan government will benefit from increased taxes and royalties derived from the increased gas production and the local communities will benefit from increased employment and skills-training. We also believe that the adjoining 1,070 square kilometers of exploration territory is prospective and that future exploration efforts could lead to the discovery of satellite fields and thereby further increase future production.

Condor is very excited about this investment opportunity in Uzbekistan. The country has been undergoing significant economic, legal, tax and social reforms under the leadership of President Shavkat Mirziyoyev, which has further enhanced the country's investment climate."

FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "anticipate", "appear", "believe'', "intend", "expect", "envision", "plan", "estimate", "budget'', "outlook'', "scheduled", "may", "will", "should", "could", "would", "in the process of" or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability to negotiate and sign the definitive legal documents under favorable terms, or at all, the areas to be included, and the fiscal and operating terms and conditions; the timing and ability to assume full operations of the eight existing fields and two exploration blocks; the timing and ability to increase production rates and recoverable reserves; the timing and ability to implement a comprehensive field refurbishment, infill drilling and an emissions-intensity reduction plan; the timing and ability to execute long-term processing and sales agreements under favorable terms, or at all; the timing and ability to introduce proven technologies and operating practices and take advantage of Condor's regional experience; the potential benefits of the project to the Uzbekistan government; the timing and ability to make economic discoveries on the exploration territories; the timing and ability to obtain funding for the planned activities under favorable terms, or at all; and the timing and ability to obtain the various approvals and conduct the Company's planned activities.

Such forward-looking information and statements are based on numerous assumptions, including among others, assumptions regarding the availability (including on terms acceptable to the Company) of drilling, testing and optimization equipment and personnel that can be deployed to the fields, the ability of the Company and its personnel to effectively employ proven technologies and operating practices, near-term commodity prices, financial market conditions and other economic factors. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from the Company's plans or expectations include the actual production and reserves, the failure of the Company to utilize new technologies and operating practices, the field production rate at the time the Company assumes operations and the timeliness and receipt of any required regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward?looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward?looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.