Calgary, Alberta--(Newsfile Corp. - October 8, 2024) - This news release is being disseminated as required by National Instrument 62‐103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of the Early Warning Report regarding the disposition of securities of New Zealand Energy Corp. ‎(the "Company") by a company controlled by Frank Jacobs (‎"Jacobs").

On October 8, 2024 a company controlled by Jacobs disposed of an aggregate of 100,000 common shares of the Company (the "Common Shares") by way of a gift, representing 0.67% of the outstanding Common Shares‎. Prior to the disposition of the Common Shares, Jacobs controlled 2,227,163 Common Shares, ‎or approximately 14.86% of the total issued and outstanding Common Shares and 200,000 stock options. ‎Jacobs now controls 2,127,163 Common Shares, or approximately 14.19% of the total issued ‎and outstanding Common Shares and 200,000 stock options. Assuming the exercise of the stock options, Jacobs would own or ‎control 2,327,163 Common Shares, or approximately 15.32% of the total issued and outstanding ‎Common Shares‎.‎

The Common Shares were disposed by way of a gift to Jacobs' children. Presently, Jacobs has ‎no intention of acquiring or disposing of any further securities of the Issuer. Jacobs may acquire ‎ownership of or control over securities of the Issuer in the future depending upon market circumstances. ‎Increase or decrease in ownership of securities of the Issuer will depend on numerous conditions, ‎including the price of the Common Shares and general market conditions.‎

A copy of the Early Warning Report to be filed by Jacobs, will be available on SEDAR+ under the Company's profile on www.sedarplus.ca .

For more information, or to obtain copies of the Early Warning Report, please contact: Frank Jacobs, Telephone: 64-800-924-427; Email: frank@jacobsoil.ca

This early warning news release is issued under the early warning provisions of Canadian securities ‎legislation, including National Instrument 62-104 - Take-Over Bids and Issuer Bids and National ‎Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.‎

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226077