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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

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CALGARY, Alberta, Oct. 15, 2026 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR) is pleased to announce that it has closed the previously announced brokered best efforts public offering (the “Offering”) of 12% unsecured convertible debentures of the Company (the “Convertible Debentures”) at a price of C$1,000 per Convertible Debenture for C$28,262,000 in gross proceeds, including the partial exercise of the over-allotment option. The Offering was co-led by Research Capital Corporation as co-lead agent and sole bookrunner, and together with Canaccord Genuity Corp. as co-lead agent (collectively, the “Agents”).

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Concurrent with the Offering, the Company has also completed the previously announced non-brokered private placement pursuant to applicable prospectus exemptions in accordance with NI 45-106 on the same price, terms, and conditions as the Offering for C$43,283,000 in gross proceeds (the “Non-Brokered Private Placement”), except the Convertible Debentures issued under the Non-Brokered Private Placement are subject to a statutory hold period expiring on February 16, 2027.

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The Company raised a total of C$71,545,000 in aggregate gross proceeds from the Offering and the Non-Brokered Private Placement.

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Each Convertible Debenture has a principal value of C$1,000, is convertible into common shares of the Company (each a “Common Share”) at a conversion price of C$6.00 per Common Share (the “Conversion Price”), and matures on October 15, 2029 (the “Maturity Date”). Interest shall accrue on the Convertible Debentures at 12% per annum, payable quarterly in arrears, in cash, and the first such interest payment is to fall due on December 31, 2026 and represent interest from and including October 15, 2026 to, but excluding, December 31, 2026 which will be equal to $25.33 for each $1,000 principal amount of the Convertible Debentures. The Convertible Debentures will be repaid in cash on the Maturity Date. The Convertible Debentures are expected to commence trading on the Toronto Stock Exchange (“TSX”) under the symbol CDR.DB on October 15 2026, subject to satisfaction of the TSX listing requirements.

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The net proceeds from the Offering and the Non-Brokered Private Placement will be used to fund field compression facilities in Uzbekistan, modular LNG facilities in Kazakhstan, working capital and general corporate purposes.

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