Corporate Divestiture

BID DEADLINE – MARCH 20, 2024 AT 4:00 PM MST

Calima Energy Inc. (“Calima”, or the “Company”) has retained Trimble Energy Group as its exclusive financial advisor and agent to assist with the sale of the shares of the Company.

DIVESTITURE OVERVIEW

• Calima is a subsidiary of Calima Energy Limited (“CEL”), a company listed on the Australian Stock Exchange. Following the sale of its Montney acreage in 2023, Calima has one remaining producing Boundary Lake oil well in the Paradise area of British Columbia (the “Property”) and approximately $40.3 million in unused Canadian income tax pools.

• Calima is set up to operate in British Columbia, Alberta and Saskatchewan, providing flexibility for future operations.

• The Property had average 2023 production of 16 barrels of oil per day from one, low-decline, 100% working interest Boundary Lake oil well at 100/11-01-086-15W6/0 in the Paradise area of British Columbia.

• For 2023, the net operating income from the 100/11-01 oil well averaged approximately $33,700 per month or nearly $405,000 on an annualized basis, yielding a strong netback of $70.14/boe.

• Estimated remaining PDP reserves of 34.6 Mboe and 2P reserves of 40.5 Mboe with before-tax NPVs of $1.28 million and $1.45 million respectively at a 10% discount rate as of January 1, 2024.

• Strong PCA score of 100.

• Based on recent estimates, Calima has approximately $40.3 million in unused Canadian income tax pools of which approximately $29.86 million are non-capital losses.

For more information visit Trimble Energy Group’s website at www.trimbleenergygroup.com or contact Ryan Ferguson Young, Executive Vice President of TEG at Ryan@trimbleenergygroup.com or
(403) 615-2975.