Condor Announces Closing of $13.65 Million Brokered Financing to Accelerate the 12 Well Drilling Program in Uzbekistan

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CALGARY, Alberta, Dec. 24, 2025 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR) is pleased to announce the closing of its previously announced brokered private placement of convertible debentures of the Company (the “Convertible Debentures”) at a price of $1,000 per Convertible Debenture for aggregate gross proceeds of $13,650,000 (the “Offering”), including the partial exercise of the over-allotment option.

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The Offering was led by Research Capital Corporation, as the sole bookrunner and co-lead agent, together with Canaccord Genuity Corp., as co-lead agent, on behalf of a syndicate of agents, including Auctus Advisors LLP (collectively, the “Agents”).

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Each Convertible Debenture has a principal value of $1,000, convertible into common shares of the Company (each a “Common Share“) at a conversion price of $2.00 per Common Share (the “Conversion Price“), maturing on December 24, 2028 (the “Maturity Date“). Interest shall accrue on the Convertible Debentures at 12% per annum, payable semi-annually in cash. The Convertible Debentures will be repaid in cash on the Maturity Date.

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The net proceeds of the Offering will be used to accelerate development activities in Uzbekistan by mobilizing a second drilling rig to execute the planned 12 well drilling program in 2026 and for in-field compression facilities which are expected to significantly increase production and cashflow from operations, working capital and general corporate purposes. The Company plans to operate two drilling rigs throughout 2026 drilling back-to-back wells, alongside a separate workover rig focused on production optimization and continued success from the Company’s ongoing re-entry program.

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The Offering was completed by way of private placement exemptions in each of the provinces of Canada and other qualifying jurisdictions, including the United States. The Convertible Debentures issued under the Offering and the Common Shares issuable upon conversion of the Convertible Debentures are subject to a hold period expiring April 25, 2026.

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In connection with the Offering, the Company paid to the Agents a cash commission of $492,700 and issued to the Agents 111,675 broker warrants (the “Broker Warrants”). Each Broker Warrant entitles the holder thereof to acquire one Common Share at a price of $2.00 per Common Share at any time until December 24, 2028. In addition, the Company paid to the Agents an advisory fee of $218,000 and issued 52,500 advisory warrants of the Company on the same terms as the Broker Warrants.

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This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.