NG ENERGY ANNOUNCES FILING OF RECORD Q3 2026 FINANCIAL RESULTS

Record natural gas volumes and realized price; Operating Netback positive as unit costs fall; Aruchara-6 and Encantado-1X on production after quarter-end, with Encantado-1X producing up to 15.0 MMcf/d gross; Maria Conchita contracts expected to reprice above US$18.00/Mcf from December 1, 2026.

CALGARY, AB, Nov. 12, 2026 /CNW/ — NG Energy International Corp. (“NG Energy” or “NGE” or the “Company“) (TSX: GASX) (OTCQX: GASXF) is pleased to announce its financial and operating results for the three and nine months ended September 30, 2026. The Company’s interim condensed consolidated financial statements and management’s discussion and analysis (“MD&A“) for the three and nine months ended September 30, 2026, are available on the Company’s website (www.ngenergyintl.com) and profile on SEDAR+ (www.sedarplus.ca). The Company’s contractual interest in the Maria Conchita and Sinú-9 Blocks is held through its indirect wholly-owned subsidiary, Operadora NG Energy International, S.A. (“Operadora NGE”), a foreign company that operates in Colombia through its registered branch.

Q3 2026 Highlights:

• Realized Price: Record quarterly realized natural gas price (excluding NGLs) of US$8.59/Mcf, up 3% from Q2 2026 and 15% from Q3 2025. Maria Conchita realized US$9.10/Mcf and Sinu-9 a record US$7.95/Mcf.
• Maria Conchita Repricing: Pricing steps up at Maria Conchita on December 1, 2026: 5.0 MMcf/d gross of existing contracts expire on November 30, and the Company expects to enter into new two-year contracts for up to 10.0 MMcf/d gross at prices above US$18.00/Mcf, approximately 98% above the Q3 2026 Maria Conchita realized price of US$9.10/Mcf, taking contracted volumes to up to 20.0 MMcf/d gross.
• Spot Price Upside: Realized prices are expected to rise as natural gas volumes grow. Production at both blocks was at or near contracted levels in Q3 2026, so little natural gas was sold at spot. Volumes above contracted levels are sold in the spot market, which realized approximately US$14.00 to US$16.00/Mcf in October, with some sales above US$20.00/Mcf. That compares with a Q3 2026 corporate realized natural gas price of US$8.59/Mcf.
• Record Volumes: Record quarterly net sales volumes of 23,164 Mcf/d (3,861 boe/d), or approximately 42,500 Mcf/d gross, up 63% from Q2 2026 and 15% from Q3 2025. Adjusting Q3 2025 Sinu-9 volumes to the Company’s current 39% working interest (from 72%), volumes rose 73% on a like-for-like basis. Growth was driven by the new Aruchara-5 well and the Aruchara-1 workover at Maria Conchita, and by higher deliverability at Sinu-9.
• Record Sales: Record quarterly natural gas and NGL sales of US$18.3 million (revenue, net of royalties, of US$14.2 million), up 70% from Q2 2026 and 32% from Q3 2025. Year-to-date sales were US$38.7 million, up 28% year-over-year.
• Operating Costs: Operating expenses per Mcf fell to US$6.04/Mcf from US$6.56/Mcf in Q2 2026 and US$6.81/Mcf in Q1 2026. Approximately US$3.4 million per month of operating costs are fixed in nature, including contracted take-or-pay plant capacity in each of Maria Conchita and Sinu-9. As such, operating expenses per Mcf will continue to fall as natural gas volumes rise to fill take-or-pay volume capacity. Q3 2026 operating expenses included non-recurring well servicing costs at Maria Conchita, which were incurred in July and August. Overall, operating expenses for September 2026 were US$4.60/Mcf, as expenses reflected regular recurring operating costs. Management expects operating expenses per Mcf to remain at or below September 2026 levels for Q4 2026.
• Operating Netback: Natural gas Operating Netback after lease payments turned positive for the first time in 2026, at US$0.32/Mcf (operating income of US$0.7 million). That compares with US$(0.50)/Mcf in Q2 2026 and US$(2.68)/Mcf in Q1 2026. In September, it rose to US$1.50/Mcf on a normalized basis. Note that reported operating costs include unused capacity on take-or-pay contracts that the Company entered into as part of its growth strategy.
• Capital Expenditures: US$18.1 million in Q3 2026 (US$42.8 million YTD), directed to Maria Conchita’s Aruchara-5 & Aruchara-6 wells and the Aruchara-1 workover, and Sinu-9’s Hechicero-1X, Magico-2X & Encantado-1X wells.
• Balance Sheet: At September 30, 2026, cash and cash equivalents were US$41.7 million. Adjusted Net Debt was US$25.7 million. This is down 57% from US$60.5 million at December 31, 2025, reflecting the positive impact of the previously disclosed Sinu-9 Transactions, including receipt of the full US$150 million from Etablissements Maurel & Prom S.A. (“Maurel & Prom“). Furthermore, July 2026 warrant exercises raised C$26.5 million. As of September 30, 2026, the undiscounted principal balance of the Macquarie facility was unchanged at US$23.0 million drawn, with NGE remaining in compliance with all covenants.

Subsequent to Quarter-End:

• Maria Conchita – Aruchara-6: Placed on production following initial flow testing at up to 8.7 MMcf/d gross (6.96 MMcf/d net), and the Company expects Maria Conchita field production to increase to above 20.0 MMcf/d gross (16.0 MMcf/d net), up from 15.8 MMcf/d gross, while an evaluation of the field is taking place to continue the maximization of production. Net figures for Maria Conchita are calculated based on the Company’s 80% private economic interest, derived from private agreements, and not on the contractual interest registered with the Agencia Nacional de Hidrocarburos.
• Sinú-9 – Increased Export Capacity: The Jobo pipeline loop was completed, raising Sinú-9 export capacity to 40 to 45 MMcf/d gross (15.6 to 17.6 MMcf/d net) from 30 MMcf/d gross.
• Sinú-9 – Encantado-1X: The Sinú-9 Consortium, through its Operator, Maurel & Prom Colombia Sociedad Limitada, completed the Encantado-1X well on November 9 and began production testing at 9.8 MMcf/d gross, followed by 15.0 MMcf/d gross on November 10 (instantaneous rates). The Operator also plans a workover at Hechicero-1X to open an additional zone and sustain production levels close to the field’s transport capacity.

Jorge Fonseca, CEO of NG Energy, commented:

“Q3 was a record quarter for NG Energy, for both volumes and price, and the three things that drive our netback, volume, price and cost, are now all moving in our favor. Volumes are rising: since quarter-end, Aruchara-6 has come on production at Maria Conchita, and the Encantado-1X well, operated by Maurel & Prom for the Sinú-9 Consortium, reached an instantaneous rate of 15.0 MMcf/d gross in production testing. Prices are rising: new Maria Conchita contracts are expected to be entered into and take effect on December 1 at above US$18/Mcf, roughly double our Q3 price there, and October spot sales realized US$14 to US$16/Mcf, with some above US$20/Mcf. Costs are falling: our well servicing program is complete, and because our cost base is largely fixed, every additional Mcf we sell lowers our cost per unit. Our Operating Netback turned positive in Q3, improved further in September, and we expect it to keep improving.”

Financial and Operating Summary:

About NG Energy International Corp.

NG Energy International Corp. is a growth-orientated natural gas exploration and production company focused on delivering long-term shareholder and stakeholder value through the discovery, delineation and development of large-scale oil and gas fields in the Americas, supporting energy transition and economic growth. NGE’s team has extensive technical and capital markets expertise with a proven track record of building companies and creating significant value in North and South America. In Colombia, the Company, through its indirect wholly-owned subsidiary, Operadora NGE, which operates in Colombia through its registered branch, is executing on this mission with a rapidly growing production base and an industry-leading growth trajectory, delivering natural gas into the premium-priced Colombian marketplace with a goal of being a material supplier of clean natural gas to Colombia and a broader vision of becoming a global energy platform business and providing prosperity for all stakeholders. Over the past 3 years, the Company has successfully raised and deployed over US$200 million in debt and equity, monetized 40% of one of its assets for US$150 million in cash and has partnered in the construction and commissioning of 3 gathering, processing and treatment facilities and associated pipelines with significant capital contributions from insiders who currently own approximately 33% of the Company. For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company’s website (www.ngenergyintl.com).

Non-IFRS and Other Financial Measures

This news release refers to certain financial measures that are not standardized under IFRS Accounting Standards and that may not be comparable with similar measures presented by other issuers. These measures are used by management to assess the Company’s performance and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Reconciliations to the most directly comparable IFRS measures are set out below and in the MD&A.

“Operating income (loss)” is revenue, net of royalties, less operating expenses and lease payments for operations. Operating Netback is operating income (loss) expressed per Mcf of net sales volumes. The Company presents Operating Netback both before and after lease payments for operations because, following the May 2026 amendment of the BOOMT Agreement, a portion of the Maria Conchita treatment-facility cost that was previously presented as lease payments is now presented as operating expenses.

“EBITDAX” is defined as consolidated net income adjusted for interest, income taxes, depreciation, depletion, amortization, exploration expenses and other non-recurring or non-cash charges. A reconciliation of EBITDAX for the three and nine months ended September 30, 2026 and 2025, is as follows:

“Funds flow from (used in) operations” is cash from (used in) operating activities before the change in non-cash working capital. For the three months ended September 30, 2026, cash used in operating activities of US$0.3 million less the change in non-cash working capital of US$2.3 million gives funds flow used in operations of US$2.6 million (nine months: cash used in operating activities of US$31.0 million less a change in non-cash working capital of US$2.6 million, giving funds flow used in operations of US$33.6 million). Nine-month funds flow from operations includes US$18.0 million of current income tax arising on the gain on the previously disclosed Sinu-9 Transactions; excluding that amount, nine-month funds flow from operations was US$(15.6) million.

“Net Debt” is defined as the undiscounted principal amount of its outstanding Macquarie Debt, convertible debentures, and lease obligations, net of Adjusted Working Capital. “Adjusted Working Capital” represents current assets less current liabilities, excluding current portion of debt and lease obligations, liability component of convertible debentures and derivative financial liability as presented on the statement of financial position. “Adjusted Net Debt” is defined as Net Debt that does not include the undiscounted balance of lease obligations. At September 30, 2026, debt principal excluding lease obligations was US$34.2 million (Macquarie US$23.0 million and convertible debentures US$11.2 million) against an adjusted working capital surplus of US$8.5 million, giving Net Debt excluding lease obligations of US$25.7 million, compared with US$60.5 million at December 31, 2025 (excluding lease obligations was US$157.8 million). The Company presents Net Debt excluding lease obligations because the comparable measure including lease obligations measures those obligations at undiscounted future payments and, following the May 2026 amendment to the BOOMT Agreement and the January 2026 assignment of the Sinu-9 midstream contracts, is driven principally by changes in lease presentation rather than by changes in indebtedness. No principal repayments were made on the Macquarie facility in the nine months ended September 30, 2026, and the facility was unchanged versus December 31, 2025, at US$23.0 million drawn.

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release, including, without limitation, statements related to: the expected terms and timing of new natural gas sales contracts at Maria Conchita; expected realized and spot prices for natural gas; expected production and sales volumes at Maria Conchita and Sinú-9, including from Aruchara-6, Encantado-1X and additional wells; expected operating costs, Operating Netback and breakeven volumes; and the Company’s production growth goals. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s most recent Management Discussion and Analysis and its Annual Information Form dated March 27, 2026, which are available for view on SEDAR+ at www.sedarplus.ca. These risks include but are not limited to, the risks associated with the oil and natural gas industry, such as exploration, production and general operational risks, the volatility of pricing for oil and natural gas, the inability to market natural gas production and changes in natural gas sale prices, changing investor sentiment about the oil and natural gas industry, any delays in production, marketing and transportation of natural gas, drilling costs and availability of equipment, regulatory approval risks and environmental, health and safety risks. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. No securities regulatory authority has either approved or disapproved the contents of this news release. The Toronto Stock Exchange accepts no responsibility for the adequacy or accuracy of this news release.

Abbreviations

The abbreviations set forth below have the following meanings:

Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf : 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of natural gas as compared to crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Information Regarding the Company’s Working Interest Disclosure

The Company’s contractual interest in the exploration and production contracts for both the Sinú-9 Block and the Maria Conchita Block is held through its indirect wholly-owned subsidiary, Operadora NG Energy International, S.A., which operates in Colombia through its registered branch. As a result of the foregoing, throughout this news release, references to “the Company” are understood to refer to NG Energy International Corp. and its direct and indirect wholly-owned subsidiaries as a whole. Through its registered Colombian branch, Operadora NGE holds the Company’s contractual participation in the Sinú-9 Block exploration and production contract as a member of the Sinú-9 Consortium, and holds and operates the Maria Conchita Block exploration and production contract. Therefore, NG Energy International Corp. is neither a contracting party nor the holder of the exploration and production contracts with the ANH.

In both this news release and the Company’s previous news releases, the term “working interest” ultimately refers to the rights and obligations agreed to eventually materialize a contractual interest in an exploration and production contract before the ANH, subject to the fulfillment of certain conditions. These conditions involve the assumption of financial risks and are generally linked to exploration pursuant to joint operating agreements. Once such conditions are fulfilled, the acquisition of a registered contractual interest, as a party of record, in the exploration and production contract may be formalized through a request for approval of an assignment before the ANH.

The assignment and allocation of “working interests” does not affect or undermine, in any way, the rights and obligations of the registered parties under the relevant exploration and production contracts. The registered parties, such as Operadora NGE, remain wholly and totally liable before the ANH, the Colombian authorities and third parties in connection with any and all obligations, risks and liabilities arising from the execution, performance or termination of the exploration and production contracts. Conversely, the rights and obligations that comprise “working interests” are enforceable only among the parties to the relevant private agreements, and have no legal effect before the ANH, the Colombian authorities or third parties. Accordingly, references to “working interests” in this news release do not constitute official information on the ownership of the exploration and production contracts, which corresponds solely to the contractual interests registered with the ANH, as set out below.

With regard to the Sinú-9 Block, the Sinú-9 Consortium, consisting of Maurel & Prom Colombia Sociedad Limitada (Operator – 61%) and Operadora NGE (39%), is party to the Sinú-9 Block exploration and production contract awarded by the ANH. With respect to the Maria Conchita Block, Operadora NGE is the sole registered contracting party and holds a 100% contractual interest and the status of operator under the Maria Conchita Block exploration and production contract awarded by the ANH. By communication dated July 30, 2026, the ANH approved the partial assignment of 18.55% of the interests, rights and obligations under the Maria Conchita exploration and production contract to Olympo Colombia S.A.S., which is in the process of being formalized through Amendment No. 15. Upon execution of such amendment, the contractor will be the Maria Conchita Consortium, consisting of Operadora NGE (Operator – 81.45%), and Olympo Colombia S.A.S. (18.55%). The Company holds an 80% private economic interest in the Maria Conchita Block. Net production volumes for Maria Conchita included in this news release are calculated based on this economic interest derived from private agreements, and not on the contractual interest registered with the ANH. The 1.45% difference relative to the 81.45% contractual interest corresponds to a third party’s economic interest held under a private agreement. Contractual ownership before the ANH corresponds exclusively to the registered contractor and, once the assignment is formalized, to the members of the Maria Conchita Consortium.

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SOURCE NG Energy International Corp.