CLEARVIEW RESOURCES LTD. REPORTS DECEMBER 31, 2024 CORPORATE RESERVES INFORMATION AND ANNOUNCES UPDATES

CALGARY, AB, March 20, 2025 /CNW/ - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to announce its 2024 year end reserves information.

"In 2024, we increased Clearview's proved developed producing net asset value per basic share by 51%, compared to the prior year, to $3.88 per share, the highest for the Company in the last decade", commented Rod Hume, President & CEO. "Despite enduring the lowest natural gas price in over 20 years, the Company grew its proved developed producing reserve value, primarily from an 8% increase in PDP oil reserves through the acquisition of a low decline, light oil weighted producing asset. Additionally, Clearview substantially improved its financial position through two significant dispositions. The dispositions consisted of a portion of under-utilized infrastructure in Northville and the sale of certain undeveloped, expiring acreage in North Pembina. As a result of these transactions, Clearview's net debt position improved by over $9 million from the prior year, exiting 2024 with a net surplus of $5.2 million, including $6.4 million of cash."

2024 HIGHLIGHTS

• Increased proved developed producing net asset value per basic share by 51% compared to 2023;
• Increased proved developed producing crude oil reserves by 8% compared to 2023;
• Achieved a proved developed producing acquisition cost of $12.38/barrel of oil equivalent ("boe") for the 74% light oil weighted, low decline, North Pembina asset;
• Achieved a proved developed producing finding and development cost of $9.03/boe; and
• Increased reserve life index of proved developed producing reserves to 7.2 years.

YEAR END 2024 RESERVE INFORMATION

McDaniel & Associates Consultants Ltd. ("McDaniel"), the Company's independent petroleum engineering firm, has evaluated 100% of Clearview's crude oil, natural gas and natural gas liquids reserves (all located in Canada) as at December 31, 2024 and prepared a reserves report dated March 19, 2025 (the "McDaniel Report") in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH"). Consistent with the prior year's reserve report, the Company used a three consultant (McDaniel, GLJ Petroleum Consultants Ltd. and Sproule) average commodity price forecast dated January 1, 2025 ("Price Forecast") in the evaluation. Full reserves data disclosure as required under NI 51-101 will be included in Clearview's Annual Information Form to be filed on SEDAR+ by April 30, 2025. The 2024 financial information in this press release is currently unaudited.

RESERVES

The following table is a breakdown of the Company's reserves information, estimated using the Price Forecast and forecast costs, as detailed in the McDaniel Report at December 31, 2024.

NET PRESENT VALUE OF FUTURE NET REVENUE

The estimated future net revenues associated with Clearview's reserves at December 31, 2024, based on the Price Forecast, are summarized in the following table.

RESERVES RECONCILIATION

Changes between the Company's Gross reserve estimates made as at December 31, 2024 and the prior-year estimates, made as at December 31, 2023, based on the three consultant average forecast prices and costs as at the respective dates are summarized in the table below.

TOTAL FUTURE NET REVENUE (UNDISCOUNTED) AS OF DECEMBER 31, 2024

The table below summarizes the elements of future net revenue estimated using the Price Forecast and forecast costs without discount.

PRICING ASSUMPTIONS

The following table summarizes the Price Forecast.

FUTURE DEVELOPMENT COSTS

The following table summarizes the escalated future development costs ("FDC") deducted in the estimation of future net revenue.

FINDING, DEVELOPMENT AND ACQUISITION COSTS

For the year of 2024, Finding and Development ("F&D") costs⁽¹⁾ in the Total Proved and Total Proved Plus Probable categories are meaningless as a reduction in future development capital was larger than actual capital spent in the year. Similarly, Finding, Development and Acquisition (including dispositions) ("F,D&A") costs⁽¹⁾ are meaningless across all reserve categories for 2024 because the large infrastructure and undeveloped land dispositions (with no associated reserves) were greater than both capital invested and acquisition costs combined. The calculations for F&D and F,D&A for 2024 and the last 3 years in aggregate are presented below for completeness but the reader is cautioned that not all calculations in all reserve categories are meaningful. Clearview has highlighted in bold the calculations that are meaningful. F&D and F,D&A costs are indicators of the Company's efficiency in deploying capital to develop reserves.

RESERVE LIFE INDEX

Reserve Life Index is calculated as Company Gross reserves divided by annual production for the year indicated.

NET ASSET VALUE

While net asset value per share does not necessarily represent a fair market value for the Company, the change to the net asset value per share of the Company compared to the previous year is important. The strategic dispositions and acquisition Clearview undertook in 2024 resulted in a significant increase to the net asset value of the Company. Net asset value per basic share in the proved developed producing category increased by 51% over the prior year.

OPERATIONS UPDATE

As previously disclosed, production downtime due to unscheduled third-party turnarounds and maintenance continued from the third quarter of 2024 into October and November. This downtime primarily affected liquids-rich natural gas production. The benchmark AECO natural gas price averaged $1.28 per thousand cubic feet ("mcf") during these two months; prices not seen since the COVID-19 pandemic. Production was restored in late November. Based on field estimates, corporate production for December averaged approximately 1,580 barrels of oil equivalent per day ("boe/d"). Production for the fourth quarter of 2024, averaged approximately 1,437 boe/d. The first two months of 2025 were impacted by severe cold weather causing freezing of some of Clearview's production operations. Additionally, volumes brought on production by the Company's new infrastructure partner at its Northville property caused some back-out of Clearview production. Production volumes for January and February averaged approximately 1,440 boe/d based on field estimates.

ADVANCE NOTICE BYLAW

Clearview further announces that its board of directors (the "Board") approved an advance notice bylaw (the "Advance Notice Bylaw") on March 10, 2025 with effect as of such date. The purpose of the Advance Notice Bylaw is to provide shareholders, directors, and management of the Company with guidance on the nomination of directors. The Advance Notice Bylaw includes, among other things, a provision that requires advance notice be given to Clearview in circumstances where nominations of persons for election to the Board are made by shareholders of the Company other than pursuant to: (i) a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (Alberta) (the "ABCA"); or (ii) a shareholder proposal made pursuant to the provisions of the ABCA.

Additionally, the Advance Notice Bylaw sets a deadline by which holders of record of common shares must submit director nominations to the Company prior to any annual general or special meeting of shareholders, sets forth the information that a shareholder must include in the notice to Clearview, and establishes the form in which the shareholder must submit the notice for that notice to be in proper written form.

In the case of an annual general meeting of shareholders, notice to the Company must be made not less than 30 days prior to the date of the annual general meeting. However, in the event that the annual general meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual general meeting was made, notice may be made not later than the close of business on the tenth (10th) day following such public announcement. In the case of a special meeting of shareholders (which is not also an annual general meeting) notice to the Company must be made not later than the close of business on the fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting was made.

Notwithstanding the foregoing, the Board may, in its discretion, waive any requirement set out in the Advance Notice Bylaw.

Pursuant to the provisions of the ABCA, the Advance Notice Bylaw is effective immediately and will be placed before shareholders for approval, confirmation and ratification at the next shareholder meeting. The Advance Notice Bylaw will cease to be effective unless it is approved, ratified and confirmed by a resolution adopted by a majority of the votes cast by the shareholders of the Company.

The full text of the Advance Notice Bylaw is available under the Company's profile on SEDAR+ at www.sedarplus.ca.

MEETING REQUISITION

Clearview further announces that the Board received a requisition pursuant to section 142 of the Business Corporations Act (Alberta) from Walter van Woudenberg, Harold Pine, Todd McAllister and Ian MacKellar (together the "Requisition Group"). The requisition requests a special meeting of the Company's shareholders be called to consider the removal of three (3) Clearview directors and replacement with three (3) nominees of the Requisition Group.

The Board (or a committee thereof) will review the requisition to, among other things, determine its validity and will respond to the requisition in due course.

Shareholders are not required to take any action at this time.

OUTLOOK

Management and the Board of Directors continue to evaluate and explore opportunities in order to maximize shareholder value. The Company would like to thank its shareholders for their continued support as we evaluate our internal development plans and external opportunities towards providing liquidity for shareholders.

Clearview'sDecember 31, 2024 audited financial statements and management's discussion and analysis are anticipated to be released on or about April 30, 2025. These filings will be available on the Company's website at www.clearviewres.com and SEDAR+ at www.sedarplus.ca.

FOR FURTHER INFORMATION PLEASE CONTACT:

CLEARVIEW RESOURCES LTD.

1350 - 734 – 7th Avenue S.W. Calgary, Alberta T2P 3P8

Telephone: (403) 265-3503                                Facsimile: (403) 265-3506
       Email: info@clearviewres.com                         Website: www.clearviewres.com

                                                        ROD HUME                                                      BRIAN KOHLHAMMER

      President & CEO                                                     V.P. Finance & CFO

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of our anticipated future operations, management focus, strategies, financial, operating and production results, industry conditions, commodity prices and business opportunities. Specifically, this press release has forward looking information with respect to: Clearview's future plans; Clearview's objectives and ability to provide liquidity and/or maximize shareholder value; the filing of the McDaniel Report, including the anticipated filing date for the Company's annual information form for the year ending December 31, 2024; future drilling plans; expected cash provided by continuing operations; future asset retirement obligations; future capital expenditures, including the amount and nature thereof; oil and natural gas prices and demand; expansion and other development trends of the oil and gas industry; and overall growth strategy. Forward-looking information typically uses words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future. Statements relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

In addition, information and statements relating to reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated, and that the reserves can be profitably produced in the future.

The forward-looking information is based on certain key expectations and assumptions made by our management, including expectations and assumptions concerning prevailing commodity prices and differentials, exchange rates, applicable royalty rates and tax laws; that the Advance Notice Bylaw will be ratified and approved by shareholders; the impact on energy demands going forward and the inability of certain entities, including OPEC to agree on crude oil production output constraints; the impact on commodity prices, production and cash flow due to production shut-ins; the impact of regional and/or global health related events on energy demand; global energy policies going forward; our ability to execute our plans as described herein; global energy policies going forward; future exchange rates; future debt levels; the availability and cost of financing, labour and services; the impact of increasing competition and the ability to market oil and natural gas successfully and our ability to access capital. Although Clearview believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Clearview can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties which could include the possibility that Clearview will not be able to execute some or all of its ongoing programs; general economic and political conditions in Canada, the U.S. and globally, and in particular, the effect that those conditions have on commodity prices and our access to capital; further fluctuations in the price of crude oil, natural gas liquids and natural gas; fluctuations in foreign exchange or interest rates; adverse changes to differentials for crude oil and natural gas produced in Canada as compared to other markets and worsened transportation restrictions. Our actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide securityholders with a more complete perspective on our future operations and such information may not be appropriate for other purposes.

Readers are cautioned that the foregoing lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Non-GAAP Measures

The Company's management uses and reports certain measures not prescribed by International Financial Reporting Standards ("IFRS") (referred to as "non-GAAP measures") in the evaluation of operating and financial performance. These non-GAAP measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable with the calculation of similar measures for other companies. The Company uses these measures as an indicator of financial performance because such terms are used internally in managing and governing the Company and are often utilized by investors and other financial statement users to evaluate producers in the oil and natural gas industry. The non-GAAP measures should not be considered to be more meaningful than generally accepted accounting principles ("GAAP" measures which are determined in accordance with IFRS as indicators of Clearview's performance. Specifically, "adjusted funds flow" is a non-GAAP measure derived from cash flow from operating activities excluding decommissioning expenditures and changes in non-cash working capital. The adjusted funds flow amount represents funds available for capital expenditures, repayment of net debt or distribution to shareholders. Please refer to the Company's December 31, 2023 audited financial statements for additional disclosure on adjusted funds flow.

Oil and Gas Advisories

This press release contains certain oil and gas metrics which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included in this document to provide readers with additional measures to evaluate our performance, however, such measures are not reliable indicators of our future performance and future performance may not compare to our performance in previous periods and therefore such metrics should not be unduly relied upon. Specifically, this press release contains the following metrics:

• Finding and Development Costs – calculated by dividing capital expenditures (including land) plus changes in FDC required to bring undeveloped and developed reserves into production by the net changes to reserves from extensions and improved recovery, technical revisions, discoveries, and economic factors.
• Finding, Development, Acquisition and Disposition Costs – calculated by dividing capital expenditures (including land) plus acquisition and disposition costs plus changes in FDC required to bring undeveloped and developed reserves into production by the net changes to reserves from extensions and improved recovery, technical revisions, discoveries, acquisitions, dispositions and economic factors.
• Reserve Life Index – calculated as company gross reserves divided by annual production for the year indicated.
• Boe means barrel of oil equivalent on the basis of 6 mcf of natural gas to 1 bbl of oil. The term "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. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6: 1, using a conversion on a 6: 1 basis may be misleading as an indication of value.

Abbreviations

SOURCE Clearview Resources Ltd.