South East, LA

 February 1st 2023, Perna Oil & Gas announced the completed acquisition of South East Louisiana assets from Carolyn Energy Partners LLC, (Carolyn) a Texas based private operator. The strategic transaction expands Perna's operations with high margin, oil-weighted assets, and is accretive to Perna's Free Cash Flow.

 Transaction Highlights:

• Adds ~108 barrels of oil equivalent per day ("Boe/d") of production (>95% oil, >100% operated).
• Increases production by 70% and gross acreage by 35%, significantly increasing operational scale and diversity.

Perna President and Chief Executive Officer Christian W. Feller commented: "This transaction adds significant scale and diversity to our business through logical, in-basin expansion with an excellent strategic fit. Carolyn's high-margin, oil-weighted assets in South Louisiana, operated infrastructure and additional acreage will enhance our ability to accelerate and add further value to our portfolio. The acquisition is financially attractive, expanding our operating margins and increasing Free Cash Flow while immediately improving our credit profile before accounting for significant expected cost synergies. The enhanced cash flow profile will provide us with increased capital, including additional workovers/drilling opportunities, opportunistic acquisitions, and positioning Perna for fast paced growth.  We are excited for the numerous benefits that this transaction provides as we continue to grow.

Kay County, OK

Perna Oil & Gas has a 1/8 Interest (12.5% WI) in Several wells and in an active drilling program in Kay County, Ok.   We also have several wells that are scheduled for work-over which should increase our current production.