Oza Field Update: Production, Regulatory Approvals, and Development Plans

(TheNewswire)

January 24 2025 – TheNewswire - Calgary, Alberta – Decklar ResourcesInc. (TSX-V: DKL) (OTC: DKLRF) (FSE: A1U1) ( “ Decklar or the “ Company ” ) is pleased to provide an update onproduction, financial filings, regulatory milestones, and developmentactivities at the Oza Oil Field, located in Nigeria.

• Ongoing Production atOza-1 : The Oza-1 well continuesto produce at a steady net rate of c.230 barrels of oil per day(bopd).

• Crude Oil Evacuation andSales : Decklar and itsco-venturer in the Oza Field Millenium Oil & Gas Company Limited(“Millenium”) injected over 80,000 barrels of crude oil into theTrans Niger Pipeline (“TNP”) for transport to the Bonny ExportTerminal in 2024. The six-month average losses were approximately 13%and improved to around 10% in the last three-month, indicating reducedlosses and greater system efficiency for our crude oil lifted by ShellWestern Supply and Trading Limited (“Shell”). In addition to salesto Shell, we delivered approximately 29,900 barrels of crude to theEdo refinery in 2024, confirming the effectiveness of Decklar’salternative crude oil trucking evacuation strategy.

• Oza-4 Recompletion and ReservoirInsights: Decklar and Milleniumare advancing the recompletion activities at the Oza-4 Well. ReservoirSaturation Tool (“RST”) logging conducted by SLB (formerlySchlumberger) was completed in December 2024 and has provided criticalinsights into hydrocarbon saturation across the 6,450 – 9,250 feetinterval of the Oza-4 well. The results indicate that the L2600,L2700, L7000 and M300 zones contain 40%, 45%, 60% and 25% oilsaturations, respectively, above the producible oil-water contact(“POWC”). Work is underway to execute a recompletion  zone changefrom the M5000 zone to the L7000 zone, targeting approximately 19 feetof oil-saturated reservoir in the L7000 zone.

Oza Field Development and ExpansionPlans

Decklar, in partnership with itsstrategic partner Onyxx Resource Development Limited( “ Onyxx”) andMillenium , are advancing a phased development strategy on the Oza Field.

The recompletion of the Oza-4 well marksa pivotal milestone. Following recent approval from the NigerianUpstream Petroleum Regulatory Commission ( “ NUPRC ” ), and the concluded RST logging operation,processing and evaluation by SLB, subsequent zone change to the L7000zone are scheduled for completion early in Q1, 2025. The L7000 zone,with contingent resources of approximately 1.6 million barrels,assigned based on behind-the-pipe accumulations in existing Oza wells,is projected to deliver a projected incremental output of around700-800 barrels oil per day (bopd) once operational.

Subsequent to the Oza-4 recompletion,the Oza-2 well will undergo sidetracking to access three or fourproven reservoirs. This will include the installation of a dual-stringtubing production system, further enhancing production efficiency andrates. Two additional wells are planned to further unlock thepotential of the Oza Field.

Reserves and Financial Updates

Decklar ’ s 2023 financialstatement audit by MNP is nearing completion, paving the way for thefiling and release of Q1, Q2, and Q3 2024 financial statements andother required reports with regulatory bodies. Alongside the audit,McDaniel & Associates are finalizing the 2023 reserves report forthe Oza Field, which will also be released and filed with regulatorybodies.

Sanmi Famuyide, CEO of DecklarResources, commented:

“With steady production fromOza-1, enhanced crude evacuation systems working effectively, and ourfocused recompletion work at Oza-4 followed by the sidetrack on theOza-2 well, Decklar is poised for transformative growth in 2025.Collaborating with Millenium and Onyxx and progressing on the OzaField development plans demonstrate our commitment to unlocking thefield’s full potential”

For further details, visit Decklar’swebsite at www.decklarresources.com or refer to the Company’s filings on SEDAR+at www.sedarplus.ca .

For Further Information:

Sanmi Famuyide

Chief Executive Officer

Phone: +234 703 332 2265

Email: sanmi@decklarresources.com

Investor Relations: info@decklarresources.com

Neither the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.

Cautionary Language

Certain statementsmade and information contained herein constitute "forward-lookinginformation" (within the meaning of applicable Canadiansecurities legislation), including, but not limited to, statementsregarding: disclosure regarding possible events, that are based onassumptions about future economic conditions and courses of action,obtaining necessary approvals from regulatory authorities,availability of services and personnel necessary to complete requiredtasks in order to fulfill regulatory requirements in a timely manner,permits and agreements to allow access and production into pipelinesand deliveries of crude oil by truck, the timing for payment of crudeoil sales, the final execution of necessary agreements to selladditional crude oil, the maintaining of stable crude oil production,the ability to transport crude oil by pipeline or truck, the continuedaccess to functioning pipelines and the availability of exportvessels; and projected or estimated production levels, includinganticipated increases from planned development activities . Allstatements in this news release, other than statements of historicalfacts, are forward-looking statements. Such statements and information(together, "forward looking statements") relate to futureevents or the Company's future performance, business prospects oropportunities.

All statements otherthan statements of historical fact may be forward-looking statements.Any statements that express or involve discussions withrespect to predictions, expectations, beliefs, plans, projections,objectives, assumptions or future events or performance (often, butnot always, using words or phrases such as "seek","anticipate", "plan", "continue","estimate", "expect, "may", "will","project", "predict", "potential","targeting", "intend", "could","might", "should", "believe" and similarexpressions) are not statements of historical fact and may be"forward-looking statements". Forward-looking statementsinvolve known and unknown risks, uncertainties and other factors thatmay cause actual results or events to differ materially from thoseanticipated in such forward-looking statements. The Company believesthat the expectations reflected in those forward-looking statementsare reasonable, but no assurance can be given that these expectationswill prove to be correct and such forward-looking statements shouldnot be unduly relied upon, particularly with respect to productionvolumes or anticipated productions increases which may differ due tounforeseen technical, operational, or regulatory challenges. TheCompany does not intend, and does not assume any obligation, to updatethese forward-looking statements, except as required by applicablelaws.

These forward-lookingstatements involve risks and uncertainties relating to, among otherthings, changes in oil prices, results of exploration and developmentactivities, uninsured risks, regulatory changes, defects in title,availability of materials and equipment, timeliness of government orother regulatory approvals, actual performance of facilities,availability of financing on reasonable terms, availability of thirdparty service providers, equipment and processes relative tospecifications and expectations and unanticipated environmentalimpacts on operations. Actual results may differ materially from thoseexpressed or implied by such forward-looking statements.

The Company providesno assurance that forward-looking statements will prove to beaccurate, as actual results and future events could differ materiallyfrom those anticipated in such statements. Accordingly, readers shouldnot place undue reliance on forward-looking statements. The Companydoes not assume the obligation to revise or update theseforward-looking statements after the date of this document or torevise them to reflect the occurrence of future unanticipated events,except as may be required under applicable securitieslaws.

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