NG ENERGY FILES FORM 51-101 F1

VANCOUVER, BC, March 25, 2022 /CNW/ – NG Energy International Corp. (the “Company” or “NGE”) (TSXV: GASX) (OTC: GASXF) is pleased to announce the publication of its Form 51-101 A1 – Reserve Status Data and Other Oil and Gas Information for the Company (the “F1 Report“) for the year ended December 31, 2021. These documents, among others, will be posted on the Company’s website at www.ngenergyintl.com and on SEDAR at www.sedar.com. A summary of the main parameters and conclusions of the F1 report is presented below.

Reserves 2021

For the year ended December 31, 2021the Company has received a report from the independent qualified reserves evaluators, Petrotech and Associates Ltd. (“Petrotech“). The report entitled “Assessment of the interests of NG Energy International Corp. in the gas reserves of the Maria Conchita block in the onshore Guajira basin, Colombia” (the “Petrotech Report“) stated that the Company has total proven and probable reserves of 4,616 Mboe gross, 4,310 Mboe net. This corresponds to the certified Mboe for the year ended December 31, 2020.

The following tables summarize the information contained in the Petrotech report, which is effective as of December 31, 2021.

These reserves reports have been prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Valuation Handbook and National Instrument 51-101 – Oil and Gas Disclosure Standards (“National Instrument 51-101“) and included in the F1 report filed on SEDAR. Additional information about reserves required under NI 51-101 may also be found on SEDAR under: (i) Forms 51-101F2 – Report of Reserves Data by a independent qualified reserves evaluator completed by Petrotech dated March 25, 2022; and (ii) Form 51-101A3 – Oil and Gas Disclosure Report of Management and Directors dated March 252022.

The information contained in this report represents information relating to the Company’s reserves, future net income and the present value of future net cash flows as at December 31, 2021.

Category Reserves

medium light

Crude oil

Heavy crude oil

Conventional Natural
Gas (1)

Natural gas liquids

BOE


Raw (2)
(Mbbls)

Net (3)

(Mbbls)

Raw (2)

(Mbbls)

Net (3)

(Mbbls)

Raw (2)

(MMcf)

Net (3)

(MMcf)

Raw (2)

(Mbbls)

Net (3)

(Mbbls)

Raw (2)

(Mbbls)

Net (3)

(Mbbls)

Proven











Developed production

Developed non-producer

Undeveloped

12,536

11,727

1

0

2,091

1,955

Total proven

12,536

11,727

1

0

2,091

1,955

Likely

15,130

14,131

4

0

2,525

2,356

Total proven + probable

27,666

25,859

5

0

4,616

4,310












Remarks


(1)

Conventional natural gas reserve estimates include by-products but exclude solution gas from oil wells

(2)

“Gross reserves” are the company’s operating reserves before deduction of royalties.

(3)

“Net Reserves” are the Company’s working interest reserves after deducting royalty obligations, plus the Company’s royalty interests.

(4)

Note: Argentinian assets were sold effective October 1, 2020.

Note: Numbers in these tables may not add exactly due to rounding

About NG Energy International Corp.

NG Energy International Corp. is a publicly traded E&P company whose mission is to provide a clean and sustainable solution to Colombia energy needs. The Company intends to execute this mission by producing and bringing high-priced oil and gas to the Colombian market from its concessions, SN-9, a 311,353-acre block adjacent to Canacol’s Nelson field. , as well as Mary Conchita, a 32,518-acre block located in the La Guajira region. The NGE team has deep technical expertise and proven experience in building businesses and creating value in South America. For more information, please visit SEDAR (www.sedar.com) and the Company’s website (www.ngenergyintl.com).

Forward-looking information

This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limited to, statements regarding estimates and/or assumptions regarding production, revenues, cash flows and costs, estimates of reserves and resources, potential resources and reserves and exploration plans and objectives and development of the Company) are forward-looking statements. These forward-looking statements reflect the Company’s current expectations or beliefs based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that could cause the Company’s actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are achieved or substantially achieved, there can be no assurance that they will have the expected consequences or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among others: the uncertainty of capital and operating cost estimates, production estimates and estimated economic returns; uncertainties associated with estimating oil and natural gas reserves; failure to establish estimated resources or reserves; volatility in oil and natural gas market prices; exchange rate fluctuation; inflation; changes in stock markets; perceptions of the Company’s outlook and the outlook for the oil and gas industry in Colombia; uncertainties relating to the availability and costs of necessary financing in the future; uncertainties related to the interpretation of drill results and other geological data; and other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form, dated August 25, 2021 filed on SEDAR at www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking statement, whether as a result of new information, future or other events or results. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed on such statements due to the inherent uncertainty of those statements. -this.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ababbreviations

The abbreviations below have the following meanings:

Petroleum and natural gas liquids


Natural gas

bbls

barrels


mcf

thousand cubic feet

b/d

barrels per day


Mcf/d

thousand cubic feet per day

MBBLs

thousand barrels


MMcf

million cubic feet

boeh

barrels of oil equivalent


MMBtu

one million British thermal units

boe/d

barrels of oil equivalent per day


m3

Cubic meters

Mboe

thousand barrels of oil equivalent


G.J.

gigajoule

NGL

natural gas liquids









Other


WTI

West Texas Intermediate crude oil, a benchmark oil price determined in Cushing, Oklahoma

millions of dollars

thousands of dollars

Conversions

The following table shows some conversions of standard imperial units and the international system of units:

From


For


Multiply by

mcf


Cubic meters


28.174

mcf


G.J.


1.055

Cubic meters


cubic feet


35.494

bbls


Cubic meters


0.159

acres


hectares


0.405

sections


acres


640

sections


acres


256

Caution regarding the use of barrels of oil equivalent (BOE)

BOE/boe can be misleading, especially if used in isolation. A six Mcf to one barrel boe conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalence at the wellhead. Since the value ratio of natural gas to crude oil based on current natural gas and crude oil prices is significantly different from

SOURCENG Energy International Corp.

For further information: NG Energy International Corp., Serafino Iacono, CEO; Marianella Bernal Parada, Financial Director, tel. : (604) 609-6110

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