Beta Energy Corporation provided an operational update on its operations in Alberta, Canada. Operating through its 100% wholly owned subsidiary, the Company announces the commencement of its second oil-focused drilling program. A second drilling program has commenced in West Central Alberta with a planned drilling campaign of 4-5 production oil wells.

A drilling contractor has been secured and each well is expected to take approximately two weeks to drill and case. Four wells are planned to be drilled from a single pad, while a fifth well, if drilled, may be drilled from a second pad. Once all wells are drilled, they will all be hydraulically stimulated, and solution gas will be tied-in to existing pipelines that currently run less than two miles from the drilling pad(s).

These new wells will complement the Company's three existing wells, which were drilled in late 2021 and early 2022. Two of those wells were tied-in and have been producing, while the third of those wells will require a pipeline to be constructed in the fall or winter of 2022, to allow solution gas to be captured and sold; and thus, allow oil production to commence.