Rubellite Energy Inc. provided an operations update and advises that the Company will be presenting at the Peters & Co. Limited 2023 Energy Conference on September 12, 2023. At Figure Lake, a total of five (5.0 net) multi-lateral horizontal wells have been rig released during the third quarter to date on the new pad located at 15-24-63-18W4 (the "15-24 Pad"), with a total of eight (8.0 net) wells planned.

The first well on the 15-24 Pad had an IP30 of 189 bbl/d (previously reported IP19 of 203 bbl/d). The second well on the 15-24 Pad had an IP30 of 225 bbl/d. The third well on the 15-24 Pad fully recovered its oil-based mud load fluid ("OBM"), started its IP30 period on August 19th and has recorded an IP18 of 287 bbl/d. The fourth well on the 15-24 Pad fully recovered its OBM, started its IP30 period on September 4th and is performing in line with the first three 15-24 Pad wells. All of the 15-24 Pad wells on sales production to date have early performance that is significantly outperforming the Figure Lake type curve IP30 of 116 bbl/d. The fifth well on the 15- 24 Pad was rig released on September 5th and is currently recovering OBM.

Water production to date from the wells on the 15-24 Pad has averaged approximately 5% of total fluid production, compared with an average to date at Figure Lake of approximately 22%. Given the infill drilling characterization of development in this central portion of the Figure Lake area, Rubellite intends to maintain continuous drilling operations on six to eight well pads for the remainder of 2023 to minimize rig moves and facility builds, and optimize the re-use of oil-based mud, thereby reducing costs and improving capital efficiencies. Rubellite has contracted a second rig to start-up in the fourth quarter to drill a minimum of two (2.0 net) wells and up to three (3.0 net) wells to accelerate evaluation of the Buffalo Lake Metis Settlement lands while maintaining the ongoing infill drilling program in the off-Settlement lands at Figure Lake.

Up to 16 (16.0 net) multi- Lateral horizontal wells are expected to be drilled at Figure Lake in the second half of 2023 (unchanged from previous guidance) for a full year 2023 total of 25 - 26 (25.0 - 26.0 net) wells, as the property continues to be the Company's primary focus of investment and development. Production for the last two weeks of August averaged approximately 3,285 bbl/d of conventional heavy oil, based on field estimates and before inventory adjustments, up 15% from the 2,844 bbl/d reported for the second quarter of 2023, aided by the strong performance of the 15-24 Pad wells. The Company remains on track to achieve its 2023 annual average sales production guidance of 2,900 to 3,100 bbl/d with no changes to previous guidance assumptions.