Whitebark Energy's Partial Sale of Wizard Lake Assets to Conflux Energy Corp

Whitebark Energy Limited (ASX: $WBE) has signed a Purchase and Sale Agreement to sell a 90% working interest in its Wizard Lake assets in Alberta, Canada to Conflux Energy Corp. The transaction involves Conflux assuming all outstanding contingent liabilities in Rex Energy of CAD $1.44M and providing funding to bring the field into full production, with Rex being free carried for this expenditure.

Executive Commentary on Wizard Lake Transaction

The Wizard Lake transaction is consistent with our refreshed Renewable Energy strategy and will allow a focus towards Whitebark's geothermal and green hydrogen developments. The reallocation of capital and effort towards domestic renewable energy development will be crucial in capitalising on the forecasted demand and position the Company for its stated goal of becoming the first commercial geothermal producer in Australia.

Summary of Whitebark Energy's Announcement

Whitebark Energy (ASX: $WBE) has executed a Purchase and Sale Agreement to sell a 90% working interest in its Wizard Lake assets in Alberta, Canada to Conflux Energy Corp. The sale includes Conflux assuming all of Rex Energy's current contingent liabilities of CAD $1.44m and a right for Conflux to acquire Rex's remaining 10% interest at a price based on an Independent Third-Party reserve report. This move aligns with Whitebark's commitment to the Australian Renewable Energy market and its focus on geothermal and green hydrogen developments. The company aims to become the first commercial geothermal producer in Australia and remains dedicated to supporting the decarbonisation of Australia in line with net zero policy and forecasted green energy demand.