CALGARY, Alberta, Oct. 27, 2022 (GLOBE NEWSWIRE) —

Decklar Resources Inc. (TSX-V: DKL) (OTCQX: DKLRF) (FSE: A1U1)

(

the “Company” or “Decklar”)

is pleased to announce that it has recommenced loading crude oil into trucks at the Oza Oil Field in Nigeria.

Delivery of Crude Oil

Decklar and its co-venturer Millenium Oil & Gas Company Limited (“Millenium”) are pleased to announce that the required permits have been obtained and loading of crude oil into trucks has recommenced at the Oza Oil Field. The crude will be trucked to a crude processing and sales terminal in Nigeria with which the Company has entered into an agreement. As previously announced, the agreement with the company that owns the crude processing and sales facilities provides for an initial delivery of 10,000 bbls. The parties are also in advanced discussions to increase the initial sales quantity to 30,000 bbls and to possibly agree a minimum monthly quantity of barrels of Oza Oil Field crude to be sold.

Sanmi Famuyide, CEO of Decklar Resources, said, “The deliveries of crude oil from the Oza Oil Field to one of four available crude export/sales terminals represent an important step in Decklar’s program to achieve stable, long term transportation and crude oil sales. Once the initial 10,000 barrels have been delivered, it is anticipated that sales proceeds will be paid within 30 days after delivery based on the terms of the agreement. These first sales proceeds will mark a significant achievement for the Company and Millenium.”

For further information:

Sanmi Famuyide

Chief Executive Officer Telephone: +234 703 332 2265

Email:

[email protected]

David Halpin

Chief Financial Officer Telephone: +1 403 816 3029

Email:

[email protected]

Investor Relations:

[email protected]

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

Cautionary Language

Certain statements made and information contained herein constitute “forward-looking information” (within the meaning of applicable Canadian securities legislation), including, but not limited to, statements regarding: stabilized production rates of the Oza-1 well and timing thereof and delivery of such production to trucks for offloading at an oil refinery or storage tanks, the barging of crude oil to an FSO, the export and sale of volumes of crude oil, the final execution of necessary agreements to transport and sell crude oil, and the successful obtaining of required government and other permits and licenses. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such statements and information (together, “forward looking statements”) relate to future events or the Company’s future performance, business prospects or opportunities.

All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not 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 similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, counterparty risk, changes in oil prices, results of exploration and development activities, competition in the oil and gas industry, uninsured risks, energy transition risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.

The Company provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.