VANCOUVER, BC


,


Nov. 22, 2022


/CNW/ –

NG Energy International Corp.

(”

NGE

” or the ”

Company

“) (TSXV: GASX) (OTCQX: GASXF), further to the Company’s press release on

November 15, 2022

in which it announced positive test results at the Brujo-1x well, the Company, in development of the SN-9 E&P Contract and under the agreements with CleanEnergy Resources (”

CleanEnergy

“, and together with NGE the ”

Companies

“), is pleased to announce completion of testing of the Brujo-1X well.  The Companies conducted 4 Drill Stem Tests (”

DSTs

“), with 3 successful DSTs in the intermediate and upper section of the Ciénaga de

Oro

(”

CDO

“) formation. A total of 276.5 feet (out of a total of 389 feet of prospective gas-bearing thickness in the CDO formation) were perforated with gas production rates; 11.2 MMscf/d from DST-2, 18.2 MMscf/d from DST-3 and 21.2 MMscf/d from DST-4.

Based on the successful tests in the CDO formation, the Companies have decided to analyze the best way to complete the well and test the remaining prospective zones, including 103 ft of thickness in the Porquero formation, to achieve the maximum possible production from the three zones, which aggregates an anticipated 51 MMscf/d. Hechicero-1X will be the next well drilled from the same pad as Brujo-1X with all approvals in place from the ANH to commence drilling.

Chief Executive Officer of NGE, Serafino Iacono, commented “After the successful results of Magico-1X well, we are very excited about these new results with the Brujo-1X in SN-9 block identifying a new area with greater exploration potential. Back-to-back success of this magnitude brings the Company a step closer to delineating a new prolific field in the Lower Magdalena basin. This is very positive to the Country and in line with the new government energy transition policies.”

Note:



The currently planned completion technique, as well as the Agencia Nacional de Hidrocarburos regulations, will not allow the Company to produce from all three zones at the same time.

The Companies report the following results from the four tests:

DST-1

DST-1 was conducted on

November 3

and 4, 2022 in the basal zone of the CDO formation, between 6,127 and 6,789 feet MD.  A total of 60 feet MD was perforated, but no gas or water was produced.  This test is considered inconclusive at this time.

DST-2

DST-2 was conducted on

November 8, 2022

, in the intermediate zone of the CDO formation, between 5,055 and 5,365 feet MD.  A total of 59 feet MD (50.61 feet TVD) was perforated, and the test results are summarized below:

This test produced 3.1306 MMcf of gas and no water over a period of 11.3 hours, including pre-flow rates.  36.8 barrels of load fluid were also recovered.  The specific gravity of the gas from this test is 0.56044.

NOTE:



The above data should be considered preliminary until pressure transient analysis or well-test interpretation has been done.

NOTE



: The above test results are not necessarily indicative of long-term performance or of ultimate recovery.

DST-3

DST-3 was conducted on

November 11, 2022

, in the upper zone of the CDO formation, between 4,563.5 and 4,910 feet MD.  A total of 136 feet MD (119.35 feet TVD) was perforated, and the test results are summarized below:

This test produced 6.2279 MMcf of gas and no water over a period of 15.1 hours, including pre-flow rates.  24.3 barrels of load fluid were also recovered.  The specific gravity of the gas from this test is 0.56044.

NOTE:



The above data should be considered preliminary until pressure transient analysis or well-test interpretation has been done.

NOTE



: The above test results are not necessarily indicative of long-term performance or of ultimate recovery.

DST-4

DST-4 was conducted on

November 15, 2022

, in the upper zone of the CDO formation, between 4,086 and 4,530 feet MD.  A total of 81.5 feet MD (71.39 feet TVD) was perforated, and the test results are summarized below:

This test produced 5.4742 MMcf of gas and no water over a period of 13.6 hours, including pre-flow rates.  11.58 barrels of load fluid were also recovered.  The specific gravity of the gas from this test is 0.56044.

NOTE:



The above data should be considered preliminary until pressure transient analysis or well-test interpretation has been done.

NOTE



: The above test results are not necessarily indicative of long-term performance or of ultimate recovery.

Petrotech Engineering Ltd., an independent qualified reserves and resources evaluator, has reviewed the test data contained in this news release and found it to be prepared in accordance with National Instrument 51-101

Standards of Disclosure for Oil and Gas Activities

(“NI 51-101”) and CSA Staff Notice 51-327

Revised Guidance on Oil and Gas Disclosure

.

NG Energy International Corp. is a publicly traded E&P company on a mission to provide a clean and sustainable solution to

Colombia’s

energy needs. The Company intends on executing this mission by producing and bringing gas to the premium priced Colombian gas market from SN-9, a 311,353 acres block which is adjacent to Canacol’s Nelson field, as well as

Maria Conchita

, a 32,518-acre block located in the region of La Guajira. NGE’s team has extensive technical expertise and a proven track record of building companies and creating value in

South America

. For more information, please visit SEDAR (

www.sedar.com

) and the Company’s website (


www.ngenergyintl.com


).

Except for the statements of historical fact, this news release contains “forward-looking information”, within the meaning of applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. Wherever possible, words such as “anticipate,” “believe,” “decide,” “expects,” “intend” and similar expressions have been used to identify the forward-looking statements.   The forward-looking information in this news release includes, but is not limited to, statements regarding the completion and results of the operations described herein, future drilling operations, receipt of governmental permits, licences or approvals and estimations of gas production.

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions that include, but are not limited to assumptions about the Company’s ability to complete the planned operations and activities. The Company has also assumed that no significant events will occur outside of the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally that could cause actual results to differ materially from historical results or results anticipated by the forward-looking statements.  Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, risks related to the Company’s inability to perform the proposed operations, regulatory approval risk, environmental risk and additional risks or factors set out in the Company’s continuous disclosure materials filed from time to time with Canadian securities regulatory authorities, including the Company’s annual and interim Management Discussion & Analysis.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

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.

SOURCE NG Energy International Corp.

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