Green Flame Provides Corporate Update

Company Ready to Gear up Production and Revenues

Significant progress funding round

Toronto, Ontario--(Newsfile Corp. - September 1, 2022) - Green Flame Energy ("Green Flame", or "the Company") today provided a corporate update for investors.

Dr. David Kahn, CEO, commented, "We are ready to go. The reserves in our field, the incredible upside potential through CO₂-driven enhanced oil recovery, the in-place infrastructure and the developed nature of our wells means that, with the current funding, we will be able to drive rapid growth of revenues and eventually cash flows. This is a unique property where we are leveraging over $20MM invested to date in a production ready infrastructure with significant expansion potential. We look forward to getting going and to informing investors of our progress."

The Company

Green Flame is an exciting, Oil project in Trinidad & Tobago, the third most prosperous country in the Americas as measured by GDP per capita. To date, approximately $20 million was invested in the Company's property, resulting in 110 existing wells that are production ready.

The project is located in a region that has fully developed infrastructure for oil & gas operations, including an operational CO₂ pipeline (Texaco). Access to low-cost CO2 through the Texaco pipeline will enable the Company to implement enhance oil recovery technologies, enabling further expansion of production capacity, while making operations carbon neutral. Conversion of the productive wells to EOR will be a rapid and low-cost process with very significant returns through the increased output per well.

Ready to go - offtake assured

The property is ready for the next stage of its development. The required equipment is in place, conversion of the wells to EOR through CO2 injection is a straightforward process that will require approximately 30 days to complete. The tie in to the nearby oil pipeline is complete, enabling the Company to transport its oil to the point of sale. A take-off agreement is in place for all production coming from the property.

EOR and ESG ready - massive ramp up in production while generating carbon credits

With a nearby gas fired power station and infrastructure in place through a pipeline, the Company has secured an initial 10 million cubic feet of CO₂ per day to drive its EOR program. Upon injection into the wells, intended to increase production, approximately 2/3rds of the CO₂ is sequestered underground, permanently. As the Company will operate a closed loop system, the remaining 33% will be recovered and reinjected into the wells, thereby approaching 100% sequestration. Through the Company's ties to a carbon trading platform, Green Flame anticipates generating additional income through the generation of credits.

Steven Byle, CTO, commented, "Not only will utilizing EOR very significantly increase production on our property, the sale carbon credits, generated through sequestration, will go straight to our bottom line, further enhancing the returns on this project."

Initial testing and simulations have shown that the flow rate of the wells can be increased through EOR from the current ~2 bbpd to up to ~100 bbpd. Such an increase in production at today's oil prices represents a very rapid acceleration of revenues and eventually free cash flows. With reserves in place, the Company anticipates achieving significantly increased flow rates for the foreseeable future. An updated reserves report will be available shortly, providing an indication as to the overall size of the field and its potential for production.

Current Funding

The Company is currently raising funds to expand its operations and drive rapid growth of revenues and cash flows. To this end, management hosted a webinar to inform interested investors on the capabilities, assets and outlook for the Company. With a significant portion of the targeted $3MM secured, the Company still has some limited availability in the current placement. Those investors interested in the Company's presentation, a replay of the webinar can be accessed here:

https://flaia.org/events/high-oil-prices-cheap-natural-gas-supply-lng-facility-and-winter-coming

For those interested to invest in green flame Energy, please contact via geoff@greenflameoil.com for more information.

The webinar was hosted by CEO Dr. David Kahn and CTO Steven Byle, both deeply experienced senior executives in the oil & gas sector, both with significant operational, technological and financial know how.

Dr. David Kahn

Dr. Khan is an accomplished senior executive with significant experience in the Oil & Gas sector. He was CIO at Valkor energy, as well as founder and principal of the largest heavy oil company in the U.S. Dr. Khan also served as the COO of NASDAQ listed Ivanhoe Energy, Director Technology at Baker Hughes & Haliburton. He holds a PhD in Chemistry from the Ecole Nationale Superior in France.

Steven Byle, CTO

Steven Byle is a seasoned executive and serial entrepreneur who has created, owned and/or operated companies with a combined value exceeding US$2B. He has been a founder and/or executive at a number of start-ups and mid-sized companies, both public and private, that have achieved revenues as high as $500M with over 1500 employees. Steven has broad experience across the energy, technology and industrial construction sectors, and is specialized in applying emerging technologies and innovative business models towards making energy businesses green. He has recently overseen the development of water, waste and emission free oil sands, conversion of heavy sweet oil to biodiesel, and carbon sequestration associated with oil & gas production.

About Green Flame Energy

Green Flame Energy is an oil producer out of Trinidad & Tobago ("T&T"), the 3^rd wealthiest country in the Americas as measured by GDP per capita. The Company is developing a property with production ready wells. With significant infrastructure in the area, including access to a pipeline supplying CO2 for enhanced oil recovery, the Company is well positioned to rapidly drive growth towards cash flow positive operations.

For more information

Marc Lakmaaker
Investors@GreenFlameOil.com
T: +1.647.289.6640
www.greenflameoil.com

Forward-Looking Statements

Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute "forward-looking information" within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such 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 and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except as required by applicable securities laws.

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