Vancouver, British Columbia--(Newsfile Corp. - November 10, 2026) - Dune Oil Corp. (CSE: DUNE) (OTCQB: DUNXF) (FSE: Z621) ("Dune" or the "Company") highlights two new oil discoveries announced by Turkish Petroleum ("TPAO") in the Cudi-Gabar region, including the Gaziler field directly north of the Company's onshore M47 oil block ("M47"), and additional TPAO drilling programs on neighbouring licences situated within 1 to 2 km of M47.

TPAO Announces Two New Oil Discoveries and Additional Drilling Programs on Neighbouring Licences

On November 9, 2026, TPAO announced two new oil discoveries in the Cudi-Gabar region, the Gaziler and Çardaklı fields, increasing the number of its production fields in the region from eight to ten. The Gaziler field lies directly north of M47, with its first well located approximately 4 to 5 km from M47. TPAO reports approximately 135 million barrels of oil-in-place potential across the area under evaluation and plans to drill 40 new wells in the Gaziler and Çardaklı fields to bring that potential into production⁽¹⁾.

Through its field development program, TPAO is targeting an approximately 30% increase in Cudi-Gabar oil production, with total daily production in the region expected to exceed 100,000 bbl/d in 2027⁽¹⁾.

Separately, during August 25-28, 2026, Turkish energy-industry publication Enerji Günlüğü reported that six TPAO drilling-project groups identified 22 individual well locations in TPAO's Mehmet İrfan Güler oil field ("MIG Oil Field") on the M47-C1/C2 exploration licences, situated 1-2 km north of Dune's M47-C3/C4 licences. These projects are associated with TPAO's established MIG Oil Field, which commenced production in 2024.

Dune's 2D Seismic Program

In addition, the Company is pleased to announce the contract award for the 2026 two-dimensional (2D) seismic data acquisition program (the "Program") on its M47 Gabar licence area in Şırnak Province, southeastern Türkiye. The award moves the program from contractor selection to field execution. The M47 Block lies in the Cudi-Gabar petroleum province, a rapidly growing oil exploration and production fairway in southeastern Türkiye.

The seismic program is designed to improve definition of fault-controlled structural traps and prospective leads across the licence, and to set the stage for the Company's planned 2027 work program and future drilling.

The Program comprises approximately 45 kilometres across six 2D seismic lines over the M47 licence area (C3 and C4 licences, approximately 310 square kilometres). Acquisition will use modern nodal recording technology, selected for its operational flexibility, receiver continuity and HSE advantages in the area's rugged, and locally steep terrain. The survey is designed to better define fault-controlled structural traps and prospective structures - particularly in the eastern part of the licence - and to fill gaps in existing seismic coverage.

Under the acquisition design, the contractor will carry out line survey, shot-hole drilling, explosives management, nodal recording, field quality control and preliminary field processing, with final acquisition parameters to be confirmed following field source tests. The operator will provide field support, including preparation of dozer access roads along the seismic lines and operational fuel during acquisition.

Budget, Timing and Next Steps

Based on the tendered contract terms, the seismic program budget is estimated at approximately US$600,000 net to Dune, of which US$200,000 has been advanced to commence the program. Mobilization and field acquisition are planned to commence in November 2026, with completion expected in February 2027. Following acquisition, processing and interpretation of the new data are expected to high-grade and generate additional drillable exploration locations in the South Lead area and development locations in the North Lead. The Company expects to finalize and announce new drilling locations in both areas following interpretation, in addition to the Company's planned re-entry of the C-2 well and sidetrack deviated or lateral of the C-1 well.

Scott Lower, President and Chief Executive Officer of Dune Oil Corp., commented:

"Awarding the seismic contract moves our M47 program from tender to execution. This survey is designed to sharpen our picture of the faulting and traps across the block and to high-grade drilling locations for 2027. Selecting the contractor and locking in terms is an important step toward the next phase of exploration and development on the licence, and we look forward to getting crews to the field."

Third-Party Information and NI 51-101 Caution

⁽¹⁾ Information on the Gaziler and Çardaklı discoveries, oil-in-place potential, planned wells and regional production targets is attributed to TPAO's announcement of November 9, 2026; neighbouring well-location information is attributed to Enerji Günlüğü (August 25-28, 2026). TPAO is the state-owned operator of these properties, while the publication is independent of Dune. Dune has not independently verified the underlying technical data or determined whether related petroleum estimates were prepared or audited under the Canadian Oil and Gas Evaluation Handbook. The approximately 135 million barrels of oil-in-place potential is TPAO's figure; it is not a recoverable volume, and Dune is not aware of its classification under the Canadian Oil and Gas Evaluation Handbook. This information concerns properties outside Dune's licences and is provided as regional, analogous context only. Results on other properties are not necessarily indicative of results on M47; no reserves, resources, production rates or commercial outcomes for Dune's property can be inferred. References by third parties to "reserves", "discoveries" or "oil-in-place" are not necessarily consistent with the definitions in NI 51-101 or the Canadian Oil and Gas Evaluation Handbook. Distances to M47 are management's approximate estimates. "bbl/d" means barrels per day.

About Dune Oil Corp.

Dune Oil Corp. is a Canadian oil exploration company focused on Türkiye. The Company has an agreement to earn a 29% working interest in the M47 oil exploration block (C3 and C4 licences) located in the Cudi-Gabar petroleum province of southeastern Türkiye. Additional information may be found at www.sedarplus.ca and on the Company's website at www.duneoil.ca.

For Further Information

Scott Lower, President and Chief Executive Officer | Brian Park, Vice President, Finance

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward-looking information under applicable Canadian securities laws, including statements concerning the award and execution of the 2026 seismic acquisition contract; the scope, design, budget (including the approximately US$600,000 net to Dune) and timing of the seismic program; mobilization and completion of field acquisition; data processing and interpretation; the generation and announcement of future exploration and development drilling locations; the planned re-entry of the C-2 well and sidetrack of the C-1 well; the Company's planned 2027 work program; and TPAO's planned wells and regional production targets. Forward-looking information reflects management's current expectations and assumptions and is subject to risks and uncertainties, including that the program may be delayed, suspended, reduced or may exceed its budget; weather, terrain, access, security, military-coordination and mine-risk conditions in the work area; contractor and operator performance; financing availability; the risk that seismic results differ from current interpretations or do not support drillable locations; licence, permitting, partner (JOC) and regulatory approvals and timelines; that TPAO's plans and targets are those of a third party and may change or not be achieved; commodity prices; and Türkiye political, regulatory and currency risks. There can be no assurance that the program will be completed as planned or that it will result in commercially productive drilling locations. Readers should not place undue reliance on forward-looking information, which is made as of the date hereof and will be updated only as required by law.

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.

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Source: Dune Oil Corp.