EFVIF - EF EnergyFunders Announces Delay in Filing of Annual Filings and Application for Management Cease Trade Order

(TheNewswire)

April 15, 202 4 – TheNewswire - Calgary, Alberta – EF EnergyFunders Ventures, Inc. (the“ Corporation ” or “ EFV ”) (TSXV:EFV) announces that, further to its news releasedated April 12, 2024, in connection with the recent transition to thenew management team that will result in delays in the completion ofits audit, the Corporation will be unable to meet the filing deadlineof April 29, 2024, for filing of the following continuous disclosuredocuments (collectively, the “ Annual Filings ”):

• the Corporation’s Annual Audited Financial Statementsfor the year ended December ??31, 2023, ?as required by section4.2 of National Instrument 51-102 - Continuous Disclosure??Obligations ( NI 51-102 ”);?

• the Corporation’s Management Discussion Analysis forthe year ended December ??31, 2023, ?as required by section5.1(2) of NI 51-102;

• the certification of the annual filings for the yearended December 31, 2023; and

• the Corporation’s Statement of Reserves Data andOther Oil and Gas Information, Report on ?Reserves Data byIndependent Qualified Reserves Evaluator, and Report of Management and?Directors on Oil and Gas Disclosure for the year ended December 31,2023, as required by ?section 2.1 of National Instrument 51-101 - Standards of Disclosure forOil and Gas Activities.

The delay is a result of the recent changes to theofficers of the Corporation. The newly appointed management team,including the new Chief Executive Officer and ?Chief FinancialOfficer, will need additional time to collect and review all necessary?information to complete the Annual Filings, including working withthe auditors and ensuring that ?Fruci has all necessary informationto complete the audit, and also to be in a position to sign ?thecertifications of the Annual Filings. ?

In response to the Annual Filings delay, theCorporation has applied to the Alberta Securities Commission fora management cease trade order (“ MCTO ”) underNational Policy 12-203 – Management Cease Trade Orders (" NP 12-203 ") that will prohibit themanagement of the Corporation from trading in the securities of theCorporation until such time as the Annual Filings are filed. Nodecision has yet been made by the Alberta Securities Commission onthis application. The Alberta Securities Commission may grant theapplication and issue the MCTO or it may impose an issuer cease tradeorder if the Annual Filings are not filed in a timely fashion.

The Corporation continues to work to complete theCorporation's annual financial statements, and expects to file theAnnual Filings by May 29, 2024, and will issue a news release once theAnnual Filings have been filed. EFV has made allefforts and allocated all available resources to the preparation,completion and filing of the Annual Filings. Until the Corporation files the Annual Filings, it willcomply with the alternative information guidelines set out in NP12-203. The guidelines, among other things, require theCorporation to issue bi-weekly default status reports, in the form ofnews releases, for so long as the Annual Filings have not beenfiled.

Until the ?Corporation has filed the Annual Filings,members of the Corporation’s management and other insiders aresubject to an insider trading black-out policy as per its internalInsider Trading Policy that is consistent with the principles inSection 9 of National Policy 11-207 - Failure-to-File ?Cease Trade Orders andRevocations in Multiple Jurisdictions . TheCorporation confirms that, other than as disclosed in prior pressreleases and material change reports, there have been no materialbusiness developments since the filing on November 29, 2023, of theCorporation’s ?interim financial reports forthe period ended September 30, 2023?. Thereare no insolvency proceedings involving the Corporation .

Neither the TSXVenture Exchange nor its Regulation Services Provider (as the term isdefined in the policies of the TSX Venture Exchange) accepts responsibility forthe adequacy or accuracy of this release.

EF EnergyFunders Ventures, Inc. is an oil and naturalgas investment Corporation headquartered in Calgary, Alberta, withexecutive offices in San Antonio, Texas. The Corporation's commonshares are listed on the TSX Venture Exchange under the trading symbol"EFV" and on the OTC Pink as "EFVIF".

For further information please contact:

Jason Eubanks
Chief Executive Officer
Email: jason@energyfunders.com

EF EnergyFunders Ventures,Inc.

716 S. Frio St., Suite 201

San Antonio, Texas 78207

Telephone: 254-699-0975

Media Contact:

Aquila Mendez-Valdez

aquila@hitpr.com

210-606-5251

Forward Looking Statements

This news release contains "forward-lookinginformation" within the meaning of applicable Canadian securitieslegislation. All statements, other than statements of historical fact,included herein are forward-looking information. Generally,forward-looking information may be identified by the use offorward-looking terminology such as "plans","expects" or "does not expect","proposed", "is expected", "budgets","scheduled", "estimates", "forecasts","intends", "anticipates" or "does notanticipate", or "believes", or variations of such wordsand phrases, or by the use of words or phrases which state thatcertain actions, events or results may, could, would, or might occuror be achieved. In particular, this news release containsforward-looking information regarding the filing of the AnnualFilings, including the timing for the filing of the Annual Filings;and the application for ?a MCTO in respect of EFV?. There can beno assurance that such forward-looking information will prove to beaccurate, and actual results and future events could differ materiallyfrom those anticipated in such forward-looking information. Thisforward-looking information reflects EFV 's current beliefs and isbased on information currently available to EFV and on assumptions EFVbelieves are reasonable. These assumptions include, but are notlimited to: the ability of EFV to complete the Annual Filings in thenoted timeframe; the Management Cease Trade Order ?applicationprocess and the applicability of that process to EFV?.

Forward-looking information is subject to known andunknown risks, uncertainties and other factors that may cause theactual results, level of activity, performance or achievements of EFVto be materially different from those expressed or implied by suchforward-looking information. Such risks and other factors may include,but are not limited to: volatility in market prices for oil andnatural gas; constraints on sour gas production; the availability ofcommodity markets and third party equipment, infrastructure andservices; liabilities inherent in oil and natural gas operations;uncertainties associated with estimating oil and natural gas reserves;geological, technical, drilling and processing availability, upsets orproblems; general business, economic, competitive, political andsocial uncertainties; general capital market conditions and marketprices for securities; delay or failure to receive board or regulatoryapprovals; the actual results of future operations; competition;changes in legislation, including environmental legislation, affectingEFV; the timing and availability of external financing on acceptableterms; and lack of qualified, skilled labour or loss of keyindividuals. A description of additional assumptions used to developsuch forward-looking information and a description of additional riskfactors that may cause actual results to differ materially fromforward-looking information can be found inEFV's disclosure documents on the SEDAR+ website at www.sedarplus.ca.Although EFV has attempted to identify important factors that couldcause actual results to differ materially from those contained inforward-looking information, there may be other factors that causeresults not to be as anticipated, estimated or intended. Readers arecautioned that the foregoing list of factors is not exhaustive.Readers are further cautioned not to place undue reliance onforward-looking information as there can be no assurance that theplans, intentions or expectations upon which they are placed willoccur. Forward-looking information contained in this news release isexpressly qualified by this cautionary statement. The forward-lookinginformation contained in this news release represents the expectationsof EFV as of the date of this news release and, accordingly, issubject to change after such date. However, EFV expressly disclaimsany intention or obligation to update or revise any forward-lookinginformation, whether as a result of new information, future events orotherwise, except as expressly required by applicable securitieslaw.

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