Paleo Resources appoints Matthew P. Milligan as Chief Financial Officer & Comptroller and sells 5% of its working interest in its Joffre asset, and EnergyFunders has launched Wildcat Pioneer Fund I LLC and Bitcoin Discovery Fund I LLC

Calgary, Alberta – TheNewswire - February 16, 2022 - Paleo Resources, Inc. (“Paleo” or the “Corporation”) (TSXV:PRE) is pleased to announce the following updates.

Appointment of New Chief Financial Officer & Comptroller

Matthew P. Milligan has been appointed by Paleo’s directors to serve as the Chief Financial Officer and Controller of the Corporation.  Matt obtained both his Bachelors and Masters in Accounting from Trinity University in San Antonio. He started his career at KPMG as a public auditor focused primarily on the Financial Service and Governmental sectors. After five years at KPMG, Matt worked first as the Controller and eventually as the CFO for an investment firm, providing investments in tangible assets ranging from oil and gas, pipelines, water rights, and real estate. After six years with the investment firm, Matt moved to a traditional oil and gas operator and driller where he served as CFO for over nine years and handled all financial aspects of the operation. Matt is a licensed Certified Public Accountant (CPA) in the State of Texas and was the 217th person to obtain the full Accredited Petroleum Accountant (APA-COPAS) certification. As he is both a CPA and APA, Matt has also worked as an expert or fact witness in numerous litigation matters.

Ngan Kim Vo has resigned as Chief Financial Officer of Paleo to focus her efforts on the private oil and gas sector. Paleo would like to thank Ms. Vo for her years of service and dedication to the Corporation, and wishes her the best in her future endeavors.

Paleo Joffre Asset Update

Paleo sold an undivided 5% working interest in its Joffre lease to EnergyFunders Yield Fund I GP LLC for $400,000 USD, effective as of December 1, 2021 (the “Joffre Sale”).  The Joffre Sale is an arm’s length transaction. Proceeds from the Joffre Sale will be used for general corporate purposes and to complete the installation of the Joffre lease production facilities, including gas flare, flare knock out, safety systems, and artificial lift installation on both the Joffre 103/9-22 and 1D0/15-22 wells.  Continuous commercial production from the Joffre lease is expected to begin in March 2022.  

EnergyFunders Update

Paleo is pleased to report that its indirect US subsidiary EnergyFunders LLC has launched two new funds: the Bitcoin Discovery Fund I LLC, which will exclusively invest in bitcoin mining projects, and the Wildcat Pioneer Fund I LLC, which will invest in higher risk, higher reward oil and gas drilling projects, primarily targeting drilling opportunities associated with unproven reserves and prospective (undiscovered) resources, also known as wildcat wells.

EnergyFunders does not own an equity interest in either the Wildcat Pioneer or Bitcoin Discovery fund but will earn a fund origination fee that ranges from one percent (1%) to three percent (3%) of the investment amount, an annual fee of two percent (2%) of the assets under management, and a reversionary twenty percent (20%) revenue interest once fund investors recover their initial investment plus a fifteen percent (15%) internal rate of return.

Each new fund is targeting a US$10 million capital raise. Both entities commenced their capital campaigns on January 25th, 2022, and are currently accepting investor capital. For more information, please visit the EnergyFunders website at www.EnergyFunders.com.

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

Paleo Resources, Inc. is an oil and natural gas and mineral exploration company headquartered in Calgary, Alberta, with executive offices in San Antonio, Texas. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "PRE" and on the OTCQB as "PRIEF".  

For further information please contact:

Roger S. Braugh, Jr.
Chairman of the Board
Email: rbraugh@paleooil.com

Paleo Resources, 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-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this news release contains forward-looking information regarding the Joffre Sale, and the business of Paleo. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Paleo's current beliefs and is based on information currently available to Paleo and on assumptions Paleo believes are reasonable. These assumptions include, but are not limited to: the underlying value of Paleo’s common shares, Paleo's current and initial understanding and analysis of its projects ‎and the exploration required for such projects; the ‎costs of Paleo's projects; Paleo's general ‎and administrative costs remaining constant; and the ‎market acceptance of Paleo's business strategy‎.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Paleo to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: volatility in market prices for oil and natural gas; constraints on sour gas production; the availability of commodity markets and third party equipment, infrastructure and services; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; geological, technical, drilling and processing availability, upsets or problems; general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting Paleo; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Paleo's disclosure documents on the SEDAR website at www.sedar.com. Although Paleo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Paleo as of the date of this news release and, accordingly, is subject to change after such date. However, Paleo expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.