NG Energy Receives Initial Prepayment from the María Conchita Block

(NG Energy, 18.May.2022) — NG Energy International Corp. (TSXV: GASX) (OTCQX: GASXF) received an initial advance payment for the first 15 days of production from the María Conchita block. Energy Transitions S.A.S E.S.P. and Plus + SAS ESP‘s  prepayment for the acquisition of 3.5 million standard cubic feet per day (MMSCFD) of gas at a price of US$5.08 / million British thermal unit (MMBTU), totals US$277,368.00, for 80% of the gas production volume  from the María Conchita field during this initial period.

The initial quantity to flow for the first 15 days of production in order to not stress the future performance of the wells and maximize long term operations is 3.5 MMSCFD. After the initial 15 days of production, and throughout the interruptible contract period, the company expects to increase production to 16 MMSCFD.

Chief Executive Officer of NGE, Serafino Iacono commented “This initial prepayment marks a major milestone for the company as it begins to monetize its gas. We look forward to keeping our shareholders and the market informed as gas begins to flow and we increase production to the targeted 16 MMSCFD.”

About NG Energy International Corp.

NG Energy 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 its concessions, SN-9, a 311,353 acres block which is adjacent to Canacol‘s Nelson field, as well 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.