Butte Energy Announces Effective Date of Share Consolidation

BUTTE ENERGY INC.

SUITE 3123 – 595 BURRARD STREET

VANCOUVER, BC V7X 1J1

TEL: 604-609-6110

BUTTE ENERGY ANNOUNCES EFFECTIVE DATE OF SHARE CONSOLIDATION

March 7, 2023 TSXV – BEN.H

Vancouver, British Columbia – Butte Energy Inc. (TSXV – BEN.H) (the “Company”) announces that,

subject to TSX Venture Exchange approval, the previously announced consolidation of the Company ’s

outstanding common shares on the basis of five (5) pre-consolidation shares for one (1) post-consolidation

share (the “Consolidation”) will become effective at the market opening on March 9, 2023. Following the

Consolidation, the Company will have approximately 64,412,840 common shares issued and outstanding.

On behalf of BUTTE ENERGY INC.

“Geir Liland”

Chief Executive Officer

For further information please contact:

Tel: 604.609.6110

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the

TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.