Utte Energy Announces Share Consolidation

BUTTE ENERGY INC.

SUITE 3123 – 595 BURRARD STREET

VANCOUVER, BC V7X 1J1

TEL: 604-609-6110

B

UTTE ENERGY ANNOUNCES SHARE CONSOLIDATION

February 23, 2023 TSXV – BEN.H

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

Company will consolidate its outstanding share capital on the basis of five (5) pre-consolidation shares for

one (1) post-consolidation share (the “Consolidation”). The reasons for the consolidation are to increase

the Company's flexibility and competitiveness in the market place and to attract new equity investment in

the Company. As of the date of this news release, the Company ha s 322,064,202 common shares issued

and outstanding, and after the consolidation, the Company will have approximately 64,412,840 common

shares issued and outstanding. No fractional shares will be issued. Any fractional interest in common shares

that is less than 0.5 of a common share resulting from the Consolidation will be rounded down to the nearest

whole share and any fractional interest in a share that is 0.5 or greater of a share will be rounded up to the

nearest whole share.

The exercise price and number of common shares issuable upon the exercise of the Company’s outstanding

options will also be proportionally adjusted upon completion of the Consolidation in accor dance with the

terms thereof.

The Company will not change its name as part of the Consolidation. The Company's common shares will

continue to trade on the TSX Venture Exchange under its current symbol "BEN.H".

The Consolidation is subject to the approval of the TSX Venture Exchange (“Exchange”). The

Company will issue a furt her news release confirming the effective date for the Consolidation following

approval of the Exchange. The Consolidation is expected to become effective mid-March, 2023.

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.