CONIFER WELCOMES FEDERAL-ALBERTA MOU AS TRANSFORMATIONAL STEP FOR CANADIAN CCUS AND EOR DEVELOPMENT

CALGARY, AB, Dec. 1, 2025 /CNW/ - Conifer Energy Inc. ("Conifer") welcomes the recent Memorandum of Understanding ("MOU") between the Government of Canada and the Government of Alberta, which marks a pivotal milestone in enabling a competitive, investable, and lower-emissions future for Canadian energy. We commend both governments for reaching a pragmatic and forward-looking agreement that strengthens Canada's position as a global energy leader.

A central component of the MOU is the commitment to extend federal Investment Tax Credits ("ITCs") and related policy supports to include Enhanced Oil Recovery ("EOR") within the national Carbon Capture, Utilization and Storage ("CCUS") framework. Conifer has actively engaged with stakeholders at both levels of government to advance this outcome, recognizing EOR as a proven pathway for permanent and verifiable CO₂ sequestration.

The inclusion of EOR within federal CCUS incentives represents a critical policy signal for investors and project developers. By providing clarity on the treatment of EOR and reaffirming long-term carbon pricing commitments, the Government of Canada is helping unlock the large-scale, multi-decade capital planning required to advance transformational decarbonization infrastructure. This clarity will help attract the significant domestic and international investment necessary to support CCUS deployment, enhance energy security, and bolster Canada's economic competitiveness.

For Conifer, this commitment is an essential enabler for both of our CCUS-EOR projects; one at Redwater located in the Alberta Industrial Heartland and the second at Judy Creek located northwest of Whitecourt. At Redwater, the scale, favourable geology, and prior CCUS-EOR pilot performance makes it an ideal candidate for large-volume, permanent sequestration and incremental oil recovery. Allowing industrial emitters to qualify for ITCs while supplying captured CO₂ to EOR projects creates a level playing field and materially improves the economics around Conifer's future development.

Conifer's proposed CCUS-EOR projects at both Redwater and Judy Creek will utilize established technologies to permanently sequester CO₂ while significantly extending the life of mature fields, generating additional royalties for Albertans, and supporting jobs in the communities where we operate. Importantly, the size and characteristics of formations like Redwater mean CO₂ sequestration can continue long after oil production ceases, contributing meaningfully to Alberta and Canada's long-term emissions-reduction goals.

Today's MOU is an important step toward the modernization of Canada's CCUS policy framework. Conifer looks forward to continuing its collaboration with federal and provincial partners.

About Conifer
Conifer Energy Inc. is a privately held Calgary-based energy company focused on responsible resource development and large-scale CCUS-EOR opportunities across Alberta.

SOURCE Conifer Energy Inc.