FIDDLEHEAD RESOURCES CORP. ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2025 RESULTS, 2025 YEAR-END RESERVES AND OPERATIONAL UPDATE

/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES/

CALGARY, AB, April 30, 2026 /CNW/ - Fiddlehead Resources Corp. ("Fiddlehead" or the "Company") (TSXV: FHR) is pleased to announce financial and operating results for the three and twelve months ended December 31, 2025 and to provide the results of its independent oil and gas reserves evaluation as of December 31, 2025, prepared by GLJ Ltd. ("GLJ"). The Company also announces that its audited financial statements and associated Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2025, are available on SEDAR+ at www.sedarplus.ca.

Highlights

• Achieved average corporate production of 1,306 BOE/d in Q4 2025. Q4 was the first complete quarter where the Company had full operational control of its acquired assets. The Company completed the license transfer in August, 2025, and operational handoff took place later that month. Staff and systems have been effectively on-boarded.
  
  
• For the year ended December 31, 2025, the Company averaged 1,389 BOE/d. The team is looking forward to maintaining disciplined operations in Ferrier, and will be working to build on its effective workover and optimization program that added 85 BOE/d of production in the fourth quarter from four wells at a total program cost of $26,500.
  
  
• For the fourth quarter of 2024, Fiddlehead's petroleum and natural gas sales totaled $2.7 million.

Notes to Highlights:
See ‎"Caution Respecting Reserves Information"‎ and ‎‎"Non-GAAP and other Specified Financial Measures"‎.

President's Message

The fourth quarter of 2025 saw the realization of the long-anticipated operational control of the Ferrier assets. The Fiddlehead team welcomed new members, and the integration process was remarkably successful. The knowledge and continuity brought by incorporating these new staff lead to a smooth transition.

Summary of Financial & Operating Results

(Expressed in $000s, except per share, price and volume amounts)

						Three months ended December 31								Year ended December 31
						2025				2024				2025					2024^4	2023
OPERATING HIGHLIGHTS AND NETBACKS^1
Average production and sales volumes
Light oil (bbls/d)						30				134				71					137	-
NGLs (bbls/d)						375				378				364					377	-
Natural gas (Mcf/d)						5,409				6,675				5,724					6,690	-
Total (BOE/d)						1,306				1,624				1,389					1,629	-
Average realized sales prices
Light oil ($/bbl)						71.83				91.72				84.24					89.32	-
NGLs ($/bbl)						33.40				55.39				38.96					52.90	-
Natural gas ($/Mcf)						2.41				1.28				1.75					1.03	-
Total oil equivalent ($/BOE)						21.30				25.86				21.86					24.13	-
Netbacks ($/BOE)^1
Petroleum and natural gas sales						21.30				25.86				21.86					24.13	-
Royalties						4.09				6.67				5.25					6.51	-
Operating expenses						13.01				11.25				12.04					11.29	-
Transportation expenses						0.08				0.09				0.13					0.10	-
Prior Period Adjustment^1,5						13.26				-				2.43					-
Operating netback^1						(9.15)				7.85				2.01					6.23	-
General and administrative expenses						7.41				8.86				8.94					13.36	-
Finance costs						5.10				4.98				6.73					5.01	-
Adjusted Funds Flow Netback^1,2						(21.66)				(5.99)				(13.66)					(12.14)	-
FINANCIAL HIGHLIGHTS
Petroleum and natural gas sales						2,650				3,844				11,101					4,844	-
Petroleum and natural gas sales, net of royalties						2,158				2,846				8,437					3,530	-
Net loss & comprehensive loss						(2,330)				(2,295)				(6,650)					(4,267)	(249)
Basic per share						(0.04)				(0.04)				(0.11)					(0.17)	(0.05)
Diluted per share						(0.04)				(0.04)				(0.11)					(0.17)	(0.05)
Cash flow used in operating activities						(6014)				(812)				(1,663)					(2,036)	(233)
Funds flow from operations^2						(2,009)				(74)				(4,241)					(1,450)	(236)
Basic per share						(0.03)				(0.00)				(0.06)					(0.06)	(0.05)
Diluted per share						(0.03)				(0.00)				(0.06)					(0.06)	(0.05)
Acquisitions						-				-				-					20,791	-
Total assets						30,153				31,714				30,153					31,714	389
Total non-current financial liabilities						10,201				11,666				10,201					11,666	-
Total long-term debt, including current portion						12,242				12,168				12,242					12,168	-
Shareholders' equity						58				5,909				58					5,909	356
Weighted average common shares outstanding (000s) – basic^3						63,200				60,521				63,200					25,424	4,720
Weighted average common shares outstanding (000s) – diluted^3						63,200				60,521				63,200					25,424	4.720
Common shares outstanding (000s), end of period^3						66,521				60,521				66,521					60,521	6,921

^1	"BOE and Netbacks" are non-GAAP financial measure calculated per unit of production. "Operating Netback", and "Adjusted Funds Flow Netback" do not have standardized meanings under IFRS Accounting Standards. See "Non-GAAP Financial Measures" section.
^2	"Funds Flow from Operations" ("FFO") does not have a standardized meanings under IFRS Accounting Standards. See "Non-GAAP Financial Measures".
^3	Common shares outstanding have been adjusted as a result of the Share Consolidation on July 31, 2024.
^4	The year ended December 31, 2024 information includes the results of the operations of the South Ferrier, Strachan assets from August 30, 2024 to December 31, 2024 (124 days). The South Ferrier, Strachan assets were acquired in a transaction that closed on August 29, 2024 (effective April 1, 2024). (see Note 5 of the financial statements).
^5	A prior period adjustment was incurred as a result of a true up of estimates by the Vendor of the Ferrier Strachan property. These adjustments were received as a Final Statements of Adjustments on February 5, 2026. The Final Statement of Adjustments has been disputed by the Company, however an accrual was made to recognize a maximum potential impact of $2.0 million.

2025 Reserves Summary
Fiddlehead's assets were evaluated by GLJ effective December 31, 2025, using the 3 Consultant Average price forecast (the "Reserves Report"). GLJ is the Company's independent qualified reserves evaluator.

The following table provides a summary of specific details from the Reserves Report, which was created in accordance with the procedures and standards contained in the Canadian Oil and Gas Evaluation Handbook ("COGEH") and the requirements of National Instruments 51-101 -- Standards of Disclosure for Oil and Gas Activities ("NI 51-101").

Despite no drilling in the year, year end reserves results were positive, with increases in both the Proved and Proved plus Probable categories after accounting for production. This is due to optimization work performed and workovers executed in the 4 months after the transfer of operatorship. For detailed information on the year end Reserves please see the companies Annual Information Form "AIF".

Company Reserves

Company Reserves
Total Company	Light and		NGL		Conventional		Total Oil Equivalent (MBOE)
	Medium Oil (Mbbl)		(Mbbl)		Natural Gas (MMcf)
Reserves Category	Gross	Net	Gross	Net	Gross	Net	Gross	Net
Proved Developed Producing	42	51	815	755	13,065	12,929	3,034	2,961
Proved Developed Non-Producing	0	2	29	26	458	436	105	100
Proved Undeveloped	581	481	379	317	5,908	5,516	1,945	1,717
Total Proved	623	534	1,223	1,097	19,431	18,881	5,084	4,778
Probable	162	129	323	283	5,105	4,984	1,336	1,243
Total Proved Plus Probable	785	663	1,546	1,381	24,537	23,865	6,420	6,021

Net Present Values for Future Net Revenues

Net Present Value of Future Net Revenue
Total Company	Before Income Taxes, Discounted at (% / year)
Reserves Category	0 %	5 %	10 %	15 %	20 %
	(M$)	(M$)	(M$)	(M$)	(M$)
Proved Developed Producing	24,352	22,570	20,297	18,184	16,373
Proved Developed Non-Producing	914	814	701	601	517
Proved Undeveloped	23,251	16,639	11,960	8,655	6,270
Total Proved	48,517	40,023	32,958	27,440	23,160
Probable	23,437	14,983	10,187	7,378	5,632
Total Proved Plus Probable	71,955	55,005	43,146	34,818	28,792

Operational Update

Fiddlehead is focused on operational optimization as the Company progresses through 2026. A near-term increase in oil and NGL commodity prices generates higher per barrel cash flow. Fiddlehead is reviewing its workover and optimization opportunities to capitalize on the available low-cost liquids focused production additions.

Subsequent Events

On January 3, 2026, the Company granted 300,000 stock options to a director of the Company with an exercise price of $0.20 per common share with a 10-year expiry.

On January 6, 2026, the Company entered a 7-month natural gas supply agreement, commencing April 1, 2026, through to October 31, 2026, under which the Company will deliver 2,000 GJ/d and receive a price of $2.15/GJ, less associated deductions.

On February 3, 2026, the Company received TSXV approval to issue the 4,843,232 Common Shares held in reserve effective December 31, 2025. The shares were reserved in exchange for the settlement of a non-arm's length debt in amount of $242,162.

On March 13, 2026, the Company paid $700,000 towards the principal on the credit facility.

On March 17, 2026, the Company announced the sale of a minority, non-operated working interest in nine sections of non-core acreage.  The sale generated $1.4M in cash proceeds and reduced the Company's abandonment liabilities by approximately $316,000, based on Alberta Energy Regulator minimum estimates for wells in the area.

On April 28, 2026, the Company amended its Credit Facility agreement with a related party. The amendment extended the maturity date to December 31, 2026.

ADVISORIES

Forward-Looking Information

Certain information contained in the press release may constitute forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities legislation that involve known and unknown risks, assumptions, uncertainties and other factors. Forward-looking statements may be identified by words like "anticipates", "estimates", "expects", "indicates", "intends", "may", "could" "should", "would", "plans", "target", "scheduled", "projects", "outlook", "proposed", "potential", "will", "seek" and similar expressions. Forward-looking statements in this press release include statements regarding, among other things: development of Fiddlehead's Ferrier property in West Central Alberta targeting the Cardium Formation, Fiddlehead's business, strategy, objectives, strengths and focus; the Company's drilling plans and expectations; and the performance and other characteristics of the Company's properties and expected results from its assets. Such statements reflect the current views of management of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause results to differ materially from those expressed in the forward-looking statements. With respect to forward-looking statements contained in this press release, the Company has made assumptions regarding, among other things: that commodity prices will be consistent with the current forecasts of its engineers; field netbacks; the accuracy of reserves ‎estimates; average production rates; costs to drill, complete and tie-in wells; ultimate recovery of reserves; that royalty ‎regimes will not be subject to material modification;‎ future exchange and interest rates; supply of and demand for commodities; inflation; the availability of capital on satisfactory terms; the availability and price of labour and materials; the impact of increasing competition; conditions in general economic and financial markets; that the Company will be able to access capital, including debt, on acceptable terms; the receipt and timing of regulatory, exchange and other required approvals; the ability of the Company to implement its business strategies and complete future acquisitions; the Company's long term business strategy; and effects of regulation by governmental agencies.

Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of the Company's businesses include, among other things: assumptions concerning operational reliability; risks inherent in the Company's future operations; the Company's ability to generate sufficient cash flow from operations to meet its future obligations; increases in maintenance, operating or financing costs; the realization of the anticipated benefits of future acquisitions, if any; the availability and price of labour, equipment and materials; competitive factors, including competition from third parties in the areas in which the Company intends to operate, pricing pressures and supply and demand in the oil and gas industry; fluctuations in currency and interest rates; inflation; risks of war, hostilities, civil insurrection, pandemics, political and economic instability overseas and its effect on commodity pricing and the oil and gas industry (including ongoing military actions between Russia and Ukraine and the crisis in Israel and Gaza); severe weather conditions and risks related to climate change, such as fire, drought and flooding; terrorist threats; risks associated with technology; changes in laws and regulations, including environmental, regulatory and taxation laws, and the interpretation of such changes to the management team's future business; availability of adequate levels of insurance; difficulty in obtaining necessary regulatory approvals and the maintenance of such approvals; general economic and business conditions and markets; and such other similar risks and uncertainties. The impact of any one assumption, risk, uncertainty or other factor on a forward-looking statement cannot be determined with certainty, as these are interdependent and the Company's future course of action depends on the assessment of all information available at the relevant time. For additional risk factors relating to Fiddlehead, please refer to the Company's annual information form and management discussion and analysis for the year ended December 31, 2024 which are available on the Company's SEDAR+ profile at www.sedarplus.ca. The forward-looking statements contained in this press release are made as of the date hereof and the parties do not undertake any obligation to update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

FOFI Disclosure. This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Fiddlehead's prospective results of operations and production, and components thereof, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about Fiddlehead's anticipated future business operations. The Company disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein. All FOFI contained in this press release complies with the requirements of Canadian securities legislation, including Canadian Securities Administrators' National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. Changes in forecast commodity prices, differences in the timing of capital expenditures and variances in average ‎production estimates can have a significant impact on the key performance metrics included in the Company's guidance contained in this news release. The Company's actual results may differ ‎materially from such estimates‎.

Currency. All amounts in this press release are stated in Canadian dollars unless otherwise specified.

Abbreviations.

	bbl        barrels	mbbl          thousand barrels of oil
	bbl/d     barrels per day	mcf/d         thousand cubic feet per day
	m          metres	BOE/d       BOE per day
	BOE     barrels of oil equivalent

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

Caution Respecting Reserves Information

Readers should see the "Selected Oil and Gas Terms " in the Company's Annual Information Form dated April 30, 2026 that is available on the Company's SEDAR+ profile at www.sedarplus.ca for the definition of certain oil and gas terms.

Disclosure in this news release of oil and gas information is presented in accordance with generally accepted industry practices in Canada and NI 51-101. Specifically, other than as noted herein, the oil and gas information regarding the Company presented in this news release is based on the report prepared by GLJ, independent petroleum consultants of Calgary, Alberta‎ and dated January 27^th, 2026 evaluating the light and medium crude oil, conventional ‎natural gas and natural gas liquids reserves attributable to Fiddlehead's properties at December 31, 2024‎ (the "Reserves Report").

Reserves are classified according to the degree of certainty associated with the estimates as follows:

"Proved reserves" or "1P" are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

"Probable reserves" are those additional reserves that are less certain to be recovered than proved reserves.

"Proved plus probable reserves" or "2P" is the total of proved reserves and probable reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

"Proved Developed Producing" or "PDP" reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

The net present value of future net revenues attributable to reserves and resources included in this news release do not represent the fair market value of such reserves and resources. There is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. The recovery and reserve estimates of reserves and resources provided in this news release are estimates only and there is no guarantee that the estimated reserves or resources will be recovered. Actual reserves and resources may be greater or less than the estimates provided in this news release. The estimates of reserves and future net revenue for individual properties in this news release may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Basis of Barrels of Oil Equivalent – In this news release, the abbreviation BOE means a barrel of oil equivalent on the basis of 1 BOE to 6 Mcf of natural gas when converting natural gas to BOEs. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf to 1 BOE is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Additionally, given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion ratio at 6:1 may be misleading.

References to "liquids" in this news release refer to, collectively, heavy crude oil, light crude oil and medium crude oil combined, and natural gas liquids.

"BT" means before tax.

"NPV10" represents the anticipated net present value of the future net revenue discounted at a rate of 10% associated with the reserves associated with the acquired assets.

"Netback" is used to evaluate potential operating performance.. Netback is calculated as follows: (Revenue – Royalties - Operating Expenses).

Non-GAAP and other Specified Financial Measures

This news release contains financial measures commonly used in the oil and natural gas industry, including "Net Debt". These financial measures do not have any standardized meaning under IFRS ‎‎and therefore may not be comparable to similar measures presented by other companies. Readers are cautioned that these ‎‎non-IFRS measure should not be construed as an alternative to other measures of financial performance calculated in ‎‎accordance with IFRS. These non-IFRS measures provides additional information that Management believes is meaningful ‎‎in describing the Company's operational performance, liquidity and capacity to fund capital expenditures and other ‎‎activities. Management believes that the presentation of these non-IFRS measures provide useful information to investors ‎‎and shareholders as the measures provide increased transparency and the ability to better analyze performance against ‎‎prior periods on a comparable basis.‎

"Adjusted funds flow" The Company considers adjusted funds flow to be a key capital management measure as it demonstrates the Company's ability to generate required funds to manage production levels and fund future capital investment. The Company calculates adjusted funds flow as adjusted EBITDA less net interest and adjusting for decommissioning expenditures incurred.

"EBITDA" is a non-GAAP financial measure and may not be comparable with similar measures presented by other companies. EBITDA is used as an alternative measure of profitability and attempts to represent the cash profit generated by the Company's operations. The most directly comparable GAAP measure is cash flow from (used in) operating activities. EBITDA is calculated as cash flow from (used in) operating activities, adding back changes in non-cash working capital, decommissioning obligation expenditures and interest expense.

"Funds Flow from Operations" is calculated as cash flow from (used in) operating activities before changes in working capital and long-term accounts payable.

"Netback" is used to evaluate potential operating performance.. Netback is calculated as follows: (Revenue – Royalties - Operating Expenses).

‎"Net Debt" represents the carrying value of the Company's debt instruments, including outstanding deferred acquisition ‎payments, net of Adjusted working capital. The ‎Company uses Net Debt as an alternative to total outstanding debt as ‎Management believes it provides a more accurate ‎measure in assessing the liquidity of the Company. The Company believes ‎that Net Debt can provide useful information ‎to investors and shareholders in understanding the overall liquidity of the ‎Company.

SOURCE Fiddlehead Resources Corp.

For further information please contact: Brent Osmond, CEO and Chairman, Phone No.: [phone], Email: [email protected]