TEXAS DIVISIONAL COURT AWARDS RIFT ENERGY A US$ 36 MILLION JUDGMENT AGAINST FORMER CEO FRED ZAZISKI

TORONTO, June 10, 2025 /CNW/ - Rift Energy Corp ("Rift Energy") is pleased to announce that it has today received a certified copy of the Texas Divisional Court decision awarding it US$36 million in actual damages against its former CEO, Fred Zaziski. Furthermore, the court ordered the relinquishment of any equity interest in the company or debt securities held by Zaziski. 

"The decision is a result of nearly a decade-long battle between the company and its former boss, and this decision now clears the way for the company to move forward with the development of its East African hydrocarbon project in Kenya," says Peter Deeb, Lead Director and Co-Founder of RIFT Energy. "To date, the company has invested more than $20 million in Kenya's Block L-19, resulting in what appears to be a sizeable oil and gas opportunity. The company plans to pursue a capital raise from its founders and institutional investors to move forward with a drilling program in short order."

In 2014, Rift Energy completed a 2D Seismic Program that produced high-quality data. Numerous leads and prospects that correlate to Rift Energy's proprietary Aerial Gravity & Magnetic Survey and Geochemical Survey, both of which were completed during 2013.

About Rift Energy

Rift Energy is a privately owned early-stage oil and gas exploration company that is focused on acquiring oil and gas projects in East Africa. Rift Energy's strategy is to identify under-explored assets with high upside that, when exploited, will yield substantial value for its shareholders. Its Board of Directors includes John H. Sununu, former Governor of New Hampshire and Chief of Staff for President George H.W. Bush; Kenneth Hern, Director of Armada Oil Inc.; and Peter Deeb, Chairman of Hampton Securities Ltd.

About Block L19, Kenya

Block L19 encompasses approximately 12,000 KM2 (2.9 million acres) onshore in southeast Kenya. Rift Energy is in advanced discussions with the Government of Kenya to facilitate the next phase of development. There has been only one well drilled on Block L19 to date, the Ria Kalui 1 well, which was drilled off structure to a depth of 1,538 meters in 1962 and was plugged after encountering oil shows in the Karoo formation.

The common shares of Rift Energy has not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and all applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the common shares in the United States or to, or for the account or benefit of, U.S. persons.

http://www.riftenergycorp.com 

SOURCE RIFT ENERGY