{"success":true,"data":{"pressRelease":{"id":"5615","rtpr_id":"nNFC31RnVX","ticker":"LCX","exchange":"","all_tickers":["LCX"],"title":"Lycos Energy Inc. Announces Initial Results from Moonshine Well, 2026 Capital Budget and Appointment to Board of Directors","author":"Newsfile Corp","published_at":"2026-04-22T21:06:32.431Z","article_body":"Calgary, Alberta--(Newsfile Corp. - April 22, 2026) - Lycos Energy\nInc. (TSXV: LCX) (\"Lycos\" or the \"Company\") is pleased to provide an\noperational update on its recently drilled Moonshine well in East Central\nAlberta and outline its 2026 capital budget.\n\n2026 Capital Budget\n\nLycos has approved 2026 capital expenditures((1)) of $35 million to $40\nmillion, focused on the continued development of its Mannville heavy oil\nassets in East Central, Alberta. The program is expected to support the\ndrilling of approximately 15 to 20 gross (15 to 20 net) wells, primarily\ntargeting the Moonshine area, with additional activity planned across the\nCompany's broader East Central, Alberta land base.\n\nThe 2026 program is designed as a disciplined, proof-of-concept phase, with\nthe Company planning to drill initial wells across several pads to delineate\nthe asset base. This approach is expected to provide key reservoir and\noperational data to optimize future development. As additional pads are\ndeveloped, Lycos expects to return to these locations with multi-well\nprograms, supporting improved capital efficiencies.\n\nDrilling activity is expected to commence in the second quarter, with the\nmajority of activity concentrated in the latter part of the quarter and into\nthe second half of the year, positioning the Company to deliver exit\nproduction of approximately 2,500 to 3,000 boe/d.\n\nIn addition to drilling, the program includes continued investment in\nwaterflood optimization and facility infrastructure to support base production\nand improve capital efficiency across the asset base.\n\nLycos remains focused on executing a disciplined development program while\nadvancing its inventory of high-quality Mannville drilling opportunities.\nResults from the Moonshine well are expected to support future development\nplanning and capital allocation decisions throughout 2026.\n\nMoonshine Well Update\n\nIn March 2026, the Company drilled one gross (1.0 net) single-leg circulating\nstring well in the Moonshine area targeting the Mannville formation. Since\nbeing brought on production, the well has demonstrated increasing production\nrates with associated sand production consistent with expectations for the\nreservoir. The well achieved a 30-day initial production (\"IP30\") rate of\napproximately 140 boe/d and is currently exceeding 160 boe/d.\n\nThe Company continues to monitor well performance and will use this data to\nsupport future pad development planning and type curve refinement.\n\nThe Company believes these initial results support the development potential\nof the Moonshine area and will assist in delineating additional drilling\nlocations across its Mannville land base.\n\nBoard Appointment\n\nThe Company is pleased to announce the appointment of Craig Bryksa to its\nBoard of Directors effective today. Mr. Bryksa brings more than 23 years of\nexperience in the energy industry. He most recently served as President and\nChief Executive Officer of Veren Inc. until its combination with Whitecap\nResources Inc. in May 2025. Prior to this role, he held a number of senior\nmanagement positions within the organization, including Vice President,\nEngineering West, after joining the company in 2006. His industry experience\nas a professional engineer also includes roles with Enerplus Resources Fund\nand McDaniel & Associates Consultants. Mr. Bryksa is a member of both the\nAssociation of Professional Engineers and Geoscientists of Alberta and the\nAssociation of Professional Engineers and Geoscientists of Saskatchewan and\nholds a Bachelor of Applied Science in Petroleum Systems Engineering from\nUniversity of Regina.\n\nStock Option Grant\n\nThe Company granted a total of 3,320,000 stock options today pursuant to the\nCompany's stock option plan, of which approximately 2,820,000 were granted to\ncertain directors and officers. The options expire five years from the date of\ngrant and are exercisable at a price of $2.20 per common share. The options\nvest as to one-third on each of the first, second and third anniversaries of\nthe grant date.\n\nThe Company also intends to adopt a new share award incentive plan, subject to\nacceptance by the TSX Venture Exchange and ratification by shareholders at the\nnext annual general meeting. If implemented, the new plan would complement,\nand operate alongside, the Company's existing stock option plan, providing the\nCompany with additional flexibility in structuring future long-term incentive\nawards as restricted share awards and performance share awards.\n\nAbout Lycos\n\nLycos is an oil-focused, exploration, development and production company based\nin Calgary, Alberta, operating high-quality, heavy-oil, development assets in\nthe East Central, Alberta area.\n\nAdditional Information\n\nFor further information, please contact:\n\n Dave Burton President and Chief Executive Officer T: (403) 616-3327 E: dburton@lycosenergy.com  Lindsay Goos Vice President, Finance and Chief Financial Officer T: (403) 542-3183 E: lgoos@lycosenergy.com  \n\n \n\nReader Advisories\n\nForward-Looking and Cautionary Statements\n\nCertain statements contained within this press release constitute\nforward-looking statements within the meaning of applicable Canadian\nsecurities legislation. All statements other than statements of historical\nfact may be forward-looking statements. Forward-looking statements are often,\nbut not always, identified by the use of words such as \"anticipate\", \"budget\",\n\"plan\", \"endeavor\", \"continue\", \"estimate\", \"evaluate\", \"expect\", \"forecast\",\n\"monitor\", \"may\", \"will\", \"can\", \"able\", \"potential\", \"target\", \"intend\",\n\"consider\", \"focus\", \"identify\", \"use\", \"utilize\", \"manage\", \"maintain\",\n\"remain\", \"result\", \"cultivate\", \"could\", \"should\", \"believe\" and similar\nexpressions (including negatives and variations thereof). Lycos believes that\nthe expectations reflected in such forward-looking statements are reasonable\nas of the date hereof, but no assurance can be given that such expectations\nwill prove to be correct and such forward-looking statements should not be\nunduly relied upon. Without limitation, this press release contains\nforward-looking statements pertaining to: the Company's 2026 outlook, budget\nand production targets, including anticipated exit production; the business\nstrategy, objectives, strength and focus of Lycos; expectations regarding\nfuture development programs, drilling activity, pad development and capital\nallocation; expectations regarding the Moonshine well performance, type curve\nrefinement and future drilling opportunities; expectations regarding\nwaterflood optimization and facility infrastructure investment; expectations\nregarding commodity prices; the performance characteristics of Lycos' oil and\nnatural gas properties; the ability of Lycos to achieve drilling success\nconsistent with management's expectations; capital efficiencies and the\nexpected benefits of a multi-well pad development approach; the source of\nfunding for Lycos' activities including development costs; and the proposed\nadoption of a new share award incentive plan. Statements relating to\nproduction, reserves, recovery, replacement, costs and valuation are also\ndeemed to be forward-looking statements, as they involve the implied\nassessment, based on certain estimates and assumptions, that the oil exists in\nthe quantities predicted or estimated and that the oil can be profitably\nproduced in the future.\n\nThe forward-looking statements and information are based on certain key\nexpectations and assumptions made by Lycos, including expectations and\nassumptions concerning the business plan of Lycos; the timing of and success\nof future drilling, development and completion activities; the geological\ncharacteristics of Lycos' properties; prevailing commodity prices, price\nvolatility, price differentials and the actual prices received for Lycos'\nproducts; the availability and performance of drilling rigs, facilities,\npipelines and other oilfield services; the timing of past operations and\nactivities in the planned areas of focus; the drilling, completion and tie-in\nof wells being completed as planned; the performance of new and existing\nwells; the application of existing drilling and fracturing techniques;\nprevailing weather and break-up conditions; royalty regimes and exchange\nrates; the application of regulatory and licensing requirements; the continued\navailability of capital and skilled personnel; the ability to maintain or grow\nits credit facility; the accuracy of Lycos' geological interpretation of its\ndrilling and land opportunities, including the ability of seismic activity to\nenhance such interpretation; and Lycos' ability to execute its plans and\nstrategies.\n\nAlthough Lycos believes that the expectations and assumptions on which such\nforward-looking statements and information are based are reasonable, undue\nreliance should not be placed on the forward-looking statements and\ninformation because Lycos can give no assurance that they will prove to be\ncorrect. By its nature, such forward-looking information is subject to various\nrisks and uncertainties, which could cause the actual results and expectations\nto differ materially from the anticipated results or expectations expressed.\nThese risks and uncertainties include, but are not limited to, unforeseen\ndifficulties in integrating recently acquired assets into Lycos' operations;\nincorrect assessments of the value of benefits to be obtained from business\ncombinations and exploration and development programs; fluctuations in\ncommodity prices, changes in industry regulations and political landscape both\ndomestically and abroad, wars (including in the Middle East and Ukraine),\nhostilities, civil insurrections, foreign exchange or interest rates,\nincreased operating and capital costs due to inflationary pressures (actual\nand anticipated), volatility in the stock market and financial system, impacts\nof pandemics, the retention of key management and employees, risks with\nrespect to unplanned third-party pipeline outages , risks relating to the\nAlberta wildfires, including in respect of safety, asset integrity and\nshutting in production, risks relating to environmental regulations and\nclimate-related policy changes, risks associated with the Company's ability to\nobtain regulatory approvals and maintain necessary licences, and risks\nrelating to the availability of adequate water supply and disposal capacity\nfor operations. Ongoing military actions in the Middle East and Ukraine have\nthe potential to threaten the supply of oil and gas from the region. The\nlong-term impacts of the actions between these nations remain uncertain.\nPlease refer to the annual information form for the year ended December 31,\n2025, and management's discussion and analysis for the year ended December 31,\n2025 (the \"MD&A\") for additional risk factors relating to Lycos, which can be\naccessed either on Lycos' website at www.lycosenergy.com or under Lycos'\nSEDAR+ profile at www.sedarplus.ca. Readers are cautioned not to place undue\nreliance on this forward-looking information, which is given as of the date\nhereof, and to not use such forward-looking information for anything other\nthan its intended purpose. Lycos undertakes no obligation to update publicly\nor revise any forward-looking information, whether as a result of new\ninformation, future events or otherwise, except as required by law.\n\nFuture Oriented Financial Information\n\nThis press release contains future oriented financial information and\nfinancial outlook information (collectively, \"FOFI\") about Lycos' prospective\nresults of operations and production, 2026 capital expenditures of $35 million\nto $40 million and drilling program, including anticipated 2026 exit\nproduction of 2,500 to 3,000 boe/d, and components thereof, all of which are\nsubject to the same assumptions, risk factors, limitations and qualifications\nas set forth in the above paragraphs. FOFI contained in this document was\napproved by management as of the date of this document and was provided for\nthe purpose of providing further information about Lycos' proposed business\nactivities in 2026. Lycos and its management believe that FOFI has been\nprepared on a reasonable basis, reflecting management's best estimates and\njudgments, and represent, to the best of management's knowledge and opinion,\nthe Company's expected course of action. However, because this information is\nhighly subjective, it should not be relied on as necessarily indicative of\nfuture activities or results. Lycos disclaims any intention or obligation to\nupdate or revise any FOFI contained in this document, whether as a result of\nnew information, future events or otherwise, unless required pursuant to\napplicable law. Readers are cautioned that the FOFI contained in this document\nshould not be used for purposes other than for which it is disclosed herein.\nChanges in forecast commodity prices, differences in the timing of capital\nexpenditures, and variances in production estimates can have a significant\nimpact on the key performance measures included in Lycos' outlook. The\nCompany's actual results may differ materially from these estimates.\n\nDisclosure of Oil and Gas Information\n\nUnit Cost Calculation. The term barrels of oil equivalent (\"boe\") may be\nmisleading, particularly if used in isolation. A boe conversion ratio of six\nthousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil\nequivalence is based on an energy equivalency conversion method primarily\napplicable at the burner tip and does not represent a value equivalency at the\nwellhead. All boe conversions in this press release are derived from\nconverting gas to oil in the ratio mix of six thousand cubic feet of gas to\none barrel of oil.\n\nProduct Types. Throughout this press release, \"crude oil\" or \"oil\" refers to\nheavy crude oil product types as defined by National Instrument 51-101 -\nStandards of Disclosure for Oil and Gas Activities.\n\nShort-Term Production. References in this press release to current production,\nshort-term production rates, and IP30 are useful in confirming the presence of\nhydrocarbons, however such rates are not determinative of the rates at which\nsuch wells will commence production and decline thereafter and are not\nindicative of long-term performance or of ultimate recovery. While\nencouraging, readers are cautioned not to place reliance on such rates in\ncalculating the aggregate production of Lycos.\n\nNon-IFRS Measures, Non-IFRS Financial Ratios and Capital Management Measures\n\nThis press release includes various specified financial measures, including\nnon-IFRS financial measures, non-IFRS financial ratios and capital management\nmeasures as further described herein. These measures do not have a\nstandardized meaning prescribed by International Financial Reporting Standards\n(\"IFRS\") and, therefore, may not be comparable with the calculation of similar\nmeasures by other companies.\n\n\"Capital expenditures (non-IFRS financial measure)\" includes exploration and\ndevelopment capital, facilities, land and seismic and acquisitions and\ndispositions. Management considers capital expenditures to be a key measure to\nassess the Company's capital investment in exploration and production\nactivity, as well as property acquisitions and dispositions. The directly\ncomparable IFRS measure to capital expenditures is net cash used in investing\nactivities.\n\nPlease refer to the MD&A on pages 17 to 19 for additional information relating\nto specified financial measures, including non-IFRS financial measures,\nnon-IFRS financial ratios and capital management measures. The MD&A can be\naccessed either on the Company's website or under the Company's SEDAR+ profile\non www.sedarplus.ca.\n\n Abbreviations                                         \n          bbl      barrels of oil                      \n          bbl/d    barrels of oil per day              \n          boe      barrels of oil equivalent           \n          boe/d    barrels of oil equivalent per day   \n          Mbbl     thousand barrels of oil             \n          Mboe     thousand barrels of oil equivalent  \n          Mcf      thousand cubic feet                 \n          MMbbl    million barrels of oil              \n          MMboe    million barrels of oil equivalent   \n          MMcf     million cubic feet                  \n\n \n\nAll dollar figures included herein are presented in Canadian dollars, unless\notherwise noted.\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/293868","article_body_html":"","raw_payload":{"data":{"id":"nNFC31RnVX","title":"Lycos Energy Inc. Announces Initial Results from Moonshine Well, 2026 Capital Budget and Appointment to Board of Directors","author":"Newsfile Corp","ticker":"LCX","created":"2026-04-22T21:06:32.431Z","tickers":["LCX"],"exchange":"","article_body":"Calgary, Alberta--(Newsfile Corp. - April 22, 2026) - Lycos Energy\nInc. (TSXV: LCX) (\"Lycos\" or the \"Company\") is pleased to provide an\noperational update on its recently drilled Moonshine well in East Central\nAlberta and outline its 2026 capital budget.\n\n2026 Capital Budget\n\nLycos has approved 2026 capital expenditures((1)) of $35 million to $40\nmillion, focused on the continued development of its Mannville heavy oil\nassets in East Central, Alberta. The program is expected to support the\ndrilling of approximately 15 to 20 gross (15 to 20 net) wells, primarily\ntargeting the Moonshine area, with additional activity planned across the\nCompany's broader East Central, Alberta land base.\n\nThe 2026 program is designed as a disciplined, proof-of-concept phase, with\nthe Company planning to drill initial wells across several pads to delineate\nthe asset base. This approach is expected to provide key reservoir and\noperational data to optimize future development. As additional pads are\ndeveloped, Lycos expects to return to these locations with multi-well\nprograms, supporting improved capital efficiencies.\n\nDrilling activity is expected to commence in the second quarter, with the\nmajority of activity concentrated in the latter part of the quarter and into\nthe second half of the year, positioning the Company to deliver exit\nproduction of approximately 2,500 to 3,000 boe/d.\n\nIn addition to drilling, the program includes continued investment in\nwaterflood optimization and facility infrastructure to support base production\nand improve capital efficiency across the asset base.\n\nLycos remains focused on executing a disciplined development program while\nadvancing its inventory of high-quality Mannville drilling opportunities.\nResults from the Moonshine well are expected to support future development\nplanning and capital allocation decisions throughout 2026.\n\nMoonshine Well Update\n\nIn March 2026, the Company drilled one gross (1.0 net) single-leg circulating\nstring well in the Moonshine area targeting the Mannville formation. Since\nbeing brought on production, the well has demonstrated increasing production\nrates with associated sand production consistent with expectations for the\nreservoir. The well achieved a 30-day initial production (\"IP30\") rate of\napproximately 140 boe/d and is currently exceeding 160 boe/d.\n\nThe Company continues to monitor well performance and will use this data to\nsupport future pad development planning and type curve refinement.\n\nThe Company believes these initial results support the development potential\nof the Moonshine area and will assist in delineating additional drilling\nlocations across its Mannville land base.\n\nBoard Appointment\n\nThe Company is pleased to announce the appointment of Craig Bryksa to its\nBoard of Directors effective today. Mr. Bryksa brings more than 23 years of\nexperience in the energy industry. He most recently served as President and\nChief Executive Officer of Veren Inc. until its combination with Whitecap\nResources Inc. in May 2025. Prior to this role, he held a number of senior\nmanagement positions within the organization, including Vice President,\nEngineering West, after joining the company in 2006. His industry experience\nas a professional engineer also includes roles with Enerplus Resources Fund\nand McDaniel & Associates Consultants. Mr. Bryksa is a member of both the\nAssociation of Professional Engineers and Geoscientists of Alberta and the\nAssociation of Professional Engineers and Geoscientists of Saskatchewan and\nholds a Bachelor of Applied Science in Petroleum Systems Engineering from\nUniversity of Regina.\n\nStock Option Grant\n\nThe Company granted a total of 3,320,000 stock options today pursuant to the\nCompany's stock option plan, of which approximately 2,820,000 were granted to\ncertain directors and officers. The options expire five years from the date of\ngrant and are exercisable at a price of $2.20 per common share. The options\nvest as to one-third on each of the first, second and third anniversaries of\nthe grant date.\n\nThe Company also intends to adopt a new share award incentive plan, subject to\nacceptance by the TSX Venture Exchange and ratification by shareholders at the\nnext annual general meeting. If implemented, the new plan would complement,\nand operate alongside, the Company's existing stock option plan, providing the\nCompany with additional flexibility in structuring future long-term incentive\nawards as restricted share awards and performance share awards.\n\nAbout Lycos\n\nLycos is an oil-focused, exploration, development and production company based\nin Calgary, Alberta, operating high-quality, heavy-oil, development assets in\nthe East Central, Alberta area.\n\nAdditional Information\n\nFor further information, please contact:\n\n Dave Burton President and Chief Executive Officer T: (403) 616-3327 E: dburton@lycosenergy.com  Lindsay Goos Vice President, Finance and Chief Financial Officer T: (403) 542-3183 E: lgoos@lycosenergy.com  \n\n \n\nReader Advisories\n\nForward-Looking and Cautionary Statements\n\nCertain statements contained within this press release constitute\nforward-looking statements within the meaning of applicable Canadian\nsecurities legislation. All statements other than statements of historical\nfact may be forward-looking statements. Forward-looking statements are often,\nbut not always, identified by the use of words such as \"anticipate\", \"budget\",\n\"plan\", \"endeavor\", \"continue\", \"estimate\", \"evaluate\", \"expect\", \"forecast\",\n\"monitor\", \"may\", \"will\", \"can\", \"able\", \"potential\", \"target\", \"intend\",\n\"consider\", \"focus\", \"identify\", \"use\", \"utilize\", \"manage\", \"maintain\",\n\"remain\", \"result\", \"cultivate\", \"could\", \"should\", \"believe\" and similar\nexpressions (including negatives and variations thereof). Lycos believes that\nthe expectations reflected in such forward-looking statements are reasonable\nas of the date hereof, but no assurance can be given that such expectations\nwill prove to be correct and such forward-looking statements should not be\nunduly relied upon. Without limitation, this press release contains\nforward-looking statements pertaining to: the Company's 2026 outlook, budget\nand production targets, including anticipated exit production; the business\nstrategy, objectives, strength and focus of Lycos; expectations regarding\nfuture development programs, drilling activity, pad development and capital\nallocation; expectations regarding the Moonshine well performance, type curve\nrefinement and future drilling opportunities; expectations regarding\nwaterflood optimization and facility infrastructure investment; expectations\nregarding commodity prices; the performance characteristics of Lycos' oil and\nnatural gas properties; the ability of Lycos to achieve drilling success\nconsistent with management's expectations; capital efficiencies and the\nexpected benefits of a multi-well pad development approach; the source of\nfunding for Lycos' activities including development costs; and the proposed\nadoption of a new share award incentive plan. Statements relating to\nproduction, reserves, recovery, replacement, costs and valuation are also\ndeemed to be forward-looking statements, as they involve the implied\nassessment, based on certain estimates and assumptions, that the oil exists in\nthe quantities predicted or estimated and that the oil can be profitably\nproduced in the future.\n\nThe forward-looking statements and information are based on certain key\nexpectations and assumptions made by Lycos, including expectations and\nassumptions concerning the business plan of Lycos; the timing of and success\nof future drilling, development and completion activities; the geological\ncharacteristics of Lycos' properties; prevailing commodity prices, price\nvolatility, price differentials and the actual prices received for Lycos'\nproducts; the availability and performance of drilling rigs, facilities,\npipelines and other oilfield services; the timing of past operations and\nactivities in the planned areas of focus; the drilling, completion and tie-in\nof wells being completed as planned; the performance of new and existing\nwells; the application of existing drilling and fracturing techniques;\nprevailing weather and break-up conditions; royalty regimes and exchange\nrates; the application of regulatory and licensing requirements; the continued\navailability of capital and skilled personnel; the ability to maintain or grow\nits credit facility; the accuracy of Lycos' geological interpretation of its\ndrilling and land opportunities, including the ability of seismic activity to\nenhance such interpretation; and Lycos' ability to execute its plans and\nstrategies.\n\nAlthough Lycos believes that the expectations and assumptions on which such\nforward-looking statements and information are based are reasonable, undue\nreliance should not be placed on the forward-looking statements and\ninformation because Lycos can give no assurance that they will prove to be\ncorrect. By its nature, such forward-looking information is subject to various\nrisks and uncertainties, which could cause the actual results and expectations\nto differ materially from the anticipated results or expectations expressed.\nThese risks and uncertainties include, but are not limited to, unforeseen\ndifficulties in integrating recently acquired assets into Lycos' operations;\nincorrect assessments of the value of benefits to be obtained from business\ncombinations and exploration and development programs; fluctuations in\ncommodity prices, changes in industry regulations and political landscape both\ndomestically and abroad, wars (including in the Middle East and Ukraine),\nhostilities, civil insurrections, foreign exchange or interest rates,\nincreased operating and capital costs due to inflationary pressures (actual\nand anticipated), volatility in the stock market and financial system, impacts\nof pandemics, the retention of key management and employees, risks with\nrespect to unplanned third-party pipeline outages , risks relating to the\nAlberta wildfires, including in respect of safety, asset integrity and\nshutting in production, risks relating to environmental regulations and\nclimate-related policy changes, risks associated with the Company's ability to\nobtain regulatory approvals and maintain necessary licences, and risks\nrelating to the availability of adequate water supply and disposal capacity\nfor operations. Ongoing military actions in the Middle East and Ukraine have\nthe potential to threaten the supply of oil and gas from the region. The\nlong-term impacts of the actions between these nations remain uncertain.\nPlease refer to the annual information form for the year ended December 31,\n2025, and management's discussion and analysis for the year ended December 31,\n2025 (the \"MD&A\") for additional risk factors relating to Lycos, which can be\naccessed either on Lycos' website at www.lycosenergy.com or under Lycos'\nSEDAR+ profile at www.sedarplus.ca. Readers are cautioned not to place undue\nreliance on this forward-looking information, which is given as of the date\nhereof, and to not use such forward-looking information for anything other\nthan its intended purpose. Lycos undertakes no obligation to update publicly\nor revise any forward-looking information, whether as a result of new\ninformation, future events or otherwise, except as required by law.\n\nFuture Oriented Financial Information\n\nThis press release contains future oriented financial information and\nfinancial outlook information (collectively, \"FOFI\") about Lycos' prospective\nresults of operations and production, 2026 capital expenditures of $35 million\nto $40 million and drilling program, including anticipated 2026 exit\nproduction of 2,500 to 3,000 boe/d, and components thereof, all of which are\nsubject to the same assumptions, risk factors, limitations and qualifications\nas set forth in the above paragraphs. FOFI contained in this document was\napproved by management as of the date of this document and was provided for\nthe purpose of providing further information about Lycos' proposed business\nactivities in 2026. Lycos and its management believe that FOFI has been\nprepared on a reasonable basis, reflecting management's best estimates and\njudgments, and represent, to the best of management's knowledge and opinion,\nthe Company's expected course of action. However, because this information is\nhighly subjective, it should not be relied on as necessarily indicative of\nfuture activities or results. Lycos disclaims any intention or obligation to\nupdate or revise any FOFI contained in this document, whether as a result of\nnew information, future events or otherwise, unless required pursuant to\napplicable law. Readers are cautioned that the FOFI contained in this document\nshould not be used for purposes other than for which it is disclosed herein.\nChanges in forecast commodity prices, differences in the timing of capital\nexpenditures, and variances in production estimates can have a significant\nimpact on the key performance measures included in Lycos' outlook. The\nCompany's actual results may differ materially from these estimates.\n\nDisclosure of Oil and Gas Information\n\nUnit Cost Calculation. The term barrels of oil equivalent (\"boe\") may be\nmisleading, particularly if used in isolation. A boe conversion ratio of six\nthousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil\nequivalence is based on an energy equivalency conversion method primarily\napplicable at the burner tip and does not represent a value equivalency at the\nwellhead. All boe conversions in this press release are derived from\nconverting gas to oil in the ratio mix of six thousand cubic feet of gas to\none barrel of oil.\n\nProduct Types. Throughout this press release, \"crude oil\" or \"oil\" refers to\nheavy crude oil product types as defined by National Instrument 51-101 -\nStandards of Disclosure for Oil and Gas Activities.\n\nShort-Term Production. References in this press release to current production,\nshort-term production rates, and IP30 are useful in confirming the presence of\nhydrocarbons, however such rates are not determinative of the rates at which\nsuch wells will commence production and decline thereafter and are not\nindicative of long-term performance or of ultimate recovery. While\nencouraging, readers are cautioned not to place reliance on such rates in\ncalculating the aggregate production of Lycos.\n\nNon-IFRS Measures, Non-IFRS Financial Ratios and Capital Management Measures\n\nThis press release includes various specified financial measures, including\nnon-IFRS financial measures, non-IFRS financial ratios and capital management\nmeasures as further described herein. These measures do not have a\nstandardized meaning prescribed by International Financial Reporting Standards\n(\"IFRS\") and, therefore, may not be comparable with the calculation of similar\nmeasures by other companies.\n\n\"Capital expenditures (non-IFRS financial measure)\" includes exploration and\ndevelopment capital, facilities, land and seismic and acquisitions and\ndispositions. Management considers capital expenditures to be a key measure to\nassess the Company's capital investment in exploration and production\nactivity, as well as property acquisitions and dispositions. The directly\ncomparable IFRS measure to capital expenditures is net cash used in investing\nactivities.\n\nPlease refer to the MD&A on pages 17 to 19 for additional information relating\nto specified financial measures, including non-IFRS financial measures,\nnon-IFRS financial ratios and capital management measures. The MD&A can be\naccessed either on the Company's website or under the Company's SEDAR+ profile\non www.sedarplus.ca.\n\n Abbreviations                                         \n          bbl      barrels of oil                      \n          bbl/d    barrels of oil per day              \n          boe      barrels of oil equivalent           \n          boe/d    barrels of oil equivalent per day   \n          Mbbl     thousand barrels of oil             \n          Mboe     thousand barrels of oil equivalent  \n          Mcf      thousand cubic feet                 \n          MMbbl    million barrels of oil              \n          MMboe    million barrels of oil equivalent   \n          MMcf     million cubic feet                  \n\n \n\nAll dollar figures included herein are presented in Canadian dollars, unless\notherwise noted.\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/293868"},"type":"article","timestamp":"2026-04-22T21:06:32.507937145Z","server_sent_at_ms":1776891992507},"received_at":"2026-04-22T21:06:32.907Z","source_url":"https://www.newsfilecorp.com/release/293868"},"analysis":{"id":"4112","press_release_id":"5615","analysis_json":{"industry":{"label":"Energy","sector":"Energy"},"redFlags":["Company operates with heavy oil assets which may face differentials vs. WTI","Production targets and IP30 rates are forward-looking and subject to operational risks","Granting of 3.32M options represents potential dilution"],"eventType":"other","narrative":"Lycos Energy approved a 2026 capital budget of $35M-$40M targeting 15-20 gross wells to drive exit production of 2,500-3,000 boe/d.\n\nInitial results from the Moonshine well showed an IP30 of approximately 140 boe/d, with current rates exceeding 160 boe/d.\n\nThe company appointed Craig Bryksa, former CEO of Veren Inc., to its Board of Directors and granted 3.32M stock options at $2.20 per share.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"Operational update and capital budget underline development strategy, bolstered by new high-profile board member."},"keyFigures":{"customDimensions":{"capex_2026_low":35000000,"capex_2026_high":40000000,"options_granted":3320000,"wells_gross_low":15,"wells_gross_high":20,"options_exercise_price":2.2,"moonshine_ip30_boe_per_day":140,"moonshine_current_boe_per_day":160,"exit_production_boe_per_day_low":2500,"exit_production_boe_per_day_high":3000}},"quotedText":"The 2026 program is designed as a disciplined, proof-of-concept phase, with the Company planning to drill initial wells across several pads to delineate the asset base.","namedEntities":{"people":[{"name":"Craig Bryksa","role":"Board of Directors"},{"name":"Dave Burton","role":"President and Chief Executive Officer"},{"name":"Lindsay Goos","role":"Vice President, Finance and Chief Financial Officer"}],"products":["Mannville heavy oil"],"companies":[{"name":"Lycos Energy Inc.","ticker":"LCX"},{"name":"Veren Inc.","relationship":"former employer of new board member"},{"name":"Whitecap Resources Inc.","relationship":"combined with Veren Inc."},{"name":"Enerplus Resources Fund","relationship":"former employer of new board member"},{"name":"McDaniel & Associates Consultants","relationship":"former employer of new board member"}],"dollarAmounts":[{"amount":"$35 million to $40 million","context":"2026 capital expenditures"},{"amount":"$2.20 per common share","context":"stock option exercise price"}]},"materialImpact":{"score":3,"reasoning":"Release details a 2026 capital budget with production targets, positive initial well results, and a significant board appointment. The IP30 rates and budget signal active development, but the information is largely operational guidance."},"tickerRelevance":{"others":[],"primary":"LCX"},"eventTypeSecondary":["board_change"]},"event_type":"other","event_type_secondary":["board_change"],"sentiment":"bullish","material_impact_score":3,"narrative":"Lycos Energy approved a 2026 capital budget of $35M-$40M targeting 15-20 gross wells to drive exit production of 2,500-3,000 boe/d.\n\nInitial results from the Moonshine well showed an IP30 of approximately 140 boe/d, with current rates exceeding 160 boe/d.\n\nThe company appointed Craig Bryksa, former CEO of Veren Inc., to its Board of Directors and granted 3.32M stock options at $2.20 per share.","key_figures":{"customDimensions":{"capex_2026_low":35000000,"capex_2026_high":40000000,"options_granted":3320000,"wells_gross_low":15,"wells_gross_high":20,"options_exercise_price":2.2,"moonshine_ip30_boe_per_day":140,"moonshine_current_boe_per_day":160,"exit_production_boe_per_day_low":2500,"exit_production_boe_per_day_high":3000}},"named_entities":{"people":[{"name":"Craig Bryksa","role":"Board of Directors"},{"name":"Dave Burton","role":"President and Chief Executive Officer"},{"name":"Lindsay Goos","role":"Vice President, Finance and Chief Financial Officer"}],"products":["Mannville heavy oil"],"companies":[{"name":"Lycos Energy Inc.","ticker":"LCX"},{"name":"Veren Inc.","relationship":"former employer of new board member"},{"name":"Whitecap Resources Inc.","relationship":"combined with Veren Inc."},{"name":"Enerplus Resources Fund","relationship":"former employer of new board member"},{"name":"McDaniel & Associates Consultants","relationship":"former employer of new board member"}],"dollarAmounts":[{"amount":"$35 million to $40 million","context":"2026 capital expenditures"},{"amount":"$2.20 per common share","context":"stock option exercise price"}]},"model_name":"glm-4.7","prompt_hash":"sha256:2f2748f0fcc8c4f2","schema_hash":"sha256:ad96b863d7123008","created_at":"2026-04-23T00:21:52.485Z","global_importance":3,"audience_relevance":3,"importance_components":{"method":"backfill-heuristic","signals":{"bodyLong":false,"headlineTier1":false,"tickerCovered":false,"hadSignificance":false},"version":1,"computedAt":"2026-04-27T11:52:54.529Z"}},"durationMs":130581,"modelName":"glm-4.7"}}