# Coelacanth Announces 2025 Year-End Reserves

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292

Original source: https://orestocks.com/company/CEI.V/press-releases/4829857450223064

Publisher: orestocks

Original announcement: 2026-04-22T17:41:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-01T04:14:56.168Z

Atlas analysis updated: 2026-10-01T04:14:56.168Z

- Company: Coelacanth Energy Inc.

- Ticker: CEI.V

- Exchange: Unavailable

- Region: Alberta

- Primary commodity: Oil equivalent

- Secondary commodities: Tight oil, Shale natural gas, Ngl

- Document categories: Resource update

- Extracted: 2026-10-01 04:14:57 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Coelacanth Energy Inc. announced its 2025 year-end reserves, independently evaluated by GLJ Ltd. The company reported a 672% increase in Total Proved Producing reserves to 14.2 million boe and a 33% increase in Total Proved plus Probable reserves to 36.7 million boe. These increases were accompanied by significant growth in reserve values, reflecting strategic investments in the Two Rivers Montney Project.

Reasoning: Coelacanth Energy Inc. announced substantial increases in both Proved Producing and Proved plus Probable reserves, along with increased reserve values, based on an independent evaluation compliant with industry standards.

- Positive factor: Significant increase in Proved Producing reserves \(672%\)

- Positive factor: Significant increase in Proved plus Probable reserves \(33%\)

- Positive factor: Increased reserve value

- Positive factor: Compliance with NI 51-101

- Positive factor: Strategic investment in infrastructure and drilling

- Negative factor: No specific Qualified Person named as signing off

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 20

## Classification and evidence

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: Total Proved Producing reserves increased by 672% to 14.2 million boe from 1.8 million boe.

Evidence · text

> Increased Total Proved Producing reserves by 672% to 14.2 million boe from 1.8 million boe.

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: Total Proved plus Probable reserves increased by 33% to 36.7 million boe from 27.5 million boe.

Evidence · text

> Increased Total Proved plus Probable reserves by 33% to 36.7 million boe from 27.5 million boe.

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The reserves were evaluated in accordance with National Instrument 51-101 \("NI 51-101"\).

Evidence · text

> in accordance with National Instrument 51-101 \("NI 51-101"\)

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document announces the company's 2025 year-end reserves.

Evidence · text

> Coelacanth Announces 2025 Year-End Reserves

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: The reserves were independently evaluated by GLJ Ltd., but no specific Qualified Person or Competent Person is named as signing off on the estimate.

Evidence · text

> independently evaluated by GLJ Ltd.

## Extracted facts

Stored fact records: 20. Some facts used in scoring do not have a stored record.

## Resource Estimates (20)

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-0)

Two Rivers Montney Project · tight\_oil

#### Identity

- Project: Two Rivers Montney Project
- Commodity: tight\_oil
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:5b2e5e69e732a94a8e27

#### Resource Data

- Category: proven
- Tonnes: 2518000
- Contained Metal: 2518
- Contained Unit: mbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Proved Producing Tight Oil reserves contribute to the overall positive reserve update, showing a substantial increase in the company's asset base.

- Positive factor: Part of a significant overall reserve increase

- Positive factor: Independently evaluated

Evidence · table

> 2,518

Context: Producing

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-1)

Two Rivers Montney Project · shale\_natural\_gas

#### Identity

- Project: Two Rivers Montney Project
- Commodity: shale\_natural\_gas
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:82e5bea5f912ba39dd85

#### Resource Data

- Category: proven
- Tonnes: 64398000000
- Contained Metal: 64398
- Contained Unit: mmcf

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Proved Producing Shale Natural Gas reserves contribute to the overall positive reserve update, showing a substantial increase in the company's asset base.

- Positive factor: Part of a significant overall reserve increase

- Positive factor: Independently evaluated

Evidence · table

> 64,398

Context: Producing

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-2)

Two Rivers Montney Project · ngl

#### Identity

- Project: Two Rivers Montney Project
- Commodity: ngl
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:2dcfc8bfe8259643d608

#### Resource Data

- Category: proven
- Tonnes: 977000
- Contained Metal: 977
- Contained Unit: mbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Proved Producing NGLs reserves contribute to the overall positive reserve update, showing a substantial increase in the company's asset base.

- Positive factor: Part of a significant overall reserve increase

- Positive factor: Independently evaluated

Evidence · table

> 977

Context: Producing

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-3)

Two Rivers Montney Project · oil\_equivalent

#### Identity

- Project: Two Rivers Montney Project
- Commodity: oil\_equivalent
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:0dc7a4f07c80722ca036

#### Resource Data

- Category: proven
- Tonnes: 14228000
- Contained Metal: 14228
- Contained Unit: mboe

#### Prior Estimate

- Resource Date: 2025-12-31
- Prior Tonnes: 1800000
- Prior Contained Metal: 1.8

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Total Proved Producing reserves increased by an exceptional 672% to 14.2 million boe, indicating significant growth and de-risking of the company's producing asset base.

- Positive factor: Exceptional 672% increase in Proved Producing reserves

- Positive factor: Independently evaluated

- Positive factor: Strong growth in reserve value

Evidence · table

> 14,228

Context: Producing

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: 14228000 against 1800000 previously

**Contained Metal Growth**

Polarity: positive

Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: 14228 against 1.8 previously

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-4)

Two Rivers Montney Project · tight\_oil

#### Identity

- Project: Two Rivers Montney Project
- Commodity: tight\_oil
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:c75c0d16c9da1f9f5657

#### Resource Data

- Category: proven
- Tonnes: 1732000
- Contained Metal: 1732
- Contained Unit: mbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Proved Undeveloped Tight Oil reserves contribute to the overall proved reserve base, indicating future development potential.

- Positive factor: Adds to overall proved reserves

- Positive factor: Independently evaluated

Evidence · table

> 1,732

Context: Undeveloped

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-5)

Two Rivers Montney Project · shale\_natural\_gas

#### Identity

- Project: Two Rivers Montney Project
- Commodity: shale\_natural\_gas
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:3151707e8c2dfecf12a9

#### Resource Data

- Category: proven
- Tonnes: 40450000000
- Contained Metal: 40450
- Contained Unit: mmcf

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Proved Undeveloped Shale Natural Gas reserves contribute to the overall proved reserve base, indicating future development potential.

- Positive factor: Adds to overall proved reserves

- Positive factor: Independently evaluated

Evidence · table

> 40,450

Context: Undeveloped

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-6)

Two Rivers Montney Project · ngl

#### Identity

- Project: Two Rivers Montney Project
- Commodity: ngl
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:e277e6d70003c4f8d9c6

#### Resource Data

- Category: proven
- Tonnes: 615000
- Contained Metal: 615
- Contained Unit: mbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Proved Undeveloped NGLs reserves contribute to the overall proved reserve base, indicating future development potential.

- Positive factor: Adds to overall proved reserves

- Positive factor: Independently evaluated

Evidence · table

> 615

Context: Undeveloped

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-7)

Two Rivers Montney Project · oil\_equivalent

#### Identity

- Project: Two Rivers Montney Project
- Commodity: oil\_equivalent
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:58d9f01a28e86ca9f082

#### Resource Data

- Category: proven
- Tonnes: 9088000
- Contained Metal: 9088
- Contained Unit: mboe

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Proved Undeveloped Total Oil Equivalent reserves represent significant future development potential, contributing positively to the company's long-term outlook.

- Positive factor: Significant Proved Undeveloped reserves

- Positive factor: Independently evaluated

- Positive factor: Future development potential

Evidence · table

> 9,088

Context: Undeveloped

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-8)

Two Rivers Montney Project · tight\_oil

#### Identity

- Project: Two Rivers Montney Project
- Commodity: tight\_oil
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:b90e099fa10aa287948a

#### Resource Data

- Category: proven
- Tonnes: 4249000
- Contained Metal: 4249
- Contained Unit: mbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Total Proved Tight Oil reserves demonstrate a robust and independently evaluated asset base for the company.

- Positive factor: Strong total proved reserves

- Positive factor: Independently evaluated

Evidence · table

> 4,249

Context: Total proved

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-9)

Two Rivers Montney Project · shale\_natural\_gas

#### Identity

- Project: Two Rivers Montney Project
- Commodity: shale\_natural\_gas
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:7581df5bda42217816c6

#### Resource Data

- Category: proven
- Tonnes: 104848000000
- Contained Metal: 104848
- Contained Unit: mmcf

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Total Proved Shale Natural Gas reserves demonstrate a robust and independently evaluated asset base for the company.

- Positive factor: Strong total proved reserves

- Positive factor: Independently evaluated

Evidence · table

> 104,848

Context: Total proved

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-10)

Two Rivers Montney Project · ngl

#### Identity

- Project: Two Rivers Montney Project
- Commodity: ngl
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:e10a776b9b034be5bdfa

#### Resource Data

- Category: proven
- Tonnes: 1592000
- Contained Metal: 1592
- Contained Unit: mbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Total Proved NGLs reserves demonstrate a robust and independently evaluated asset base for the company.

- Positive factor: Strong total proved reserves

- Positive factor: Independently evaluated

Evidence · table

> 1,592

Context: Total proved

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-11)

Two Rivers Montney Project · oil\_equivalent

#### Identity

- Project: Two Rivers Montney Project
- Commodity: oil\_equivalent
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:3d85ccb4b24dc97fbf29

#### Resource Data

- Category: proven
- Tonnes: 23316000
- Contained Metal: 23316
- Contained Unit: mboe

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Total Proved Oil Equivalent reserves of 23.3 million boe represent a substantial and independently evaluated asset base for the company.

- Positive factor: Strong total proved reserves

- Positive factor: Independently evaluated

- Positive factor: Significant asset base

Evidence · table

> 23,316

Context: Total proved

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-12)

Two Rivers Montney Project · tight\_oil

#### Identity

- Project: Two Rivers Montney Project
- Commodity: tight\_oil
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:d623b078d3fb154b0c58

#### Resource Data

- Category: probable
- Tonnes: 2736000
- Contained Metal: 2736
- Contained Unit: mbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Probable Tight Oil reserves contribute to the overall probable reserve base, indicating additional future potential.

- Positive factor: Adds to overall probable reserves

- Positive factor: Independently evaluated

Evidence · table

> 2,736

Context: Probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-13)

Two Rivers Montney Project · shale\_natural\_gas

#### Identity

- Project: Two Rivers Montney Project
- Commodity: shale\_natural\_gas
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:f8f11cc1ed75b6de2f6c

#### Resource Data

- Category: probable
- Tonnes: 58337000000
- Contained Metal: 58337
- Contained Unit: mmcf

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Probable Shale Natural Gas reserves contribute to the overall probable reserve base, indicating additional future potential.

- Positive factor: Adds to overall probable reserves

- Positive factor: Independently evaluated

Evidence · table

> 58,337

Context: Probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-14)

Two Rivers Montney Project · ngl

#### Identity

- Project: Two Rivers Montney Project
- Commodity: ngl
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:1340ef0db3b4193267f5

#### Resource Data

- Category: probable
- Tonnes: 887000
- Contained Metal: 887
- Contained Unit: mbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Probable NGLs reserves contribute to the overall probable reserve base, indicating additional future potential.

- Positive factor: Adds to overall probable reserves

- Positive factor: Independently evaluated

Evidence · table

> 887

Context: Probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-15)

Two Rivers Montney Project · oil\_equivalent

#### Identity

- Project: Two Rivers Montney Project
- Commodity: oil\_equivalent
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:e658a44029417c6d65dd

#### Resource Data

- Category: probable
- Tonnes: 13346000
- Contained Metal: 13346
- Contained Unit: mboe

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Probable Total Oil Equivalent reserves of 13.3 million boe represent significant additional future potential, contributing positively to the company's long-term outlook.

- Positive factor: Significant probable reserves

- Positive factor: Independently evaluated

- Positive factor: Adds to future potential

Evidence · table

> 13,346

Context: Probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-16)

Two Rivers Montney Project · tight\_oil

#### Identity

- Project: Two Rivers Montney Project
- Commodity: tight\_oil
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:a91c272b0fc404eceb71

#### Resource Data

- Category: probable
- Tonnes: 6985000
- Contained Metal: 6985
- Contained Unit: mbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Total Proved & Probable Tight Oil reserves demonstrate a robust and independently evaluated asset base for the company, indicating significant future potential.

- Positive factor: Strong total proved and probable reserves

- Positive factor: Independently evaluated

Evidence · table

> 6,985

Context: Total proved & probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-17)

Two Rivers Montney Project · shale\_natural\_gas

#### Identity

- Project: Two Rivers Montney Project
- Commodity: shale\_natural\_gas
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:9ee5d702908f199a7f37

#### Resource Data

- Category: probable
- Tonnes: 163185000000
- Contained Metal: 163185
- Contained Unit: mmcf

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Total Proved & Probable Shale Natural Gas reserves demonstrate a robust and independently evaluated asset base for the company, indicating significant future potential.

- Positive factor: Strong total proved and probable reserves

- Positive factor: Independently evaluated

Evidence · table

> 163,185

Context: Total proved & probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-18)

Two Rivers Montney Project · ngl

#### Identity

- Project: Two Rivers Montney Project
- Commodity: ngl
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:c0864bc904e636bf0b9d

#### Resource Data

- Category: probable
- Tonnes: 2479000
- Contained Metal: 2479
- Contained Unit: mbbl

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Total Proved & Probable NGLs reserves demonstrate a robust and independently evaluated asset base for the company, indicating significant future potential.

- Positive factor: Strong total proved and probable reserves

- Positive factor: Independently evaluated

Evidence · table

> 2,479

Context: Total proved & probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/coelacanth-announces-2025-year-end-reserves--4ba6f837-edbf-470b-aa7e-7af0fde32292#fact-resource-facts-19)

Two Rivers Montney Project · oil\_equivalent

#### Identity

- Project: Two Rivers Montney Project
- Commodity: oil\_equivalent
- Region: canada\_ab
- Reported Region: Alberta
- Ticker: CEI.V

#### Resource scope

- Estimate type: reserve
- Reporting standards: ni\_43\_101
- Resource group id: resource:723a4b8bd01d734fc8e7

#### Resource Data

- Category: probable
- Tonnes: 36662000
- Contained Metal: 36662
- Contained Unit: mboe

#### Prior Estimate

- Resource Date: 2025-12-31
- Prior Tonnes: 27500000
- Prior Contained Metal: 27.5

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-22T00:00:00.000Z

Reasoning: Total Proved plus Probable Oil Equivalent reserves increased by a strong 33% to 36.7 million boe, indicating substantial growth in the company's overall resource base.

- Positive factor: Strong 33% increase in Total Proved plus Probable reserves

- Positive factor: Independently evaluated

- Positive factor: Significant growth in reserve value

Evidence · table

> 36,662

Context: Total proved & probable

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: 36662000 against 27500000 previously

**Contained Metal Growth**

Polarity: positive

Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: 36662 against 27.5 previously

**No QP/CP Disclosure**

Polarity: negative

Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: no Qualified or Competent Person is named anywhere in the release

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.