Hammerhead Energy Has Increased Its 2023 Annual Average Production Guidance Of 41,500 Boe/Day From The Previous Estimate Of 40,200 Boe/Day. Crude Oil Production Is Estimated To Be 35% Of Production From A Prior Estimate Of 33%

Since coming on production August 6th, performance to date on the 12-well North Karr 10-14 pad has thus far materially exceeded the Company's internal forecast, with peak pad production exceeding 17,800 boe/d (over 50% crude oil). As a result, field estimates of Hammerhead's corporate production volumes for the month of August averaged 48,500 boe/d, while also having additional production "behind pipe" due to North Karr total production capability exceeding infrastructure capacity. Based on the current commodity price strip, the 12-well pad at North Karr 10-14 is currently on track to achieve payout6 in three months or less based on average DCET well costs of only $7.9 million per well.