BUTTE ENERGY ANNOUNCES SHARE CONSOLIDATION

TSXV – BEN.H

VANCOUVER, BC, Feb. 23, 2023 /CNW/ - Butte Energy Inc.  (TSXV – BEN.H) (the "Company") announces the Company will consolidate its outstanding share capital on the basis of five (5) pre-consolidation shares for one (1) post-consolidation share (the "Consolidation").  The reasons for the consolidation are to increase the Company's flexibility and competitiveness in the market place and to attract new equity investment in the Company. As of the date of this news release, the Company has 322,064,202 common shares issued and outstanding, and after the consolidation, the Company will have approximately 64,412,840 common shares issued and outstanding. No fractional shares will be issued. Any fractional interest in common shares that is less than 0.5 of a common share resulting from the Consolidation will be rounded down to the nearest whole share and any fractional interest in a share that is 0.5 or greater of a share will be rounded up to the nearest whole share.

The exercise price and number of common shares issuable upon the exercise of the Company's outstanding options will also be proportionally adjusted upon completion of the Consolidation in accordance with the terms thereof.

The Company will not change its name as part of the Consolidation.  The Company's common shares will continue to trade on the TSX Venture Exchange under its current symbol "BEN.H".

The Consolidation is subject to the approval of the TSX Venture Exchange ("Exchange"). The Company will issue a further news release confirming the effective date for the Consolidation following approval of the Exchange. The Consolidation is expected to become effective mid-March, 2023.

On behalf of BUTTE ENERGY INC.

"Geir Liland"
Chief Executive Officer

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

SOURCE Butte Energy Inc.

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