BUTTE ENERGY INC. - EARLY WARNING REPORT

TSXV – BEN.H

VANCOUVER, BC, July 11, 2022 /CNW/ - Butte Energy Inc.  (TSXV: BEN.H) (the "Company") has been advised that in connection with the completion of a Private Transaction, Thomas Humphreys, has become an insider of Butte Energy Inc., and Brian Paes-Braga is no longer an insider of the Company as further described below.

Early Warning Language

The Company has been advised that Thomas Humphreys acquired ownership and direction or control over 60,000,000 Butte Energy Inc., common shares, representing 18.79% of the issued and outstanding common shares of the Company pursuant to a private transaction.  Prior to the completion of the Transaction, Mr. Humphreys owned no securities of the Company.

The Company further announces that Mr. Paes-Braga sold 62,000,000 common shares, representing 19.41% of the issued and outstanding common shares of the Company pursuant to a private transaction.  The Company has cancelled 1,000,000 incentive stock options granted to the Quiet Cove Foundation, a charitable organization controlled by Mr. Paes-Braga. Following the transaction, Mr. Paes-Braga has direct ownership and/or control, over 240,000 common shares of the Company representing 0.08% of the issued and outstanding common shares.

The Company has been advised that Mr. Humphreys and Mr. Paes-Braga and his related entities acquired or disposed of these securities for investment purposes and will be disclosed in Early Warning Reports to be filed on SEDAR.  Mr. Humphreys and Mr. Paes-Braga may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.

The Company accepted the resignation of Mrs. Lindsey Le Ho as Chief Financial Officer and Corporate Secretary.  The Company would like to thank Mrs. Le Ho for her services and wish her success in her future endeavours.  The Company has appointed Ms. Kia Russell as Chief Financial Officer and Corporate Secretary of the Company.

The Company did not proceed with the non-brokered private placement previously announced on March 24, 2022.

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.

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward– looking statements". Forward–looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward–looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward–looking statements.

SOURCE Butte Energy Inc.

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