MCF ENERGY LTD. ADVANCES RESPONSIBLE EXPLORATION FOR EUROPE'S ENERGY SECURITY AND COMMENCES TRADING ON THE TSX-V

VANCOUVER, BC, Jan. 6, 2023 /CNW/ - MCF Energy Ltd. (TSXV: MCF.H) ("MCF Energy" or the "Company") (formerly Pinedale Energy Limited) is pleased to announce the commencement of trading in the Company's common shares on the TSX Venture Exchange (the "TSX-V") under the ticker symbol "MCF" effective at the open on January 6, 2022. This follows the completion of the acquisition of natural gas projects in Austria and Germany, the appointment of a highly experienced team, and closing of the $8.5 million equity financing, as announced on January 3, 2022. The Company expects to drill-test its Austrian project this year.

"MCF Energy believes the answer to Europe's energy security lies right beneath the surface," commented James Hill, CEO and Director of The Company. "We are excited to commence trading on the TSX-V, a leading marketplace for international energy exploration companies with high environmental standards."

"Investors play a critical role in our mission to build the dominant gas exploration company and help Europe build its own bridge to renewables. We look forward to working closely with the Exchange and our partners to bring the expertise, capital and confidence needed to make significant new discoveries."

"MCF Energy has already secured interests in two large-scale prospects, both of which could be company-makers and will be evaluated this year. The Company is actively pursuing additional opportunities with a focus on large-prize sizes with low up-front capital intensity."

"Principals of MCF Energy have been active in the European oil and gas sector for nearly 20 years. We revitalised Europe's largest heavy oil field in one venture and ran one of the continent's largest exploration campaigns in another. MCF Energy is building from the framework of those earlier ventures at a critical time for Europe to develop its own cleaner, cheaper, more secure natural gas industry."

"We intend to move as fast as possible to make this vision a reality," Mr. Hill added.

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Cautionary Statements:

The Company will not undertake work programs at its German interests until relevant licences are granted and acquisition of those interests is approved by the TSX Venture Exchange.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Forward-Looking Information

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about the completion of the proposed transaction and financing described herein, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms of such transaction. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, risks related to the Company's inability to perform the proposed transactions.

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to complete the planned transaction and activities. The Company has also assumed that no significant events will occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

SOURCE MCF Energy Ltd.

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