Mr. Alex Klenman reports

AZINCOURT ENERGY ANNOUNCES INCREASE IN NON-BROKERED FINANCING

Azincourt Energy Corp. has increased the previously announced non-brokered private placement from $500,000 to $575,000.

The Company now proposes to issue up to 9,583,334 units (each, a "Unit") at a price of $0.06 per Unit for gross proceeds of up to $575,000. Each Unit will be comprised of one common share of the Company (a "Share") and one-half-of-one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional Share at a price of $0.10 per Share for a period of two years from closing of the Offering.

The Offering is scheduled to close on or about February 10, 2023, or such later date as the Company may determine, and is subject to certain conditions including, but not limited to, the receipt of the approval of the TSX Venture Exchange. No finders' fees or commissions are payable in connection with the Offering.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 Prospectus Exemptions ("NI 45-106"), the Offering is being made to purchasers resident in Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI- 45-106 (the "Listed Issuer Financing Exemption"). The securities offered under the Listed Issuer Financing Exemption will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an amended offering document related to the Offering that can be accessed under the Company's profile at www.sedar.com and on the Company's website at: www.azincourtenergy.com. Prospective investors should read this offering document before making an investment decision.