Lycos Energy Inc. Announces Renewal of Normal Course Issuer Bid

Calgary, Alberta--(Newsfile Corp. - October 27, 2026) - Lycos Energy Inc. (TSXV: LCX) ("Lycos" or the "Company") is pleased to announce that Lycos has received acceptance from the TSX Venture Exchange (the "Exchange") in respect of its intention to commence a normal course issuer bid (the "NCIB") for its outstanding common shares ("Common Shares") in accordance with the rules and policies of the Exchange.

Lycos is renewing the NCIB because it is of the view that at certain times, the trading price of its Common Shares may not fully reflect the underlying value of the Company's business. As such, having the ability to repurchase Common Shares for cancellation may represent an attractive opportunity to deploy financial resources as a means of potentially enhancing the Company's per Common Share metrics, thereby increasing the underlying value of the Common Shares for all shareholders.

The Company had 131,852,762 Common Shares issued and outstanding as at October 27, 2026. The NCIB allows Lycos to repurchase up to 10,661,989 Common Shares of the Company, representing approximately 10% of the Company's 106,619,894 public float (as defined by the Exchange) as at the date hereof. The NCIB commences on November 2, 2026 and terminates on the earlier of November 1, 2027, and the date on which the Company has acquired the maximum number of Common Shares allowable under the NCIB or the NCIB is terminated at the option of the Company. The actual number of Common Shares which may be repurchased pursuant to the NCIB will be determined by management of the Company.

In connection with the NCIB, Lycos has entered into an automatic share purchase plan (the "Plan") with its designated broker, National Bank Financial Inc. ("NBF"), to facilitate the purchase of Common Shares under the NCIB. The Plan allows for purchases by the Company of its Common Shares at any time, including, without limitation, when the Company would ordinarily not be permitted to make purchases due to regulatory restriction or self-imposed blackout periods. Such purchases will be made by NBF based upon the parameters established by the Company prior to any blackout period or any period when it is in possession of material undisclosed information. Outside of these blackout periods, Common Shares will be repurchased in accordance with management's discretion, subject to applicable law.

The NCIB will be made through the facilities of the TSXV and/or alternative trading systems and the purchase and payment for the Common Shares will be made in accordance with TSXV requirements at the market price of the Common Shares at the time of acquisition, plus brokerage fees, if any, charged by NBF. All common shares purchased by the Company under the NCIB will be cancelled.

To the Company's knowledge, none of the directors, senior officers or insiders of the Company, or any associate of such person, has any present intention to sell any Common Shares under the NCIB.

The Company is presently permitted to repurchase up to 4,661,208 Common Shares under its current NCIB which commenced on November 3, 2025 and ends on November 2, 2026. As at the date of this press release, the Company has repurchased nil Common Shares under the expiring NCIB.

About Lycos

Lycos is an oil-focused, exploration, development and production company based in Calgary, Alberta, operating high-quality, heavy-oil, development assets in the East Central, Alberta area.

Additional Information

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.

Reader Advisories

Forward-Looking and Cautionary Statements

Certain statements contained within this press release constitute forward-looking statements within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "budget", "plan", "endeavor", "continue", "estimate", "evaluate", "expect", "forecast", "monitor", "may", "will", "can", "able", "potential", "target", "intend", "consider", "focus", "identify", "use", "utilize", "manage", "maintain", "remain", "result", "cultivate", "could", "should", "believe" and similar expressions (including negatives and variations thereof). Lycos believes that the expectations reflected in such forward-looking statements are reasonable as of the date hereof, but no assurance can be given that such expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Without limitation, this press release contains forward-looking statements pertaining to: Lycos' business strategy and the NCIB.

The forward-looking statements and information are based on certain key expectations and assumptions made by Lycos, including expectations and assumptions concerning the business plan of Lycos; the underlying value of the Company's assets and its future prospects; shareholder value that may be created in pursuing the NCIB; the number of Common Shares, if any, that the Company will purchase under the NCIB; and Lycos' ability to execute its plans and strategies.

Although Lycos believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Lycos can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to: incorrect assessments of the value of benefits to be obtained from acquisitions and exploration and development programs; fluctuations in commodity prices; changes in industry regulations and political landscape both domestically and abroad; wars (including Russia's military actions in Ukraine and conflicts in the Middle East); hostilities; civil insurrections; foreign exchange or interest rates; increased operating and capital costs due to inflationary pressures (actual and anticipated); volatility in the stock market and financial system; access to water; the possibility that government policies or laws may change (including greenhouse gas emission reduction requirements and other decarbonization or social policies); the risk that the U.S. administration imposes tariffs on Canadian goods, including crude oil and natural gas, and that such tariffs (and/or the Canadian government's response to such tariffs) adversely affect the demand and/or market price for the Company's products and/or otherwise adversely affects the Company impacts of pandemics; the retention of key management and employees; risks with respect to unplanned third-party pipeline outages, including in respect of safety, asset integrity and shutting in production. Ongoing military actions between Russia and Ukraine and the conflicts in the Middle East have the potential to threaten the supply of oil and gas from the regions. The long-term impacts of the actions between these nations remains uncertain. Please refer to the annual information form for the year ended December 31, 2025, and the MD&A for additional risk factors relating to Lycos, which can be accessed either on the Company's website at www.lycosenergy.com or under the Company's SEDAR+ profile atwww.sedarplus.ca. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Lycos undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.

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.

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