CALGARY, AB, May 29, 2026 /CNW/ - Fiddlehead Resources Corp. ("Fiddlehead," or the "Company") (TSXV: FHR), is pleased to announce the filing of its unaudited financial and operating results for the three months ended March 31, 2026. Selected financial and operating information should be read in conjunction with Fiddlehead's unaudited interim financial statements and related management's discussion and analysis ("MD&A") for the three months ended March 31, 2026 and 2025 ("2026 Q1 Documents"). Financial and operating highlights for the period include:

   -- Achieved average corporate production of 1,439 BOE per day ("BOE/d") in 
      Q1 2026, an increase of 10% over Q4 2025.  Q1 2026 is the second complete 
      quarter where the Company had full operational control of its acquired 
      assets, and the second consecutive quarter with a quarter over quarter 
      increase in production. The Company completed the license transfer in 
      August, 2025, and operational handoff took place later that month. 
 
   -- For the first quarter of 2026, Fiddlehead's petroleum and natural gas 
      sales totaled $3.1 million. On January 6, 2026, the Company entered a 
      7-month natural gas supply agreement, commencing April 1, 2026 through to 
      October 31, 2026, under which the Company will deliver 2,000 GJ/d and 
      receive a price of $2.15/GJ, less associated deductions. This contract 
      enables the Company to ensure a portion of its revenue and cash flow for 
      12 months.  October 30, 2025, the Company entered a 1-year natural gas 
      supply agreement, commencing on November 1, 2025, under which the Company 
      will deliver 1,500 GJ/d and receive a price of $2.86/GJ, less associated 
      deductions. In Q1 2026, the Company received $127,887 above market price 
      under this contract. 
 
   -- Generated $1.4 million in cash proceeds through the sale of its minority, 
      non-operated working interest in nine sections of non-core acreage. The 
      disposition reduces Fiddlehead's abandonment liabilities by 
      approximately$0.2 million. The Company recognized a gain for the period 
      ended March 31,2026 of $1.3 million.  The disposition reduces overall 
      production by approximately 24.7 BOE/d. 
 
   -- The Company closed its non-arm's length debt settlement of common shares 
      of the Company.  In Q1 2026 TSX approval was received to issue the 
      4,843,232 Common Shares reserved at December 31, 2025 for settlement of 
      $242,162 indebtedness. 

The table below summarizes selected highlights from the Company's financial and operating results:

(Expressed in $000s, except per share, price and volumes amounts)

 
                             Three months ended 
                             March 31  December 31  March 31 
                             2026      2025         2025 
OPERATING HIGHLIGHTS AND 
NETBACKS(1) 
Average production and 
sales volumes 
Light oil (bbls/d)                 49           30       119 
NGLs (bbls/d)                     404          375       394 
Natural gas (Mcf/d)             5,920        5,409     6,746 
Total (BOE/d)                   1,439        1,306     1,636 
Average realized sales 
prices 
Light oil ($/bbl)               88.90        71.83     91.79 
NGLs ($/bbl)                    43.36        33.40     49.32 
Natural gas ($/Mcf)              2.09         2.41      2.06 
Total oil equivalent 
 ($/BOE)                        23.90        21.30     27.13 
Netbacks ($/BOE)(1) 
Petroleum and natural gas 
 sales                          23.90        21.30     27.13 
Royalties                        4.93         4.09      6.65 
Operating expenses              12.33        13.01     11.65 
Transportation expenses          0.21         0.08      0.10 
Prior Period Adjustment(3)          -        13.26         - 
Operating Netback(1)             6.43       (9.15)      8.74 
General and administrative 
 expenses                        5.84         7.41      7.62 
Finance costs                    7.48         5.10      6.27 
Adjusted Funds Flow 
 Netback(1,2)                  (6.89)      (21.66)    (5.15) 
FINANCIAL HIGHLIGHTS 
Petroleum and natural gas 
 sales                          3,081        2,650     3,976 
Petroleum and natural gas 
 sales, net of royalties        2,442        2,158     2,996 
Net loss & comprehensive 
 loss                           (689)      (2,330)   (2,497) 
Basic per share                (0.01)       (0.04)    (0.04) 
Diluted per share              (0.01)       (0.04)    (0.04) 
Cash flow used in operating 
 activities                      (55)        (601)     (145) 
Funds Flow from 
 Operations(2)                  (389)      (2,009)     (195) 
Basic per share                (0.01)       (0.03)    (0.00) 
Diluted per share              (0.01)       (0.03)    (0.00) 
Dispositions                    1,400            -         - 
Total assets                   27,471       30,153    30,054 
Total non-current financial 
 liabilities                   10,144       10,201    11,482 
Total long-term debt, 
 including current portion     11,720       12,242    12,120 
Shareholders' equity            (382)           58     3,412 
Weighted average common 
 shares outstanding (000s) 
 -- basic                      71,364       63,200    60,521 
Weighted average common 
 shares outstanding (000s) 
 -- diluted                    71,364       63,200    60,521 
Common shares outstanding 
 (000s), end of period         71,364       66,521    60,521 
 
 
 
(1)  "Netbacks" are non-GAAP financial measure calculated 
      per unit of production. "Operating Netback", and "Adjusted 
      Funds Flow Netback" do not have standardized meanings 
      under IFRS Accounting Standards. See " Non-GAAP Financial 
      Measures " section 
(2)  "Funds Flow from Operations" ("FFO") does not have 
      a standardized meanings under IFRS Accounting Standards. 
      See "Non-GAAP Financial Measures". 
(3)  A prior period adjustment was incurred as a result 
      of a true up of estimates by the Vendor of the Ferrier 
      Strachan property. These adjustments were received 
      as a Final Statements of Adjustments on February 5, 
      2026. The Final Statement of Adjustments has been 
      disputed by the Company, however an accrual was made 
      to recognize a maximum potential impact of $2.0 million. 
 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release, including, without limitation, future statements related to anticipated production volumes and the the closing of the Transaction. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's most recent Management Discussion and Analysis and its Annual Information Form, which are available for view on SEDAR+ at www.sedarplus.ca. These risks include but are not limited to, the risks associated with the oil and natural gas industry, such as exploration, production and general operational risks, the volatility of pricing for oil and natural gas, the inability to market natural gas production and changes in natural gas sale prices, changing investor sentiment about the oil and natural gas industry, any delays in production, marketing and transportation of natural gas, drilling costs and availability of equipment, regulatory approval risks and environmental, health and safety risks. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. In this press release, all references to "$" are to Canadian dollars.

Neither the TSXV 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.

SOURCE Fiddlehead Resources Corp.

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May 29, 2026 09:00 ET (13:00 GMT)