Circle Energy, Inc.

Circle Energy, Inc. is an exploration-stage oil and natural gas company focused on acquiring and developing oil and natural gas properties in the Permian Basin region of Texas. Formed on December 7, 2021, the company is actively engaged in oil and natural gas exploration and development. Circle Energy, Inc. owns a controlling working interest in leasehold acreage and is subject to drilling obligations under its farmout agreement. Its current activities include ongoing geological review, land evaluation, acquisition analysis, and capital formation activities directed toward drilling and development. The company currently owns a 75% working interest and a 55.5% net revenue interest in an 80-acre tract located in Andrews County, Texas. It has not yet commenced drilling operations, drilled any wells, or established proved reserves. Current activities primarily consist of evaluating existing leasehold interests, pursuing additional acreage acquisitions, and seeking financing necessary to drill and develop its properties. Circle Energy, Inc.'s business strategy is to acquire additional properties, expand its acreage position in and around its existing Andrews County leasehold, and evaluate potential drilling opportunities. The company intends to pursue additional acquisitions of oil and natural gas properties that management believes have development potential. Under its current lease agreement, Circle Energy, Inc. is required to drill at least two wells, one on each 40-acre farmout tract, on or before May 16, 2028; otherwise, the rights under the lease to any undrilled tract or tracts will automatically revert to Aspen. The company has also entered into a joint venture agreement to mutually develop an area of mutual interest near the current lease.