IBG News & Events

BlockFuel Energy announced plans to commence a multi-well vertical drilling program during the second half of 2026 across its approximately 55-square-mile operated position in Oklahoma, targeting multiple stacked hydrocarbon-bearing formations beneath one of the largest operated acreage positions in the Company's portfolio. BlockFuel Energy Inc. is currently 51% owned by Innovation Beverage Group, which has announced a proposed merger of the two companies. The planned campaign represents the first phase of a long-term development strategy designed to unlock management's identified inventory of low-cost, repeatable drilling opportunities across approximately 35,000 acres of operated leasehold. The acreage position includes extensive existing infrastructure, production facilities, gathering systems, power distribution assets and commercial saltwater disposal capacity, providing a foundation for rapid and capital-efficient development. Management believes the Company's acreage is underlain by multiple stacked oil and natural gas reservoirs that have historically produced throughout the Mid-Continent region. These stacked pay intervals create the opportunity to develop numerous productive horizons from the same acreage footprint, potentially amplifying recoverable resource opportunities while minimizing infrastructure requirements.

Innovation Beverage announced that it has received a letter from The Nasdaq Stock Market, dated May 19, 2026, notifying the Company that it is not in compliance with the requirements for continued listing set forth in Nasdaq Listing Rule 5250 because it did not timely file its annual report on Form 20-F for the fiscal year ended December 31, 2025 .

Innovation Beverage Group, along with its proposed merger partner BlockFuel Energy, announced the completion of an independent reserve report and outlined a multi-phase development plan for its Central Oklahoma oil and gas assets. The reserve report, effective December 31, 2025, was prepared during the period when operations across the asset base were temporarily shut-in. Since that time, BlockFuel has made significant operational progress, successfully returning 19 wells to production and demonstrating its ability to efficiently reactivate assets and generate cash flow.