Innovation Beverage & BlockFuel Announce Reserve Report & Plan

Innovation Beverage Group Ltd. (IBG), through its proposed merger partner BlockFuel Energy, Inc. (BlockFuel), has announced the completion of an independent reserve report and a multi-phase development plan for its Central Oklahoma oil and gas assets. The reserve report, effective December 31, 2025, validates the company's assets, and BlockFuel has already reactivated 19 wells, returning them to production. The development plan includes recompleting existing wells to target the Mississippi Lime formation and drilling new wells. Phase 1 involves reactivation, which is ongoing. Phase 2, starting May 2026, will focus on recompleting 34 identified wells at an estimated cost of $250,000 each. Phase 3, planned for 2026, includes drilling 8 new vertical wells, with up to 20 more planned for 2027 and 2028, subject to capital availability. The company has identified over 200 potential drilling locations, estimating up to 65,000 barrels of oil equivalent per well. The merger between IBG and BlockFuel is progressing, subject to customary closing conditions. This announcement details significant operational progress and a strategic plan for growth in the oil and gas sector.