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 NETBACKS1

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)