Permit Received To Resume Phase I Drill Program At Harts Point

VANCOUVER - Kraken Energy Corp. has received approval to resume their Phase I drill program at the Harts Point Uranium Property in Southern Utah. With a revised and approved exploration permit, the Company will drill the property from two pad locations over a 5 km strike length targeting the favorable uranium bearing Chinle Formation host rock where three historical oil and gas wells returned "off-scale" radioactivity. Upon favorable results, the Company intends to continue the drill program to further evaluate the mineralized trend.

As a result of this development, management has made the strategic decision to reallocate resources from drilling at the Apex Uranium Property to the resumption of drilling at Harts Point.

CEO, Matthew Schwab said, "We are excited to be resuming our Phase I drilling program at Harts Point in Utah and we believe the site to be extremely promising in the short-term. Regarding Apex, we anticipate resuming drilling there once the property is fully permitted, including the US Forest Service portions. While we are encouraged by the continued exploration at Apex, we believe that we can run our drill program more effectively and efficiently once we have the property fully permitted. As such, Harts Point will be our immediate focus moving into 2024."