Crow Cession and western basin exploration.

Domestic Exploration Strategy

AIC Energy Corp is developing a domestic oil and gas exploration vertical focused on the Crow Cession and broader western United States basins. The platform applies the same governance-first, institutional-grade discipline that defines its LNG trading operations to upstream exploration — structured around rigorous geological assessment, disciplined capital deployment, and long-term resource development.

The domestic exploration vertical is designed as a distinct business unit within the AIC platform, with its own project economics, acreage relationships, royalty structures, and financing framework. It is not a near-term revenue driver in isolation — it is a strategic resource development initiative intended to build a durable upstream position in proven western U.S. hydrocarbon basins.

AIC's domestic exploration strategy is informed by the geological prospectivity of the Crow Cession and adjacent formations, the regulatory environment governing federal and tribal mineral rights, and the commercial dynamics of Rocky Mountain and western basin crude and gas markets.

Crow Cession and Western Basin Focus

The Crow Cession encompasses a significant portion of south-central Montana, covering acreage with established hydrocarbon prospectivity across multiple formations. AIC's exploration focus within the Crow Cession targets conventional and unconventional oil and gas opportunities, with particular attention to the Bearpaw Shale, Eagle Ford equivalent formations, and deeper Mississippian carbonate plays.

Beyond the Crow Cession, AIC's western basin exploration program extends to adjacent Rocky Mountain basins including the Powder River Basin, Williston Basin, and Bighorn Basin. These basins share geological characteristics with the Crow Cession and offer complementary acreage opportunities that can be developed within a unified operational and compliance framework.

AIC's exploration team brings technical expertise in Rocky Mountain geology, tribal mineral rights, federal leasing, and western basin reservoir characterization. The platform engages with geological consultants, independent engineers, and regional operators to develop a technically grounded acreage acquisition and exploration program.

Tribal and Federal Mineral Rights

Exploration within the Crow Cession requires engagement with the Crow Tribe of Montana and the Bureau of Indian Affairs under the federal trust responsibility framework. AIC is committed to conducting its exploration activities in full compliance with tribal consultation requirements, the Indian Mineral Development Act, and applicable BIA leasing regulations.

AIC's approach to tribal mineral rights is grounded in respect for tribal sovereignty, transparent communication with tribal leadership, and structuring exploration agreements that provide meaningful economic benefit to the Crow Nation. AIC does not represent that any tribal mineral lease has been executed unless a specific announcement is made.

Federal acreage within and adjacent to the Crow Cession is subject to Bureau of Land Management leasing regulations, National Environmental Policy Act review, and applicable federal oil and gas royalty requirements. AIC's federal leasing program is designed to comply fully with BLM regulations and to engage constructively with the federal permitting process.

Exploration Operations and Expert Staff

AIC's domestic exploration program is staffed and advised by experienced Rocky Mountain exploration professionals — geologists, geophysicists, reservoir engineers, and land professionals with deep familiarity with western basin formations, tribal leasing, and federal permitting. The platform engages technically rigorous, operationally experienced professionals who have worked the Crow Cession and adjacent western basins across multiple commodity cycles.

Exploration operations are designed around a phased approach: geological and geophysical assessment, acreage identification and leasing, exploratory drilling, and development program design. Each phase is subject to technical review, capital authorization, and compliance clearance before proceeding. AIC does not represent that any exploratory well has been drilled or that any commercial discovery has been made unless a specific announcement is made.

The platform's operational approach emphasizes environmental stewardship, community engagement, and responsible resource development. AIC's exploration operations are designed to meet or exceed applicable environmental standards, to minimize surface disturbance, and to engage constructively with landowners, tribal communities, and regulatory agencies throughout the exploration process.

Capital Structure and Project Finance

AIC's domestic exploration vertical is capitalized through a dedicated project finance structure, separate from the LNG trading platform's trade finance facilities. Exploration capital is sourced through equity contributions from AIC Energy Corp Ltd. and co-investment from exploration-focused capital partners with experience in Rocky Mountain upstream development.

The capital structure for each exploration project is designed around the specific risk profile of the acreage — geological risk, regulatory risk, commodity price risk, and development timeline. AIC intends to structure exploration financing to align investor returns with exploration milestones, providing capital efficiency while maintaining the governance standards required by institutional co-investors.

AIC does not represent that any exploration financing has been committed or that any co-investment arrangement has been confirmed unless a specific announcement is made. The capital structure framework described here reflects AIC's intended approach to financing its domestic exploration program.

Separate Risk Profile

AIC's domestic oil and gas exploration vertical is intended to remain separate from LNG trading guarantees, cargo finance, shipping risk, and commodity exposure unless otherwise approved through the appropriate board process. This ring-fence is a governance commitment, not merely an accounting convention.

The risk profile of upstream exploration is fundamentally different from the risk profile of an LNG cargo transaction. Exploration projects carry geological risk, drilling risk, regulatory risk, commodity price risk, and long-term development risk. LNG cargo transactions carry commodity price risk, buyer credit risk, shipping risk, and documentary risk. These risk profiles require different underwriting frameworks, different capital partners, and different governance oversight.

The ring-fence between the domestic exploration vertical and the LNG trading platform is enforced through the entity structure: exploration projects are developed through dedicated project entities that are subsidiaries of AIC Energy Corp but are not party to LNG trading contracts, trade finance facilities, or shipping arrangements. Cross-contamination of risk between the two verticals requires explicit board approval.