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CF Energy Signs Exclusive Operating Right Agreement for the Meishan Project

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CF Energy Signs Exclusive Operating Right Agreement for the Meishan Project

TORONTO, April 23, 2019 -- CF Energy Corp., (TSX-V: CFY) (“CF Energy” or the “Company”, together with its subsidiaries, the “Group”), an energy provider in the People's Republic of China (the “PRC”), is pleased to announce that Meishan Hengtai Tianzhiyuan Energy Limited (the “Project Company”), a controlled subsidiary of CF Energy, has signed the “Meishan New Economic Development Zone Centralized Heating Operating Contract” with the government of the Meishan New Economic Development Zone for the integrated district energy distribution project (the “Meishan Project”) in the Meishan New Economic Development Zone. The contract stipulates that the Project Company will have exclusive right to provide centralized heating services to the administrative area of the Meishan New Economic Development Zone with an area of 38 square kilometers and the area will expand along with the expansion of the administrative area of the Meishan New Development Zone. The fee for the heating service will be negotiated between the Project Company and its clients with the government of the Meishan New Economic Development Zone providing supervision to ensure fair pricing.

The Meishan Project

The Meishan Project is in the Meishan New Economic Development Zone, an economic zone situated next to central urban area of Meishan City, Sichuan province, the PRC, with a planned development area of 50.5 square kilometers. The Meishan New Economic Development Zone will be a hub for manufacturers of drugs, supplements, medical equipment, and other medical related supplies. The year-round constant demand of steam necessary to produce drugs makes the Meishan New

Economic Development Zone an ideal platform for integrated district energy distribution.

About CF Energy Corp. (Previously known as: Changfeng Energy Inc.)

CF Energy Corp. is a Canadian public company currently traded on the Toronto Venture Exchange (“TSX-V”) under the stock symbol “CFY”. It is an integrated energy provider and natural gas distribution company (or natural gas utility) in the PRC. CF Energy strives to combine leading clean energy technology with natural gas usage to provide sustainable energy to its customer base in the PRC. In 2009, CF Energy was recognized as being one of China's the Top Ten Most Influential Brands in

the Natural Gas Industry and in 2019, ranked amongst the 2019 TSX Venture 50 top performers on the TSXV for the 2018 year.

CONTACT INFORMATION

Corporate Investment Relations

Investor.relations@changfengenergy.cn

Charles Wang

Executive Assistant to CEO & Chair of the Board

Zhaoyu.wang@changfengenergy.cn

Frederick Wong

Director of the Board

fred.wong@changfengenergy.cn

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking statements and forward-looking information (collectively, “Forward-Looking Statements”). All statements, other than statements of historical fact, included or incorporated by reference in this document are Forward-Looking Statements, including statements regarding activities, events or developments that the Company expects or anticipates may occur in the future. These Forward-Looking statements can be identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or “continue” or similar words or the negative thereof. No assurance can be given that the plans, intentions, or expectations or assumptions upon which these Forward-Looking Statements are based will prove to be correct and such Forward-Looking Statements included in this news release should not be unduly relied upon.

Although management believes that the expectations represented in such Forward-Looking Statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such Forward-Looking Statements are not a guarantee of performance and involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance, or achievements or developments expressed or implied by such Forward-Looking Statements. These factors include, without limitation, no significant and continuing adverse changes in general economic conditions or conditions in the financial markets. Readers are cautioned that all Forward-Looking Statements involve risks and uncertainties, including those risks and uncertainties detailed in the Corporation's filings with applicable Canadian securities regulatory authorities, copies of which are available at www.sedar.com. The Company urges readers to carefully consider those factors.

The Forward-Looking Statements included in this news release are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture

Exchange) accepts responsibility for the adequacy or accuracy of this release.


Contact us

(647) 313-0066

(647)313-0088

cfny@changfengenergy.cn

Unit 2036-2038, 32 South Unionville Ave, Markham, ON, L3R 9S6, CA