CFY CF Energy Corp

CF Energy Corp., (TSX-V: CFY) (“CF Energy” or the “Company”) announced today that the Company has adopted the 2020 Employee Stock Award Plan (the “Plan”) which is intended to encourage share ownership by and the retention of employees of the Company.

The Plan was previously conditionally approved by the TSXV, subject to receipt of disinterested shareholder approval. Subsequently, at the Company’s annual meeting of shareholders held on October 29, 2020 (the “Meeting”), the Plan received the approval of a majority of the votes cast by the shareholders of the Company (excluding votes attaching to common shares beneficially owned by insiders of the Company).

Under the terms of the Plan, 6,546,315 common shares will be reserved for issuance. The maximum number of common shares issuable to insiders thereunder within any one-year period, or issuable to insiders at any time, under all of the Company’s security-based compensation arrangements is limited to 10% of the number of then issued and outstanding common shares. The total number of common shares which may be reserved for issuance to any one individual under the Plan within any one-year period will not exceed 5% of the issued and outstanding common shares.

A copy of the Plan was appended to the Company’s management information circular dated September 25, 2020 in connection with the Meeting, and is available on the Company’s profile on SEDAR at www.sedar.com.

About CF Energy Corp. (Formerly “Changfeng Energy Inc.”)

CF Energy Corp. is a Canadian public company currently traded on the Toronto Venture Exchange 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.

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

Neither the 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.