News Release

Crusoe Announces Deal with XCL Resources in Uinta Basin

Agreement expands Crusoe’s geographic footprint and significantly increases DFM capacity

DENVER, CO and ROOSEVELT, UT /August 30 2023 / Business Wire / -- Crusoe Energy Systems LLC (“Crusoe”) announced today a new collaboration with XCL Resources, LLC (“XCL”) to deploy Crusoe’s patented Digital Flare Mitigation® (DFM) technology to XCL in Utah’s Uinta Basin.

Crusoe’s DFM systems are deployed directly to oil fields to convert excess natural gas into electricity used to power modular data centers.

Highlights

• Under the agreement with XCL, Crusoe will add 6 million standard cubic feet per day of DFM capacity.

• Once Crusoe’s equipment at XCL is running at full capacity, it is expected to reduce CO2e emissions by up to 273,000 tons per year, equivalent to taking 60,000 cars off the road for a year.

• The project is projected to bring 100+ jobs consisting of both short and long term construction and operational employment opportunities to the Uinta Basin.

“We’re excited to extend Crusoe’s positive environmental impact into the Uinta Basin, and to significantly expand our capacity to reduce methane emissions,” said Cully Cavness, Crusoe’s Co-Founder and President. “This collaboration with XCL will help to advance Crusoe’s mission to align the future of computing with the future of the climate.”

“XCL is focused on providing abundant, low-cost and reliable energy that is developed responsibly within our communities,” said Blake McKenna, XCL’s President and Chief Operating Officer. “This partnership with Crusoe fits that strategy by implementing cutting-edge technology that reduces emissions and supports XCL’s continued growth.”

Crusoe currently has more than 120 modular DFM data centers deployed throughout the United States, which reduced waste natural gas by more than 4 billion cubic feet in 2022. In addition to reducing energy waste by creating a beneficial use for the natural gas onsite, Crusoe’s technology achieves a combustion efficiency of up to 99.9% (versus an average of 91.1% for flares), thus reducing methane emissions approximately 99% and carbon dioxide equivalent emissions by up to 68.6%.

About Crusoe Energy Systems LLC

Crusoe is on a mission to align the future of computing with the future of the climate. As builders and operators of clean computing infrastructure, Crusoe reduces both the costs and the environmental impact of the world’s expanding digital economy. By unlocking stranded sources of energy to power artificial intelligence, crypto, and other high performance computing applications, Crusoe is creating the future of compute-intensive innovation that reduces emissions rather than adds to them.

To learn more, visit www.crusoeenergy.com and follow Crusoe on Linkedin andTwitter.

Contact: [email protected]

About XCL Resources, LLC

XCL Resources, LLC is an independent oil and natural gas company focused on integrating the right people, culture, and technology to maximize the potential of the Uinta Basin for all stakeholders.

For more information, please visit our website at www.xclresources.com.