White River Update

White River Applauds Trump Administration for its Acknowledgement of IRS Weaponization

White River, its Shareholders, and third-party purchasers of its tax credits have suffered material damages because Liberal Democrats persecuted Billy Long, the administration’s first IRS Commissioner

Press Release

FAYETTEVILLE, AR, May 20, 2026 – White River Energy Corp. (“White River” or “The Company”) (OTC: WTRV), an oil and gas exploration, production, and drilling Company holding approximately 34,000 acres of drilling rights in the U.S. Gulf Basin, is addressing a recently reported proposal of the Trump administration to create a $1.776 billion Anti-Weaponization Fund to compensate allies of the President who believe they have suffered from unjust weaponization. White River agrees with the Trump Administration that the IRS has been weaponized based on our own experience.

In December 2024, Bloomberg began unfairly covering the Trump Administration by smearing its initial IRS Commissioner nominee, Billy Long. Bloomberg reported that Mr. Long wrongfully recommended and sold tax credits derived from a November 2023 joint venture (“JV”) involving White River. This smear campaign was an attempt to thwart Mr. Long’s nomination as incoming IRS Commissioner, though he had done nothing wrong. Commissioner Long was ultimately confirmed. Senator Wyden and anti-Trump IRS officials failed to derail a confirmation, but their weaponized conduct has gravely harmed White River, its shareholders, and all holders of interest in the tax credits.

In April 2025, Senator Ron Wyden (D-OR) began issuing letters and made public comments accusing White River and Mr. Long of promoting a fraudulent tax scheme. Senator Wyden also called for the Department of Justice (“DOJ”) to open an investigation into the Company.

In June 2025, White River issued a press release exposing Senator Wyden’s active and troubling weaponization against Commissioner Long and White River.

In September 2025, an anti-Trump IRS Appeals Officer, Niki Wilkinson, began issuing public posts on LinkedIn confessing to her participation in Senator Wyden’s weaponization against White River. Ms. Wilkinson has violated the IRS impartiality rules by her biased motivation. An IRS official who has gone on public, unhinged, anti-Trump tirades was using her position of power and influence within the IRS to politically persecute White River.

White River has documentation which proves that the IRS began denying tax returns containing these Credits as a result of Senator Wyden and an anti-Trump IRS agent’s weaponization of the information space. This evidence proves that individuals or organizations such as Wyden and Bloomberg who are outside of the IRS, and Ms. Wilkinson who is an IRS insider, are influencing tax enforcement through the political persecution of our Company.

“White River applauds the Trump Administration’s recognition of government weaponization occurring at the IRS”, stated Jay Puchir, Chairman and Chief Financial Officer of White River. “We are confident that the reported proposal will provide unfairly targeted companies and individuals long-awaited resolution.”

Investor Relations Contact: IR@white-river.com 1-800-203-5610