Talos Energy Successfully Completes Fall Borrowing Base Redetermination with Maturity Extension to 2027

HOUSTON, Dec. 27, 2022 /PRNewswire/ -- ^{Talos Energy Inc.} ("Talos" or the "Company") (NYSE: TALO) today announced that its current borrowing base was reaffirmed at $1.1 billion as part of its semi-annual redetermination process for the fall of 2022.

Effective upon closing of the previously announced acquisition of EnVen Energy Corporation ("EnVen"), which is expected by early February of 2023, the Company's borrowing base will be automatically increased to $1.5 billion from the current $1.1 billion and bank commitments will increase to $965 million from the current $806 million, an increase of approximately 20%. Further, the maturity of the facility will be extended to March of 2027 from the current November of 2024. The Company will have more favorable interest rate margins, an increased Letters of Credit sublimit, increased flexibility to grow its Carbon Capture and Sequestration ("CCS") business and more favorable administrative terms. At closing of the EnVen acquisition, Talos's liquidity is expected to be approximately $1.0 billion and the Company will have no debt maturities until 2026.

Talos Executive Vice President and Chief Financial Officer Shane Young commented: "We are excited with the results of our redetermination process. The increased commitments and extended maturity to 2027 expected upon closing of the EnVen acquisition demonstrate the strong support of our lender group as we continue to grow our Upstream business, expand our CCS portfolio and mature our key catalysts. We are proud of our accomplishments in 2022 and look forward to an exciting year ahead in 2023. Upon closing of the EnVen acquisition in early 2023, Talos will have a larger, more diverse asset base and the strongest credit profile in the Company's history."ABOUT TALOS ENERGY

Talos Energy (NYSE: TALO) is a technically driven independent exploration and production company focused on safely and efficiently maximizing long-term value through its operations, currently in the United States and offshore Mexico, both through upstream oil and gas exploration and production and the development of carbon capture and sequestration opportunities. As one of the Gulf of Mexico's largest public independent producers, we leverage decades of technical and offshore operational expertise toward the acquisition, exploration and development of assets in key geological trends that are present in many offshore basins around the world. With a focus on environmental stewardship, we are also utilizing our expertise to explore opportunities to reduce industrial emissions through our carbon capture and sequestration initiatives both in and along the coast of the U.S. Gulf of Mexico. For more information, visit www.talosenergy.com.INVESTOR RELATIONS CONTACT