Continental Issues Shares to Extinguish Debt

Vancouver, BC, - 19 July 2021 - Continental Energy Corporation (OTCQB: CPPXF) (the "Company") announced that it is today issuing 15,761,177 common shares to two arms-length lenders in an agreed settlement to repay in full and extinguish debt consisting of loan principal and accumulated interest thereon in an aggregate amount of US$ 161,552.06 which became due and payable on 1 July 2021.

In accordance with the pre-agreed terms of elective conversion of the debt as provided for in the promissory notes evidencing the loans, the lenders have elected to convert an aggregate amount of US$ 150,000 loan principal together with US$ 11,552.06 accumulated interest at an agreed value of US$ 0.01025 per common share, a price equivalent to the actual volume weighted average trading price of the Company's common shares on OTCQB for the twenty trading days preceding the maturity date.


On behalf of the company,

Richard L. McAdoo

Chairman and CEO

Media Contact:     Phil Garrison, Director, (+1-918-860-0183),


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