Pipestone Energy Corp. and Strathcona Resources Ltd. Announce Receipt of Interim Order and Filing of Management Information Circular Related to Proposed Arrangement With Strathcona Resources Ltd.

CALGARY, Alberta, Aug. 28, 2023 (GLOBE NEWSWIRE) -- (PIPE – TSX) Pipestone Energy Corp. (“Pipestone”) and Strathcona Resources Ltd. (“Strathcona”) jointly announced today that Pipestone and Strathcona obtained an interim order of the Court of King’s Bench on August 25, 2023 and Pipestone has filed a management information circular (the “Circular”) dated August 25, 2023 and related meeting and proxy materials in connection with the proposed arrangement under the Business Corporations Act (Alberta) (the “Arrangement”) which provides for, among other matters, the acquisition by Strathcona of all of the issued and outstanding common shares of Pipestone pursuant to the arrangement agreement between Pipestone and Strathcona dated effective July 31, 2023. The meeting materials will be mailed to holders of common shares (“Shareholders”) of Pipestone of record as of August 25, 2023, and the Circular is available under Pipestone’s SEDAR+ profile at www.sedarplus.ca.

For information regarding Strathcona and the Arrangement, Shareholders are encouraged to read the Circular. Further information is also available on Strathcona's website, including an updated Corporate Overview presentation and new Transaction Overview presentation, at www.strathconaresources.com.

PIPESTONE SPECIAL SHAREHOLDER MEETING

A special meeting of Shareholders will be held at 10:00 a.m. (Calgary time) on September 27, 2023 (the “Meeting”) in a virtual-only format that will be conducted via live audio webcast accessible at https://web.lumiagm.com/218234565. The sole purpose of the Meeting is for the Shareholders to consider and, if deemed advisable, approve the Arrangement. Further details regarding the Meeting are set forth in the Circular.

The board of directors of Pipestone has approved the Arrangement and recommends that Shareholders vote FOR the Arrangement at the Meeting.

HOW TO VOTE

All Shareholders are encouraged to vote in advance of the Meeting by proxy, whether or not a Shareholder is intending to attend the Meeting in person (virtually). Details on how to vote can be found in the Circular under “Voting Information”.

Pipestone has retained Kingsdale Advisors as its strategic shareholder advisor and proxy solicitation agent in connection with the Meeting. Shareholders with questions are encouraged to contact Kingsdale Advisors by email or at one of the numbers below:

North American Toll-Free Number: 1-877-659-1824

Outside of North America Collect Calls Number: 416-623-2514

Email: [e-mail]