Pipestone Reminds Shareholders to Vote for the Value-Enhancing Proposed Combination With Strathcona to Create a Leading Canadian Energy Producer

• To ensure their votes are counted at the Special Meeting of Shareholders, Shareholders must submit their proxies by 10:00 am (Calgary Time) this Monday, September 25, 2023. Shareholders are encouraged to vote FOR the Arrangement with Strathcona.
• Combining with Strathcona is superior to the status quo, providing Pipestone Shareholders with the ability to participate in the upside of a much larger, more diversified producer that is expected to benefit from scale, longer-life and better-positioned reserves, improved access to capital and a potential positive re-rating by markets
• Have questions or need help voting? Call Kingsdale Advisors on 1-888-659-1824 (toll free in North America), email [e-mail], or visit www.pipestonestrathcona.com

CALGARY, Alberta, Sept. 21, 2023 (GLOBE NEWSWIRE) -- (PIPE – TSX) Pipestone Energy Corp. (“Pipestone” or the “Company”) today reminded Pipestone shareholders (“Shareholders”) that time is running out to vote their proxies FOR the proposed arrangement (the “Arrangement”) with Strathcona Resources Ltd. (“Strathcona”) that would see Pipestone and Strathcona combine to become one of Canada’s largest energy producers.

To ensure their votes are counted at the special meeting of Shareholders (the "Meeting") being held to approve the Arrangement, Shareholders must submit their proxies by 10:00 a.m. (Calgary Time) on Monday, September 25, 2023. The Meeting is scheduled for 10:00 a.m. (Calgary Time) on Wednesday, September 27, 2023.

The Arrangement is expected to enable Shareholders to fully participate in the upside of

• a much larger and more diversified producer with 185,000 boe/d average daily production;
• a well-positioned reserves base and much longer reserves life at over 38 years;
• better access to, and lower cost of, capital;
• an extended tax shelter (by over two years); and
• a potential positive re-rating by markets.

The independent committee (the “Special Committee”) of the board of directors of Pipestone (the “Board”) and the Board have determined that the Arrangement is in the best interests of Pipestone and the Shareholders. The determinations of the Special Committee and the Board came after a rigorous 18-month strategic review process that began in early 2022 and evaluated over 75 potential counterparties. The Arrangement is also fully supported by management of Pipestone and Riverstone Holdings LLC, a significant and highly sophisticated shareholder in Pipestone, each of whom have entered into support agreements with Strathcona to vote their shares in favour of the Arrangement.