Pipestone Reminds Shareholders to Vote for the Value-Enhancing Proposed Combination With Strathcona to Create a Leading Canadian Energy Producer - Seite 2

Leading proxy advisory firms Institutional Shareholder Services (“ISS”) and Glass, Lewis & Co., LLC (“Glass Lewis”) have both recommended that Shareholders vote “FOR” the Arrangement. ISS reaffirmed its recommendation upon review of the dissident proxy circular of GMT Capital Corp. (“GMT”) dated September 15, 2023, stating:

“Upon review, the dissident arguments do not appear well supported and there is no clear indication as to whether a rejection of the deal would enhance shareholder value or lead to an enduring improvement in PIPE's share price. As such, ISS continues to recommend shareholders vote FOR the transaction.”

Click here to read Pipestone’s news release on ISS’s and Glass Lewis' recommendations dated September 20, 2023, and click here to access copies of the management information circular and related meeting materials (“Meeting Materials”) as well as Pipestone’s investor presentation, which provides in-depth rebuttals to GMT’s arguments.

Copies of the Meeting Materials are also available at www.pipestonestrathcona.com and under Pipestone’s SEDAR+ profile at www.sedarplus.ca.

Pipestone thanks Shareholders for the strong support they have shown so far by voting FOR the Arrangement and encourages all Shareholders to vote FOR the Arrangement by 10:00 a.m. (Calgary Time) on Monday, September 25, 2023. Details on how to do so can be found below.

PIPESTONE SPECIAL SHAREHOLDER MEETING

Shareholders must take action to vote by proxy by 10:00 a.m. (Calgary time) on Monday, September 25, 2023

On August 28, 2023, Pipestone filed Meeting Materials in connection with the Meeting. The Meeting is scheduled to be held at 10:00 a.m. (Calgary time) on Wednesday, September 27, 2023 and will be held 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 Meeting Materials.

The Board has approved the Arrangement and recommends that Shareholders vote FOR the Arrangement.

HOW TO VOTE

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