Pipestone Energy Corp. Announces Results of Shareholder Meeting Including Approval of the Preferred Share Financing

CALGARY, Alberta, Sept. 14, 2020 (GLOBE NEWSWIRE) -- (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) announces that at the annual and special meeting of the shareholders of Pipestone Energy (the “Shareholders”) held today at 2:30 p.m. (Calgary time) in the McMurray Room at the Calgary Petroleum Club, 319 - 5th Avenue S.W., Calgary, Alberta, the Shareholders approved each of the amended and restated by-laws, the long-term incentive plan, and employee share purchase plan of the Company. Additionally, the Shareholders approved the proposed preferred share financing (the “Financing”) for expected proceeds to Pipestone Energy of approximately $67 million, net of anticipated transaction costs. The Financing is expected to close September 15, 2020.

Each of the incumbent directors of Pipestone Energy, Gordon M. Ritchie, Garth Braun, William Lancaster, John Rossall, Geeta Sankappanavar, Robert Tichio and Paul Wanklyn were re-elected by the Shareholders present in person or by proxy. The detailed results of the votes are set out below:

Director	Votes for %	Votes withheld %
Gordon M. Ritchie	99.93%	0.07%
Garth Braun	99.89%	0.11%
William Lancaster	99.96%	0.04%
John Rossall	99.91%	0.09%
Geeta Sankappanavar	99.94%	0.06%
Robert Tichio	99.91%	0.09%
Paul Wanklyn	99.94%	0.06%

Pipestone Energy Corp.

Pipestone Energy Corp. is an oil and gas exploration and production company with its head office located in Calgary, Alberta. The company is focused on developing its pure-play condensate-rich Montney asset in the Pipestone area near Grande Prairie. Pipestone Energy is committed to building long term value for our shareholders and values the partnerships that it is developing within its operating community. Pipestone Energy shares trade under the symbol PIPE on the TSX Venture Exchange. For more information, visit www.pipestonecorp.com.

Pipestone Energy Contacts:

Paul Wanklyn President and Chief Executive Officer [phone] [e-mail]	Craig Nieboer Chief Financial Officer [phone] [e-mail]
Dan van Kessel VP Corporate Development [phone] [e-mail]

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