Pipestone Energy Corp. Announces Appointment of New Director, Distribution of Common Shares By Its Largest Shareholder Canadian Non-Operated Resources L.P. and Updated Investor Rights Arrangements

CALGARY, Alberta, Sept. 24, 2021 (GLOBE NEWSWIRE) -- (PIPE – TSX) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to announce that Kim Anderson has been appointed to the Pipestone Energy Board of Directors (the “Pipestone Board”) effective September 24, 2021 and will also serve as a member of the Audit Committee. Ms. Anderson is currently the Chief Financial Officer of Heartland Generation, and prior to that was Chief Financial Officer of TSX-Listed Athabasca Oil Corporation. Ms. Anderson holds a Bachelor of Commerce degree from the Haskayne School of Business at the University of Calgary and is a Chartered Professional Accountant.

“We are pleased to welcome Kim Anderson to the Board of Directors of Pipestone Energy. Ms. Anderson brings a broad range of experience to the Pipestone Board in both private and public capital markets, including: corporate strategy, treasury operations, financial management, investor relations, mergers & acquisitions, and both equity and debt financing,” said Gord Ritchie, Chair of the Pipestone Board.

Pipestone Energy also reports that Pipestone Energy’s largest single shareholder, Canadian Non-Operated Resources L.P. ("CNOR LP") is in the process of being dissolved and as such has distributed its 103,750,000 common shares ("Common Shares") of Pipestone Energy to its limited partners (the "Distribution"). As a result, and based on information publicly filed, Riverstone V REL CNOR LP (“Riverstone V”) now beneficially owns 47,159,714 Common Shares and its affiliate Riverstone Pipestone LP (“Riverstone LP”, and together with Riverstone V, “Riverstone”) continues to own 52,690 convertible preferred shares (the “Preferred Shares”), representing an aggregate approximate 40.5% of the voting securities of Pipestone Energy (on a notional as-converted basis of the Preferred Shares as of the date of the Distribution); and Al Mehwar Commercial Investments LLC (“Al Mehwar”), an affiliate of Amwal Investments LLC (“Amwal”), now beneficially owns 31,439,809 Common Shares, representing approximately 11.2% of the voting securities of Pipestone Energy. The remainder of CNOR LP’s Common Shares, being 25,150,477 Common Shares representing an approximate 9.0% of the voting securities of Pipestone Energy, were distributed to the other limited partners of CNOR LP with no public filings issued.