Mr. Brad Windt reports

PINEDALE ENERGY ANNOUNCES YEAR END 2018 RESERVES, FINANCIAL AND OPERATING RESULTS

Pinedale Energy Ltd. has provided its reserves, financial and operational results for the year ended Dec. 31, 2018. Pinedale's audited consolidated financial statements, management's discussion and analysis, and statement of reserves data and other oil and gas information, as mandated by National Instrument 51-101 -- Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators, for the year ended Dec. 31, 2018, are available under the company's profile on SEDAR.

Significant 2018 Highlights

• Capital Investments: Pinedale invested $8.6 million in 2018 participating with its operating partner in the successful development of 5 directionally drilled vertical infill wells (1.063 net) and 4 exploratory horizontal wells (0.279 net). Pinedale's inventory of producing wells at year-end 2018 totaled 26 wells (4.745 net) comprising 21 vertical wells (4.387 net) and 5 horizontal wells (0.358 net);
• 2018 Production: 2.24 Bcf of natural gas and 21.1 thousand barrels of condensate for total of 2.37 Bcfe (6,497 Mcfe per day);
• Total Assets: $13.3 million at December 31, 2018;
• Balance Sheet: Working capital deficit of $11.2 million at December 31, 2018, which included $252 thousand of cash. As at December 31, 2018 Bank and mezzanine debt was $11.2 million and was classified as current;
• Income Statement: For the year ended December 31, 2018 the Company incurred a net loss of $11.7 million, including a non-cash impairment of $14.8 million. The charge was not related to underlying asset performance and does not impact the Company's adjusted funds flow or the amount of credit available under its bank credit facilities.
• Q4 Production: 0.47 Bcf of natural gas and 4.3 thousand barrels of condensate for a total of 0.49 Bcfe (5,394 Mcfe per day);
• Q4 Revenue: $2.69 million during the three months ended December 31, 2018; and
• Q4 Field Netback: $2.60 / Mcfe during the three months ended December 31, 2018

Financial and Operational figures (1)

See below for a summary table of certain 2018 financial and operational figures:

                    Three months ended December 31    %       Twelve months ended December 31   %

Production                          2018      2017    Change       2018    2017   Change
Natural gas (Mcf/d)                5,114     5,646    -9%         6,150   3,233      90%
Oil & natural gas liquids (bbl/d)     47        61    -23%           58      31      87%
Barrels of oil equivalent (boe/d)    899     1,002    -10%        1,083     570      90%
Thousand cubic feet equivalent
(Mcfe/d)                           5,394     6,015    -10%        6,497   3,420      90%
Commodity prices (in CAD$)
Natural gas - after hedging
($/Mcf)                             5.06      4.26     19%         3.49    4.03     -13%
Natural gas - after hedging
($/MMBtu)                           4.66      3.92     19%         3.22    3.71     -13%
Henry Hub ($/MMBtu)                 4.98      3.70     35%         4.09    3.88       5%
Oil & natural gas liquids ($/bbl)  71.27     71.52      0%        83.30   67.86      23%
NYMEX crude oil ($/bbl)            79.18     70.39     12%        84.52   66.08      28%
Revenue ($000)
Natural gas                        2,449     2,080     18%         8013   4,426      81%
Oil & natural gas liquids            306       404    -24%        1,757     769     128%
Hedging gain (loss)                   70       131    -47%          176     165       7%
Total revenue                      2,685     2,615      3%        9,594   5,360      79%
Netbacks ($/Mcfe)
Average sale price                  5.41      4.49     20%         4.05    4.29      -6%
Less:
Royalties                           1.17      0.96     22%         0.87    0.85       2%
Production taxes                    0.56      0.40     40%         0.40    0.42      -5%
Operating expenses                  1.08      0.75     44%         0.84    0.78       8%
Field netback                       2.60      2.38      9%         1.94    2.25     -14%
General and administrative          0.23      0.37    -38%         0.25    0.49     -49%
Interest on long-term debt          0.42      0.26     61%         0.31    0.25      22%
Cash netback ($/Mcfe)               1.94      1.75     11%         1.38    1.51      -8%
Cash netback ($/boe)               11.66     10.51     11%         8.31    9.04      -8%

Note: (1) See the Company's 2018 financial statements and the accompanying management's
      discussion and analysis (the "2018 MD&A") filed on SEDAR for further discussion and
      disclaimers regarding the figures above.

Summary of Corporate Reserves Data (1) (2) (3) (4)

Pinedale's independent reserve evaluator, Netherland, Sewell & Associates, Inc. ("NSAI"), completed their independent reserve evaluations effective December 31, 2018.

The Company's total gross Proved ("1P") reserves were 15,603 MMcfe (94% natural gas, 6% field condensates) having an estimated before tax net present value, using a discount rate of 10%, of US$7.3 million.

Total gross Proved plus Probable ("2P") reserves were 26,352 MMcfe (93% natural gas, 7% field condensates) having estimated before tax net present value, using a discount rate of 10%, of US$8.5 million.

Proved Developed Producing reserves, totaling 12,717 MMcfe (94% natural gas, 6% field condensates) represented 82% of total 1P reserves and 45% of total 2P reserves and had an estimated before tax net present value, using a discount rate of 10%, of US$7.0 million.

A summary of Pinedale's reserves reported at December 31, 2018, is tabled as follows:

                       Conventional   Natural Gas Liquids/  Gas Equivalent
                        Natural Gas   Condensates
 
                       Gross    Net   Gross   Net   Gross     Net
                        MMcf   MMcf   Mbbl   Mbbl   MMcfe   MMcfe
Proved
Developed Producing   11,952  9,389   127     100  12,717   9,990
Developed Non-Producing    -      -     -       -       -       -
Undeveloped            2,723   2,069   27      21   2,886    2,194
Total Proved          14,675  11,458  155     121  15,603   12,183
Probable              11,677   9,032  189     145  12,809    9,904
Proved + Probable     26,352  20,491  343     266  28,412   22,088

Notes:
(1) Gross reserves are working interest reserves before royalty deductions
(2) Net reserves are working interest reserves after royalty deductions plus
royalty interest reserves
(3) See the Company's 2018 statement of reserves data and other oil and gas
information, Form 51-101F1, for the year ended December 31, 2018 filed on
SEDAR for further discussion and disclaimers regarding the figures above.
(4) Totals may not add due to rounding.

Outlook

Pinedale is not the operator of its properties and Pinedale is reliant on its operating partners to conduct operations on its properties including development and exploration activities. An operator of Pinedale's properties has indicated that during 2019 it plans to develop vertical wells in the core of Pinedale field and area operators continue to analyze horizontal exploration drilling opportunities. In February 2019 Pinedale received an Authority for Expenditure ("AFE") request to drill vertical well Warbonnet 14A1-25D, and in March 2019 Pinedale elected to not participate in the proposed operations. Pinedale is focused on repaying existing capital loans in 2019 and will evaluate AFE well proposals on a case by case basis. Pinedale's AFE election decisions are influenced by considerations that include internally generated projections of internal rates of returns, access to capital, well development scenarios and alternative well proposals.

About Pinedale Energy Limited

Pinedale Energy Limited is an independent oil and gas exploration and production company focused exclusively on its natural gas properties situated in the prolific Pinedale field area, within the Green River Basin of southwestern Wyoming. Pinedale, through its subsidiaries, owns non-operated interests in 17 oil and gas leases with an undivided working interest ranging from 11.56% to 21.25% in approximately 11,994 acres.

We seek Safe Harbor.