Mr. Craig Perry reports

ALPINE SUMMIT ENERGY PARTNERS ANNOUNCES FIRST QUARTER 2023 FINANCIAL AND OPERATING RESULTS

Alpine Summit Energy Partners Inc. has released its financial and operating results for the three months ended March 31, 2023. Alpine Summit's unaudited condensed consolidated financial statements and notes, as well as the management's discussion and analysis (MD&A) and quarterly report on Form 10-Q for the three months ended March 31, 2023, will be available under the company's issuer profile on SEDAR and EDGAR, as well as on the company's website.

Craig Perry, chief executive officer, remarked: "As previously announced, we have engaged Stephens Inc. to complete a sale, focused on our South Texas proven assets, which represents a significant portion of the company's production. We still anticipate this process to be completed prior to the end of the second quarter of 2023. Accordingly, following the conclusion of the sale process and discussions with our key stakeholders, the company expects to complete a strategic review of the activities of the company.

"We look forward to communicating the company's specific go-forward plans at the conclusion of this process. As a reminder, the management team and insiders own approximately 40 per cent of the Class A subordinate voting shares (on an as-converted basis) of Alpine Summit and have, since the company's listing on the TSX Venture Exchange in the fall of 2021, been net purchasers of shares."

2023 highlights -- financial, business and operational highlights:

• Oil and natural gas sales (net of royalties) of $30.0-million for the three months ended March 31, 2023 (March 31, 2022 -- $35.0-million);
• Reported net income and comprehensive income of $10.5-million for the three months ended March 31, 2023 (March 31, 2022 -- loss of $7.9-million);
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $16.6-million for the same period (March 31, 2022 -- $26.3-million);
• Reported net income attributable to the company's shareholders of $6.5-million for the three months ended March 31, 2023 (March 31, 2022 -- loss of $10.0-million);
• Four new wells were brought onto production during the first quarter of 2023, with three additional wells in April, 2023;
• Average net production per day of 14,478 barrels of oil equivalent during the three months ended March 31, 2023, an increase of 129.8 per cent year over year due to extensive drilling activity;
• Completed a restructuring of the company's debt, where the corporate credit facility was converted into a term loan and the repayment terms of the ABS facility were amended;
• Announced the engagement of Stephens as its financial adviser to pursue a sale of various strategic assets of the company;
• During March, 2023, all commodity hedges were monetized, with net proceeds used to pay down first-lien indebtedness.

The attached table provides a reconciliation of net income/(loss) before redeemable non-controlling interest and non-controlling interest to adjusted EBITDA.

Development update and 2023 objectives

During 2023, the company plans on continuing to manage production of its primary assets in the Giddings and Hawkville fields. The company brought seven wells onto production through April, 2023, with a pause in drilling activity until the sale process is complete.

The board has formed a special committee, led by independent directors of the company, to lead discussions with the various stakeholders of the company as it assesses alternatives following the conclusion of the Stephens's sales process.

The company received a force majeure notice in May, 2023, from its major mid-stream provider in south Texas. The prolonged downtime may have a significant impact on the company's results in the second quarter of 2023.

About Alpine Summit Energy Partners Inc.

Alpine Summit is a United States-based company that operates and develops oil and gas assets.

We seek Safe Harbor.