Mr. Darren Moulds reports

ALPINE SUMMIT ENERGY PARTNERS ANNOUNCES ISSUANCE OF SUBORDINATE VOTING SHARES

Alpine Summit Energy Partners Inc. issued 19,494,709 Class A subordinate voting shares of the company upon the redemption by a majority of the holders of Class B non-voting units of HB2 Origination LLC, a subsidiary of Alpine Summit. An additional 15,947 subordinate voting shares were issued in connection with the mandatory conversion of the outstanding Class C proportionate voting shares as a result of the redemption.

As previously announced, Alpine Summit has engaged Stephens Inc. to complete a sale, focused on its South Texas proven assets, and also expects to complete a strategic review of its activities before communicating its specific go-forward plans. In connection with the sale and review process, the redemption was facilitated by an amendment to the LLC agreement (as defined below). The units were redeemable (on a one-for-one basis) for subordinate voting shares or cash, at the election of the manager, Alpine Summit Energy Investors Inc., in accordance with the second amended and restated limited liability company agreement, dated as of Sept. 7, 2021, and all units tendered for redemption were settled with subordinate voting shares.

Early warning disclosure

In connection with the redemption, 14,901,450 of the units held by HB2 Energy Inc., a company affiliated with Craig Perry, the chairman and chief executive officer, and a total of 517,118 units held by Mr. Perry individually were redeemed and settled by the issuance of 15,418,568 subordinate voting shares. An additional 15,947 subordinate voting shares were issued to HB2 Energy, as the sole holder of the proportionate voting shares, in connection with the mandatory conversion of the proportionate voting shares.

Prior to completion of the redemption, Mr. Perry held, directly and indirectly through HB2 Energy: (a) 15,964,409 units; (b) 15,947.292 proportionate voting shares, each convertible into one subordinate voting share and representing 1,000 votes at any meeting of the shareholders of the company (except a meeting at which only holders of another particular class or series of shares of the company will have the right to vote); (c) 160,813 subordinate voting shares; and (d) options exercisable for an additional 1,621,223 subordinate voting shares, having an exercise price of $3.56 (U.S.) per share, which together provided Mr. Perry with approximately 31.9 per cent of the aggregate voting rights of the company (34 per cent on a partially diluted basis) and 0.5 per cent of the then outstanding subordinate voting shares, assuming the conversion of all proportionate voting shares and Class B multiple voting shares of the company.

As a result of the redemption, Mr. Perry's securities together represent 30.9 per cent of the outstanding subordinate voting shares on a partially diluted basis, assuming the conversion of all multiple voting shares.

The company is located at 3322 West End Ave., suite 450, Nashville, Tenn., 37203. Mr. Perry is also located at 3322 West End Ave., suite 450, Nashville, Tenn., 37203. A copy of the early warning report can be obtained from Chrystie Holmstrom, chief legal officer of the company (346-264-2900), or on the SEDAR profile of the company.

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.