Mr. Sean Brown reports

GIBSON ENERGY ANNOUNCES CLOSING OF $403 MILLION BOUGHT DEAL OFFERING OF SUBSCRIPTION RECEIPTS AND EXERCISE OF OVER-ALLOTMENT OPTION

Gibson Energy Inc. has closed its previously announced bought-deal offering of subscription receipts. Pursuant to the equity offering, Gibson issued a total of 20.01 million subscription receipts, including 2.61 million subscription receipts issued pursuant to the exercise in full by the underwriters of their overallotment option. The subscription receipts were issued at an offering price of $20.15 per subscription receipt for total gross proceeds of approximately $403-million.

"The successful closing of the equity offering, including the exercise of the overallotment option, reflects strong investor support for the on-strategy acquisition of the South Texas Gateway Terminal," said Sean Brown, senior vice-president and chief financial officer. "Pro forma the transaction, Gibson maintains its industry-leading balance sheet and is well positioned to create long-term growth and value for all our stakeholders."

Each subscription receipt will entitle the holder to receive, without payment of additional consideration and without further action, one common share of Gibson upon the closing of the transaction (as defined below), together with a dividend-equivalent payment in an amount per subscription receipt, as applicable, equal to the amount per common share of any cash dividends declared by the board of directors of Gibson on the common shares to holders of record on a date during the period from and including the date hereof to, but excluding the closing date of the transaction, net of any applicable withholding taxes. The dividend equivalent payment will be made on the later of the closing date of the transaction and the date the dividend is paid to holders of common shares. In the event that the transaction does not close, holders of subscription receipts will not be entitled to receive any dividend equivalent payment. The subscription receipts are listed on the Toronto Stock Exchange under the symbol GEI.R and it is expected that trading of the subscription receipts will commence today.

The net proceeds from the equity offering will be held in escrow and are intended to be used by Gibson to finance a portion of the purchase price of Gibson's previously announced acquisition of 100 per cent of the membership interests of South Texas Gateway Terminal LLC. Closing of the transaction is expected to occur in the third quarter of 2023, subject to satisfaction of customary closing conditions. For further information regarding the transaction and the subscription receipts, including related risk factors, refer to the company's prospectus supplement dated June 16, 2023, to the base shelf prospectus dated Aug. 16, 2021, a copy of which is available on the company's profile at SEDAR.

The equity offering was made through a syndicate of underwriters co-led by BMO Capital Markets and RBC Capital Markets.

About Gibson Energy Inc.

Gibson is a leading North American liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing and gathering of liquids and refined products. Headquartered in Calgary, Alta., the company's operations are currently focused around its core terminal assets located at Hardisty and Edmonton, Alta., and include the Moose Jaw facility in Saskatchewan and an infrastructure position in the United States.

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