Mr. Dary Reding reports

PIERIDAE RELEASES 2023 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

Pieridae Energy Ltd. has released its 2023 environmental, social and governance (ESG) report, detailing the company's ESG performance for the year ended Dec. 31, 2022.

Pieridae strives for excellence in all aspects of its ESG performance and is committed to the safe and responsible production of reliable natural gas and natural gas liquids. The company's ESG vision is to be responsible stewards of the environment, foster mutually beneficial relationships with indigenous peoples in Canada and with its stakeholders, and be leaders in demonstrating good governance to establish trust, act with purpose and support Pieridae's business vision.

"We are pleased to release our third annual ESG report and share our commitment to ESG as an integral part of what we do," said Pieridae's president and chief operating officer, Darcy Reding. "As a responsible corporate citizen focused on sustainability and growth, ESG priorities are important to ensure the well-being of our staff and to better serve our stakeholders and the communities in which we operate."

2022 highlights:

• Reduced total scope 1 and 2 greenhouse gas emissions by 6 per cent from 2021;
• Contributed over $140,000 of community and social investment financing to organizations in communities where the company lives and operates;
• Employed 12 summer students, demonstrating the company's commitment to encourage young people to learn about and join its industry;
• Conducted an updated ESG materiality assessment exercise with a broad range of stakeholders;
• Advanced ESG data disclosures to conform to the notable international reporting framework from the Sustainability Accounting Standards Board (SASB), in addition to referencing frameworks from the Taskforce on Climate Related Financial Disclosures (TCFD) and the Global Reporting Initiative (GRI).

To read Pieridae's full 2023 ESG report, please visit the company's website.

About Pieridae Energy Ltd.

Pieridae is a Canadian energy company headquartered in Calgary, Alta. The company is a significant upstream producer of conventional natural gas, NGLs, condensate and sulphur from the Canadian foothills of Alberta and northeastern British Columbia. Pieridae's vision is to provide responsible, affordable natural gas and derived products to meet society's energy security needs.

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