Ms. Patricia McLeod reports

PIERIDAE ENERGY ANNOUNCES APPOINTMENT OF NEW CEO

Pieridae Energy Ltd.'s board of directors has appointed Darcy Reding as president, chief executive officer and director, effective Sept. 1, 2023, following the previously announced retirement of former CEO, Alfred Sorensen, effective Aug. 31, 2023.

Darcy Reding, formerly the company's president and chief operating officer, is a seasoned professional engineer with over 30 years of leadership, technical and business development experience in both public and private energy firms, including NAL Resources, Samson Exploration, Northrock Resources and Norcen Energy.

"Darcy is a capable and seasoned leader with three decades of experience across the energy exploration, production and infrastructure value chain," said Patricia McLeod, board chair at Pieridae.

Ms. McLeod continued, "The board believes Darcy's experience across a wide range of commercial, operational and technical leadership roles, coupled with his hands-on experience at Pieridae as president and [chief operating officer], will be instrumental in achieving the company's objectives, including operational excellence, netback improvement, and driving sustainable growth in both our upstream and mid-stream operations to create value for our shareholders, employees and in the communities we operate."

The CEO appointment is a result of a planned succession at Pieridae and ensures the company retains strong continuity in leadership.

Pieridae's objectives and strategy

During the past year, Pieridae has strategically refocused on sustaining and expanding its upstream exploration, production and mid-stream business. Its objective is to continue Pieridae's pivot toward growing sustainable and profitable conventional Foothills production and mid-streaming, while continuing to explore opportunities to diversify market access for the products it produces.

Management continues to take a strategic approach to growth and capital allocation to leverage the long-term nature of its low-decline reserve base and supporting infrastructure and to focus on creating long-term shareholder value. Operational discipline, safe, effective and efficient operations, community and indigenous partnerships, cost control, and pursuing opportunities to further integrate environment, social and governance considerations, including a carbon management plan, are fundamental to the company's strategic vision.

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, natural gas liquids, condensate and sulphur from the Canadian foothills of Alberta and northeast British Columbia. Pieridae's vision is to provide responsible, affordable natural gas and derived products to meet society's energy security needs. Pieridae's common shares trade on the Toronto Stock Exchange under the symbol PEA.