Mr. Darcy Reding reports

PIERIDAE ENERGY ANNOUNCES EXECUTIVE APPOINTMENTS AND 2023 EXIT PRODUCTION

Pieridae Energy Ltd. has made changes to its executive leadership team (ELT) focused on improving execution of the company's strategic objectives, cost reduction initiatives and sustainability. Following recent appointments, Pieridae's ELT, reporting to Darcy Reding, president and chief executive officer, comprises:

• John Emery, chief operating officer:
  • Responsible for upstream and midstream operations including engineering and geoscience, production, facilities, health, safety and environment (HSE), environmental, social and governance (ESG), drilling and completions, abandonment and reclamation, and reserves.
  • Mr. Emery has been with Pieridae since 2021, previously serving as vice-president, operations, and interim COO. Mr. Emery holds a BSc (petroleum engineering) from Montana Technological University and has over 40 years of experience in the energy industry in Canada and internationally.
• Adam Gray, chief financial officer:
  • Responsible for corporate finance and planning, financial reporting, production and financial accounting, treasury, investor relations, information technology, supply chain, and risk management.
  • Mr. Gray joined Pieridae in 2020 and remains in his current role as chief financial officer.
• Paul Kunkel, chief commercial officer:
  • Responsible for commercial activities and strategy including commodity marketing, business development, land, joint venture, and new venture development. This newly created executive position strengthens the company's focus on its customer-centric midstream business and bolsters its strategy to capture opportunities for value growth through commercial infrastructure utilization, M&A (merger and acquisition) execution, and new business opportunities.
  • Mr. Kunkel joined the company as CCO in September, 2023, after serving as an adviser on strategy and corporate development since early 2022. Mr. Kunkel is a CFA charter holder and has over 25 years of finance, corporate development and management consulting experience.
• Michelle Cooze, general counsel and corporate secretary:
  • Responsible for legal services and corporate governance.
  • Ms. Cooze has been practicing law for 25 years. She holds a BSc (geology) from Memorial University and a JD from Dalhousie University. Before joining Pieridae, Ms. Cooze held roles at several Alberta-based, public and private energy companies. She is a member of the Law Society of Alberta.
• Michael Bartley, vice-president, human resources:
  • Responsible for human resources, labour relations, office services and corporate communications.
  • Mr. Bartley has been with Pieridae since 2019 and remains in his current role as vice-president, human resources.

These changes conclude a planned leadership renewal process at Pieridae and ensure the company retains strong continuity in leadership at all levels of the organization.

"I am extremely pleased to announce these important changes to the executive team at Pieridae," said Darcy Reding, president and chief executive officer. "The team we have assembled brings the right mix of technical skill, commercial acumen and proven leadership ability that will enable Pieridae to execute its corporate strategy and create value for our shareholders."

2023 exit production

Pieridae is also pleased to announce strong December, 2023, production rates of approximately 37,500 boe/d (barrels of oil equivalent per day), reflecting, among other factors, a recovery of production following the conclusion of the Waterton turnaround in October, 2023. Average 2023 production was approximately 33,000 boe/d.

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 (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.