Mr. Darcy Reding reports

PIERIDAE PROPOSES NAME CHANGE TO CAVVY ENERGY

Pieridae Energy Ltd. intends to change its name to Cavvy Energy Ltd., and will seek shareholder approval for the change at its upcoming annual and special meeting of shareholders on May 8, 2025.

"At the beginning of 2023 and with the support of our board of directors, our leadership team announced our intent to concentrate on our Western Canadian upstream and mid-stream business, shifting away from East Coast LNG," said Darcy Reding, president and chief executive officer. "In the third quarter of 2024, we successfully achieved the last significant milestone of this pivot with the sale of our legacy Goldboro Nova Scotia assets. We have now come to a significant inflection point in the company's strategy and believe it is appropriate to adopt a new brand to support our corporate identity and the values of the organization.

"The word Cavvy draws its inspiration from the Western ranching tradition, referring to a carefully selected group of working horses chosen for their strength, reliability and specific capabilities. The name evokes an identity synonymous with our corporate values and mission, and one that is proudly connected to our Western Canadian corporate roots."

The company is also pleased to share its new logo, which it intends to adopt after the name change is made effective.

Subject to shareholder and regulatory approval, the name change will be effective following the annual and special meeting of shareholders. The company intends to begin trading its common shares under the stock symbol CVVY on the Toronto Stock Exchange within two to three business days after the effective date of the name change, subject to receipt of the requisite regulatory approvals.

About Pieridae Energy Ltd.

Pieridae is a Canadian energy company headquartered in Calgary, Alta. The company is a significant upstream producer and mid-stream custom processor of natural gas, NGLs (natural gas liquids), condensate and sulphur from Western Canada. Pieridae's vision is to provide responsible, affordable natural gas and derived products to meet society's energy security needs. Pieridae's common shares currently trade on the TSX under the symbol PEA.

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