Mr. Dustin Hoffman reports

PIPESTONE ENERGY CORP. PROVIDES UPDATE TO WILDFIRE PRODUCTION IMPACT

Pipestone Energy Corp.'s operations in the Grande Prairie area are again being impacted by the continuing wildfires.

As a result of the precautionary shut-in of certain third party infrastructure and associated operated producing locations, approximately 20,000 barrels of oil equivalent per day of production has been temporarily curtailed since the evening of May 12, 2023. From May 8 to May 12, 2023, Pipestone had restarted the majority of its producing assets until the resurgence of wildfires in proximity to certain third party processing facilities.

The company is not aware of any significant damage or loss to either its owned or third party infrastructure. While timing remains uncertain, Pipestone is ready to resume production as soon as the currently shut down third party infrastructure is restarted. Pipestone will provide further updates to the market as the situation unfolds.

About Pipestone Energy Corp.

Pipestone is an oil and gas exploration and production company focused on developing its large contiguous and condensate-rich Montney asset base in the Pipestone area near Grande Prairie. Pipestone is committed to building long-term value for its shareholders while maintaining the highest possible environmental and operating standards as well as being an active and contributing member to the communities in which it operates. Pipestone has achieved certification of all its production from its Montney asset under the Equitable Origin EO100 Standard for Responsible Energy Development. Pipestone shares trade under the symbol PIPE on the Toronto Stock Exchange.