Mr. Dustin Hoffman reports

PIPESTONE ENERGY CORP. PROVIDES ADDITIONAL ALBERTA WILDFIRE IMPACT UPDATE

Pipestone Energy Corp. has provided an update on the Alberta wildfire impact on its Grande Prairie area operations.

As previously announced, approximately 20,000 barrels of oil equivalent per day of production was temporarily curtailed as a result of the precautionary shut-in of certain third party infrastructure and associated operated producing locations on the evening of May 12, 2023. As a result of the outstanding efforts of local fire authorities and favourable weather conditions in the last few days, the fires that have been impacting a number of the company's third party infrastructure and associated producing locations are now under control. Pipestone expects to increase production volumes over the coming days back to full productive capacity.

The company is not aware of any significant damage or loss to either its owned or third party infrastructure, and Pipestone would like to sincerely thank all of its staff, third party infrastructure partners, local fire authorities and all those involved for their continued efforts in managing the continuing wildfire situation.

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.

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