Mr. Dustin Hoffman reports

PIPESTONE ENERGY CORP. REPORTS VOTING RESULTS OF ANNUAL SHAREHOLDER MEETING

Pipestone Energy Corp. has released the results of its annual shareholder meeting.

The company held its 2023 annual meeting of the shareholders of Pipestone today at 10 a.m. Calgary time virtually. A total of 210,819,903 votes were cast, representing 75.41 per cent of the total 279,552,245 eligible votes, which include the company's issued and outstanding common share voting rights as of the May 8, 2023, record date for the meeting.

Each of the nominees proposed as directors were elected with a majority of votes cast by the shareholders attending the meeting or by proxy. The results of the ballot are set out herein.

       VOTING RESULTS FOR DIRECTORS

Director              Votes for         (%) 

Gordon Ritchie      201,826,520    (99.65%)   
Garth Braun         197,900,099    (97.71%)   
William Lancaster   198,418,376    (97.96%)   
John Rossall        201,871,370    (99.67%)   
Robert Tichio       201,577,773    (99.52%)   
Jesal Shah          202,177,866    (99.82%)   
Kimberly Anderson   202,089,810    (99.78%)   

Ernst & Young LLP was appointed as auditor of Pipestone to hold office until the next annual meeting, and the directors of Pipestone were authorized to fix its remuneration. The results of the ballot are set out herein.

    VOTING RESULTS 
      FOR AUDITOR

Votes for          (%) 

210,640,674   (99.92%)   

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.