Mr. Dustin Hoffman reports

PIPESTONE ENERGY CORP. AND STRATHCONA RESOURCES LTD. ANNOUNCE RECEIPT OF INTERIM ORDER AND FILING OF MANAGEMENT INFORMATION CIRCULAR RELATED TO PROPOSED ARRANGEMENT WITH STRATHCONA RESOURCES LTD.

Pipestone Energy Corp. and Strathcona Resources Ltd. have obtained an interim order of the Court of King's Bench on Aug. 25, 2023, and Pipestone has filed a management information circular dated Aug. 25, 2023, and related meeting and proxy materials in connection with the proposed arrangement under the Business Corporations Act (Alberta), which provides for, among other matters, the acquisition by Strathcona of all of the issued and outstanding common shares of Pipestone pursuant to the arrangement agreement between Pipestone and Strathcona dated effective July 31, 2023. The meeting materials will be mailed to holders of common shares of Pipestone of record as of Aug. 25, 2023, and the circular is available under Pipestone's SEDAR+ profile.

For information regarding Strathcona and the arrangement, shareholders are encouraged to read the circular. Further information is also available on Strathcona's website, including an updated corporate overview presentation and new transaction overview presentation.

Pipestone special shareholder meeting

A special meeting of shareholders will be held at 10 a.m. (Calgary time) on Sept. 27, 2023, in a virtual-only format that will be conducted via live audio webcast, accessible on-line. The sole purpose of the meeting is for the shareholders to consider and, if deemed advisable, approve the arrangement. Further details regarding the meeting are set forth in the circular.

The board of directors of Pipestone has approved the arrangement and recommends that shareholders vote for the arrangement at the meeting.

How to vote

All shareholders are encouraged to vote in advance of the meeting by proxy, whether or not a shareholder is intending to attend the meeting in person (virtually). Details on how to vote can be found in the circular under voting information.

Pipestone has retained Kingsdale Advisors as its strategic shareholder adviser and proxy solicitation agent in connection with the meeting. Shareholders with questions are encouraged to contact Kingsdale Advisors by e-mail or at one of the numbers below:

• North American (toll-free): 1-877-659-1824;
• Outside of North America (collect calls): 416-623-2514;
• E-mail: contactus@kingsdaleadvisors.com.

To obtain information about voting your Pipestone shares, please visit the company's website.

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.

About Strathcona Resources Ltd.

Strathcona Resources is one of North America's fastest-growing oil and gas producers with operations focused on thermal oil, enhanced oil recovery and liquid-rich natural gas. Strathcona is built on an innovative approach to growth achieved through the consolidation and development of long-life oil and gas assets.

We seek Safe Harbor.