Mr. Dustin Hoffman reports

PIPESTONE SHAREHOLDERS APPROVE ARRANGEMENT WITH STRATHCONA TO CREATE NEW CANADIAN ENERGY LEADER

Pipestone Energy Corp.'s shareholders have voted to approve the previously announced arrangement with Strathcona Resources Ltd., which will see Pipestone combined with Strathcona to create one of Canada's largest energy producers.

Upon closing, Strathcona and Pipestone will be amalgamated to form a new corporation, which will continue as Strathcona Resources. The arrangement is expected to close on Oct. 3, 2023, subject to the receipt of a final order from the Court of King's Bench of Alberta with respect to the arrangement and the satisfaction or waiver of customary closing conditions.

"On behalf of Pipestone's board, I thank our shareholders for their participation in this process and their support for this value-creating transaction," said Gord Ritchie, chair of the Pipestone board.

When completed, the arrangement will enable shareholders to participate in the upside of a much larger and more diversified producer with a well-positioned reserves base and much longer reserves life. The arrangement will also provide better access to, and lower cost of, capital, an extended tax shelter, and a potential positive rerating by markets.

We seek Safe Harbor.