Ms. Susan Riddell Rose reports

PERPETUAL ENERGY INC. ANNOUNCES ELECTION OF DIRECTORS

The nominees listed in the management proxy circular dated March 30, 2023, have been elected as directors of Perpetual Energy Inc. The detailed results of the vote for the election of directors held at its annual meeting of shareholders earlier today in Calgary, Alta., are set out in the attached table.

Election of directors

Each of the five nominees proposed by management was elected as a director of Perpetual.

Nominee                 Votes for   % for  Votes withheld  % withheld

Susan L. Riddell Rose  36,521,038  99.697         111,103       0.303     
Linda A. Dietsche      36,521,038  99.697         111,103       0.303     
Geoffrey C. Merritt    36,580,933  99.860          51,208       0.140     
Ryan A. Shay           36,579,933  99.857          52,208       0.143     
Steven L. Spence       36,580,933  99.860          51,208       0.140

About Perpetual Energy Inc.

Perpetual is an oil and natural gas exploration, production and marketing company headquartered in Calgary, Alta. Perpetual owns a diversified asset portfolio, including liquids-rich conventional natural gas assets in the deep basin of west-central Alberta, heavy crude oil and shallow conventional natural gas in Eastern Alberta, and undeveloped bitumen leases in Northern Alberta.