Mr. Philip Hodge reports

PINE CLIFF ENERGY LTD. ANNOUNCES RESULTS OF SHAREHOLDERS' MEETING, ANNUAL STOCK OPTION GRANT AND NEW CHAIRMAN OF THE BOARD

All matters presented for approval at Pine Cliff Energy Ltd.'s annual meeting of the shareholders on May 16, 2023, have been approved. A total of 133,728,421 common shares representing 38.03 per cent of Pine Cliff's issued and outstanding common shares were voted in connection with the meeting.

Each of the five nominees proposed by Pine Cliff and as set out in the information circular -- proxy statement provided to shareholders in connection with the meeting were duly elected as directors. Each of the nominees was elected as shown in the attached table.

Deloitte LLP, chartered accountants, were appointed auditor of the company for the ensuing year and the board of directors of Pine Cliff were authorized to fix their remuneration. The complete report on the voting results for the meeting is available under the company's profile on SEDAR.

The board has approved an annual stock option grant of an aggregate of 9,386,180 stock options to its directors, officers and employees. The stock options vest between one to three years, have an exercise price of $1.30 per share and will expire between May 16, 2025, and May 16, 2027.

William R. Rice has been appointed chairman of the board, following the decision by George Fink not to stand for re-election. The board would like to thank Mr. Fink for his dedication and service to Pine Cliff and wishes him continued success and enjoyment in his retirement.

About Pine Cliff Energy Ltd.

Pine Cliff is a natural gas and crude oil company with a long-term view of creating shareholder value.