Mr. Philip Hodge reports

PINE CLIFF ENERGY LTD. ANNOUNCES COMPLETION OF THE OFFER AND MANDATORY EXTENSION PERIOD TO DECEMBER 18, 2023

Pine Cliff Energy Ltd.'s offer to acquire all of the issued and outstanding common shares of Certus Oil and Gas Inc., a privately held oil and natural gas producer, as previously described in the Pine Cliff press release dated Oct. 31, 2023, has been accepted by holders of common shares, representing at least 69.7 per cent of the total number of common shares issued and outstanding. Accordingly, the minimum tender condition under applicable Canadian securities laws has been satisfied, and all other conditions to the offer have been satisfied.

Odyssey Trust Company reported that as of 5 p.m. Calgary time on Dec. 8, 2023, being the expiry time of the initial deposit period of the offer, at least 122,256,920 common shares were validly deposited under the offer and not withdrawn, not including additional tendered shares that were being counted and audited by Odyssey Trust Company at the expiry time. Pine Cliff has taken up and will pay for the tendered shares within three business days.

In addition, the offer is being extended for the mandatory extension period under applicable Canadian securities laws until 5 p.m. Calgary time on Dec. 18, 2023, to allow those shareholders who have not yet tendered their common shares to the offer an opportunity to do so. Pine Cliff will take up and pay for any common shares validly deposited to the offer during the mandatory extension period within 10 calendar days after any such deposit.

After the mandatory extension period, Pine Cliff intends to acquire any remaining outstanding common shares pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta).

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

We seek Safe Harbor.