Pipestone Energy Corp. Reports Voting Results of Annual Shareholder Meeting

Pipestone Energy Corp.

Pipestone Energy Corp.

CALGARY, Alberta, June 23, 2022 (GLOBE NEWSWIRE) — (PIPE – TSX) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to report the results of its annual shareholder meeting.

The Company held its 2022 annual meeting (the “Meeting”) of the shareholders of Pipestone Energy (the “Shareholders”) today at 10:00 a.m. (Calgary time) virtually. A total of 185,460,783 votes were cast, representing 65.75% of the total 282,091,000 eligible votes, which includes the Company’s issued and outstanding common and preferred share voting rights as of the May 9, 2022 record date for the Meeting.

All of the nominees proposed as directors were elected with a majority of votes cast by the Shareholders attending the Meeting or by proxy as follows:

Director

Votes For (Percentage)

Gordon Ritchie

173,784,107 (99.46%)

Garth Braun

169,487,502 (97.00%)

William Lancaster

166,419,014 (95.25%)

John Rossall

173,800,757 (99.47%)

Robert Tichio

168,344,421 (96.35%)

Jesal Shah

171,580,179 (98.20%)

Kimberly Anderson

174,698,572 (99.98%)

Paul Wanklyn

174,549,086 (99.90%)

Ernst & Young LLP was appointed as auditors of Pipestone Energy to hold office until the next annual meeting, and the directors were authorized to fix their remuneration. The results of the ballot were as follows:

Votes For (Percentage)

183,215,313 (98.79%)

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 expects to grow its production to 32 Mboe/d (midpoint) in 2022 and to approximately 55 Mboe/d by exit 2025, while generating significant free cash flow and de-leveraging the business. Pipestone is committed to building long term value for our 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 EO100TM Standard for Responsible Energy Development. Pipestone shares trade under the symbol PIPE on the TSX. For more information, visit www.pipestonecorp.com.

Pipestone Energy Contacts:

Paul Wanklyn
President and Chief Executive Officer
(587) 392-8407
paul.wanklyn@pipestonecorp.com

Craig Nieboer
Chief Financial Officer
(587) 392-8408
craig.nieboer@pipestonecorp.com

Dan van Kessel
VP Corporate Development
(587) 392-8414
dan.vankessel@pipestonecorp.com

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