PIPE Pipestone Energy Corporation

(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 2023 annual meeting (the “Meeting”) of the shareholders of Pipestone Energy (the “Shareholders”) today at 10:00 a.m. (Calgary time) virtually. A total of 210,819,903 votes were cast, representing 75.41% of the total 279,552,245 eligible votes, which includes the Company’s issued and outstanding common share voting rights as of the May 8, 2023 record date for the Meeting.

Each of the nominees proposed as directors were elected with a majority of votes cast by the Shareholders attending the Meeting or by proxy. The results of the ballot were as follows:

Director	Votes For (Percentage)
Gordon Ritchie	201,826,520 (99.65%)
Garth Braun	197,900,099 (97.71%)
William Lancaster	198,418,376 (97.96%)
John Rossall	201,871,370 (99.67%)
Robert Tichio	201,577,773 (99.52%)
Jesal Shah	202,177,866 (99.82%)
Kimberly Anderson	202,089,810 (99.78%)

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

Votes For (Percentage)
210,640,674 (99.92%)

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 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:

Dustin HoffmanChief Operating Officer and Interim President and Chief Executive Officer (587) 392-8423dustin.hoffman@pipestonecorp.com	Craig NieboerChief Financial Officer(587) 392-8408craig.nieboer@pipestonecorp.com
Dan van KesselVP Corporate Development(587) 392-8414dan.vankessel@pipestonecorp.com