PIPE Pipestone Energy Corporation

(PIPE – TSX) As previously disclosed on May 10, 2023, Paul Wanklyn, President and Chief Executive Officer of Pipestone Energy Corp. ("Pipestone"), has taken a leave of absence for health reasons. Mr. Wanklyn has subsequently chosen to not put himself up for re-election to the Board of Directors at the annual general meeting of shareholders to be held on June 22, 2023 as he remains on leave.

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