• Pipestone’s extensive 18-month strategic review process considered all alternatives available to Pipestone, including those previously put forward by GMT and companies in which it has an interest, and determined that the combination with Strathcona is in the best interests of Pipestone and the Pipestone Shareholders
  
• Today’s Tom Claugus claims, intended to derail this value-unlocking transaction, are even more misleading and incoherent than the earlier arguments from the Atlanta-based hedge fund
  
• Have questions or need help voting? Call Kingsdale Advisors on 1-888-659-1824 (toll free in North America), email [email protected], or visit www.pipestonestrathcona.com

CALGARY, Alberta, Sept. 21, 2023 (GLOBE NEWSWIRE) -- (PIPE – TSX) Pipestone Energy Corp. (“Pipestone” or the “Company”) today stated that GMT Capital Corp.’s (“GMT”) latest attempt to derail the proposed arrangement (the “Arrangement”) with Strathcona Resources Ltd. (“Strathcona”) is long on speculation and short on credibility.

Today’s claims from GMT’s Mr. Claugus provide nothing new for Pipestone shareholders (“Shareholders”), the board of directors of Pipestone (the “Board”), or the independent committee (the “Special Committee”) of the Board to consider other than a remarkable claim by Mr. Claugus to have personally talked to CEOs of four other companies that are interested in making an offer for Pipestone. After an exhaustive 18-month strategic review process that began in early 2022 and...

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