On September 20, 2023, Pipestone Energy Corp. announced that leading proxy advisory firm Institutional Shareholder Services (ISS) has reviewed the arguments of GMT Capital Corp. in its dissident proxy circular dated September 15, 2023 and recommended shareholders to vote for the proposed arrangement with Strathcona Resources Ltd. to combine both to become one of Canada?s largest energy producers.

In addition, the Company stated shareholders should not be distracted by GMT?s flawed and misleading arguments. As the Company has outlined in detail, the dissident circular of GMT is rife with flawed assumptions and misleading arguments against this value-creating transaction. By contrast, the Company believes that the arrangement offers numerous advantages for shareholders.

The all-share consideration will enable shareholders to fully participate in the upside of a much larger and more diversified producer that is expected to benefit from scale at 185,000 boe/d; a well-positioned reserves base and much longer life at over 38 years; better access and lower cost to capital; extending our tax shelter by over two years; and a potential positive re-rating by markets. As well as, the Company stated that the independent committee (the Special Committee) of the board and the board have determined that the arrangement is in the best interests of the Company and Shareholders and encouraged shareholders to vote for the arrangement before September 25, 2023 for the special meeting of shareholders scheduled to be held on September 27, 2023.