Pieridae Energy Ltd T.PEA

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Pieridae’s realized prices reflect the mix of spot sales and physical forward sales contracts consistent with the Company’s hedging policy; refer to note 11 of the interim financial statements. As at March 31, 2022, 68,596 GJ/d of fixed price natural gas contracts were in place at a weighted-average price of $2.64/GJ over a term of 12 months, and physical fixed-price forward condensate sales contracts (C$WTI basis) were in place averaging 553 bbl/d for the balance of 2022 at an average price of C$108.02/bbl. Subsequent to March 31, 2022, Pieridae added an additional condensate forward sales contract (C$WTI basis) for 500 bbl/d at C$123.59 for July to December 2022.

In the first quarter of 2022, volumes sold under physical forward sales contracts represented 51% of total production and 37% of total revenue. If losses on physical forward sale contracts were removed, the Company’s average realized natural gas prices for the three months

PIERIDAE ENERGY 6

ended March 31, 2022, would have been $4.66/mcf as compared to the AECO 5A benchmark of $4.75/mcf. If losses on physical forward sale contracts were removed, average realized condensate prices for the three months ended March 31, 2022, would have been $112.10/bbl as compared to the condensate benchmark prices of $122.62/bbl.

Pieridae is obligated to sell the majority of its sulphur production for $6.10/ton under a fixed-price physical sales contract which expires on December 31, 2025. During the three months ended March 31, 2022, this contract represented 79% of total sulphur sales (86% for the three months ended March 31, 2021). If the fixed-priced sulphur sale contracts were removed, average realized sulphur prices for the three months ended March 31, 2022, would have been $178.31/ton (net of transportation and based on contracted prices that may be negotiated annually).