Pipestone Energy Corp T.PIPE

Upsized Credit Facility

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NEWS RELEASE

October 29, 2021

PIPESTONE ENERGY CORP. ANNOUNCES AN UPSIZED CREDIT FACILITY OF $280 MILLION

Calgary, Alberta, October 29, 2021 (PIPE – TSX) Pipestone Energy Corp. (“Pipestone” or the “Company”) is pleased to announce that it has successfully increased its Reserve Based Loan (“RBL” or “Credit Facility”) to $280 million, from $225 million previously. The Credit Facility upsize is driven by Pipestone’s efficient execution of its organic development program, resulting in a significant increase to its proved producing reserve value during 2021. The larger credit capacity provides Pipestone with increased liquidity and flexibility with respect to its go-forward business plans and future shareholder return objectives.

Credit Facility Update:

Pipestone Energy has closed on its bi-annual RBL redetermination, which effective October 29, 2021, consists of a $250 million syndicated revolving facility (“Syndicated Facility”) and a $30 million bi-lateral operating facility (“Operating Line”). Co-led by National Bank Financial Inc., and the Bank of Montreal, and along with ATB Financial, and Canadian Western Bank the corporate banking syndicate has been expanded to also include the Business Development Bank of Canada. Additionally, Pipestone has amended its credit agreement to allow for future permitted distributions, subject to certain customary liquidity and forecast leverage tests. The Credit Facility continues to have a revolving period until May 31, 2022, with a maturity of May 31, 2023. The next borrowing base redetermination is scheduled for May 2022.

Q3 2021 Financial Statements and Conference Call

Third quarter results are expected to be released before market open on November 10, 2021. A conference call has been scheduled for November 10, 2021 at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time) for interested investors, analysts, brokers, and media representatives.