Distribution of Pipestone Shares by Canadian Non-Operated Resources L.P.

CALGARY, AB, Sept. 24, 2021 /CNW/ - (TSX: PIPE) – Canadian Non-Operated Resources L.P. ("CNOR LP") announces that Canadian Non-Operated Resources GP Inc. in its capacity as general partner, for and on behalf of CNOR LP distributed 103,750,000 common shares ("Common Shares") of Pipestone Energy Corp. ("PEC") to its limited partners as an in-kind distribution (the "Distribution").

Immediately prior to the Distribution, CNOR LP beneficially owned and controlled 103,750,000 Common Shares representing approximately 54.1% of the Common Shares that CNOR LP understands to be issued and outstanding as of the date hereof. Following the Distribution, CNOR LP beneficially owns nil Common Shares representing nil percent of the issued and outstanding Common Shares.

CNOR LP currently has no intention to acquire ownership of, or control over, additional securities of PEC and intends to liquidate after satisfying its liabilities and distributing its remaining assets.

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which PEC is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with PEC's documents on the System for Electronic Document Analysis and Retrieval at www.sedar.com. PEC's head office is located at 3700, 888-3rd Street SW, Calgary, Alberta T2P 5C5.

SOURCE Canadian Non-Operated Resources L.P.

For further information or to obtain a copy of the Early Warning Report, please contact: Canadian Non-Operated Resources L.P., Attn: Eva Kiefer (Corporate Secretary), 710, 530 8 Ave SW, Calgary, Alberta, T2P 3S8, Eva Kiefer, Authorized Signatory, 403.261.2747