RIVERSTONE V REL CNOR LP ANNOUNCES SALE OF COMMON SHARES IN PIPESTONE ENERGY CORP.

CALGARY, AB, Feb. 7, 2022 /CNW/ - On February 4, 2022, Riverstone V REL CNOR LP ("Riverstone") sold 11,719,357 common shares in the capital of Pipestone Energy Corp. (the "Company") to a third party accredited investor in a block trade at a cash price of CAD$4.55 per common share (the "Sale Transaction"). The total gross proceeds from the Sale Transaction was CAD$53,323,074.35.

The 11,719,357 common shares in the capital of Company sold by Riverstone (the "Subject Shares") represent approximately 6.1% of the outstanding common shares in the capital of the Company ("Common Shares") that Riverstone understands to be issued and outstanding as of the date of the Sale Transaction. Immediately prior to the Sale Transaction, Riverstone owned 47,159,714 Common Shares, representing approximately 24.6% of the Common Shares that Riverstone understands to be issued and outstanding as of the date of Sale Transaction. Following the Sale Transaction, Riverstone owns 35,440,357 Common Shares, representing approximately 18.5% of the Common Shares that Riverstone understands to be issued and outstanding as of the date of Sale Transaction.

The disposition of the Subject Shares by Riverstone was made for investment reasons. Riverstone intends to distribute the proceeds from the Sale Transaction to its investors. Subject to applicable law, Riverstone may, from time to time, acquire additional Common Shares and/or other equity, debt or other securities or instruments of the Company (collectively, "Securities") in the open market or otherwise, and reserves the right to dispose of any or all of its Securities, including the Common Shares, in the open market or otherwise at any time and from time to time, depending on market conditions, the business and prospects of the Company and other relevant factors.

The address of the Company is Suite 3700, 888 – 3rd Street S.W., Calgary, Alberta T2P 5C5. The address of Riverstone is Suite 3400, 100 King Street West, Toronto, Ontario M5X 1A4.

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 the Company 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 the Company's documents on the System for Electronic Document Analysis and Retrieval at www.sedar.com.

SOURCE Riverstone V REL CNOR LP

For further information or to obtain a copy of the Early Warning Report, please contact: Riverstone Holdings LLC, 712 Fifth Avenue, 36th Floor, New York, New York 10019, [phone], Attention: Bartow Jones