On September 21, 2023, Pipestone Energy Corp. announced that it has reminded its shareholders to vote for the proposed arrangement with Strathcona Resources Ltd. before September 25, 2023 for the special meeting of shareholders to be held on September 27, 2023 and stated that combining with Strathcona is superior to the status quo, providing shareholders with the ability to participate in the upside of a much larger, more diversified producer that is expected to benefit from scale, longer-life and better-positioned reserves, improved access to capital and a potential positive re-rating by markets. In addition, the Company stated that the determinations of the Special Committee and the Board came after a rigorous 18- month strategic review process that began in early 2022 and evaluated over 75 potential counterparties.

The Arrangement is also fully supported by management of the Company and Riverstone Holdings LLC, a significant and highly sophisticated shareholder in the Company, each of whom have entered into support agreements with Strathcona to vote their shares in favour of the Arrangement.