Riverstone V REL CNOR LP acquires Common Shares of Pipestone Energy Corp.

CALGARY, AB, Sept. 24, 2021 /CNW/ - (TSX: PIPE) – Riverstone V REL CNOR LP ("Riverstone") announces that it has acquired 47,159,714 common shares (the "Common Shares") in the capital of Pipestone Energy Corp. ("PEC"), representing approximately 24.6% of the Common Shares that Riverstone understands to be issued and outstanding as of the date hereof.

Riverstone acquired the Common Shares through an in-kind distribution from Canadian Non-Operated Resources GP Inc. in its capacity as general partner, for and on behalf of Canadian Non-Operated Resources L.P. to its limited partners.

Riverstone has no present intention of acquiring additional securities of PEC. In accordance with applicable securities laws, Riverstone and its joint actors may, from time to time and at any time, acquire additional common shares in the capital of PEC and/or other equity, debt or other securities or instruments of PEC (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 PEC and other relevant factors.

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, 888-3^rd Street SW, Calgary, Alberta T2P 5C5.

SOURCE Riverstone V REL CNOR LP

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