CALGARY, Alberta – Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to report the results of its annual shareholder meeting and announce the release of its inaugural Environment, Social and Governance (“ESG”) report.
SHAREHOLDER MEETING RESULTS
The Company held its 2021 annual and special meeting (the “Meeting”) of the shareholders of Pipestone Energy (the “Shareholders”) today at 9:00 a.m. (Calgary time) virtually. A total of 234,817,972 votes were cast, representing 84.59% of the total 277,591,618 eligible votes, which includes the Company’s issued and outstanding common and preferred share voting rights as of the May 25, 2021 record date for the Meeting. Shareholders approved each of the amended and restated by-law No. 1, the amended and restated long-term incentive plan (the “LTIP”), the 2021 performance share unit grants to senior executive officers under the LTIP, and the amended and restated employee share purchase plan of the Company at the Meeting.
The Company is also pleased to announce the election of Jesal Shah to its Board of Directors. Mr. Shah is a Principal of Riverstone Holdings, LLC, a private equity firm that manages a portfolio of energy investments. A Riverstone entity is a significant shareholder of both Pipestone Energy, and of its controlling shareholder. Mr. Shah currently serves on the boards of directors of several private energy companies in the U.S. and Canada. Mr. Shah received his M.B.A from Harvard Business School.
“We welcome Jesal Shah to the Board of Directors of Pipestone Energy. Mr. Shah brings many years of experience in capital markets and investing in the energy sector. We also would like to express our gratitude to Ms. Geeta Sankappanavar for her many contributions as both a founding shareholder of Pipestone Energy and her guidance and counsel to Pipestone Energy as it transformed from a private company into a public entity,” said Gordon Ritchie, Chair of the Board of Directors.
Other than Geeta Sankappanavar, who did not stand for re-election at the Meeting, each of the incumbent directors of Pipestone Energy, Gordon Ritchie, Garth Braun, William Lancaster, John Rossall, Robert Tichio and Paul Wanklyn were re-elected by the Shareholders attending the Meeting or by proxy. The detailed results of the votes are set out below:
|Director||Votes for %||Votes withheld %|
INAUGURAL ESG REPORT
Pipestone Energy is pleased to announce that it has published its inaugural ESG Report with respect to calendar 2020 (the “ESG Report”). The ESG Report provides details of Pipestone Energy’s various initiatives under the three pillars of Environment, Social and Governance. Pipestone Energy is a low emitter in comparison to industry peers and has set a course to be a net-zero producer by 2035 (scope 1 and scope 2 emissions). Pipestone Energy believes that the responsible development of its Montney asset and the surrounding environment will be critical to its long-term success and the ability to generate sustainable returns for shareholders. Our team looks forward to continuing to ingrain ESG in its culture and being a leader in this rapidly evolving space. The Company encourages all stakeholders to visit the responsibility page of its website to view the ESG Report. For more information, please visit www.pipestonecorp.com.
Pipestone Energy Corp.
Pipestone Energy is an oil and gas exploration and production company focused on developing its large contiguous and condensate-rich Montney asset base in the Pipestone area near Grande Prairie. Pipestone Energy has grown its production from 15.6 Mboe/d in 2020 to 21.6 Mboe/d in Q1 2021 and is fully funded to ultimately reach 35 Mboe/d (midpoint) in 2022, while maintaining a conservative leverage profile. Beginning in 2022, the Company expects to generate annual free cash flow above growth and maintenance expenditures. Pipestone Energy is committed to building long term value for our shareholders while maintaining the highest possible environmental and operating standards, as well as being an active and contributing member to the communities in which it operates. Pipestone Energy shares trade under the symbol PIPE on the TSX.