Pipestone Energy Corp. Announces Performance Share Unit and Restricted Share Unit Grant

CALGARY, April 12, 2019 - Pipestone Energy Corp. (“Pipestone Energy” or the “Corporation”) (TSX-V: PIPE) announces the grant of 180,000 performance share units (“PSUs”) and 120,000 restricted share units (“RSUs”) to its Chief Financial Officer. The PSUs and RSUs vest over a period of three years. Each PSU entitles the holder on settlement to up to two common shares (“Common Shares”) issued by the Corporation, subject to performance metrics and a performance multiplier of up to 2x. Each RSU entitles the holder on settlement to one Common Share issued by the Corporation.

Pipestone Energy is in the process of implementing an omnibus long-term incentive plan (the “LTIP”) which will be submitted to the TSX Venture Exchange (the “TSXV”) for approval in accordance with the policies of the TSXV. The grants to Pipestone’s Chief Financial Officer are subject to the approval of the TSXV, and the final terms of the LTIP. Pipestone Energy has not granted any other PSUs or RSUs to date.

About PipeStone Energy Corp.

Pipestone Energy Corp. is a premier pure-play Pipestone Montney company focused on developing the condensate rich Pipestone area of Alberta. Pipestone Energy is committed to building long term value for our shareholders and values the partnerships that it is developing within its operating community. Pipestone Energy’s head office is in Calgary and its field operations are conducted from Grand Prairie. Pipestone Energy’s common shares are publicly traded though the facilities of the TSX Venture Exchange under the trading symbol PIPE. Pipestone Energy’s listed warrants are publicly traded though the facilities of the TSX Venture Exchange under the trading symbol PIPE.WT.

Further Information

Website: www.pipestonecorp.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.