Pieridae Energy Limited announced that Mr. Alfred Sorensen has indicated to the Company’s Board of Directors that he will be retiring from his roles as Director shortly. Mr. Sorensen has been instrumental in leading the operations of Pieridae for over a decade. With the completion of the Company’s refinancing, which was a key step in Pieridae’s previously announced strategy to improve financial flexibility and reduce leverage, as well as the Company’s transition away from its LNG project and renewed focus on its upstream and midstream assets in the Canadian Foothills, Mr. Sorensen has informed the Board that this is a logical time to transition the leadership of the Company.

The Board and Mr. Sorensen have committed to facilitating an orderly transition. The Board confirms its full confidence in the ongoing leadership of Mr. Darcy Reding, President and Chief Operating Officer and Mr. Adam Gray, Chief Financial Officer, along with the balance of the senior leadership team to continue managing the full scope of Pieridae operations during the transition. Mr. Sorensen’s departure date will be communicated as soon as it is finalized.