On September 21, 2023, Pipestone Energy Corp. announced that GMT Capital Corp.?s latest attempt to derail the proposed arrangement with Strathcona Resources Ltd. is long on speculation and short on credibility. In addition, the Company stated that the extensive 18-month strategic review process considered all alternatives available to the Company, including those previously put forward by GMT and companies in which it has an interest, and determined that the combination with Strathcona is in the best interests of Pipestone and the Pipestone Shareholders.

The Company mentioned that Tom Claugus claims, intended to derail the value-unlocking transaction, are even more misleading and incoherent than the earlier arguments from the Atlanta-based hedge fund and the remaining arguments made in letter echo the same false, speculative and unsupported points contained in GMT?s dissident proxy circular, which have already been thoroughly addressed and dismantled by Pipestone. Institutional Shareholder Services (ISS) stated that the dissident arguments do not appear well supported and there is no clear indication as to whether a rejection of the deal would enhance shareholder value or lead to an enduring improvement in the Company's share price and recommended shareholders vote for the proposed Arrangement.