Al Mehwar Receives Shares of Pipestone Energy Corp. as part of a Distribution from Canadian Non-Operated Resources L.P.

ABU DHABI, UAE, Sept. 24, 2021 /CNW/ - On September 23, 2021, Canadian Non-Operated Resources GP Inc. in its capacity as general partner, for and on behalf of Canadian Non-Operated Resources L.P. ("CNOR L.P."), a significant shareholder of Pipestone Energy Corp. ("Pipestone"), distributed all of the common share in the capital of Pipestone (the "Common Shares") it held to its limited partners (the "Distribution"), including Amwal Investments LLC ("Amwal"), as a distribution in kind. On the same day, Amwal transferred the Common Shares to its affiliate, Al Mehwar Commercial Investments LLC ("Al Mehwar").

Al Mehwar currently beneficially owns 31,439,809 Common Shares, representing 16.4% of the issued and outstanding Common Shares. Assuming immediate conversion of all convertible preferred shares of Pipestone issued and outstanding, the 31,439,809 Common Shares beneficially owned by Al Mehwar would represent approximately 11.2% of the then issued and outstanding Common Shares.

Al Mehwar has no current plans or intentions which relate to acquisitions or dispositions of Common Shares; however, depending on various factors including, without limitation, the price levels of the Common Shares, conditions in the securities markets and general economic and industry conditions, Al Mehwar's business or financial condition, and other factors and conditions Al Mehwar deems appropriate, Al Mehwar may develop such plans in the future.

An early warning report relating to this transaction will be filed on SEDAR under Pipestone's profile at ww.sedar.com. To obtain a copy of the report, please contact Omar Liaqat at +97126115555. Each of Amwal and Al Mehwar is a limited liability company governed by the laws of the United Arab Emirates and each is indirectly wholly-owned and controlled by the Abu Dhabi Investment Council Company PJSC, which itself is wholly-owned by Mubadala Investment Company PJSC, an institution of the Government of the Emirate of Abu Dhabi. The address of each of Amwal and Al Mehwar is at Al Bahr Towers, Sheikh Zayed Bin Sultan Street, Abu Dhabi, P.O. Box 61999, United Arab Emirates. The head office of Pipestone is located at 3700, 888 3^rd Street SW, Calgary, Alberta, T2P 5C5.

SOURCE Al Mehwar Commercial Investments LLC