Mr. Alfred Sorensen reports

PIERIDAE RELEASES Q1 2023 RESULTS

Pieridae Energy Ltd. has released its first quarter 2023 financial and operating results. Pieridae generated Net Operating Income ("NOI")1 of $50 million and made term debt principal repayments totalling $28 million during the first quarter of 2023. Pieridae's management's discussion and analysis ("MD&A") and unaudited interim consolidated financial statements and notes for the quarter ended March 31, 2023 are available at www.pieridaeenergy.com and on SEDAR at www.sedar.com.

Q1 2023 HIGHLIGHTS

• Generated record quarterly NOI1 of $50.0 million ($0.31 per basic and fully diluted share) up 6% from $47.3 million ($0.30 per basic and fully diluted share) in Q1 2022.
• Generated Funds Flow from Operations1 of $41.6 million ($0.26 per basic and fully diluted share), up 19% from $34.9 million ($0.22 per basic and fully diluted share) in Q1 2022.
• Generated Net Income of $13.6 million ($0.09 per basic and $0.08 per fully diluted share), compared to $10.7 million ($0.07 per basic and fully diluted share) in Q1 2022.
• Produced 36,467 boe/d (85% natural gas), down 10% from 40,491 boe/d in Q1 2022, due primarily to the previously discussed re-injection of ethane volumes into the natural gas sales stream, natural declines and an unplanned outage at the Caroline gas plant in Central Alberta which was back on-stream in late January.
• Repaid $27.9 million of the senior secured term loan (including the net impact of interest paid in kind "PIK"), reducing the amount due at maturity to $189.2 million2 at March 31, 2023.
• Successfully drilled the Company's first Foothills well (02/6-35-44-18W5, "6-35") targeting the Ostracod formation in the Brown Creek area of Central Alberta, resulting in a commercially productive new pool discovery and proving up a new Foothills play type with significant follow-up drilling potential.
• Commenced drilling a second Foothills well (02/6-29-44-17W5, "6-29") targeting the Mountain Park formation in Brown Creek.
• Subsequent to Quarter End
• Equipped, tied-in and put on production our first foothills well (6-35) in April 2023 which is currently producing approximately 6 MMcf/d sales gas at a flowing wellhead pressure of 16 MPa. The well is highly restricted as production capability exceeds the Company's working interest capacity at the gathering system tie-in point.
• Finished drilling 6-29 in April 2023 and released the drilling rig. The Company has elected to defer further development activity at this time.

"Pieridae had strong financial results this quarter, despite weaker commodity prices, thanks to gains from our hedging program," said Pieridae's Chief Executive Officer, Alfred Sorensen. "We have also successfully concluded our winter drilling program with production from the development program expected in the second quarter. Our focus as we move into summer is to prudently manage expenditures and working capital during a period of expected lower commodity prices while maintaining safe and reliable operations, and to complete our term debt refinancing."

Pieridae's priority remains improving financial flexibility by strengthening our balance sheet while sustaining production, implementing cost control initiatives, optimizing infrastructure logistics and executing non-core asset dispositions in order to maintain profitability during the commodity cycle.

CONFERENCE CALL DETAILS

A conference call and webcast to discuss the results will be held on Thursday, May 11, 2023, at 1:30 p.m. MDT / 3:30 p.m. EDT, following the formal business conducted at the Annual General Meeting. To participate in the webcast or conference call, you are asked to register using one of the links provided below.

To register to participate via webcast please follow this link:

https://edge.media-server.com/mmc/p/ycbxe4rk

Alternatively, to register to participate by telephone please follow this link: https://register.vevent.com/register/BI7ca32ab1d6cd499db19e4a78b83d5ada

ABOUT PIERIDAE

Pieridae is a Canadian energy company headquartered in Calgary, Alberta. Through a number of corporate and asset acquisitions, we have grown into a significant upstream and midstream producer with assets concentrated in the Canadian Foothills, producing conventional natural gas, NGLs, condensate and sulphur. Pieridae provides the energy to fuel people's daily lives while supporting the environment and the transition to a lower-carbon economy. Pieridae's common shares trade on the TSX under the symbol "PEA".

We seek Safe Harbor.