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Pine Cliff Energy Ltd. press release

Pine Cliff Energy Ltd. Announces Results of Shareholders' Meeting, Annual Stock Option Grant and New Chairman of the Board

TSX - Toronto Stock Exchange · Canada

Calgary, Alberta--(Newsfile Corp. - May 16, 2023) - Pine Cliff Energy Ltd. (TSX: PNE) ("Pine Cliff" or the "Company") is pleased to announce all matters presented for approval at the Annual Meeting of the Shareholders on May 16, 2023 (the "Meeting") have been approved. A total of 133,728,421 common shares representing 38.03% of Pine Cliff's issued and outstanding common shares were voted in connection with the Meeting.

Each of the five nominees proposed by Pine Cliff and as set out in the Information Circular - Proxy Statement provided to shareholders in connection with the Meeting were duly elected as directors. Each of the nominees was elected as shown below:

| Name of Nominee | Voted For | Percent | Votes Withheld | Percent | | Calvin B. Jacober | 115,373,821 | 89.98% | 12,853,212 | 10.02% | | Robert B. Fryk | 115,253,798 | 89.88% | 12,973,235 | 10.12% | | Philip B. Hodge | 128,147,229 | 99.94% | 79,804 | 0.06% | | Jacqueline R. Ricci | 115,248,552 | 89.88% | 12,978,481 | 10.12% | | William R. Rice | 112,450,353 | 87.70% | 15,776,680 | 12.30% |

Deloitte LLP, Chartered Accountants, were appointed auditors of the Company for the ensuing year and the Board of Directors of Pine Cliff (the "Board") were authorized to fix their remuneration. The complete report on the voting results for the Meeting is available under the Company's profile at www.sedar.com.

The Board has approved an annual stock option grant of an aggregate of 9,386,180 stock options to its directors, officers and employees. The stock options vest between one to three years, have an exercise price of $1.30 per share and will expire between May 16, 2025, and May 16, 2027.

Mr. William R. Rice has been appointed Chairman of the Board, following the decision by Mr. George Fink not to stand for re-election. The Board would like to thank Mr. Fink for his dedication and service to Pine Cliff and wish him continued success and enjoyment in his retirement.

About Pine Cliff

Pine Cliff is a natural gas and crude oil company with a long-term view of creating shareholder value. Further information relating to Pine Cliff may be found on www.sedar.comas well as on Pine Cliff's website at www.pinecliffenergy.com.

For further information, please contact: Philip B. Hodge - President and CEO Alan MacDonald -CFO and Corporate Secretary Telephone: (403) 269-2289 Fax: (403) 265-7488 Email: info@pinecliffenergy.com

The TSX does not accept responsibility for the accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/166325

Earlier from Pine Cliff Energy Ltd.