Pipestone Energy Corp. Appoints Chief Operating Officer and Closing of the Previously Announced Midstream Transaction

CALGARY, Alberta, Aug. 15, 2019 (GLOBE NEWSWIRE) — Pipestone Energy Corp. (“Pipestone Energy”) (TSX-V: PIPE) announces the appointment of Dustin Hoffman as Chief Operating Officer (COO) to be effective September 9, 2019.

Mr. Hoffman has over 25 years of professional experience, at Encana Corporation and its predecessor companies, where he held several senior management roles in different operating groups such as Deep Basin, Peace River Arch, Montney, Duvernay and most recently as Senior Manager, D&C Sourcing.  Mr. Hoffman is a Professional Engineer and holds a B.Sc. Chemical Engineering from the University of Alberta.

Paul Wanklyn, President and Chief Executive Officer of Pipestone Energy said, “I am extremely pleased to have Dustin join the team at Pipestone Energy as our COO.  Dustin brings proven senior leadership capabilities and a tremendous amount of experience in both the Montney and other unconventional resource plays across Canada. His significant experience in managing the start-up of new projects and working knowledge of the Pipestone area will add immediate value to forthcoming production ramp-up and future field development.”

Pipestone Energy is pleased to welcome Mr. Hoffman and would like to extend our great appreciation to Mr. Rosine who has served as our Senior Vice President & Chief Operating Officer since Pipestone Energy completed its plan of arrangement and reverse takeover of Blackbird Energy Inc. on January 4, 2019.  Mr. Rosine has been instrumental in the success of Pipestone Energy to date and we are very fortunate to be able to have Mr. Rosine work with Mr. Hoffman through this period of transition.

MIDSTREAM TRANSACTION

Pipestone Energy closed its previously announced Midstream Transaction with Tidewater Midstream and Infrastructure Ltd. on August 15, 2019, which included the receipt of approximately $14 million in proceeds. Pipestone Energy will be utilizing these proceeds to fund the completion of three delineation wells on its 9-14 pad with pumping operations to commence prior to the end of Q3 2019.