PERPETUAL ENERGY INC. AND RUBELLITE ENERGY INC. OBTAIN SHAREHOLDER APPROVAL FOR THE STRATEGIC RECOMBINATION

CALGARY, AB , Oct. 29, 2024 /CNW/ - Rubellite Energy Inc. (TSX: RBY) ("Rubellite") and Perpetual Energy Inc. (TSX: PMT) ("Perpetual") are pleased to jointly announce that today they have obtained the necessary shareholder approvals to proceed with their previously announced strategic recombination transaction under the Business Corporations Act ( Alberta ) (the "Recombination").

The shareholders of each of Rubellite and Perpetual overwhelmingly approved the Recombination, with 99.9% of the total votes cast and 99.8% of the votes cast under the minority approval requirements being in favor of the Recombination at the Rubellite special shareholder meeting and 99.5% of the total votes cast and 98.7% of the votes cast under the minority approval requirements being in favor of the Recombination at the Perpetual special meeting. Rubellite shareholders also elected an additional three directors, Linda A. Dietsche , Geoffrey C. Merritt and Steven L. Spence , to the board of directors of Rubellite, conditional on the Recombination being completed. The percentages of votes for and withheld from voting were 99.9% and 0.1%, respectively, for each of the nominees.

The Recombination remains subject to Court approval, which is scheduled for 3:00 p.m. on October 30, 2024 , with closing expected to occur the following morning on October 31, 2024 .

ABOUT RUBELLITE

Rubellite is a Canadian energy company engaged in the exploration, development and production of heavy crude oil from the Clearwater and Mannville Stack Formations in Eastern Alberta , utilizing multi-lateral drilling technology. Rubellite has a prolific, oil focused asset base and is pursuing a robust growth plan focused on superior corporate returns and funds flow generation while maintaining a conservative capital structure and prioritizing operational excellence. Rubellite was incorporated by Perpetual and established through plan of arrangement in September 2021 . Additional information on Rubellite and the Transaction can be accessed on Rubellite's website at www.rubelliteenergy.com or on SEDAR+ at www.sedarplus.ca . 

ABOUT PERPETUAL

Perpetual is an oil and natural gas exploration, production and marketing company headquartered in Calgary, Alberta . Perpetual owns a diversified asset portfolio, including liquids-rich conventional natural gas assets in the deep basin of West Central Alberta and undeveloped bitumen leases in Northern Alberta . Additional information on Perpetual can be accessed on Perpetual's website at www.perpetualenergyinc.com or on SEDAR+ at www.sedarplus.ca .

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

SOURCE Perpetual Energy Inc.