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Pieridae Evaluating Goldboro LNG Strategic Alternatives

Press Release

CALGARY, ALBERTA – July 2, 2021 – Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) today
released the following statement from Chief Executive Officer Alfred Sorensen with respect to a future path for
the Company’s Goldboro LNG Project:

‘While Pieridae has made tremendous progress in advancing the Goldboro LNG Project, as of June 30, 2021, we
have not been able to meet all of the key conditions necessary to make a final investment decision. Following
consultation with our Board, we have made the decision to move Goldboro LNG in a new direction. The Project’s
fundamentals remain strong: robust LNG demand from Europe and high global LNG prices, Indigenous
participation, a net-zero emissions pathway forward, and support from jurisdictions across Canada. This speaks to
our ongoing efforts to find a partner to take advantage of these opportunities.

That said, it became apparent that cost pressures and time constraints due to COVID-19 have made building the
current version of the LNG Project impractical.

We will now assess options and analyze strategic alternatives that could make an LNG Project more compatible
with the current environment. In addition, the Company will continue its work to further optimize the operation
and development of our extensive Foothills resources and midstream assets, including our carbon capture and
sequestration and blue power development.

Pieridae continues looking for innovative ways of supplying the world with the clean natural gas it requires as a
reliable bridge fuel, and providing the energy to fuel people’s lives while supporting the environment and the
transition to a lower-carbon economy.’

Alfred Sorensen, Chief Executive Officer, Pieridae Energy.

About Pieridae:

Founded in 2011, Pieridae, a majority Canadian owned corporation based in Calgary, is focused on the development of integrated energy-related activities, from the exploration and extraction of natural gas to the development, construction and operation of the Goldboro LNG facility and the production of LNG for sale to Europe and other markets. Pieridae is on the leading edge of the re-integration of the LNG value chain in North America. After completion of all the transactions disclosed in this news release, Pieridae has 157,641,871 common shares issued and outstanding which trade on the TSX (“PEA.TO”).

For further information please contact:

Alfred Sorensen, Chief Executive Officer
Telephone: (403) 261-5900

Rob Dargewitcz, Chief Financial Officer
Telephone: (403) 261-5900

James Millar, Director, External Relations
Telephone: (403) 261-5900

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