NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES

PIERIDAE ANNOUNCES VOTING RESULTS REPORT FOLLOWING ITS ANNUAL AND SPECIAL SHAREHOLDER MEETING

(Section 11.3 of National Instrument 51-102 Continuous Disclosure Obligations)

CALGARY, ALBERTA – May 26, 2022 - Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) today announced that, in accordance with section 11.3 of National Instrument 51-102 Continuous Disclosure Obligations, the Company released its Voting Results Report that briefly describes the matters voted upon and the outcome of the votes at the Annual and Special Meeting of Shareholders (the “Meeting”) of Pieridae held on May 26, 2022. Each of the matters acted upon at the Meeting is described below and in greater detail in the 2022 Notice of Annual and Special Meeting of Shareholders and Management Information Circular dated April 12, 2022, a copy of which is available on SEDAR.

Matters to be Acted Upon:

1. Number of Directors: By a resolution passed by ballot, the number of directors of the Company to be elected at the Meeting was approved at eight. Proxies were received in the matter as follows:

Votes for: 60,552,055. Votes against: 38,770

2.  Election of Directors: By resolution passed by ballot, the following eight nominees were each elected as a director of the Company to serve until the next annual meeting of shareholders of the Company, or until their successors are elected or appointed. The results of the vote were as follows:

Directors are Alfred Sorenson, Charles Boulanger, Andrew Judson, Kiren Singh, Richard Couillard, Patricia McLeod, Gail Harding, Doug Dreisinger. All of them with over 99.9% of votes with the exceptions of Andrew Judson and Charles Boulanger, who received 76.6% and 79.6% respectively.

Pieridae would like to thank Myron Tétreault, Kjell Pedersen and Charle Gamba, who opted out of re-election and ceased to be members of the board of directors, for their service as directors and for all their contributions over time. Pieridae also thanks Mr. Tétreault for his leadership as Chair of the board of directors of Pieridae.

Pieridae is pleased to welcome new directors Richard Couillard, Patricia McLeod, Gail Harding, and Doug Dreisinger. These individuals bring a tremendous range of experience, extensive professional knowledge, and diversity of background to the board. Pieridae welcomes Ms. McLeod as incoming Chair of the board of directors.

A biography of the board members is available in the Management Information Circular.

3.  Appointment of Auditors: By a resolution passed by ballot, Ernst & Young LLP was appointed as the auditors of the Company to hold office until close of the next annual meeting of shareholders of the Company. Proxies were received in the matter as follows:

Votes for: 64,163,949 (99.797%). Votes Against: 19,949 (0.03%)

4.  Amended and Restated Stock Option Plan: By a resolution passed via ballot, the amended and restated stock option plan, as described in Schedule A attached to the Management Information Circular, was ratified, confirmed and approved. Proxies were received in the matter as follows:

Votes for: 60,483,520 (99.87%) Votes Against: 77,305 (0.13%)

5.  Executive Compensation: By a non-binding resolution passed via ballot, the advisory note on executive compensation, also known as “say on pay”, as described in Schedule A attached to the Management Information Circular, was approved. Proxies were received in the matter as follows:

Votes for: 60,429,856 (99.78%) Votes Against: 130, 969 (0.22%)

About Pieridae: Founded in 2011, Pieridae is a majority Canadian-owned corporation based in Calgary. The Company is focused on the exploration, extraction, and processing of natural gas, as well as analyzing options for a reconfigured LNG Project that fits with the current environment and would supply Europe and other markets. Pieridae provides the energy to fuel peoples’ lives while supporting the environment and the transition to a lower-carbon economy. After completion of all the transactions disclosed in this news release, Pieridae has 157,825,108 common shares issued and outstanding, which trade on the TSX (“PEA.TO”).

For further information please contact:

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

investors@pieridaeenergy.com