CALGARY, AB, Oct. 31, 2024 /CNW/ – Rubellite Energy Inc. (TSX: RBY) (“Rubellite”) and Perpetual Energy Inc. (TSX: PMT) (“Perpetual”) are pleased to jointly announce that today, they completed their previously announced strategic recombination transaction (the “Recombination”) creating “Rubellite Energy Corp.” “. With increased size and scale, greater financial liquidity, increased flexibility and operations led by its subsidiaries, Rubellite Energy Corp. will be well positioned to execute the development of its high quality drilling inventory with significant option to realize value overall. assets thanks to its growth-oriented business plan.

The recombination was carried out by means of an arrangement under the Joint Stock Companies Act (Alberta), pursuant to which holders of common shares of Rubellite (“Rubellite Shares”) received one (1) common share (“New Shares”) of Rubellite Energy Corp. for each Rubellite share held, holders of perpetual common stock (“Perpetual Shares”) received one (1) new share for every five (5) perpetual shares held, and the outstanding senior notes of Perpetual ( $26.2 million in par value) were converted into 11.6 million new shares at a conversion price of $2.25 per share.

The board of directors of Rubellite Energy Corp. is composed of the directors of Rubellite and Perpetual, namely Linda A. Dietsche, Holly A. Benson, Tamara L. MacDonald, Geoffrey C. Merritt, Susan L. Riddell Rose, Ryan A. Shay. , Bruce C. Shultz and Steven L. Spence.

It is expected that the Perpetual Shares will be delisted from the Toronto Stock Exchange (the “TSX”) at the close of business on or after November 4, 2024 and the New Shares will begin trading on the TSX under the trading symbol of Rubellite “RBY”. on the market open from November 5, 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 formations in eastern Alberta, using multilateral drilling technology. Rubellite has a prolific oil-focused asset base and is pursuing a robust growth plan focused on superior business returns and fund flow generation while maintaining a conservative capital structure and prioritizing operational excellence. Rubellite was incorporated by Perpetual and established through a plan of arrangement in September 2021. Additional information about Rubellite and the recombination can be found on the Rubellite 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 has 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 about Perpetual can be found on SEDAR+ at www.sedarplus.ca or from the Perpetual website at www.perpetualenergyinc.com.

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

SOURCE Rubellite Energy Inc.

For further information, please contact: Rubellite Energy Inc. / Perpetual Energy Inc., Suite 3200, 605 – 5 Avenue SW Calgary, Alberta, Canada T2P 3H5, Telephone: 403 269-4400, Fax: 403 269-4444, Email : (protected email) / (protected email); Susan L. Riddell Rose, president and CEO; Ryan A. Shay, Vice President of Finance and Chief Financial Officer