Pieridae Creating Caroline Carbon Capture Power Complex

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

• Large-scale carbon capture and sequestration (CCS), and blue power production at Pieridae’s Caroline, Alberta facility
• Advances Pieridae’s long term ESG strategy and supports the company’s commitment of net-zero emissions by 2050 for its Goldboro LNG Project
• Sequesters up to 100 million tonnes of CO₂ over three-plus decades
• Removes equivalent emissions of more than 650,000 cars each year¹
• Produces 1.9 billion kilowatt-hours of blue power² and sequesters one million tonnes of CO₂ annually during Phase 1 of the Project, enough to power 112,000 households each year
• Produces up to 7.9 billion kilowatt-hours of blue power annually on full build-out

CALGARY, Alberta, May 27, 2021 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) is pleased to announce the creation of the Caroline Carbon Capture Power Complex. The Complex, to be located at Pieridae’s Caroline Facility in Alberta, will be a combination of large-scale carbon capture and sequestration and blue power production. This development supports independent, third-party research Pieridae commissioned last year which highlights pathways to achieving net-zero emissions by 2050 for the proposed Goldboro LNG Project. CCS was noted as a reputable pathway toward this goal.

The Complex will have the ability to sequester up to three million tonnes of CO₂ annually into one of the Caroline Facility’s depleted gas reservoirs. This amount of carbon captured equals the annual emissions from the Goldboro LNG Facility. Over the life of the Project, that’s close to 100 million tonnes of CO₂.

“This ‘made in Canada’ solution positions Pieridae to play a key role in helping to lower overall Canadian greenhouse gas emissions,” said Pieridae’s CEO Alfred Sorensen. “We know the world is looking for ways to transition to a lower-carbon intensity economy. By capturing and storing carbon on such a large scale, we move further down the strategic path of ensuring Pieridae is net carbon negative across its value chain from the wellhead to LNG delivery into Europe.”

The Caroline Carbon Capture Power Complex will capture carbon from three sources: CO₂ generated at the gas processing facility, CO₂ generation from power production and CO₂ produced by third parties. The Complex will have a maximum power production capacity at full build-out of 7.9 billion kilowatt-hours annually.

Pieridae will reuse and re-purpose existing infrastructure at its Caroline Facility to reduce overall capital costs and environmental impact. The Company will be working with several industry partners and expects one of those partners to be an Alberta First Nations development group. Phase 1 of the Caroline Carbon Capture Power Complex will sequester one million tonnes of CO₂ and produce approximately 200 MW or 1.9 billion kilkowatt-hours of blue power annually, enough to power 112,000 households each year.

Sequestering three million tonnes of CO₂ per year would be the equivalent of taking more than 650,000 cars off the road each year or eliminating 4.4 billion kilowatt-hours of coal-fired power annually.

About Pieridae:
Founded in 2011, Pieridae, a majority Canadian-owned corporation based in Calgary, is focused on the development of integrated energy value chain activities, including the exploration, extraction, and processing of natural gas, NGLS, and condensate; development, construction, and operation of LNG facilities. 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”).

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¹ At full capacity based on EPA guidelines that indicate the average vehicle emits ~4.6 tonnes/year of CO₂ and coal intensity reference from Global Energy Monitor.
² Blue power is conventionally-produced power where all emissions are captured and stored.