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Open Letter from Tom Claugus, President of GMT Capital Corp. following closing of Pipestone Energy Corp. merger with Strathcona Resources Ltd.

Written by Customer Service on . Posted in Mergers And Acquisitions.

ATLANTA, Oct. 10, 2023 (GLOBE NEWSWIRE) — As you are all aware now, we lost the vote opposing the Pipestone merger with Strathcona by an extremely narrow margin. I want to thank all of you who voted against the proposal. Unfortunately, Pipestone shares have traded poorly as we expected given the low exchange ratio. As of this writing, Pipestone shareholders have lost over 25% of the value of their investment compared to the day before this deal was publicly announced. We continue to believe the winners here were the Pipestone board and management team who cashed out ahead of shareholders. This was also a very accretive deal for the Strathcona shareholders, so congratulations to the Strathcona management team for their execution on this transaction. Hopefully, the management team executes as well in operating the combined company, and with strong oil prices Pipestone shareholders can recover their losses from an improvement in the Strathcona share price. Best wishes to all.

For further information:

GMT Capital Corp.
2300 Windy Ridge Parkway
Suite 550 South
Atlanta, GA 30339

CONTACT: 770-989-8250

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