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CALGARY, Alberta, May  08, 2025  (GLOBE NEWSWIRE) --  Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) today announced the voting results from its Annual and Special Meeting of Shareholders (the “Meeting”) held on May 8, 2025. Each of the matters voted upon at the Meeting is described below and additional information on such matters is set out in the 2025 Notice of Annual and Special Meeting of Shareholders and Management Information Circular dated March 27, 2025 (the “Circular”), a copy of which is available on the Company’s SEDAR+ profile at www.sedarplus.ca. All resolutions brought forward at the Meeting were approved by shareholders, including to change the Company’s name to Cavvy Energy Ltd.

The Company expects to effect the name change on May 9, 2025 and to begin trading its common shares under the stock symbol “CVVY” on the Toronto Stock Exchange (the “TSX”) within three business days of the completion of the name change, subject to receipt of final regulatory approvals. The Company also intends to launch its new website at www.cavvyenergy.com following completion of the name change.

At the Meeting, shareholders also approved the continuance of the Company out of the federal jurisdiction of Canada under the Canada Business Corporations Act (the “CBCA”) and into the provincial jurisdiction of Alberta under the Business Corporations Act (Alberta) (the “ABCA”). The Company expects to effect the continuance immediately following the name change on May 9, 2025.

Charles Boulanger, Gail Harding, and Richard Couillard did not seek re-election to the Company’s board of directors (the “Board”) at the Meeting. The Board and management team would like to thank them for their valued contributions and guidance to the Company over the years and wish them well in their future endeavours. The Board and management team would also like to welcome the Company’s two new directors, Michael Backus and Harvey Doerr, to the Board.

The Company had 290,483,281 common shares outstanding and eligible to vote at the Meeting, of which 205,689,497 (70.81%) were voted.

VOTING RESULTS

1. Number of Directors: By ordinary resolution, the number of directors of the Company to be elected at the Meeting was fixed at seven. The results of the vote were as follows:

Votes ForVotes AgainstNumberPercentNumberPercent202,833,66198.612%2,855,8361.388%

2. Election of Directors: Each of the following seven nominees were 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:

NomineeVotes ForVotes Against NumberPercentNumberPercentMichael Backus188,069,90192.418%15,429,0727.582%Harvey Doerr200,365,87098.460%3,133,1031.540%Doug Dreisinger180,729,12288.811%22,769,85111.189%Andrew Judson187,854,91292.312%15,644,0617.688%Patricia McLeod188,384,11392.573%15,114,8607.427%Darcy Reding200,753,75098.651%2,745,2231.349%Kiren Singh168,669,54082.885%34,829,43317.115%

A biography of each director is available in the Circular.

3. Appointment of Auditor:  By ordinary resolution, Ernst & Young LLP was appointed as the auditor of the Company to hold office until close of the next annual meeting of shareholders of the Company. The results of the vote were as follows:

Votes ForVotes WithheldNumberPercentNumberPercent205,559,43899.938%127,8910.062%

4. Executive Compensation: By non-binding ordinary resolution, the advisory vote on executive compensation, also known as “say on pay”, as described in the Circular, was approved. The results of the vote were as follows:

Votes ForVotes AgainstNumberPercentNumberPercent177,804,10687.373%25,694,86712.627%

5. Ratification of Options: By ordinary resolution, the ratification and approval of all stock options granted after May 27, 2024 and approval of all unallocated options under the stock option plan, as described Circular, was approved. The results of the vote were as follows:

Votes ForVotes AgainstNumberPercentNumberPercent165,379,34181.268%38,119,63218.732%

6. Name Change: By special resolution, the amendment to the Company’s articles to change its name to “Cavvy Energy Ltd.” was approved. The results of the vote were as follows:

Votes ForVotes AgainstNumberPercentNumberPercent192,942,42193.803%12,747,0766.197%

7. Continuance: By special resolution, the continuance of the Company out of the federal jurisdiction of Canada under the CBCA and into the provincial jurisdiction of Alberta under the ABCA, as described in the Circular, was approved. The results of the vote were as follows:

Votes ForVotes AgainstNumberPercentNumberPercent183,699,32090.270%19,799,6539.730%

ABOUT PIERIDAE

Pieridae is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from western Canada. Pieridae’s vision is to provide responsible, affordable natural gas and derived products to meet society’s energy security needs.

For further information, visit www.pieridaeenergy.com or please contact:

Darcy Reding, President & Chief Executive OfficerAdam Gray, Chief Financial OfficerTelephone: (403) 261-5900Telephone: (403) 261-5900 Investor Relations [email protected]

Forward-Looking Statements Certain of the statements contained herein may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively “forward-looking statements”), including, without limitation: the Company’s intention to change its name from “Pieridae Energy Limited” to “Cavvy Energy Ltd.”, including the anticipated timing thereof; the Company’s intention to begin trading its common shares under the stock symbol “CVVY” on the TSX and the anticipated timing thereof; the receipt of the required regulatory approval in respect of the name change and the new stock symbol; [the Company’s intention to continue under the ABCA;] and the Company’s strategy and vision. Words such as “will”, “intend”, “expect”, “vision”, “strategy” and similar expressions may be used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management.

Forward-looking statements are based on a number of factors and assumptions which have been used to develop such forward-looking statements, but which may prove to be incorrect. Although Pieridae believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because Pieridae can give no assurance that such expectations will prove to be correct. A number of risk factors could cause actual results to differ materially from those anticipated, expressed or implied by the forward-looking statements contained herein. For more information about the assumptions and risks associated with the forward-looking statements contained herein, see “Forward Looking Information” and “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2024 and “Cautionary Note Regarding Forward-Looking Information” in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2024, each of which can be accessed through the Company’s SEDAR+ profile at www.sedarplus.ca.

Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and Pieridae assumes no obligation to update or review them to reflect new events or circumstances except as required by applicable securities laws.

Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.