Early Warning News Release

CALGARY, ALBERTA--(Marketwired - Nov. 24, 2017) -

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

As a result of the completion of the business combination of Pieridae Energy Limited ("Former Pieridae") and Pétrolia Inc. ("Pétrolia") by way of plan of arrangement under the Canada Business Corporations Act (the "Arrangement") on October 24, 2017 to form Pieridae, Alfred Sorensen ("Sorensen"), through a company controlled by him, Alfred Sorensen Holdings Ltd. ("Holdco"), received 9,773,473 common shares ("Pieridae Shares") in the capital of Pieridae Energy Limited ("Pieridae") (TSX-V: PEA), representing 19.63% of the issued and outstanding Pieridae Shares.

Pursuant to the Arrangement, holders of common shares in the capital of Former Pieridae ("Former Pieridae Shares"), including Holdco, received 2.2057526 Pieridae Shares for each one (1) Former Pieridae Share held (subject to rounding). Each Pieridae Share issued to Former Pieridae Shareholders or to shareholders of Pétrolia pursuant to the Arrangement was issued at a deemed price of $5.667 per Pieridae Share. Immediately prior to the Arrangement, Sorensen did not own or control any common shares of Pétrolia. The Pieridae Shares commenced trading on the TSX Venture under the symbol "PEA" on November 2, 2017.

Holdco acquired the securities pursuant to the Arrangement. Each of Sorensen and Holdco may, depending on market and other conditions, increase or decrease its ownership of Pieridae Shares or other securities of Pieridae, whether in the open market, by privately negotiated agreement or otherwise.

A report respecting this acquisition will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing on Pieridae's profile at www.sedar.com.

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