Cavvy Energy Ltd. — AGM Information 2021

May 1, 2021

PIERIDAE ENERGY LIMITED

NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

Please join us at our 2021 annual and special meeting of shareholders (the Meeting which will be held in a virtual only meeting format.

When

May 27, 2021 commencing at 8:30 a.m. (Mountain me)

Where

The Meeting will be held via live audio webcast online at: http://web.lumiagm.com/256537397

In order to proactively deal with the unprecedented and ongoing public health impact of the coronavirus disease 2019 (COVID 19), and to mitigate risks to the health and safety of our shareholders, employees, other stakeholders and communities, Pieridae Energy Limited Pieridae will hold the Meeting in a virtual only format, which will be conducted via live audio webcast. Thus, shareholders will have the opportunity to participate in the Meeting online regardless of their geographic location. During the Meeting, participants will have the opportunity to ask questions and to vote on a number of important matters. Interested shareholders are encouraged to participate in the Meeting. Inside this document, you will find important information and detailed instructions about how to participate in the Meeting on a virtual basis.

What the Meeting will cover

Receiving the 2020 consolidated financial statements of Pieridae and the related report; Fixing the number of directors of Pieridae to be elected at eight; Electing the directors of Pieridae; Appointing Ernst & Young LLP as auditors of Pieridae;

Approving the amended and restated stock option plan of Pieridae (the text of which is set forth in Schedule A attached to the Management Information Circular); and

Considering any other business which may be properly brought before the Meeting or any adjournment or postponement thereof.

Please refer to the attached Management Information Circular for more details.

Your vote is important

The a ached Management Informa on Circular tells you about the items of business for considera on, who may vote and how you can vote. Please read the Management Informa on Circular carefully and remember to vote.

Non Registered Shareholders (as defined in the accompanying Management Information Circular) who receive these materials through their broker or other intermediary are requested to follow the instructions for voting provided to you by your broker or intermediary, which may include the completion and delivery of a voting instruction form.

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Shareholders that are unable to par cipate in the Mee ng or any adjournment or postponement thereof via live audio webcast are requested to date and sign either the accompanying form of proxy or the vo ng instruc on form issued to you by your broker or other intermediary, and mail it in the envelope provided, so that it is received no later than 8:30 am (Mountain me) on May 25, 2021 , to: Computershare Trust Company of Canada, A en on: Proxy department, 8th oor, 100 University Avenue, Toronto, Ontario M6J 2Y1. Alternatively, Shareholders may use the internet (www.investorvote.com) or the telephone (1 866 732 VOTE (8683) to transmit voting instructions. In each case, proxies must be received by Computershare Trust Company of Canada not later than 8:30 am (Mountain time) on May 25, 2021, or 48 hours before the time of the adjourned or postponed meeting (excluding weekends and holidays).

If you are a Non Registered Shareholder (as defined in the accompanying Management Information Circular) and do not complete and return the vo ng instruc on form and other materials in accordance with the instructions for voting provided to you by your broker or intermediary, you may not be entitled to vote at the Meeting, either online or by proxy.

If you have any questions about the Meeting or about voting, please contact Computershare Trust Company of Canada by telephone (toll free) at 1 800 564 6253.

By order of the Board of Directors of Pieridae Energy Limited

dated April 16, 2021 at Calgary, Alberta

Thomas Ciz

Thomas Ciz Corporate Secretary

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