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Perpetual Energy CFO Retires; Director Tapped as Successor

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   |    Wednesday,March 17,2021

Perpetual Energy Inc. reported the retirement of Vice President Finance and CFO Mark Schweitzer.

Schweitzer joined the Company in January 2017 and will remain in his existing capacity until the spring of 2021.

One of Perpetual's Directors, Ryan Shay, will be joining the executive team as Vice President Finance and CFO upon Mark’s retirement.

About Shay

Mr. Shay brings more than 25 years of industry experience and was most recently Managing Director, Head of Investment Banking at Cormark Securities. Mr. Shay holds Chartered Professional Accountant – Chartered Accountant and Chartered Financial Analyst designations, and a Bachelor of Commerce in Accounting from the University of Saskatchewan. Mr. Shay will remain on Perpetual’s Board of Directors.

In connection with Mr. Shay’s pending appointment as Vice President, Finance and CFO and for executive share ownership and shareholder alignment purposes, the Company has issued Mr. Shay, on a non-brokered private placement basis, 1,000,000 common shares at a price of $0.23 per share for gross proceeds to the Company of $230,000. Perpetual will use the proceeds from this private placement for working capital purposes. No commissions or finder fees were payable in connection with this private placement. The shares issued to Mr. Shay are subject to a statutory four month hold period expiring June 16, 2021. Pro forma this private placement, Perpetual will have 62,530,227 net shares outstanding.