Nashville, Tennessee and Vancouver, British Columbia--(Newsfile Corp. - June 21, 2023) - Alpine Summit Energy Partners, Inc. (TSXV: ALPS.U) (NASDAQ: ALPS) ("Alpine Summit" or the "Company") today announced that its Board of Directors unanimously voted to conclude its previously announced asset sale process, which was being conducted by Stephens Inc. ("Stephens").

Beginning on March 8, 2023, Stephens broadly solicited expressions of interest in a sale of various strategic, highly productive assets recently developed and proven by the Company. After considering several bids, the Company's Board of Directors concluded that the bids were not reflective of the value of the underlying assets and it was therefore not prudent to continue the sales process in the current environment. The impact of a force majeure event, that has since been resolved, constrained production during April and May of 2023 and contributed to this outcome. The Company continues to review and evaluate its strategic options, including financing options, with the intent of maximizing value for its stakeholders. The Company has retained Porter Hedges LLP, Houlihan Lokey Capital, Inc., and Huron Consulting Group to assist with this process. However, there can be no assurance that such review will result in any agreements or transactions, or that, if completed, any agreements or transactions will be successful or on attractive terms.

About Alpine Summit Energy Partners, Inc.

Alpine Summit is a U.S. based company that operates and develops oil and gas assets. For additional information on the Company, please visit www.alpinesummitenergy.com.

Darren Moulds, Chief Financial Officer
Phone: 403.390.9260
Email: dmoulds@alpsummit.com

Forward-Looking Information and Statements

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Alpine Summit's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Alpine Summit's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or the negative or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company's evaluation and review of its strategic options and the potential outcome thereof.