Gibson Energy Announces Normal Course Issuer Bid

Gibson Energy Inc. (“Gibson” or the “Company”), (TSX: GEI), announced today the initiation of a Normal Course Issuer Bid (“NCIB”).

Gibson’s Board of Directors has approved a NCIB, and the Toronto Stock Exchange (the “TSX”) has accepted Gibson’s Notice of Intention to Make a NCIB, enabling the Company to purchase and cancel up to 10%, or 11,765,180, of the public float for the issued and outstanding common shares as of August 24, 2020 over the next 12 months commencing August 31, 2020 in accordance with the applicable rules and policies of the TSX and applicable securities laws.

Under the NCIB, common shares may be repurchased in open market transactions on the TSX, and/or other Canadian alternative trading platforms. In accordance with the rules of the TSX governing a NCIB, the total number of common shares the Company is permitted to purchase is subject to a daily purchase limit of 175,792 common shares, representing 25% of the average daily trading volume of common shares on the TSX calculated for the six-month period ended July 31, 2020. However, the Company may make one block purchase per calendar week which exceeds the daily repurchase restriction. The NCIB will terminate at the earlier of August 30, 2021 and the date on which the maximum number of Common Shares that can be acquired pursuant to the NCIB have been purchased.

The price that Gibson will pay for common shares in open market transactions will be the market price at the time of purchase. Gibson believes that the availability of a NCIB will enable the Company to maximize return to shareholders. The actual number of common shares that may be purchased, if any, and the timing of any such purchases, will be determined by Gibson based on a number of factors, including the continued adherence to its Financial Governing Principles.

On or about September 4, 2020, the Company expects to adopt an automatic purchase plan with its broker, BMO Nesbitt Burns Inc., in order to facilitate purchases of its common shares. Once established and approved by the TSX, the automatic purchase plan would allow for purchases by the Company of its common shares at any time, including, without limitation, when the Company would ordinarily not be permitted to make purchases due to regulatory restriction or self-imposed blackout periods. Purchases will be made by Gibson’s broker based upon the parameters prescribed by the TSX and the terms of the parties’ written agreement.