Mr. Scott Bauman reports

TIDEWATER MIDSTREAM AND INFRASTRUCTURE LTD. ANNOUNCES THE CLOSING OF ITS PIPESTONE AND DIMSDALE ASSET SALE TO ALTAGAS LTD. AND PROVIDES CORPORATE UPDATE

Tidewater Midstream and Infrastructure Ltd. has closed the previously announced sale of its Pipestone natural gas plant, Pipestone expansion project and Dimsdale natural gas storage facility to AltaGas Ltd. As consideration for the Transaction, Tidewater received cash proceeds of $325 million and approximately 12.47 million common shares of AltaGas ("AltaGas Shares") for aggregate total consideration of approximately $665 million, based on the closing price of the AltaGas Shares on the Toronto Stock Exchange ("TSX") on the day before closing. Concurrent with the closing of the Transaction, Tidewater entered into credit facilities with a syndicate of domestic and global banks totaling an aggregate amount of $375 million (the "Credit Facilities"). The Credit Facilities will provide Tidewater with the financial flexibility to support its ongoing base business, while providing enhanced liquidity to support profitable growth initiatives.

Tidewater will use the net proceeds from the Transaction for general corporate purposes, including the repayment of amounts on its senior credit facility, which will provide an immediate improvement to Tidewater's leverage profile and a reduction to cash interest costs.

"The closing of the Transaction unlocks meaningful shareholder value and enhances our financial flexibility while significantly reducing our leverage," said Rob Colcleugh, CEO of Tidewater. "I would like to thank our Tidewater team for the significant time and dedication they invested to get this transaction closed."

Intention to Repurchase Common Shares and Dividend Update

Tidewater's Board of Directors ("Board") has authorized the application to the TSX to institute a normal course issuer bid ("NCIB") which will establish the ability to repurchase, for cancellation, up to 10% of the public float of the common shares of Tidewater (the "Common Shares"). The NCIB will be subject to the approval of the TSX and is intended to be effective in the first quarter of 2024 and will be made in accordance with the applicable rules and policies of the TSX and securities laws. Tidewater believes that following the closing of the Transaction the market price of the Common Shares may not reflect the Corporation's intrinsic value and future prospects, and that the purchase of Common Shares may represent an appropriate use of the Corporation's financial resources to enhance shareholder value.

Concurrent with the approval of the NCIB, the Board has elected to suspend its quarterly dividend of $.01 per Common Share to help fund the NCIB while enhancing the Corporation's financial flexibility. The Corporation believes that a combination of growth, Common Share buybacks and a conservative balance sheet can help increase shareholder value.

ABOUT TIDEWATER MIDSTREAM

Tidewater is traded on the TSX under the symbol "TWM". Tidewater's business objective is to profitably grow and create shareholder value in the North American natural gas, natural gas liquids, crude oil, refined product and renewable energy value chain. Its operations include downstream facilities, natural gas processing facilities, natural gas liquids infrastructure, pipelines, storage, and various renewable initiatives. To complement its infrastructure asset base, the Corporation also markets crude, refined product, natural gas, natural gas liquids and renewable products and services to customers across North America.

Tidewater is a majority shareholder of Tidewater Renewables, an energy transition company focusing on the production of low carbon fuels. Tidewater Renewables' common shares are publicly traded on the TSX under the symbol "LCFS".