Pieridae Energy Ltd T.PEA

Alternate Symbol(s): PTOAF

Energy Oil & Gas Integrated

Pieridae Energy Limited is a Canadian energy company. The Company is an upstream producer and midstream custom processor of natural gas, natural gas liquids, condensate, and sulphur from the Canadian Foothills and adjacent areas in Alberta and in northeast British Columbia (BC). It owns and operates three sour gas processing complexes at Waterton, Caroline and Jumping Pound. Its footprint covers over a million gross acres (807,000 net acres) in the Foothills and makes up conventional gas reservoirs in North America. Across Alberta and British Columbia, its footprint stretches over one million gross acres of land, with ownership of three deep cut gas plants and more than 3,800 kilometers of pipelines. Its foothills include the southern foothills, central foothills and northern foothills. Its southern foothills have three main fields: Waterton, Carbondale, and Burmis. The Company also has a production facility in the Northern Foothills of Alberta and in Northern BC.

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Pieridae Energy Ltd > Warrants

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Comment by commonsense9on Apr 09, 2021 1:25pm

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Post# 32967522

RE:Warrants

Pretty simple really.

Erikson / Third Eye has the term loan. They are business vultures. The 15% cash interest they get is just breakeven for them. That isnt making money.

Their potential for making money is if the LNG project goes ahead. So from Day 1 they get lots of shares. Worth nothing now, lots if the project goes ahead.

Pieridae is in default of loan covenants in multiple ways. Not techically, as long as Third Eye waives the covenants. Last year they did that for free. This year, they want something.... they got, under duress, what amounts to tens of millions of dollars if the LNG plant goes ahead, on top of the multiple hundreds of millions they already pocket through shares they got essentially as the price for the loan shark funding.

I doubt that Pieridae is far from defaulting on interest payments. Their Accounts Paybale are steadily climbing.... and Sorensen said in the last call that they were "working with suppliers."