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 > Loan Sharks Cut Pieridae Some Slack

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Comment by commonsense9on Oct 13, 2021 4:59am

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Post# 33999864

RE:RE:Loan Sharks Cut Pieridae Some Slack

Info on your highlighted part below:

downwithdotcom1 wrote: last part from the news release..it looks like TEC is also expecting some sort of material sale and before year's end...NOW TO YOU BELIEVE??? see below..dwdc

“I am pleased we have achieved this payment extension and want to thank TEC for their continued support of the Company and the Strategic Review currently underway with Peters & Co. that is focused on enhancing shareholder value,” said Pieridae’s Chief Executive Officer Alfred Sorensen. “This extension to the end of 2021 gives us the time to continue to pursue the strategic review process with the goal of concluding a transaction that is beneficial to the Company.”

First of all- you should be able to recognize that as expected spin. I’m not saying it is ONLY spin. But the only thing we know for sure is that it is the expected spin.

What Peters & Co are selling the extensive gas assets. That is what there is a prospectus for. There is no concrete evidence of selling the LNG business. Sorensen says everything is up for sale- but there is lots of evidence the gas assets are actively for sale, and no evidence anyone is pushing the LNG business or the whole company intact.
Pieridae purchased the Shell assets for $156million. The TEC term loan of $206million covers that purchase price, plus $50million to repay AIMCO for the past due loan for buying the Ikkuma assets.
PEA pays TEC 12% on the term loan, plus another 3%. For at least 4 quarters now TEC has been allowing PEA to put that 3% on to the principal. That and other charges have increased the principal to at least $220million.
Plus PEA is now overdue for paying the $50million “fee” to TEC for the privilege of being soaked. So TEC was supposed to be paid $50million now. And is supposed to be paid in full in 2 years, the face value of $220million and climbing steadily.
PEA has not and cannot pay anything on the principal. The fiction is that this “strategic review” is for the benefit of shareholders… and on paper the process follows that format. The hawking of the gas assets is being forced by TEC (possibly in concert with Shell).
PEA has accumulated and growing Accounts Payable from the gas operations of well over $100million. They still have that if they sell the assets. So these assets they bought 2 years ago for $156million (after Shell could not sell them to anyone else for over 2 years, with rising gas and liquid prices)….. if they get sold for over $400million, Pieridae might make a dime or so.