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Pieridae Energy Ltd T.PEA

Alternate Symbol(s):  PTOAF

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.


TSX:PEA - Post by User

Post by noname99on Jan 24, 2022 9:12am
282 Views
Post# 34351700

Strategic Review Process Concludes

Strategic Review Process Concludes

Monday, January 24, 2022, 5:30 AM MST

 

Company Will Proactively Move Forward with Refinancing Now in Place

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES ORDISSEMINATION IN UNITED STATES

CALGARY, Alberta, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) today announced it has concluded the strategic review process announced in July 2021. The goal of the process was to identify, examine and consider a range of strategic alternatives with a view to enhancing shareholder value. Those strategic alternatives could have included a corporate sale, merger, a sale of a material portion of Pieridae’s assets or other transactions.

At that time, Pieridae’s Board of Directors authorized the creation of a special committee to review and evaluate potential strategic alternatives and transactions. As well, Pieridae hired Peters & Co. Limited (“Peters & Co.”) to advise the Company during the strategic review process.

The strategic review is now complete, the special committee has been dissolved and the mandate of Peters & Co. has ended. Ultimately, the special committee concluded that the various alternatives presented were not compelling relative to the Company’s stand-alone prospects. The restructuring of Pieridae’s credit agreement announced January 4, 2022 played a role in the special committee’s conclusion. The full Pieridae Board supported and approved the conclusion of the special committee.

“I want to thank the Board’s special committee and Peters & Co. for their diligence, professionalism and thoroughness working through the strategic review process over the last number of months,” said Pieridae CEO Alfred Sorensen. “We are now in a position to proactively move the Company forward and will work to enhance shareholder value, having reached an agreement with our senior secured lender to both consolidate our debt and amend certain terms and covenants of our credit agreement.”

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