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 > Q4 Results

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Comment by downwithdotcom1on Mar 22, 2023 12:42pm

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Post# 35353956

RE:RE:Q4 Results

YO COMMON..pretty good numbers, missed @56 cents but got another buy in for a trade @ 61 cents...still providing some more of your "black cloud" PSA i see...allow me to retort...
Again, for someone with "commonsense & 101" you sure don't have much it...dwdc

HIGHLIGHTS

Q4 2022

Generated record quarterly NOI1 of $67.7 million ($0.43 per basic and $0.42 per fully diluted share) up 120% from $30.8 million ($0.20 per basic and fully diluted share) in Q4 2021, as a result of strong natural gas and natural gas liquids (“NGL”) prices;
Generated Funds Flow from Operations1 of $57.6 million ($0.36 per basic and $0.35 per fully diluted share), up 365% from $12.4 million ($0.08 per basic and fully diluted share) in Q4 2021;
Generated Net income of $114.7 million ($0.72 per basic and $0.70 per fully diluted share), compared to $4.7 million ($0.03 per basic and fully diluted share) in Q4 2021;
Produced 34,715 boe/d (86% natural gas) down 16% from 41,304 boe/d in 2021, due primarily to the previously discussed re-injection of ethane volumes into the natural gas sales stream and an unplanned outage at the Caroline gas plant in Central Alberta, which has subsequently been repaired;
Repaid $10.7 million of the senior secured term loan (including the net impact of interest paid in kind “PIK”), reducing the amount due at maturity to $217.1 million2 at year end; and
Commenced winter drilling program in October, spudding the Company’s first Foothills well (02/6-35-44-18W5, “6-35”) targeting the Ostracod formation in the Brown Creek area of Central Alberta.

Full Year 2022

Generated Record annual NOI1 of $201.0 million ($1.27 per basic and $1.25 per fully diluted share) up 139% from $84.1 million ($0.53 per basic and fully diluted share) in 2021, primarily as a result of strong natural gas and NGL prices;
Generated Funds Flow from Operations1 of $153.7 million ($0.97 per basic and $0.95 per fully diluted share), up 658% from $20.3 million ($0.13 per basic and fully diluted share) in 2021;
Generated Net income of $146.7 million ($0.93 per basic and $0.91 per fully diluted share), compared to a net loss of $39.8 million (-$0.25 per basic and fully diluted share) in 2021;
Produced 36,868 boe/d (82% natural gas) down 9% from 40,562 boe/d in 2021, due to the previously discussed re-injection of ethane volumes into the natural gas sales stream and natural production declines;
Reduced term debt principal by $48.3 million (including the net impact of PIK) during 2022 and reduced the adjusted working capital deficit3 by $50.3 million during 2022, primarily through reduction in accounts payable which totaled $22.6 million at year end 2022 compared to $74.7 million at year end 2021;
Recorded 2022 NI51-101 PDP reserves of 126.8 MMboe, down 3% from 131.3 MMboe at year end 2021 with year over year increase of 89% in PDP PV10 reserve value to $807 million at January 1, 2023 evaluator consensus (“IC4”) pricing; and
Recorded 2022 NI51-101 TPP reserves of 289.1 MMboe, up 7% from 269.2 MMboe at year end 2021 with year over year increase of 52% in TPP PV10 reserve value to $1,526 million at January 1, 2023 IC4 pricing.

Subsequent to Year End

Repaid an additional $27 million of term debt.
Completed drilling our first Brown Creek well (6-35) in Central Alberta in February 2023. The well was completed and temporarily tied-in to existing production infrastructure in March 2023 and is currently being flow-tested with production sold into the TC Energy (NGTL) sales gas system. After flowing continuously for 90.5 hours on test, this 100% working interest well was producing sweet natural gas through 60.3mm production tubing at a downhole-choked flow rate of 6.8 MMcf/d and a restricted flowing wellhead tubing pressure of 11.1 MPa (corresponding shut-in casing pressure of 17.1 MPa). At the conclusion of the anticipated 7-day flow test, 6-35 will be shut-in for an extended pressure build-up, during which the well will be permanently tied-in to the existing on-lease gas gathering system.
Drilling also commenced on a second Brown Creek well in February 2023, with completion expected by April 2023; and
Terminated the previously announced NE BC disposition transaction as the purchaser failed to meet the required closing conditions, following multiple extensions. The Company has retained a non-refundable deposit and will continue to market the NE BC property.