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 > Is Pieridae on the verge of insolvancy

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Post by msawyer5on Oct 03, 2024 11:52am

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Post# 36251792

Is Pieridae on the verge of insolvancy

Hello all..

I heard a rumour on the streets of Pincher Creek that Pieridae is on the verge of insolvency. A quick review of their financial statements shows they are at high risk and that cash flow from selling gas and condensate are keeping the company alive. Problem is that gas prices are in the toilet; currently at only $0.50 per GJ and as low as $0.04 per GJ in late September . At these prices it costs more to produce and process the gas than what the company will get in sales. Hedging is nearly done... Condensate sales can only carry them so far... Liability costs exceeding $500 million...

Has anyone else heard these rumours and if so, what are your thoughts?

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