Petroleum & Natural Gas Revenue Improves by 59% Year-Over-Year Company Strategic Review Progresses
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Key Highlights:
- Natural gas production of 191 mmcf/day in the quarter
- Total production of 38,595 boe/day
- Petroleum and natural gas revenue of $77.1 million, an increase of $28.7 million or 59% compared to the same quarter in 2020
- Cash flow from operations of $6.9 million
- Net Operating Income1 (“NOI”) of $17.9 million and Adjusted Funds Flow from Operations1 (“AFFO”) of $11.0 million, an increase of 262% compared to the same period in 2020
- Formal process announced in the summer of 2021 to identify, examine and consider a range of strategic alternatives with a view to enhancing shareholder value continues to progress
CALGARY, Alberta, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) released its Q3 2021 financial and operating results today, highlighted by solid increases in petroleum and natural gas revenue and AFFO and the successful completion of the Company’s second major facility turnaround of 2021, at the Caroline Gas Complex.
“We maintained solid production and revenue in the quarter despite the scheduled shutdown of a second gas plant this year. I was pleased to see we were able to demonstrate our commitment to ‘safety first’ through this necessary maintenance, while keeping production up and taking advantage of increased commodity prices,” said Pieridae’s Chief Executive Officer Alfred Sorensen.
“The Strategic Review of the Company assisted by our advisor, Peters & Co., is progressing well and we remain hopeful it will result in a successful conclusion,” added Sorensen. “Pieridae formed a special Board committee in late July to oversee the identification, examination and consideration of a range of strategic alternatives with a view to enhancing shareholder value. We are advancing the review in a timely and constructive manner.
“Last quarter, the Company also announced it would analyze options that could make a reconfigured LNG initiative more compatible with the current environment. We are in the midst of a detailed analysis of a potential floating LNG Project, one that would produce net-negative GHG emissions, provide a bridge fuel to countries eager to switch from coal-fired to natural-gas-fuelled power facilities, provide an opportunity for Indigenous reconciliation and create much-needed jobs in Atlantic Canada and Alberta,” concluded Sorensen.
Pieridae deferred its Q2 earnings call due to the Strategic Review process and the analysis of alternatives for the Goldboro LNG Project. We will defer the call again this quarter but intend to schedule an update call for investors and analysts in late November should there be something material to report from the Strategic Review.
https://www.globenewswire.com/news-release/2021/11/10/2332154/0/en/Pieridae-Releases-Q3-2021-Results.html