TSXV:PEI - Post Discussion
Post by
Thebeginner2020 on Apr 28, 2022 7:21am
Very cheap!
Commencing 2021, PEI was restructured to be compliant and profitable. PEI restructuring efforts were coordinated throughout 2021 and accomplished the following:
- Structured Equity and Convertible Debenture Private Placement financing that raised 7.6 million Cdn$. These proceeds were used to:
- Settle both the secured and unsecured creditors through a combination of monthly payments and share debt settlement arrangements
- Settle historical liabilities to surface landowners, local municipalities and trades of more than $7.1 million (58%), which is reflected in the December 31, 2020, financial statements
- Address all 400+ outstanding environmental and regulatory non-compliances
- Perform facility & pipeline maintenance to ensure safe operating conditions
- Deploy working capital to optimize production to the current 600 boepd resulting in over $2.0 million in peak monthly revenue
- Increased PEI ownership from an average of 40% - 80%+ in all core properties
- Restructured the Board of Directors with diverse business and technical backgrounds and formed an experienced management team focused on technical delineation and financial discipline to optimize oil recovery in a safe and cost-effective manner. The board is focused on development, expansion, and growth whilst being ESG friendly.
- Licensed and ready to spud re-entry horizontal drilling program in Summer 2022:
- The incremental production is expected to increase total gross production to 1,500+ bpd
- Secured a letter of intent (LOI) for an adjacent (strategic fit) heavy oil property similar to the current three Saskatchewan assets
- Executed a commitment letter to acquire a proximal light oil play with a development plan to increase production by 1,000+bpd
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