Contact Exploration, Pieridae Energy Merge to Form Pieridae Production Limited Partnership

Contact Exploration Inc. (TSXV:CEX) and Pieridae Energy Limited announced that they have merged to created a newnatural gas-focused exploration and production entity called Pieridae Production Limited Partnership.

As quoted in the press release:

PPLP has been formed by Pieridae and Contact to source, develop and produce natural gas to serve as significant portion of the feedstock for Pieridae’s proposed Goldboro LNG Terminal in Guysborough, Nova Scotia. The proposed terminal is anticipated to receive, liquefy and export up to about ten million metric tons of natural gas per year and have on-site storage capacity of 690,000 cubic metres of liquefied natural gas. Upon completion of the terminal, North American natural gas supplies are to be transported to Goldboro, Nova Scotia, using existing pipelines and exported by ship to international markets. The Partnership will focus on securing and developing natural gas assets onshore Atlantic Canada and the eastern United States for the Goldboro terminal and, upon completion, the Partnership’s production and reserves are to be dedicated to the facility.

Contact Exploration’s President and CEO, Steve Harding, said:

This is an exciting new platform for Contact to expand and diversify its opportunity portfolio. We are ideally positioned to source and develop long-term sustainable feedstock for the proposed Goldboro LNG Terminal by leveraging our long-standing history in Atlantic Canada and our tight gas expertise from Western Canada.

To view the whole press release, click here.