Pieridae Energy Provides Wildfire Safety Update & Plans Temporary Shut-In of Uneconomic Production

Pieridae Energy Provides Wildfire Safety Update & Plans Temporary Shut-In of Uneconomic Production

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR
DISSEMINATION IN UNITED STATES

Pieridae Energy Limited ("Pieridae" or the "Company") (TSX: PEA) has recently shut-in approximately 750 boed production from its Ekwan field in northeast British Columbia due to wildfires burning in the Fort Nelson and Sierra areas. All personnel have been safely evacuated. Pieridae's Ekwan gas production flows to a third-party processing facility which was also recently shut-in and evacuated by the facility operator. Ekwan production will remain shut-in until it is safe to restart, and necessary third-party infrastructure is returned to service. The Company is not aware of any damage to Company-owned infrastructure or equipment at this time.

Safety remains Pieridae's top priority, and we will respond to changes in the wildfire situation to protect people, the environment, and the Company's assets. We are grateful for the men and women fighting wildfires and those supporting evacuees in our communities. Additional safety and operations updates will be provided when significant changes occur.

Additionally, in response to current and forecasted summer AECO natural gas prices, the Company is making arrangements to temporarily shut-in uneconomic sour gas production in its northern Alberta areas of Findley, Lynx and Palliser, prior to the end of May. These areas currently produce approximately 1,000 boe/d of dry natural gas and will be reactivated once natural gas economics improve.

ABOUT PIERIDAE

Pieridae is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from the Canadian Foothills and adjacent areas in Alberta and in northeast British Columbia. Pieridae's vision is to provide responsible, affordable natural gas and derived products to meet society's energy security needs. Pieridae's common shares trade on the TSX under the symbol "PEA".

For further information, visit www.pieridaeenergy.com , or please contact:

Darcy Reding, President & Chief Executive Officer Adam Gray, Chief Financial Officer
Telephone: (403) 261-5900 Telephone: (403) 261-5900
Investor Relations
investors@pieridaeenergy.com

Additional Reader Advisories
Barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Neither TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

PEA:CA
The Conversation (0)
Pieridae Announces Voting Results Report Following Its Annual Shareholder Meeting

Pieridae Announces Voting Results Report Following Its Annual Shareholder Meeting

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR
DISSEMINATION IN UNITED STATES

Pieridae Energy Limited ("Pieridae" or the "Company") (TSX: PEA) today announced that, in accordance with section 11.3 of National Instrument 51-102 Continuous Disclosure Obligations, the Company released its Voting Results Report that briefly describes the matters voted upon and the outcome of the votes at the Annual Meeting of Shareholders (the "Meeting") of Pieridae held on May 9, 2024. Each of the matters acted upon at the Meeting is described below and in greater detail in the 2024 Notice of Annual Meeting of Shareholders and Management Information Circular dated March 25, 2024, a copy of which is available on SEDAR.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×