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Year-Over-Year Improvement in Financial Metrics and Continued Deleveraging
CALGARY, ALBERTA – December 14, 2022 – Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) is pleased to provide 2023 guidance including scope of the 2023 capital program along with production and net operating income projections.
Pieridae’s priority for 2023 is the refinancing of our senior term debt and continued reduction of total debt outstanding to lower interest costs and improve financial flexibility. Management is targeting a year-end 2023 Debt to EBITDA ratio of less than 1.0x, subject to commodity prices.
Pieridae’s 2023 production guidance of 37,000 to 39,000 boe/d reflects the Company’s low 8% base decline rate, further mitigated by low-cost optimization initiatives and risked production additions from the drilling program.
Pieridae’s 2023 sustaining capital budget is focused on the planned five-week turnaround at the Company’s Waterton deep-cut, sour gas processing facility which is scheduled for late in the third quarter. Pieridae owns and operates three major gas processing facilities which each require periodic maintenance turnarounds on a five-to-six-year cycle.
The Company’s 2023 development capital is focused on concluding the drilling, completion and tie-in of the currently underway three-well Mannville drilling program at Brown Creek and Stolberg during the first half of 2023. Once complete, Pieridae plans to pause drilling operations and assess results prior to resuming development, subject to success of the initial program and capital availability.
Pieridae is a majority Canadian‐owned corporation based in Calgary that was founded in 2011. The Company is focused on the exploration, extraction and processing of natural gas as well as analyzing options for a reconfigured LNG Project that fits with the current environment and would supply Europe and other markets. Pieridae provides the energy to fuel people’s daily lives while supporting the environment and the transition to a lower‐carbon economy. Pieridae’s common shares trade on the TSX under the symbol “PEA”.
For further information please contact:
Alfred Sorensen, Chief Executive Officer Adam Gray, Chief Financial Officer
Telephone: (403) 261‐5900 Telephone: (403) 261‐5900
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