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Pieridae Releases Q4 and Full Year 2023 Financial & Operating Results and 2023 Reserves

Press Release

CALGARY, ALBERTA – March 20, 2024 – Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) announces the release of its fourth quarter and full year 2023 financial and operating results and year-end reserves. Pieridae generated Net Operating Income (“NOI”)  of $131 million and produced 32,772 boe/d (86% natural gas) during 2023. The Company posted Q4 NOI of $25 million and production of 33,340 boe/d, following the completion of the Waterton turnaround project in late October, while 2023 exit production was approximately 37,500 boe/d.

In addition, the Company filed its Annual Information Form (“AIF”) for the year ended December 31, 2023
containing Pieridae’s 2023 independent oil and natural reserves evaluation as required under National Instrument 51-101 Standards of Disclosure of Oil and Gas Activities (“NI 51-101”). Pieridae’s 2023 NI 51-101 Proved Developed Producing (“PDP”) PV10  value is $614 million and Total Proved plus Probable (“TPP”) PV10 value is $1,372 million.

The Company’s AIF, management’s discussion and analysis (“MD&A”) and audited consolidated financial statements and notes for the year ended December 31, 2023 are available at and on SEDAR at

“During 2023 we successfully refinanced and reduced our long-term debt, safely completed crucial facility maintenance, drilled two Foothills development wells, reduced our G&A costs and generated strong NOI,” said Pieridae’s President and Chief Executive Officer, Darcy Reding. “Pieridae’s results improved in the fourth quarter, despite falling natural gas prices and unavoidable maintenance downtime. We safely brought the Waterton facility and production back online at the end of October and recovered our production capability, exiting the year at approximately 37,500 boe/d. Our commodity hedging program continues to support the business, generating over $60 million in gains during 2023 and is expected to continue to mitigate the cashflow impact of low gas prices in 2024, should they persist.”


  • Generated NOI [1] of $130.9 million ($0.82 per basic and fully diluted share);
  • Generated Funds Flow from Operations1 of $85.7 million ($0.54 per basic and $0.53 per fully diluted share);
  • Generated Net Income of $9.0 million ($0.06 per basic and $0.04 per fully diluted share);
  • Produced 32,772 boe/d (86% natural gas) down 11% from 2022, due to extended facility downtime related to the Waterton Turnaround coupled with unplanned outages at Caroline and Jumping Pound processing facilities, shut-ins related to wildfires, and natural production declines; 2023 exit production was approximately 37,500 boe/d;
  • Completed US$150 million long term debt refinancing and reduced Net Debt1 by $10.5 million to $204.0 million at year end 2023; the
  • Company’s US$25 million revolving loan was 59% utilized at year end, while the US$10 million delayed draw term loan was undrawn;
  • Reduced G&A Expense by 17% to $23.4 million ($1.95/boe) in 2023 as a result of successful cost savings initiatives undertaken during the year;
  • Incurred capital expenditures of $58.7 million in 2023 focused on facility maintenance, well and facility optimization projects, and development drilling with 2.0 (net) wells drilled in the first half of 2023; and
  • Recorded 2023 NI 51-101 TPP reserves of 252.5 MMboe and TPP PV10 reserve value of $1,371.7 million at the Jan. 1, 2024 IC4 price forecast.

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