CALGARY, AB, June 15, 2021 /CNW/ – (TSX: PMT) – Perpetual Energy Inc. (“Perpetual” or the “Company”) announced today that the maturity date applicable to the Company’s first lien credit facility has been extended to June 30, 2021 and the $20 million borrowing limit maintained. The borrowing limit is scheduled to be redetermined and the revolving credit period extended on or before June 30, 2021. The extension of the revolving credit period provides additional time to finalize negotiations with its lenders and for the Company to explore opportunities to enhance its liquidity and is contingent upon a satisfactory extension of the Company’s June 30, 2021 second lien Term Loan maturity on or before June 24, 2021. If the June 30, 2021 Term Loan maturity is not satisfactorily extended on or before June 24, 2021, or if the revolving credit facility maturity has not been extended on or before June 30, 2021, the revolving credit facility will cease to revolve, and all outstanding balances will be repayable.
Perpetual is an oil and natural gas exploration, production and marketing company headquartered in Calgary, Alberta. Perpetual owns a diversified asset portfolio, including liquids-rich conventional natural gas assets in the deep basin of West Central Alberta, heavy crude oil and shallow conventional natural gas in Eastern Alberta, including prospective undeveloped acreage in the emerging Clearwater play fairway and undeveloped bitumen leases in Northern Alberta. Additional information on Perpetual can be accessed at www.sedar.com or from the Corporation’s website at www.perpetualenergyinc.com.