CALGARY, Alberta, May 17, 2024 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) has recently shut-in approximately 750 boe/d 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.
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