COO Brings Proven Track Record of Safely Operating Complex Sour Gas Assets
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES
CALGARY, Alberta, April 01, 2021 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) announced today it has hired a new Chief Operating Officer (“COO”). Darcy Reding will join the Pieridae team April 5th. Mr. Reding is a professional engineer with 30 years of success in small and mid-sized private and public upstream oil and gas companies, with 20 years in leadership roles.
“We are extremely pleased that Darcy has agreed to join our organization,” said Pieridae CEO Alfred Sorensen. ”It is critical we have someone with senior-level experience running complex sour gas assets. Darcy brings us that skill set and is well positioned to take full advantage of the opportunities Pieridae’s assets offer.
“We also needed someone with a proven record of building a resource base and economically bringing on new reserves that will be critical to filling our gas plants and delivering long-term success,” added Sorensen. “Darcy has previously managed a billion-dollar multi-year program to successfully grow production volumes.”
“I look forward to joining Pieridae and hitting the ground running,” said new Chief Operating Officer Darcy Reding. “My focus will be to ensure the Company’s world-class upstream natural gas infrastructure continues to operate with an impeccable safety and environmental record, while providing an efficient and competitive natural gas processing solution for the Company and its customers.
“My other priorities include building a strong performance-driven culture positioned to deliver on clear and well-understood corporate objectives, and continuing to build and strengthen the technical and economic readiness of the drilling inventory that provides the feedstock for the Goldboro LNG project,” concluded Reding.
Mr. Reding has proven success in creating and executing corporate and ESG strategies while developing and leading high-performing, multi-disciplinary teams consistently outperforming targets and delivering stakeholder value. He spent the last decade at NAL Resources as VP Operations and VP Operations & Geoscience. Prior to NAL, Mr. Reding held progressive technical and leadership roles with Norcen Energy, Northrock Resources, Samson Exploration and Enterra Energy Trust.
Founded in 2011, Pieridae, a majority Canadian owned corporation based in Calgary, is focused on the development of integrated energy-related activities, from the exploration and extraction of natural gas to the development, construction and operation of the Goldboro LNG facility and the production of LNG for sale to Europe and other markets. Pieridae is on the leading edge of the re-integration of the LNG value chain in North America. After completion of all the transactions disclosed in this news release, Pieridae has 157,641,871 common shares issued and outstanding which trade on the TSX (“PEA.TO”).
For further information please contact:
|Alfred Sorensen, Chief Executive Officer||Rob Dargewitcz, Chief Financial Officer|
|Telephone: (403) 261-5900||Telephone: (403) 261-5900|
|James Millar, Director, External Relations|
|Telephone: (403) 261-5900|
Certain statements contained herein may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively “forward-looking statements”). Words such as “may”, “will”, “should”, “could”, “anticipate”, “believe”, “expect”, “intend”, “plan”, “potential”, “continue”, “shall”, “estimate”, “expect”, “propose”, “might”, “project”, “predict”, “forecast” and similar expressions may be used to identify these forward-looking statements.
Forward-looking statements involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including, but not limited to, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of resources estimates, environmental risks, competition from other producers, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits or synergies from acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources and the risk factors outlined under “Risk Factors” and elsewhere herein. The recovery and resources estimate of Pieridae’s reserves provided herein are estimates only and there is no guarantee that the estimated resources will be recovered. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
Forward-looking statements are based on a number of factors and assumptions which have been used to develop such forward-looking statements, but which may prove to be incorrect. Although Pieridae believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because Pieridae can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which Pieridae operates; the timely receipt of any required regulatory approvals; the ability of Pieridae to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability of the operator of the projects which Pieridae has an interest in, to operate the field in a safe, efficient and effective manner; the ability of Pieridae to obtain financing on acceptable terms; the ability to replace and expand oil and natural gas resources through acquisition, development and exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of Pieridae to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Pieridae operates; timing and amount of capital expenditures, future sources of funding, production levels, weather conditions, success of exploration and development activities, access to gathering, processing and pipeline systems, advancing technologies, and the ability of Pieridae to successfully market its oil and natural gas products.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Pieridae’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), and at Pieridae’s website (www.pieridaeenergy.com). Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and Pieridae assumes no obligation to update or review them to reflect new events or circumstances except as required by Applicable Securities Laws.
Forward-looking statements contained herein concerning the oil and gas industry and Pieridae’s general expectations concerning this industry are based on estimates prepared by management using data from publicly available industry sources as well as from reserve reports, market research and industry analysis and on assumptions based on data and knowledge of this industry which Pieridae believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While Pieridae is not aware of any misstatements regarding any industry data presented herein, the industry involves risks and uncertainties and is subject to change based on various factors.
Barrels of oil equivalent (“boes”) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 Bbl 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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