Company releases its Q2 2020 Financial Results

In the midst of COVID-19 and a challenging business environment, our company achieved strong metrics in overall revenue, net operating income, adjusted funds flow from operations and daily production.

“We achieved these strong results through our positive hedging strategy, limiting non-essential capital and operating spending and taking active steps to reduce administrative costs,” said Pieridae’s Chief Executive Officer Alfred Sorensen. “As a result of the Alberta Foothills asset acquisition, revenue was up more than 400% year over year on a Q2 basis, production climbed 185%, and we continued to operate our assets safely and reliably.”

Q2 2020 production increased 185% or 28,423 boe/day to 43,791 boe/day compared to Q2 2019. Production was up 6% compared to Q1 2020. This increase is primarily due to the Southern Alberta Foothills assets acquisition.

Sorensen added he was pleased Pieridae reached a resolution with KBR following its earlier announcement that it was no longer prepared to negotiate and conclude a lump sum turnkey engineering, procurement, construction and commissioning (“EPCC”) contract for the Goldboro LNG Facility.

“As part of the resolution, Pieridae acquires the right to transition all of KBR’s work product created to date to a replacement EPCC contractor. We are in the midst of discussions with other firms that have expressed strong interest in concluding a lump sum turnkey EPCC contract for the LNG Facility with Pieridae,” Sorensen concluded.