Company Released its Q3 2020 Results November 13, 2020

With Q3 results on the books, we continued to see year-over-year growth in revenue (up 315%), net operating income (up 76%), adjusted funds flow from operations (up 13%) and production (up 161%).

We also advanced the Goldboro LNG Project, bringing Bechtel on board as our contractor to deliver a final lump sum, turnkey EPCC contract price proposal by May 31, 2021 for the LNG Project, and we signed a Letter of Award to the Nova Scotia Mi’kmaq and Black Diamond Group for the exclusive right to bid on the $720 million workforce Lodge that will house up to 5,000 during Goldboro LNG’s construction.

“Our results show resiliency over the past three quarters as many companies continue to face the negativity of COVID-19 and its harsh impacts on the energy industry,” said Pieridae’s Chief Executive Officer Alfred Sorensen. “We did invest in completing planned maintenance of our assets in the quarter that had been deferred due to the pandemic. This work is necessary to ensure we continue to operate safely and reliably for the winter season. Resulting lower volumes did impact our bottom line, but we will never compromise the safety of our employees. That said, volumes continue to recover in the fourth quarter, with October’s production averaging approximately 44,100 boe/day, a 13% improvement from September.

“I am pleased to say we made solid progress on our Goldboro LNG Project in the quarter, reaching an agreement with globally-respected engineering firm Bechtel to design and build the LNG Facility, and the Nova Scotia Mi’kmaq and Black Diamond Group received a Letter of Award from Pieridae for the exclusive right to negotiate the contract to build the $720 million workforce lodge to house the 5,000 men and women who will build the Facility,” added Sorensen.

“As Chiefs Prosper and Francis said, ‘A key component of reconciliation in Canada is the ability to have meaningful involvement in projects happening within our territories. We desire responsible development and environmental stewardship that reflect a Mi’kmaq voice and our agreement with Pieridae is an example of how companies can respect our Mi’kmaw Rights and Title, and also provide an opportunity for Mi’kmaq participation in development on our lands’.”