Latest News and HighlightsRAISING MONEY NECESSARY TO CLOSE SHELL ASSET ACQUISITION NEARLY COMPLETE

2019/09/05

Pieridae Energy issued a news release September 5, highlighting the fact it has made solid progress in raising the financing necessary to close its deal with Shell Canada.

The company announced in late June it had reached an agreement to buy Shell upstream and midstream assets in the Alberta Foothills for CAD$190 million. The assets included production just shy of 29,000 barrels of oil equivalent, three deep cut sour gas processing plants (Jumping Pound, Caroline and Waterton), and 1,700 kilometers of pipelines.

The acquisition will result in immediate, incremental growth for Pieridae, and will also help provide the company with the majority of the natural gas needed to supply its US$10 billion Goldboro LNG project.

The company expects to close the financing and the overall acquisition by the end of September.

Adding these assets will create a solid, ongoing foundation for Pieridae as we continue to build toward becoming the first Canadian company to market LNG off the East Coast to global consumers.

To read the news release click here.