New CFO Well-Positioned to Take Company to the Next Level

CALGARY, ALBERTA – November 12, 2019 - Pieridae Energy Limited (“Pieridae” or the “Company”) (TSXV: PEA) is pleased to announce the appointment of Mr. Rob Dargewitcz as Chief Financial Officer (“CFO”) of the Company. Mr. Dargewitcz began his new role on November 11, 2019.

"We are excited to officially welcome Rob to our leadership team as our new CFO," said Pieridae CEO Alfred Sorensen. "He did a stellar job in helping to secure the financing needed to close the transformational Shell asset acquisition. After helping to raise $10 billion to construct the North West Redwater refinery, Rob’s skill set is well positioned to bring in the larger financing needed to build Pieridae’s Goldboro LNG Project.”

Christian Schaudwet Der Tagesspiegel November 5, 2019
Tagesspiegel Background Energie & Klima

The Goldboro LNG project in Canada is to become a new source for Germany's gas supply. The German federal government has promised billions of dollars in loan guarantees, although liquefied natural gas is particularly controversial in terms of climate policy.

The European Investment Bank (EIB) actually wanted to decide by mid-October to cease financing natural gas projects out of concern for climate protection. But Germany, an influential EIB member, insisted that the bank continue to invest money in natural gas infrastructure. Natural gas is, after all, more climate-friendly than coal and indispensable as a "bridge" to a CO2-free energy world, argues the German federal government. Correspondingly, Germany's own national development policy is natural gas-friendly.

Critical Step on the Road to Building the US$10 billion Goldboro LNG Project

It’s official: Pieridae now owns all of Shell Canada’s Alberta Foothills-area production and assets. The $190 million deal includes: three gas plants - Jumping Pound, Caroline and Waterton; just under 29,000 BOE/d of production; a 14 per cent working interest in the Shantz sulphur forming plant, and 1,700 kilometers of pipelines.

“We are very pleased to close this deal as it helps us secure the majority of the gas needed to supply the first train at Goldboro,” said Pieridae’s Chief Executive Officer Alfred Sorensen. “We will complete our work with KBR to develop a fixed price contract to build Goldboro, then finalize project financing and make a final investment decision.”

Pieridae senior leaders discussed the project with many stakeholders

Regarded as the most significant global meeting for gas, energy and LNG professionals, GasTech returned to Houston for the first time in nearly two decades this week.

Pieridae senior leaders Thomas Dawson and Mark Brown joined 35,000 other international professionals to discuss opportunities and challenges facing the industry.

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.

To read the news release click here.

In this day and age of sometimes excessive instant messaging, texting and emails, nothing beats a face to face conversation. Members of the Pieridae team took that to heart this week, travelling rural Alberta highways to meet with Shell employees who work at the Jumping Pound, Caroline and Waterton gas plants. 

In late June, Pieridae announced its intention to purchase these three plants along with upstream assets that currently produce just under 29,000 barrels of oil equivalent a day. The $190 million deal will immediately add value to the company and help enhance its position in the Alberta Foothills. 

A Young Family Returns to Nova Scotia from Alberta

Jamie McLennan moved to Alberta with his wife for a better life.

Like so many from Canada’s East Coast, the lure of the oil patch and the chance to get a steady, good paying job was an opportunity Jamie couldn’t pass up, especially when the prospects back home were few.

But he's back home now and looking forward to the opportunities at what would be Nova Scotia's largest-ever mega project - Goldboro LNG - and the 3,500 construction jobs plus 200 full-time jobs it would create.

KBR WORKING WITH PIERIDAE TO DESIGN & BUILD THE LNG EXPORT FACILITY

KBR is a globally-recognized company that’s been around for 100 years and has built or is building some of the most complex projects in the world. Pieridae Energy announced in April it would work with KBR to design, cost estimate and ultimately build its Goldboro LNG facility off the coast of Nova Scotia. The cost estimating phase is expected to take the next several months to complete. It will result in a turn-key contract.

If this is David and Goliath, at the very least David has some pretty big rocks in his sling.

Nice word play on our TSX-V stock ticker (PEA) and a great piece of writing overall from the team at the Oil & Gas Investment Bulletin and editor Keith Schaefer.

Give the attached story a read as it details our flagship project: the US$10 billion Goldboro LNG initiative - opening up global markets for Canadian natural gas and creating and supporting thousands of jobs in Alberta, Nova Scotia and beyond.

Pieridae Energy had the privilege to close the Toronto Stock Exchange today during Stampede week in Calgary.

“As former Alberta Premier and Calgary Mayor Ralph Klein said the Stampede symbolizes the province’s spirit,” Pieridae CEO Alfred Sorensen points out. “So it was special for us to share that spirit through the Toronto Stock Exchange and feature a company that is working to lay the groundwork for its own legacy.”

Since the deal to acquire Shell Canada's assets was announced June 26, media interest in the acquisition has been high. Headlines of the coverage include:

• Alfred Sorensen Finds Goldboro LNG Believers - AllNovaScotia.com
• Pieridae to Purchase Shell Canada’s Foothills-Area Production and Assets - Daily Oil Bulletin
• Pieridae Energy to buy Shell’s southern Alberta assets for $190-million as part of plan to build LNG plant in Nova Scotia - Globe & Mail
• Pieridae to buy Shell Canada gas assets for C$190 million - Reuters
• Pieridae Energy buying Shell Alberta natural gas assets to feed LNG plant - The Canadian Press
• Pieridae Energy plans to bring bounty of Alberta gas fields to Guysborough County for export - Halifax Chronicle-Herald
• Two LNG projects inch closer to final investment decision after key deals - The Financial Post
• Something B.C.'s Horgan and Alberta's Kenney can agree on — LNG - Calgary Herald
• Acquisition helps push Pieridae Energy toward FID on Goldboro LNG project  - S&P Global Platts
• Shell deal gives Pieridae enough gas to start Goldboro LNG - Guysborough Journal

Click on the link below to read all of the coverage.

Our CEO spoke with BNN's Andy Bell about Pieridae's acquisition of Shell Canada's Foothills assets. Alfred Sorensens told Bell the deal secures the remaining natural gas needed to supply the first facility or train for its Goldboro LNG export facility on Canada's East Coast. And, the acquisition moves Pieridae one step closer to making a final investment decision for the US$10 billion project, one that would create thousands of Canadian jobs and supply Europe and other global markets with clean-burning natural gas.

Highlights:

• Acquisition immediately accretive to the Company
• Another major step forward, now fully supplying Train 1 at the Goldboro LNG facility
• Pieridae becomes a major player in the Alberta midstream and upstream industry
• Shell Canada Energy to take an equity stake in Pieridae
• Other key stakeholders to increase their ownership positions

“This Acquisition will be immediately accretive to the Company and also allows us to enhance the sustainability of our existing asset base,” said Pieridae’s Chief Executive Officer Alfred Sorensen.

“It also demonstrates solid progress for our flagship Goldboro LNG project. We said we would acquire additional gas supplies for the LNG facility and we have done that. Not only does this deal help us secure the remaining conventional natural gas supply needed for the first train of the Goldboro LNG project, it makes Pieridae a major player in the Alberta midstream and upstream industry.

“But more than that, it creates a solid, ongoing foundation for the Company as we continue to build toward becoming the first Canadian company to market LNG off the east coast to global consumers,” concluded Sorensen.

Pieridae Energy held its Annual General Meeting on June 18, where CEO Alfred Sorensen provided an update on the company's business, including its flagship Goldboro LNG Project. Sorensen told shareholders and employees work continues on the project, with a primary focus on continuing to speak with contractor KBR to progress design work and cost analysis in anticipation of a final investment decision. "We need to focus on completing our work with KBR and also look at further acquisitions to round out the natural gas needed for train 1 at Goldboro. We continue to move forward on both fronts." Sorensen adds the biggest advantage Goldboro has is that no new pipelines are needed to move the gas to the East Coast. Pieridae has agreements with TC Energy on very advantageous tolls to transport the gas through its existing pipeline system. "We are excited to transport clean-burning natural gas globally to decrease emissions and create good paying jobs for Canadians," concluded Sorensen.

Our Goldboro LNG SVP Martin Belanger did a great job talking to groups of enthusiastic youngsters at the Global Petroleum Show about LNG . The program was called "Young GPS: The Future of Energy". As Martin has said, the energy sector is one of the largest contributors to our Canadian GDP, and a global example of an innovative, ethically, environmentally and sustainably responsible, highly regulated and leading-edge industry. Some local top performing students between the ages of 12-17 were invited to participate in a one-of-a-kind afternoon program where they met industry experts to learn how the newest technological advancements are influencing the industry and how a future career in the industry can contribute to Canada’s future global leadership position.

On the first day of the Global Petroleum Show in Calgary, Pieridae's CEO Alfred Sorensen was part of a keynote panel that discussed gas and LNG and how it is changing our energy future. Total demand for oil and gas is expected to rise by 30 per cent between now and 2040, and LNG demand could double by 2030. Sorensen, along with industry leaders from Shell, Peyto Exploration & Development, and the B.C. LNG Alliance offered insight into the opportunities and obstacles facing Canada as it attempts to play a role in supplying the globe with much-needed natural gas. All agreed natural gas can change the lives of many globally who currently have no access to clean-burning, inexpensive fuel to heat their homes and cook their food.

Pieridae's CEO Alfred Sorensen was featured on Danielle Smith's QR77 live radio show on June 7 where he talked about the prospects for LNG development in Canada, with a focus on Pieridae's US$10 billion Goldboro LNG Project. Goldboro is Canada's best bet for LNG development off the East Coast, where stranded Alberta gas would be shipped to an export facility in Nova Scotia, liquefied and sold to global markets, creating thousands of jobs in Alberta and Nova Scotia.

Take a fly-over of Pieridae Energy's site in Nova Scotia where it will build a US$8 billion liquefied natural gas export facility. The project will be located 250 kilometers northeast of Halifax near the tiny community of Goldboro. It would be the province's largest-ever mega-project, putting 3,500 men and women to work during construction, and creating 200 permanent jobs once the facility is up and running.

Our President and CEO Alfred Sorensen had the opportunity to engage with long-time business reporter Mario Toneguzzi to talk about Pieridae Energy, its key Goldboro LNG project, and how development of the LNG export facility continues to move forward.

“I was pleased we started the year off by signing a benefits agreement with the Nova Scotia Mi’kmaq, building on the respectful relationship we have worked to build with them for a number of years,” said Pieridae Energy CEO Alfred Sorensen. “The milestones this quarter dovetailed into work that continues to finalize an agreement with a contractor to build the Goldboro LNG facility, and also our ongoing efforts to secure the natural gas supply needed to supply the first facility or train at Goldboro.”

CALGARY, ALBERTA – May 9, 2019 - Pieridae Energy Limited (Pieridae or the Corporation) (TSXV: PEA) In light of the recent share price decline, Pieridae would like to confirm that there have been no material adverse changes in its business. As Pieridae’s management does not believe the current trading price of the Corporation’s shares properly reflects the inherent value of the Corporation’s investments, management reiterates that key project milestones achieved for its flagship Goldboro LNG Project are still firmly in place.

The newest edition of the Goldboro LNG newsletter is now posted on the website. It contains information on the benefits agreement with the MI'KMAQ, the Ikkuma acquisition, as well as general updates on the project and the team.

CALGARY, ALBERTA - April 1, 2019 - Pieridae Energy Limited (Pieridae) (TSXV: PEA) is pleased to announce that the respected global engineering firm of Kellogg Brown & Root Limited (KBR) has been engaged to perform a review of an amended version of the previously prepared front-end engineering and design (FEED) study for the proposed Goldboro LNG facility. KBR will also conduct an open-book estimate necessary for entering into a lump sum turnkey engineering, procurement and construction (EPC) contract. Pieridae anticipates signing that contract in the coming months. The company expects to start construction activities in 2019 and ship first gas overseas to meet the expected global LNG shortfall in 2023/2024.