Pieridae Energy year end reports
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES
CALGARY, Alberta, March 15, 2018 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (TSXV:PEA) is pleased to announce that it has filed its audited annual financial statements and related management’s discussion and analysis for the fiscal year ended December 31, 2017 on the System for Electronic Document Analysis and Retrieval (“SEDAR”). On October 24, 2017, Pieridae Energy Ltd. and Pétrolia Inc. were amalgamated pursuant to a plan of arrangement effected pursuant to section 192 of the Canada Business Corporations Act. Pieridae is a reporting issuer or the equivalent in British Columbia, Alberta and Québec. It is listed on the TSX Venture Exchange under the symbol PEA.
Pieriade’s mission is to build shareholder value by becoming the first fully integrated independent LNG producer in Canada. The Company is focused on the development of the Goldboro LNG Facility and the acquisition and development of resource properties for the extraction of natural gas for use as feed gas in the production of LNG.
Selected financial results
| SELECTED FINANCIAL RESULTS | ||||||||
| ($000 except per share information) | ||||||||
| Three months ended Dec. 31, | Year ended Dec. 31, | |||||||
| 2017 | 2016 | 2017 | 2016 | |||||
| Post- amalgamation | Post- amalgamation | |||||||
| Selected financial results | ||||||||
| Net loss attributable to equity holders | ($3,091) | ($5,447) | ($8,825) | ($14,002) | ||||
| Net loss per share (basic and diluted) | ($0.067) | ($0.348) | ($0.237) | ($0.900) | ||||
| Cash and cash equivalent including cash and cash equivalent held for exploration purpose | $21,238 | $197 | $21,238 | $197 | ||||
| Working capital | $10,379 | ($24,260) | $10,379 | ($24,260) | ||||
| Exploration and evaluation assets | $42,827 | - | $42,827 | - | ||||
About Pieridae Energy
Pieridae Energy is a Canadian corporation based in Calgary, Alberta focused on the development of fully integrated energy activities, from upstream production to the sale of LNG. Pieridae Energy’s main project is the Goldboro LNG Project and, following Pieridae Energy’s first acquisition of resources in New Brunswick and the completion of the merger with Pétrolia Inc., Pieridae Energy has embarked on a strategy to consolidate natural gas reserves in key natural gas basins to develop new international markets for Canadian and US natural gas. Pieridae Energy will continue to seek to build a long-term portfolio of natural gas to supply the Goldboro LNG Project. Pieridae Energy is on the leading edge of the re-integration of the LNG value chain in North America. Pieridae Energy has 50,498,852 shares issued and outstanding which trade on the TSX Venture Exchange (PEA).
For further information please contact:
| Alfred Sorensen, Chief Executive Officer | Mario Racicot, Chief Financial Officer | |
| Telephone: (418) 657-1966 | Telephone: (418) 657-1966 |
