Pieridae announces the resignation of its CFO
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CALGARY, Alberta, July 5, 2021 (GLOBE NEWSWIRE) – Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) announced today that Rob Dargewitcz has stepped down as Chief Financial Officer (“CFO”) of the Company, effective July 30, 2021, in order to pursue other opportunities. The Company noted that Mr. Dargewitcz’s departure is not related to any issues or disagreements regarding the financial disclosures or the accounting policies and practices of Pieridae. We thank Mr. Dargewitcz for his service.
The Company will soon begin a process to appoint a successor to Mr. Dargewitcz and another announcement will be made in due course.
Founded in 2011, Pieridae, a predominantly Canadian company based in Calgary, focuses on advancing integrated energy activities, exploration and extraction of natural gas, NGLs and condensate; the development, construction and operation of the Goldboro LNG facility and the production of LNG for sale in Europe and other markets. Pieridae is at the forefront of reintegrating the LNG value chain in North America. Following the completion of all of the transactions disclosed in this press release, Pieridae has 157,641,871 common shares issued and outstanding that trade on the TSX (“PEA.TO”).
For more information please contact:
Alfred Sorensen, Chairman and CEO
Telephone: (403) 261-5900
James Millar, Director, External Relations
Telephone: (403) 261-5900
Certain statements contained in this document may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”). Words such as “may”, “will”, “should”, “could”, “anticipate”, “believe”, “expect”, “intend”, “plan”, “possibly”, “Continue”, “must”, “estimate”, “expect”, “propose”, “could”, “plan”, “predict”, “anticipate” and similar expressions can be used to identify these forward-looking statements.
Forward-looking statements involve important risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in forward-looking statements, including, but not limited to, risks associated with exploration, development, operation, production, marketing and transportation of oil and gas, loss of markets, commodity price volatility, currency fluctuations, inaccurate resource estimates, environmental risks, competition from other producers, incorrect valuation of the value of acquisitions, inability to realize the benefits or synergies expected from the acquisitions, resulting delays or inability to obtain the required regulatory approvals and the ability to access sufficient capital from internal and external sources and the risk factors described under ” Risk Factors ”and elsewhere herein. The recovery and resource estimate of Pieridae reserves provided herein are estimates only and there is no guarantee that the estimated resources will be recovered. Accordingly, actual results may differ materially from those anticipated in forward-looking statements.
Forward-looking statements are based on a number of factors and assumptions which were used to develop these forward-looking statements, but which may prove to be inaccurate. Although Pieridae believes that the expectations reflected in these forward-looking statements are reasonable, one should not place undue reliance on forward-looking statements as Pieridae cannot guarantee that such expectations will prove to be correct. In addition to other factors and assumptions that can be identified in this document, assumptions have been made regarding, inter alia: the impact of increasing competition; the general stability of the economic and political environment in which Pieridae operates; timely receipt of all required regulatory approvals; Pieridae’s ability to obtain qualified personnel, equipment and services in a timely and cost effective manner; the ability of the operator of the projects in which Pieridae has an interest, to operate the field in a safe, efficient and effective manner; the ability of Pieridae to obtain funding on acceptable terms; the ability to replace and expand oil and gas resources through acquisition, development and exploration; the timing and costs of construction and expansion of the pipeline, storage and facilities and the ability of the Pieridae to ensure adequate transportation of the products; future prices of raw materials; currencies, exchange rates and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Pieridae operates; timing and amount of capital expenditures, future sources of funding, production levels, weather conditions, success of exploration and development activities, access to collection, processing and pipeline systems, advanced technologies and Pieridae’s ability to successfully commercialize its petroleum and natural gas products.
Readers are cautioned that the above list of factors is not exhaustive. Additional information on these and other factors that could affect Pieridae’s business and financial results is included in reports filed with Canadian securities regulators and can be found on the SEDAR website (www.sedar.com ) and on the Pieridae website (www.pieridaeenergy .com). Although the forward-looking statements contained herein are based on what management considers reasonable assumptions, management cannot guarantee that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and Pieridae assumes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.
The forward-looking statements contained in this document regarding the oil and gas industry and Pieridae’s general expectations regarding this industry are based on estimates prepared by management using data from publicly available industry sources and reports. on reservations, market research and analysis of the industry and on assumptions based on data and knowledge of this industry that Pieridae deems reasonable. However, this data is inherently imprecise, although it is generally indicative of relative market positions, market shares and performance characteristics. While Pieridae is not aware of any inaccuracies in the industry data presented here, the industry involves risks and uncertainties and is subject to change based on various factors.
Barrels of oil equivalent (“boe”) can be misleading, especially if used in isolation. A boe conversion ratio of 6 Mpi: 1 barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalence at the wellhead.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.