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Pieridae Releases Q1 2025 Financial and Operating Results
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES ...
About this update from Cavvy Energy Ltd
[{"type":"text","content":"Pieridae Releases Q1 2025 Financial and Operating ResultsProduction Reactivation, Strong Cash Flow and Hedge Monetization Drive Lower Debt\n\n\n\n\n NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR\n \n\n DISSEMINATION IN UNITED STATES\n \n\n\n CALGARY, Alberta, May 07, 2025 (GLOBE NEWSWIRE) --\n \n Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA)\n \n announces the release of its first quarter 2025 financial and operating results. The Company produced 22,584 boe/d and generated Net Operating Income\n \n 1\n \n (“NOI”) of $32.6 million during the first quarter of 2025. Management’s discussion and analysis (“MD&A”) and unaudited interim condensed consolidated financial statements and notes for the quarter ended March 31, 2025 are available at\n \n www.pieridaeenergy.com\n \n and on SEDAR+ at\n \n www.sedarplus.ca\n \n .\n \n\n “Pieridae continues building momentum this quarter with strong financial results driven, in part, by proactive decision making from our management team,” said Darcy Reding, President and CEO. “During the first quarter, we restarted 1,800 boe/d of previously shut-in dry gas volumes in response to improvements in AECO natural gas prices. We also monetized a portion of our in-the-money 2026 and 2027 natural gas financial hedge position, generating proceeds of $10.2 million which we used to reduce debt, while increasing exposure of our 2026 and 2027 natural gas production to future market prices. Our team remains focused on key milestones and catalysts in 2025, highlighted by continued debt reduction, growth in our third-party gathering and processing business, and the December 31, 2025 expiration of a long-term fixed price sulphur marketing agreement.”\n \n\n\n\n Q1 2025 HIGHLIGHTS\n \n\n\n\n\n Generated NOI of $32.6 million ($0.11 per basic and fully diluted share).\n \n\n Generated Funds Flow from Operations\n \n 1\n \n of $21.7 million ($0.07 per basic and fully diluted share).\n \n\n Incurred operating expenses of $44.0 million, down 15% from Q1 2024, reflecting both production shut-ins and the continued reduction of field and facility operating cost structure.\n \n\n Produced 22,584 boe/d (78% natural gas), down 35% from Q1 2024 due to the voluntary shut-in of approximately 9,400 boe/d...