From GlobeNewswire: 2025-05-07 18:33:00

Pieridae Energy Limited released its first quarter 2025 financial and operating results, showing a production of 22,584 boe/d and Net Operating Income of $32.6 million. The company restarted 1,800 boe/d of previously shut-in dry gas volumes and monetized a portion of its natural gas financial hedge position, reducing debt. Management remains focused on key milestones in 2025.

In Q1 2025, Pieridae generated NOI of $32.6 million and Funds Flow from Operations of $21.7 million. Operating expenses decreased by 15%, with production at 22,584 boe/d. The company increased third-party raw gas processing volumes and executed a hedge monetization transaction, reducing Net Debt to $185.4 million. Proposed name change to Cavvy Energy Ltd. pending shareholder approval.

Pieridae’s 2025 guidance includes total production of 23,000 to 25,000 boe/d, with Net Operating Income of $75,000 to $95,000 and an operating netback of $9.00 to $11.00 per boe. The company’s priorities for the year include reducing long-term debt, growing third-party gathering and processing business, and optimizing infrastructure to maintain profitability.

The company’s hedge portfolio for natural gas, condensate, and power includes contracts for 2025-2026 and 2027-2028, hedging a significant portion of production. Pieridae hedges to mitigate commodity price volatility and protect cash flow for operations, capital requirements, and debt service obligations. The company continues to focus on risk management and compliance with senior secured lenders.

A conference call and webcast to discuss Pieridae’s results will be held on May 8, 2025, following the Annual General and Special Meeting of Shareholders. The company’s vision is to provide responsible, affordable natural gas and derived products to meet society’s energy security needs. Pieridae’s common shares trade on the TSX under the symbol “PEA”.



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