Pieridae Releases Q4 and Full Year 2024 Financial & Operating Results and 2024 Reserves

Achieved Pivotal Strategic Milestones While Reducing Costs, Growing Third-Party Volumes, and Proactively Managing Production

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CALGARY, Alberta, March 19, 2025 (GLOBE NEWSWIRE) -- Pieridae Energy Limited ("Pieridae” or the "Company”) (TSX: PEA) announces the release of its fourth quarter and full year 2024 financial and operating results and year-end reserves. Pieridae generated Net Operating Income¹ ("NOI”) of $64.6 million and produced 27,763 boe/d (84% natural gas) during 2024. The Company posted Q4 NOI of $13.7 million and production of 22,568 boe/d, while 2024 exit production was approximately 25,558 boe/d.

The Company also filed its Annual Information Form ("AIF") for the year ended December 31, 2024, including the 2024 independent oil and natural gas reserves evaluation as required under National Instrument 51-101 Standards of Disclosure of Oil and Gas Activities ("NI 51-101”). Pieridae's 2024 NI 51-101 Proved Developed Producing ("PDP”) PV10 value is $621.4 million and Total Proved plus Probable ("TPP”) PV10 value is $1,252.2 million².

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The Company's AIF, management's discussion and analysis ("MD&A”) and audited consolidated financial statements and notes for the year ended December 31, 2024 are available at www.pieridaeenergy.com and on SEDAR+ at www.sedarplus.ca.

"2024 was pivotal for Pieridae,” said Darcy Reding, President and CEO. "We divested our legacy LNG assets, repaid our high-cost bridge loan prior to its maturity, completed our Waterton turnaround on budget, and raised over $33 million in equity from existing shareholders and insiders to invest in value accretive production and optimization projects. Our strong hedge position, operating cost reductions, and proactive production curtailments helped the Company withstand deeply discounted natural gas prices in 2024. As we look towards 2025 and beyond, we continue our efforts to dramatically reduce costs and pay down debt, while capitalizing on new accretive opportunities. Key priorities for 2025 include repositioning the Company's sulphur business to benefit from the upcoming expiry of the long-term sulphur marketing agreement on December 31, 2025, and working towards a commercial solution to consolidate approximately 75 MMcf/d of currently shut-in raw gas from a third-party facility into our Caroline Gas Plant. We continue to advance our strategy successfully and are very excited about 2025 and beyond.”

________________________

¹ ^{Refer to the "non-GAAP measures” section}^of^{the Company's MD&A.}

²^{PV10 at effective date of Dec. 31, 2024 using Jan. 1, 2025 evaluator consensus ("IC4”) price forecast.}

2024 ANNUAL HIGHLIGHTS

Generated NOI of $64.6 million ($0.24 per basic and fully diluted share).
Generated Funds Flow from Operations¹ of $18.1 million ($0.07 per basic and fully diluted share).
Incurred operating expenses of $185.7 million, down 17% from 2023 on continued efforts to reduce field and facility operating cost structure.
Produced 27,763 boe/d (84% natural gas), down 15% from 2023 due primarily to the voluntary shut-in of approximately 9,400 boe/d of uneconomic dry gas production during the second half of 2024.
Incurred net loss of $38.9 million (-$0.20 per basic and fully diluted share).
Grew third-party raw gas processing volumes to 63 MMcf/d, up 3.6% from 2023.
Completed disposition of legacy Goldboro assets for gross cash proceeds of $12.0 million, simplifying the Company's strategic focus.
Completed a $4.5 million non-brokered private placement, resulting in the issuance of 12.8 million common shares to an existing shareholder.
Settled convertible bridge loan for $24.0 million in advance of its December 13, 2024 maturity date.
Completed a $29.0 million equity rights offering (the "Rights Offering”) resulting in the issuance of 118.5 million common shares to existing shareholders and insiders with net proceeds used to repay long term debt, fund working capital and invest in value accretive production and optimization projects.
Incurred capital expenditures of $25.7 million in 2024, focused primarily on phase 2 of the Waterton facility maintenance turnaround, along with well and facility optimization projects.
Recorded 2024 NI 51-101 TPP reserves of 244.3 MMboe and TPP PV10 reserve value of $1,252.2 million at the Jan. 1, 2025 IC4 price forecast.


Selected Annual Results ($ 000s unless otherwise noted)	2024	2023	2022
Production
Natural gas (mcf/d)	139,710	168,821	181,677
Condensate (bbl/d)	2,397	2,339	2,860
NGLs (bbl/d)	2,082	2,296	3,729
Sulphur (tonne/d)	1,319	1,306	1,459
Total production (boe/d) ⁽¹⁾	27,763	32,772	36,868
Third-party volumes processed (mcf/d) ⁽²⁾	63,013	60,834	60,039
Reserves
Net proved plus probable (2P) reserves NPV10 ⁽³⁾	1,252,170	1,371,735	1,507,413
Financial
Natural Gas Price ($/mcf)
Realized before Risk Management Contracts (4)	1.58	2.67	5.30
Realized after Risk Management Contracts ⁽⁴⁾	3.15	3.67	4.40
Benchmark natural gas price	1.45	2.63	5.36
Condensate Price ($/bbl)
Realized before Risk Management Contracts ⁽⁴⁾	94.48	97.01	114.66
Realized after Risk Management Contracts ⁽⁴⁾	86.73	95.55	111.18
Benchmark condensate price	100.02	102.73	121.46
Sulphur Price ($/tonne)
Realized sulphur price ⁽⁵⁾	13.52	21.86	44.88
Benchmark sulphur price	126.76	128.60	344.42
Revenue ⁽⁶⁾	268,840	374,029	443,835
Net income (loss)	(38,905)	8,981	146,620
Net income (loss) $ per share basic	(0.20)	0.06	0.93
Net income (loss) $ per share diluted	(0.20)	0.04	0.91
Net operating income ⁽⁷⁾	64,608	130,929	200,989
Cashflow provided by operating activities	7,132	104,202	88,167
Funds flow from operations ⁽⁷⁾	18,107	85,692	153,679
Total assets	612,423	638,541	615,477
Adjusted working capital deficit ⁽⁷⁾	(29,777)	(31,830)	(11,249)
Net debt ⁽⁷⁾	(197,564)	(204,046)	(214,503)
Non-current liabilities	326,853	300,261	157,104
Capital expenditures ⁽⁸⁾	25,697	55,539	39,526
_{(1) Total production excludes sulphur.} _{(2) Third-party volumes processed are raw natural gas volumes reported by activity month, which do not include accounting accruals.} _{(3) Estimated pre-tax net present value of discounted cash flows from reserves using a 10% discount rate.} _{(4) Includes physical commodity and financial risk management contracts inclusive of cash flow hedges, together ("Risk Management Contracts”).} _{(5) Realized sulphur price is net of customary deductions such as transportation, market and storage fees.} _{(6) Revenue is inclusive of petroleum and natural gas revenue, royalties, processing, marketing and other revenue, and realized gains and losses on risk management contracts.} _{(7) Refer to the "Net Operating Income”, "Capital Resources”, "Funds Flow from Operations” and "Working Capital and Capital Strategy” sections of the Company's MD&A for reference to non-GAAP measures.} _{(8) Excludes reclamation and abandonment activities.}

2024 RESERVES

Deloitte, Pieridae's independent, qualified reserves evaluator, performed reserves evaluations on the Company's assets at December 31, 2024 and 2023. The following table summarizes those reserves based on the Deloitte NI 51-101 reserve report using the January 1, 2025 and January 1, 2024 IC4 price forecasts, respectively:

	Year ended December 31			Year ended December 31
Reserve Volume and Net Present Value	MMboe			$000, NPV10⁽¹⁾
	2024	2023	% Change	2024	2023	% Change
Reserves Category ⁽²⁾
Net proved developed producing (PDP) reserves	114.9	120.7	(5)	621,393	614,072	1
Net proved (1P) reserves	183.2	191.2	(4)	961,491	1,053,896	(9)
Net proved plus probable (2P) reserves	244.3	252.5	(3)	1,252,170	1,371,735	(9)
_{(1) Estimated pre-tax net present value of discounted cash flows from reserves using a 10% discount rate at evaluator consensus (IC4) year end price forecast.} _{(2) Net reserves reflect working interest share of the asset prior to the deduction of royalties.}

2024 Reserve Reconciliation

	Light & Medium Oil			Conventional Gas			Natural Gas Liquids
	Proved	Probable	Proved + Probable	Proved	Probable	Proved + Probable	Proved	Probable	Proved + Probable
	Mbbl	Mbbl	Mbbl	MMcf	MMcf	MMcf	Mbbl	Mbbl	Mbbl
Opening Balance	-	-	-	959,614	322,150	1,281,764	31,244	7,636	38,880
Production	(1)	-	(1)	(51,030)	-	(51,030)	(1,628)	-	(1,628)
Technical Revisions	1	-	1	89,887	(3,572)	86,315	2,638	653	3,291
Extensions	-	-	-	-	-	-	-	-	-
Acquisitions	-	-	-	-	-	-	-	-	-
Economic Factors	-	-	-	(85,344)	(3,567)	(88,911)	(1,207)	318	(890)
Closing Balance	-	-	-	913,127	315,011	1,228,138	31,046	8,607	39,653

Selected 2024 Reserve Highlights

Reserve Life Index ("RLI”) increased to 25.1 years from 20.4 years in 2023.
2025 forecasted PDP base decline of 7.3% when the volatility created by seasonally shutting-in uneconomic dry gas production is excluded.
The negative impacts of lower pricing were offset by positive technical revisions including lower operating costs, higher 3^rd party revenue and higher forecasted NGLs.

Refer to the Company's Annual Information Form for the year ended December 31, 2024, for more information on Pieridae's 2024 reserves.

Q4 2024 HIGHLIGHTS

Generated NOI of $13.7 million ($0.05 per basic and fully diluted share).
Incurred capital expenditures of $5.8 million, primarily for phase 2 of the Waterton facility turnaround, and initiated spending on value accretive optimization projects using Rights Offering proceeds.
Generated Funds Flow from Operations¹ of $2.8 million ($0.01 per basic and fully diluted share).
Incurred net loss of $20.9 million (-$0.08 per basic and fully diluted share).
Produced 22,568 boe/d (83% natural gas); and
Grew third-party raw gas processing volumes to 71.5 MMcf/d, up 6.2% from Q4 2023.