CALGARY, Alberta, June 28, 2023 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae”, “PEL”, or the “Company”) (TSX: PEA) announces that Mr. Alfred Sorensen, Chief Executive Officer of the Company, has indicated to the Company’s Board of Directors (“Board”) that he will be retiring from his roles as Chief Executive Officer and Director shortly.
Mr. Sorensen has been instrumental in leading the operations of Pieridae for over a decade. With the completion of the Company’s refinancing, which was a key step in Pieridae’s previously announced strategy to improve financial flexibility and reduce leverage, as well as the Company’s transition away from its LNG project and renewed focus on its upstream and midstream assets in the Canadian Foothills, Mr. Sorensen has informed the Board that this is a logical time to transition the leadership of the Company.
“I am very pleased that the Company was able to successfully complete the recent refinancing, which puts Pieridae in a much-strengthened financial position. I am excited to see what the future holds for Pieridae,” Mr. Sorensen stated.
Patricia McLeod, Chair of the Board of Directors of Pieridae, added “Alfred has done a remarkable job of guiding Pieridae throughout its history and has overseen its growth and transformation from an LNG-focused company to an exploration and production company. We wish him well in his future endeavors.”
The Board and Mr. Sorensen have committed to facilitating an orderly transition. The Board confirms its full confidence in the ongoing leadership of Mr. Darcy Reding, President and Chief Operating Officer and Mr. Adam Gray, Chief Financial Officer, along with the balance of the senior leadership team to continue managing the full scope of Pieridae operations during the transition.
Mr. Sorensen’s departure date will be communicated as soon as it is finalized.
ABOUT PIERIDAE
Pieridae is a Canadian energy company headquartered in Calgary, Alberta. Through corporate and asset acquisitions, we have grown into a significant upstream and midstream producer with assets concentrated in the Canadian Foothills, producing conventional natural gas, NGLs, condensate and sulphur. Pieridae provides the energy to fuel people’s daily lives while supporting the environment and the transition to a lower-carbon economy. Pieridae’s common shares trade on the TSX under the symbol “PEA”.
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