Pieridae Energy Announces Appointment of New CEO
30 August 2023 - 7:00AM
Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX:
PEA) announces that the Board of Directors has
appointed Darcy Reding as President, Chief Executive Officer, and
Director effective September 1, 2023, following the previously
announced retirement of former CEO, Alfred Sorensen, effective
August 31, 2023.
Mr. Reding, formerly the Company’s President and
Chief Operating Officer, is a seasoned Professional Engineer with
over 30 years of leadership, technical and business development
experience in both public and private energy firms including NAL
Resources, Samson Exploration, Northrock Resources, and Norcen
Energy.
“Darcy is a capable and seasoned leader with
three decades of experience across the energy exploration,
production and infrastructure value chain,” said Patricia McLeod,
Board Chair at Pieridae. Ms. McLeod continued, “The Board believes
Darcy’s experience across a wide range of commercial, operational
and technical leadership roles, coupled with his hands-on
experience at Pieridae as President and COO, will be instrumental
in achieving the Company’s objectives including operational
excellence, netback improvement, and driving sustainable growth in
both our upstream and midstream operations to create value for our
shareholders, employees, and in the communities we operate.”
The CEO appointment is a result of a planned
succession at Pieridae and ensures the Company retains strong
continuity in leadership.
PIERIDAE’S OBJECTIVES AND STRATEGY
During the past year Pieridae has strategically
refocused on sustaining and growing its upstream exploration,
production, and midstream business. Our objective is to continue
Pieridae’s pivot toward growing sustainable and profitable
conventional Foothills production and midstreaming, while
continuing to explore opportunities to diversify market access for
the products we produce.
Management continues to take a strategic
approach to growth and capital allocation to leverage the long-term
nature of our low-decline reserve base and supporting
infrastructure, and to focus on creating long-term shareholder
value. Operational discipline, safe, effective, and efficient
operations, community and Indigenous partnerships, cost control,
and pursuing opportunities to further integrate environment, social
and governance considerations, including a carbon management plan,
are fundamental to the Company’s strategic vision.
ABOUT PIERIDAEPieridae is a
Canadian energy company headquartered in Calgary, Alberta. The
Company is a significant upstream producer of conventional natural
gas, NGLs, condensate and sulphur from the Canadian Foothills of
Alberta and northeast British Columbia. Pieridae’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”.
For further information, visit
www.pieridaeenergy.com, or please contact:
Darcy
Reding, President and Chief Operating Officer |
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Adam
Gray, Chief Financial Officer |
Telephone: (403) 261-5900 |
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Telephone: (403) 261-5900 |
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Investor Relations |
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investors@pieridaeenergy.com |
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responsibility for the adequacy or accuracy of this
release.
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