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Term Loan Deferred Fee Payment Date Delayed

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$50.0 Million Payment Now Due January 2022

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES

CALGARY, Alberta, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) today announced it has reached an agreement with its senior secured lender Third Eye Capital Corporation (“TEC”) to delay payment of the $50.0 million deferred fee owing under Pieridae’s Credit Agreement signed with TEC in October of 2019. The deferred fee was to have been paid by October 16, 2021. The payment deadline has now been extended to the first business day of January 2022.

“I am pleased we have achieved this payment extension and want to thank TEC for their continued support of the Company and the Strategic Review currently underway with Peters & Co. that is focused on enhancing shareholder value,” said Pieridae’s Chief Executive Officer Alfred Sorensen. “This extension to the end of 2021 gives us the time to continue to pursue the strategic review process with the goal of concluding a transaction that is beneficial to the Company.”

About Pieridae
Pieridae is a majority Canadian-owned corporation based in Calgary that was founded in 2011. The Company is focused on the exploration, extraction and processing of natural gas as well as analyzing options for a reconfigured LNG Project that fits with the current environment and would supply Europe and other markets. Pieridae provides the energy to fuel people’s daily lives while supporting the environment and the transition to a lower-carbon economy. After completion of all the transactions disclosed in this news release, Pieridae has 157,641,871 common shares issued and outstanding which trade on the TSX (PEA.TO).

For further information please contact:

Alfred Sorensen, Chief Executive Officer
Telephone: (403) 261-5900

James Millar, Director, External Relations
Telephone: (403) 261-5900