$50.0 Million Payment Now Due January 2022

CALGARY, ALBERTA – October 12, 2021 - 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
Founded in 2011, Pieridae, a majority Canadian owned corporation based in Calgary, is focused on the development of integrated energy-related activities, from the exploration and extraction of natural gas to the development, construction and operation of the Goldboro LNG facility and the production of LNG for sale to Europe and other markets. Pieridae is on the leading edge of the re-integration of the LNG value chain in North America. 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