Perpetual Energy Closes Previously Announced Asset Disposition

Source: www.gulfoilandgas.com 11/22/2023, Location: North America

Perpetual Energy Inc. ("Perpetual", or the "Company") is pleased to announce that it has closed its previously announced asset disposition of certain assets at Mannville in Eastern Alberta to Canadian private operator Pointbreak Resources for gross proceeds of $35.8 million in cash, prior to customary purchase price adjustments (the "Mannville Transaction") with a September 1, 2023 effective date. The properties included in the Mannville Transaction comprise substantially all of the Company's production in Eastern Alberta which averaged 1,431 boe/d (66% conventional heavy oil) during the third quarter of 2023.

Proceeds from the Mannville Transaction will be used to reduce bank debt and manage future maturities on the Company's Term Loan and Senior Notes and other obligations as they come due, as well as provide Perpetual with the liquidity to invest in its remaining assets at East Edson and pursue other new venture opportunities.


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