|Perpetual Energy Inc. - PMT.t is an independent energy company producing primarily natural gas with growing volumes of oil and liquids from properties in Alberta, Canada.|
Perpetual Energy launched on July 1, 2010 through the corporate conversion of Paramount Energy Trust, a royalty trust with a seven-year history as a premium-yielding investment in the royalty trust sector.
On June 25, 2014 the company released News
"Perpetual Energy Inc. ("Perpetual", or the "Company") is pleased to announce that it has entered into definitive agreements with a joint venture partner (the "JV Partner") for a portion of its lands in the Edson area of West Central Alberta (the "East Edson Property"). The joint venture ("East Edson JV") will significantly accelerate Perpetual's net production and funds flow growth from the East Edson Property. Closing is expected to occur on or before July 16, 2014.
Perpetual is also pleased to announce that it has entered into a transaction to monetize its gas over bitumen royalty credits to a third party for proceeds of $20.5 million, subject to adjustments. Closing is expected on or about June 26, 2014.
The Company's independent reserve auditors, McDaniel and Associates Consultants Ltd., ("McDaniel") have re-assessed the reserves related to the East Edson Property, giving effect to the East Edson JV, and also mechanically-adjusted Perpetual's year-end 2013 reserves to an effective date of May 1, 2014. The capital injected by the East Edson JV transaction is expected to increase the operating cash flow from the East Edson Property to a level where the full development can be self-funded, thereby allowing McDaniel to substantially increase the reserve bookings to the technical level warranted. Upon closing the East Edson JV, Perpetual's Company-interest recognized booked reserves will increase by 60 percent, adding an estimated 36.3 MMboe of additional proved and probable reserves to Perpetual's corporate reserves, effective May 1, 2014 as mechanically-updated by McDaniel.