CALGARY, AB, Dec. 23, 2020 /CNW/ - (TSX:
PMT) – Perpetual Energy Inc. ("Perpetual"
or the "Company") announced today that the revolving credit period
applicable to the Company's credit facility has been extended to
March 1, 2021 and the $20 million borrowing limit maintained. The
borrowing limit is scheduled to be redetermined and the revolving
credit period extended on or before March 1,
2021. The extension of the revolving credit period provides
additional time to finalize negotiations with its lenders and for
the Company to explore opportunities to enhance its liquidity. If
the revolving credit period is not extended beyond March 1, 2021, the credit facility will cease to
revolve, and all outstanding balances will be repayable.
ADDITIONAL INFORMATION
About Perpetual
Perpetual is an oil and natural gas exploration, production and
marketing company headquartered in Calgary, Alberta. Perpetual owns a diversified
asset portfolio, including liquids-rich natural gas assets in the
deep basin of west central Alberta, heavy oil and shallow natural gas in
eastern Alberta, with longer term
opportunities through undeveloped oil sands leases in northern
Alberta. Additional information on
Perpetual can be accessed at www.sedar.com or from the
Corporation's website at www.perpetualenergyinc.com.
The Toronto Stock Exchange has neither approved nor disapproved
the information contained herein.
Forward-Looking Information
Certain information regarding Perpetual in this news release
may constitute forward-looking information or statements under
applicable securities laws. The forward-looking information
includes, without limitation, the Company's ability to extend the
Credit Facility or to refinance its term debt on favorable terms.
Forward-looking information is based on current expectations,
estimates and projections that involve a number of known and
unknown risks, including, without limitation, the impact of the
ongoing oil price war between Russia and Saudi
Arabia and COVID-19 as further described below, which could
cause actual results to vary and in some instances to differ
materially from those anticipated by Perpetual and described in the
forward-looking information contained in this news release. In
particular and without limitation of the foregoing, the recent
outbreak of COVID-19 has had a negative impact on global financial
conditions. Perpetual cannot accurately predict the impact COVID-19
will have on its ability to execute its business plans in response
to government public health efforts to contain COVID-19 and to
obtain financing or third parties' ability to meet their
contractual obligations with Perpetual including due to
uncertainties relating to the ultimate geographic spread of the
virus, the severity of the disease, the duration of the outbreak,
and the length of travel and quarantine restrictions imposed by
governments of affected jurisdictions; and the current and future
demand for oil and gas. In the event that the prevalence of
COVID-19 continues to increase (or fears in respect of COVID-19
continue to increase), governments may increase regulations and
restrictions regarding the flow of labour or products, and travel
bans, and Perpetual's operations, service providers and customers,
and ability to advance its business plan or carry out its top
strategic priorities, could be adversely affected. In particular,
should any employees, consultants or other service providers of
Perpetual become infected with COVID-19 or similar pathogens, it
could have a material negative impact on Perpetual's operations,
prospects, business, financial condition and results of operations.
Undue reliance should not be placed on forward-looking information,
which is not a guarantee of performance and is subject to a number
of risks or uncertainties, including without limitation those
described herein and under "Risk Factors" in Perpetual's Annual
Information Form and MD&A for the year ended December 31, 2019 and in other reports on file
with Canadian securities regulatory authorities which may be
accessed through the SEDAR website (www.sedar.com)
and at Perpetual's website
(www.perpetualenergyinc.com). Readers are cautioned
that the foregoing list of risk factors is not exhaustive.
Forward-looking information is based on the estimates and opinions
of Perpetual's management at the time the information is released,
and Perpetual disclaims any intent or obligation to update publicly
any such forward-looking information, whether as a result of new
information, future events or otherwise, other than as expressly
required by applicable securities law.
SOURCE Perpetual Energy Inc.