CALGARY, AB, June 28, 2021 /CNW/ - (TSX: PMT)
– Perpetual Energy Inc. ("Perpetual" or the "Company")
announced today that the maturity date applicable to the Company's
first lien revolving credit facility has been extended to
July 16, 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 July 16,
2021. The maturity of the Company's second lien Term Loan
has been extended to July 30, 2021.
These loan maturity extensions provide additional time to finalize
negotiations with its lenders and for the Company to explore
opportunities to enhance its liquidity. If the revolving credit
facility maturity is not extended on or before July 16, 2021, the revolving credit facility will
cease to revolve, and all outstanding balances will be repayable.
Similarly, if the Term Loan maturity is not further extended by
July 30, 2021, the Term Loan 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 conventional natural gas
assets in the deep basin of West Central Alberta, heavy crude oil
and shallow conventional natural gas in Eastern Alberta, including prospective
undeveloped acreage in the emerging Clearwater play fairway and undeveloped
bitumen 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
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,
2020 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.
