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Pétrolia to form new LNG company with Pieridae Energy

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LNG Industry,

Pétrolia Inc. has announced that it has entered into a definitive agreement with Pieridae Energy Ltd to amalgamate to form a new entity – Pieridae Energy Ltd (Amalco).

This arrangement will allow Amalco to strategically position itself in the North American equity markets as a developing fully integrated energy company, from upstream production to LNG sales. Pieridae’s Goldboro LNG project – together with the resource potential of Pétrolia – presents an opportunity for investors to take part in Canada’s only integrated LNG facility holding key permits and approvals for its current stage of development. Pétrolia claims that the combined expertise and diversification of both companies will ensure that Amalco has the potential for an effective and sustainable long-term growth plan.

In addition to this, the arrangement will present Pétrolia shareholders with an opportunity to take part in the LNG industry through the development of an integrated energy company and provide the means for the accelerated exploration of Pétrolia’s properties, whilst offering a long-term market for any gas production. Pétrolia claims that its shareholders will receive an immediate premium and considerable potential upside when correlated against similar corporate situations in the North American equity markets this past year.

The completion of the arrangement remains subject to the approval of the exchange and Pétrolia and Pieridae shareholders approval (amongst other things).

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