Canadian company Pieridae looking to acquire more natural gas resources
"According to Alfred Sorenson, CEO of Pieridae Energy Ltd, the Calgary-based Canadian energy infrastructure development company is looking to expand its production base. Pieridae is on the hunt for natural gas producing assets in western Canada or in the Marcellus shale play in the United States to supply a proposed liquefied natural gas terminal on Canada’s east coast.
Mr. Sorensen has stated that Pieridae is looking to buy 200 million cubic feet a day of natural gas production to supply its terminal and would consider purchasing either standalone assets or an entire company. Pieridae is in the process of developing a liquefied natural gas (LNG) terminal in Nova Scotia known as the Goldboro project which is scheduled to go into service in 2021 and has a planned capacity of 10 million metric tonnes per year.
According to Mr. Sorensen this is part of Pieridae’s larger plan to vertically integrate into the LNG market by owning both the natural gas production resources as well as the Goldboro LNG project. Pieridae will be looking for acquisitions later this year and may look to Husky Energy which has natural gas resources available as well as Cenovus Energy which also indicated it may be willing to sell some of its gas production.
This is in addition to Pieridae’s interest in acquiring assets from the Marcellus shale play which is the most prolific natural gas field in the United States. The Marcellus site is vast, extending from western New York and south of lake Eire in Pennsylvania to Ohio and stretching south to touch Kentucky and Tennessee.
The Goldboro project is a major piece of Canada’s plan to enter the global LNG market. There are more than a dozen proposed Canadian LNG terminals seeking the final approval to move forward. However, thus far only the Woodfibre LNG project based in British Columbia has been given the final permission to move forward.
Earlier this week Pieridae made a major acquisition when it agreed to buy Petrolia Inc, a Quebec-based oil and gas producer through a reverse takeover. In July when this arrangement is completed this will create Pieridae Energy Ltd, which will a publicly traded company. Mr. Sorensen hopes that becoming a listed company will provide greater access to capital, allowing the company to easily fund future growth."