PERPETUAL ENERGY INC.
PERPETUAL ENERGY INC. REPORTS YEAR-END 2023 FINANCIAL AND OPERATING RESULTS, Q1 2024 OUTLOOK AND RESERVES
Perpetual Energy Inc. reported a decrease in full-year 2023 production to 6,375 boe/d and a significant decline in oil and natural gas revenue, net income, and adjusted funds flow compared to 2022. The company's proved plus probable reserves decreased to 26.0 MMboe at year-end 2023, leading to a substantial reduction in net present value and net asset value. Positively, Perpetual significantly reduced its net debt to $21.6 million and settled the long-standing Sequoia Litigation for $30.0 million, while also repaying and redeeming other debt instruments.