Pieridae Energy Limited announced it has reached an agreement with its senior secured lender Third Eye Capital Corporation ("TEC") to extend payment of the $50 million term loan deferred fee (which was due January 4, 2022) and to amend certain other terms and covenants of the Credit Agreement first signed with TEC in October of 2019, related to the purchase of Shell's Foothills assets. Under the updated terms of the Credit Agreement, the $50 million deferred fee is now incorporated as part of the overall loan due on October 16, 2023. However, the deferred fee will not accrue interest while outstanding.

Additionally, certain other modifications to the Credit Agreement were negotiated, including the continued waiver of the requirement to hedge 60% of production on an 18-month rolling basis, through the end of February 2022. This allows Pieridae to continue to take better advantage of strong winter commodity prices.