May 8, 2025
Pieridae Announces Voting Results from Annual and Special Meeting of Shareholders and Approval of Name Change to Cavvy Energy Ltd. 2
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES
PIERIDAE ANNOUNCES VOTING RESULTS FROM ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS AND APPROVAL OF NAME CHANGE TO CAVVY ENERGY LTD
CALGARY, ALBERTA – May 8, 2025 – Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) today announced the voting results from its Annual and Special Meeting of Shareholders (the “Meeting”) held on May 8, 2025. Each of the matters voted upon at the Meeting is described below and additional information on such matters is set out in the 2025 Notice of Annual and Special Meeting of Shareholders and Management Information Circular dated March 27, 2025 (the “Circular”), a copy of which is available on the Company’s SEDAR+ profile at www.sedarplus.ca. All resolutions brought forward at the Meeting were approved by shareholders, including to change the Company’s name to Cavvy Energy Ltd.
The Company expects to effect the name change on May 9, 2025 and to begin trading its common shares under the stock symbol “CVVY” on the Toronto Stock Exchange (the “TSX”) within three business days of the completion of the name change, subject to receipt of final regulatory approvals. The Company also intends to launch its new website at www.cavvyenergy.com following completion of the name change.
At the Meeting, shareholders also approved the continuance of the Company out of the federal jurisdiction of Canada under the Canada Business Corporations Act (the “CBCA”) and into the provincial jurisdiction of Alberta under the Business Corporations Act (Alberta) (the “ABCA”). The Company expects to effect the continuance immediately following the name change on May 9, 2025.
Charles Boulanger, Gail Harding, and Richard Couillard did not seek re-election to the Company’s board of directors (the “Board”) at the Meeting. The Board and management team would like to thank them for their valued contributions and guidance to the Company over the years and wish them well in their future endeavours. The Board and management team would also like to welcome the Company’s two new directors, Michael Backus and Harvey Doerr, to the Board.
The Company had 290,483,281 common shares outstanding and eligible to vote at the Meeting, of which 205,689,497 (70.81%) were voted.
Voting Results
1. Number of Directors: By ordinary resolution, the number of directors of the Company to be elected at the Meeting was fixed at seven. The results of the vote were as follows:
2. Election of Directors: Each of the following seven nominees were elected as a director of the
Company to serve until the next annual meeting of shareholders of the Company, or until their
successors are elected or appointed. The results of the vote were as follows:
A biography of each director is available in the Circular.
3. Appointment of Auditor: By ordinary resolution, Ernst & Young LLP was appointed as the auditor
of the Company to hold office until close of the next annual meeting of shareholders of the
Company. The results of the vote were as follows:
4. Executive Compensation: By non-binding ordinary resolution, the advisory vote on executive
compensation, also known as “say on pay”, as described in the Circular, was approved. The results
of the vote were as follows:
5. Ratification of Options: By ordinary resolution, the ratification and approval of all stock options
granted after May 27, 2024 and approval of all unallocated options under the stock option plan,
as described Circular, was approved. The results of the vote were as follows:
5. Name Change: By special resolution, the amendment to the Company’s articles to change its
name to “Cavvy Energy Ltd.” was approved. The results of the vote were as follows:
7. Continuance: By special resolution, the continuance of the Company out of the federal
jurisdiction of Canada under the CBCA and into the provincial jurisdiction of Alberta under the
ABCA, as described in the Circular, was approved. The results of the vote were as follows:
ABOUT PIERIDAE
Pieridae is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from the Canadian Foothills and adjacent areas in Alberta and in northeast British Columbia. Pieridae’s vision is to provide responsible, affordable natural gas and derived products to meet society’s energy security needs. Pieridae’s common shares trade on the TSX under the symbol “PEA”.
For further information, visit www.pieridaeenergy.com, or please contact:
Darcy Reding, President & Chief Executive Officer Adam Gray, Chief Financial Officer
Telephone: (403) 261‐5900 Telephone: (403) 261‐5900
Investor Relations
investors@pieridaeenergy.com
Forward‐Looking Statements
Certain of the statements contained herein including, without limitation, management plans and assessments of future plans and operations, Pieridae’s outlook, strategy and vision, intentions with respect to future acquisitions, dispositions and other opportunities, including exploration and development activities, Pieridae’s ability to market its assets, plans and timing for development of undeveloped and probable resources, Pieridae’s goals with respect to the environment, relations with Indigenous people and promoting equity, diversity and inclusion, estimated abandonment and reclamation costs, plans regarding hedging, plans regarding the payment of dividends, wells to be drilled, the weighting of commodity expenses, expected production and performance of oil and natural gas properties, results and timing of projects, access to adequate pipeline capacity and third-party infrastructure, growth expectations, supply and demand for oil, natural gas liquids and natural gas, industry conditions, government regulations and regimes, capital expenditures and the nature of capital expenditures and the timing and method of financing thereof, may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively “forward-looking statements”). Words such as “may”, “will”, “should”, “could”, “anticipate”, “believe”, “expect”, “intend”, “plan”, “continue”, “focus”, “endeavor”, “commit”, “shall”, “propose”, “might”, “project”, “predict”, “vision”, “opportunity”, “strategy”, “objective”, “potential”, “forecast”, “estimate”, “goal”, “target”, “growth”, “future”, and similar expressions may be used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management.
Forward-looking statements involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including, but not limited to, the risks associated with oil and gas exploration, development, exploitation, production, processing, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of resources estimates, environmental risks, competition from other producers, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals, ability to access sufficient capital from internal and external sources and the risk factors outlined under “Risk Factors” and elsewhere herein. The recovery and resources estimate of Pieridae’s reserves provided herein are estimates only and there is no guarantee that the estimated resources will be recovered. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
Forward-looking statements are based on a number of factors and assumptions which have been used to develop such forward-looking statements, but which may prove to be incorrect. Although Pieridae believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because Pieridae can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which Pieridae operates; the timely receipt of any required regulatory approvals; the ability of Pieridae to obtain and retain qualified staff, equipment and services in a timely and cost efficient manner; the ability of the operator of the projects which Pieridae has an interest in to operate the field in a safe, efficient and effective manner; the ability of Pieridae to obtain financing on acceptable terms; the ability to replace and expand oil and natural gas resources through acquisition, development and exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of Pieridae to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Pieridae operates; timing and amount of capital expenditures; future sources of funding; production levels; weather conditions; success of exploration and development activities; access to gathering, processing and pipeline systems; advancing technologies; and the ability of Pieridae to successfully market its oil and natural gas products.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Pieridae’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca), and at Pieridae’s website (www.pieridaeenergy.com).
Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and Pieridae assumes no obligation to update or review them to reflect new events or circumstances except as required by applicable securities laws.
Forward-looking statements contained herein concerning the oil and gas industry and Pieridae’s general expectations concerning this industry are based on estimates prepared by management using data from publicly available industry sources as well as from reserve reports, market research and industry analysis and on assumptions based on data and knowledge of this industry which Pieridae believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While Pieridae is not aware of any misstatements regarding any industry data presented herein, the industry involves risks and uncertainties and is subject to change based on various factors.
Additional Reader Advisories
Barrels of oil equivalent (“boes”) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Abbreviations
Neither TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
(1) Refer to the “non-GAAP measures” section of the Company’s MD&A.