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Last C$0.06 CAD
Change Today +0.01 / 22.22%
Volume 191.0K
As of 3:26 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

prd energy inc (PRD) Snapshot

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52 Week High
09/12/14 - C$0.92
52 Week Low
08/26/15 - C$0.05
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prd energy inc (PRD) Details

PRD Energy Inc. does not have significant operations. Previously, the company was engaged in the acquisition, exploration, and development of oil and gas properties in Germany. It intends to evaluate strategic alternatives. The company was formerly known as Pacific Rodera Energy Inc. and changed its name to PRD Energy Inc. in August 2010. PRD Energy Inc. was founded in 1983 and is headquartered in Calgary, Canada.

Founded in 1983

prd energy inc (PRD) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: C$210.0K
Chief Financial Officer and Vice President of...
Total Annual Compensation: C$161.7K
Compensation as of Fiscal Year 2014.

prd energy inc (PRD) Key Developments

PRD Energy Inc. and its Subsidiaries Terminates Boerger Farm-In Agreement and Related Agreements

PRD Energy Inc. reported that it and its subsidiaries have entered into a definitive agreement with its partner at Boerger, terminating the Boerger farm-in agreement and related agreements, and waiving all outstanding claims between the parties. PRD Energy has relinquished all of its direct licences to the relevant state authorities in Germany and is taking steps to discharge its remaining liabilities in Germany. As a result of the above, PRD incurred an impairment expense on its exploration and evaluation assets of $12.9 million and recorded a remaining carrying value of such assets in the amount of $1.82 million. The remaining carrying value reflects its net payable balance to its partner at Boerger plus its provision for asset retirement obligations each as at June 30, 2015. As a result of terminating the arrangements with its partner at Boerger subsequent to the quarter end, the Company expects to eliminate the carrying value of its exploration and evaluation assets as at September 30, 2015 as well as the related payables and asset retirement obligations.

PRD Energy Inc. Plans to Cease Operations in Germany

PRD Energy Inc. announced that the Company has decided to cease operations in Germany. The company's experience to date and near term outlook has led the Company to conclude that the opportunities available in the German basin at this time are not viable for a company of PRD's size and stage of development. Central to the Company's decision has been the drastic decline in global commodity prices and ongoing negative outlook. The extension of cycle times for permitting has resulted in many of the Company's projects becoming uncertain and uneconomic. Although the Company has successfully accessed legacy data, it has been at significant cost and on lengthy timeframes. In addition, following detailed analysis of the legacy data, a number of the properties for which the Company has obtained licenses have been determined to be uneconomic based on current commodity prices. Despite significant efforts, the Company has been unable to affect material partnership arrangements with incumbents to provide the economies of scale required to properly grow and expand its business in lower risk re-development opportunities. The adaptation of local service providers to North American drilling and operating practices, and the ongoing reluctance of regulatory authorities to approve such practices, make it unlikely that the Company will be able to execute its required cost reduction strategies. Further, recent royalty changes in the state of Schleswig-Holstein, a state where the Company holds a significant portion of its exploration lands, have made the Company's prospects in that state uneconomic. For these and other reasons, the Company has determined that it is in the best interests of PRD and its shareholders to cease operations in Germany. In this regard, the Company terminated the employment of its German staff effective August 31, 2015 and is taking steps to close its Berlin office. In addition, the company will be reducing its technical staff in the Calgary office together with a reduction in other ongoing administrative expenses.

PRD Mulls Options

PRD Energy Inc. (TSXV:PRD) is evaluating alternatives. The Board of Directors has formed a special committee to evaluate strategic alternatives including one or a combination of the sale of PRD or other business combination, recapitalization, asset acquisitions or dispositions, or the liquidation and/or dissolution of the Company, amongst all other alternatives. FirstEnergy Capital Corp. has been engaged to assist in the process.


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