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prd energy inc (PRD) Snapshot

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03/4/14 - C$1.29
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01/30/15 - C$0.12
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prd energy inc (PRD) Details

PRD Energy Inc., a development stage company, engages in the development and exploration of oil and gas properties in Germany. The company produces natural gas and crude oil. As of September 30, 2014, it holds 10 petroleum exploration and 6 petroleum production licenses. 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
President, Chief Operating Officer and Direct...
Total Annual Compensation: C$245.8K
Chief Financial Officer and Vice President of...
Total Annual Compensation: C$147.5K
Vice President of Exploration
Total Annual Compensation: C$199.2K
Compensation as of Fiscal Year 2013.

prd energy inc (PRD) Key Developments

PRD Energy Inc. Provides Operational Update on Boerger Field

PRD Energy Inc. provided the operational update on Boerger Field. The Company is in discussions with its joint venture partner to become the designated operator of the Boerger pool (through either acquisition of the partner's interest or by mutual agreement) in order to accelerate development timeframes for the Boerger pool. The Company plans to drill two to three deviated wells from the Boerger 7A well site in the second quarter of 2015, as the next stage of development for the Boerger pool, conditional on the Company becoming the designated operator during 2014 or early 2015. The Company believes deviated wells are the optimal well design for drilling into the underlying reservoir structure and should reduce operational risk and capital exposures when compared to horizontal wells, as originally planned. The Company's current cost estimate for its 50% working interest share is $2,250,000 for each deviated well, including drilling, completion and equipping the wells. During the three months ended September 30, 2014, the operator produced the Boerger 7A well intermittently in order to carry out pressure transient well testing and produced a total of 3,091 barrels during 34 days of operation. Since being placed on production on February 24, 2014 until September 30, 2014, the Boerger 7A well has completed 136 operating days and has produced a total of 19,023 barrels of oil, or an average of 140 bbls/d, when operational. PRD is encouraged by the initial results of this well, but believes that the well is not producing to its full capability as a result of ongoing reservoir testing and other operational issues, as well as failure to produce from the full horizontal length of the well. The Company is evaluating various workover and stimulation possibilities to increase the performance of Boerger 7A well, in the event the Company obtains operatorship.

PRD Energy Inc., Annual General Meeting, Jun 26, 2014

PRD Energy Inc., Annual General Meeting, Jun 26, 2014., at 10:00 Mountain Daylight. Location: Suite 510, 840 - 6th Avenue S.W.. Agenda: To receive financial statements as at and for the financial year ended December 31, 2013, and the auditors' report on such statements; to fix the number of directors to be elected at the Meeting at six; to elect six directors for the ensuing year; to appoint the auditors of the company and authorize the directors to fix their remuneration as such; to consider and if thought appropriate, to pass, with or without variation, an ordinary resolution ratifying the company's existing stock option plan; and to transact such further and other business as may properly come before the Meeting or any adjournment or adjournments thereof.

PRD Energy Inc. Auditor Raises 'Going Concern' Doubt

PRD Energy Inc. filed its Annual on Apr 23, 2014 for the period ending Dec 31, 2013. In this report its auditor, Ernst & Young LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.


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