CA - Perpetual Energy GAAP EPS of $0.11 revenue of $22.9M

• Perpetual Energy press release ( OTCPK:PMGYF ): Q3 GAAP EPS of C$0.11.
• Revenue of C$22.9M (+56.8% Y/Y).
• Third quarter average production was 5,882 boe/d, up 21% from the comparative period of 2021 (Q3 2021 – 4,876 boe/d; Q2 2022 – 6,123 boe/d).
• Adjusted funds flow in the third quarter of 2022 was C$9.6 million (C$0.15/share), up $7.4 million (336%) from the prior year period of C$2.2 million (C$0.03/share).
• Perpetual continues to forecast exploration and development capital expenditures of C$31 – C$33 million for full year 2022, relative to previous guidance released on August 3, 2022 of C$29 – C$32 million, to be fully funded from the Company's credit facility and adjusted funds flow.
• Full year average production is on track to grow approximately 25% from 2021 levels in accordance with guidance on August 3, 2022, of 6,500 to 6,750 boe/d. Cash costs are expected to average between C$20.00 and C$22.00 per boe for the calendar year, unchanged from previous guidance of C$20.00 to C$22.00 per boe.
• Perpetual's Board of Directors  approved a capital budget of C$29 - C$32 million for 2023, including C$5 to C$7 million to be spent in the first quarter for pipeline infrastructure and to drill two (1.0 net) wells at East Edson.
• The remainder of the 2023 capital program is expected to be spent in the third quarter of 2023 and focus primarily at East Edson to drill to fill the infrastructure capacity and at Mannville to pursue additional multi-lateral drilling opportunities.

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