# PERPETUAL ENERGY INC. REPORTS YEAR-END 2023 FINANCIAL AND OPERATING RESULTS, Q1 2024 OUTLOOK AND RESERVES Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/perpetual-energy-inc-reports-year-end-2023-financial-and-operating-results-q1-20--301f4b9d-9110-45bf-9cb3-b79f09c787bd Original source: https://money.tmx.com/en/quote/PMT/news/5643944760394927/perpetual-energy-inc-reports-year-end-2023-financial-and-operating-results-q1-20 Publisher: tmx Original announcement: 2024-03-26T00:36:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Perpetual Energy Inc. - Ticker: PMT - Exchange: TSX - Region: Alberta, Canada - Primary commodity: Natural gas - Secondary commodities: Oil, Ngl - Document categories: Resource update, Production, Other - Extracted: 2026-09-14 19:11:42 UTC Narrative sentiment: -0.80 · Bearish ## Minestarters Atlas summary Perpetual Energy Inc. reported its year-end 2023 financial and operating results, including a significant decrease in proved plus probable reserves to 26.0 MMboe, down from 31.6 MMboe in 2022. The net present value of these reserves also declined to $178.6 million from $302.0 million. This reduction was primarily attributed to the Mannville Disposition and lower price forecasts, alongside a decrease in the proportion of crude oil and NGL within the total reserves. Reasoning: Perpetual Energy Inc. reported a significant decrease in its year-end 2023 proved plus probable reserves, NPV, and NAV compared to 2022, primarily due to the Mannville Disposition and lower price forecasts. Annual production also saw declines in natural gas and heavy crude oil. - Negative factor: Significant decrease in total proved plus probable reserves - Negative factor: Substantial decline in net present value \(NPV\) and net asset value \(NAV\) of reserves - Negative factor: Decrease in the proportion of crude oil and NGL within total reserves - Negative factor: Overall decline in annual production rates for natural gas and heavy crude oil Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 9 ## Classification and evidence **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: Total proved plus probable reserves decreased from 31.6 MMboe in 2022 to 26.0 MMboe in 2023. Evidence · text > Perpetual's proved plus probable reserves at year-end 2023 were 26.0 MMboe \(2022 – 31.6 MMboe\) **Category Downgrade** Polarity: negative Definition: Resource confidence decreased — Measured downgraded to Indicated, or Indicated to Inferred. Unusual and concerning. Why it applies: The proportion of proved reserves within the total proved plus probable reserves decreased from 67% in 2022 to 61% in 2023. Evidence · text > Total proved reserves were 15.9 MMboe at year-end 2023, representing 61% of the Company's proved plus probable reserves \(2022 – 67%\) **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The reserve data provided in this news release presents only a portion of the disclosure required under NI 51-101. Evidence · text > The reserve data provided in this news release presents only a portion of the disclosure required under NI 51-101. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The year-end 2023 reserves were reported by the independent engineering firm McDaniel and Associates Consultants Ltd. Evidence · text > reserves as reported by the independent engineering firm McDaniel and Associates Consultants Ltd. **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: Total proved plus probable reserves decreased from 31.6 MMboe in 2022 to 26.0 MMboe in 2023. Evidence · text > Perpetual's proved plus probable reserves at year-end 2023 were 26.0 MMboe \(2022 – 31.6 MMboe\) ## Extracted facts Stored fact records: 9. Some facts used in scoring do not have a stored record. ## Resource Estimates (9) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/perpetual-energy-inc-reports-year-end-2023-financial-and-operating-results-q1-20--301f4b9d-9110-45bf-9cb3-b79f09c787bd#fact-resource-facts-0) hydrocarbons #### Identity - Commodity: hydrocarbons - Region: canada\_ab - Reported Region: Alberta, Canada - Ticker: PMT #### Resource scope - Estimate type: resource - Effective date: 2023-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: McDaniel and Associates Consultants Ltd. #### Resource Data - Contained Metal: 26 - Contained Unit: mmboe #### Prior Estimate - Resource Date: 2023-12-31 - Prior Contained Metal: 31.6 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-03-26T00:00:00.000Z Reasoning: Total proved plus probable reserves decreased significantly from 31.6 MMboe in 2022 to 26.0 MMboe in 2023, representing a material decline. - Negative factor: Significant decrease in total proved plus probable reserves compared to prior year Evidence · text > Perpetual's proved plus probable reserves at year-end 2023 were 26.0 MMboe #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 26 against 31.6 previously **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/perpetual-energy-inc-reports-year-end-2023-financial-and-operating-results-q1-20--301f4b9d-9110-45bf-9cb3-b79f09c787bd#fact-resource-facts-1) hydrocarbons #### Identity - Commodity: hydrocarbons - Region: canada\_ab - Reported Region: Alberta, Canada - Ticker: PMT #### Resource scope - Estimate type: resource - Effective date: 2023-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: McDaniel and Associates Consultants Ltd. - Resource group id: resource:5942f8ee976224239c14 #### Resource Data - Category: proven - Contained Metal: 15.9 - Contained Unit: mmboe #### Prior Estimate - Resource Date: 2023-12-31 - Prior Contained Metal: 21.172 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-03-26T00:00:00.000Z Reasoning: Total proved reserves decreased from 21.172 MMboe in 2022 to 15.9 MMboe in 2023, and their proportion of total P+P reserves also declined from 67% to 61%. - Negative factor: Proved reserves decreased compared to prior year - Negative factor: Proved reserves as a percentage of Proved plus Probable decreased Evidence · text > Total proved reserves were 15.9 MMboe at year-end 2023, representing 61% of the Company's proved plus probable reserves \(2022 – 67%\) #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 15.9 against 21.172 previously **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/perpetual-energy-inc-reports-year-end-2023-financial-and-operating-results-q1-20--301f4b9d-9110-45bf-9cb3-b79f09c787bd#fact-resource-facts-2) hydrocarbons #### Identity - Commodity: hydrocarbons - Region: canada\_ab - Reported Region: Alberta, Canada - Ticker: PMT #### Resource scope - Estimate type: resource - Effective date: 2023-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: McDaniel and Associates Consultants Ltd. - Resource group id: resource:7aa126acdc750426cc91 #### Resource Data - Category: probable - Contained Metal: 10.1 - Contained Unit: mmboe #### Prior Estimate - Resource Date: 2023-12-31 - Prior Contained Metal: 10.428 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-03-26T00:00:00.000Z Reasoning: Probable reserves decreased slightly from 10.428 MMboe in 2022 to 10.1 MMboe in 2023. - Negative factor: Probable reserves saw a slight decrease compared to prior year Evidence · text > Total proved reserves were 15.9 MMboe at year-end 2023, representing 61% of the Company's proved plus probable reserves \(2022 – 67%\) #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 10.1 against 10.428 previously **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/perpetual-energy-inc-reports-year-end-2023-financial-and-operating-results-q1-20--301f4b9d-9110-45bf-9cb3-b79f09c787bd#fact-resource-facts-3) crude oil and ngl #### Identity - Commodity: crude oil and ngl - Region: canada\_ab - Reported Region: Alberta, Canada - Ticker: PMT #### Resource scope - Estimate type: resource - Effective date: 2023-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: McDaniel and Associates Consultants Ltd. #### Resource Data - Contained Metal: 2.34 - Contained Unit: mmboe #### Prior Estimate - Resource Date: 2023-12-31 - Prior Contained Metal: 6.32 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-03-26T00:00:00.000Z Reasoning: Crude oil and NGL reserves within the proved plus probable category decreased significantly from 6.32 MMboe in 2022 to 2.34 MMboe in 2023, and their proportion of total reserves declined from 20% to 9%. - Negative factor: Significant decrease in crude oil and NGL reserves - Negative factor: Proportion of crude oil and NGL in total reserves decreased from 20% to 9% Evidence · text > comprised of 9% crude oil and NGL \(2022 – 31.6 MMboe; 20% crude oil and NGL\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 2.34 against 6.32 previously **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### Fact 5 [Link to this fact](https://atlas-extractions.minestarters.com/news/perpetual-energy-inc-reports-year-end-2023-financial-and-operating-results-q1-20--301f4b9d-9110-45bf-9cb3-b79f09c787bd#fact-resource-facts-4) natural gas #### Identity - Commodity: natural gas - Region: canada\_ab - Reported Region: Alberta, Canada - Ticker: PMT #### Resource scope - Estimate type: resource - Effective date: 2023-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: McDaniel and Associates Consultants Ltd. #### Resource Data - Contained Metal: 23.66 - Contained Unit: mmboe #### Prior Estimate - Resource Date: 2023-12-31 - Prior Contained Metal: 25.28 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-03-26T00:00:00.000Z Reasoning: Natural gas reserves within the proved plus probable category decreased from 25.28 MMboe in 2022 to 23.66 MMboe in 2023. - Negative factor: Natural gas reserves saw a decrease compared to prior year Evidence · text > comprised of 9% crude oil and NGL \(2022 – 31.6 MMboe; 20% crude oil and NGL\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 23.66 against 25.28 previously **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### Fact 6 [Link to this fact](https://atlas-extractions.minestarters.com/news/perpetual-energy-inc-reports-year-end-2023-financial-and-operating-results-q1-20--301f4b9d-9110-45bf-9cb3-b79f09c787bd#fact-resource-facts-5) natural gas #### Identity - Commodity: natural gas - Region: canada\_ab - Reported Region: Alberta, Canada - Ticker: PMT #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-03-26T00:00:00.000Z Reasoning: Annual average natural gas production decreased from 31.0 MMcf/d in 2022 to 30.2 MMcf/d in 2023. - Negative factor: Natural gas production decreased year-over-year Evidence · table > 30.2 Context: Conventional natural gas \( MMcf/d \) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### Fact 7 [Link to this fact](https://atlas-extractions.minestarters.com/news/perpetual-energy-inc-reports-year-end-2023-financial-and-operating-results-q1-20--301f4b9d-9110-45bf-9cb3-b79f09c787bd#fact-resource-facts-6) oil #### Identity - Commodity: oil - Region: canada\_ab - Reported Region: Alberta, Canada - Ticker: PMT #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-03-26T00:00:00.000Z Reasoning: Annual average heavy crude oil production decreased from 898 bbl/d in 2022 to 853 bbl/d in 2023. - Negative factor: Heavy crude oil production decreased year-over-year Evidence · table > 853 Context: Heavy crude oil \( bbl/d \) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### Fact 8 [Link to this fact](https://atlas-extractions.minestarters.com/news/perpetual-energy-inc-reports-year-end-2023-financial-and-operating-results-q1-20--301f4b9d-9110-45bf-9cb3-b79f09c787bd#fact-resource-facts-7) ngl #### Identity - Commodity: ngl - Region: canada\_ab - Reported Region: Alberta, Canada - Ticker: PMT #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-03-26T00:00:00.000Z Reasoning: Annual average NGL production increased from 416 bbl/d in 2022 to 495 bbl/d in 2023. - Positive factor: NGL production increased year-over-year Evidence · table > 495 Context: NGL \( bbl/d \) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### Fact 9 [Link to this fact](https://atlas-extractions.minestarters.com/news/perpetual-energy-inc-reports-year-end-2023-financial-and-operating-results-q1-20--301f4b9d-9110-45bf-9cb3-b79f09c787bd#fact-resource-facts-8) hydrocarbons #### Identity - Commodity: hydrocarbons - Region: canada\_ab - Reported Region: Alberta, Canada - Ticker: PMT #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2024-03-26T00:00:00.000Z Reasoning: Annual average total production decreased from 6,486 boe/d in 2022 to 6,375 boe/d in 2023. - Negative factor: Total production decreased year-over-year Evidence · table > 6,375 Context: Total \(boe/d\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.