Pieridae Energy Limited (TSX:PEA) has initiated a formal process to identify, examine and consider a range of strategic alternatives with a view to enhancing shareholder value. Such strategic alternatives may include, but are not limited to, a corporate sale, merger, a sale of a material portion of Pieridae's assets or other transactions. Pieridae's Board of Directors has authorized the creation of a special committee, chaired by Board member Andrew Judson, that will review and evaluate potential strategic alternatives and transactions. "We are taking this step with the focus of ensuring shareholder value is maximized," said Pieridae Chief Executive Officer Alfred Sorensen. "Shareholders and the Company have invested heavily in the Goldboro LNG Project for a number of years and we have acquired and consolidated a large base of Foothills upstream assets, so it is prudent for us to look for ways to ensure an appropriate return is found for the investments made to date." Peters & Co. Limited has been engaged as financial advisor to advise the special committee in connection with this comprehensive review and analysis of strategic alternatives. McCarthy Tetrault LLP will also provide advice to the committee. Pieridae has not set a definitive schedule to complete its identification, examination and consideration of strategic alternatives. It is the Company's current intention not to disclose developments with respect to the process unless and until its Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate. We caution that there are no assurances or guarantees that the process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction.