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Perpetual Energy 2012 Net Loss Narrows Vs Yr Ago; Announces West Edson Development Plan

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Perpetual Energy Inc (PMT.TO) recorded a net loss of $46.2 million or $0.31 per basic and diluted Common Share in 2012 as compared to a net loss of $100.2 million or $0.68 per basic and diluted Common Share in 2011. It said the decrease in the net loss was due to lower depletion and depreciation expense combined with increased gains on dispositions, partially offset by an increase in impairment losses related to lower forecast natural gas prices.

Perpetual also announced that it is enhancing its area development plans in the West Edson area to include the construction of sales gas facilities and a pipeline. Further to this, Perpetual has entered into agreements with Aux Sable Canada and Alliance Pipeline Limited Partnership that provide access to premium markets in the midwest United States for its natural gas and natural gas liquids from the West Edson area.

2013 OUTLOOK AND SENSITIVITIES:

Perpetual is focused on five key strategic priorities for 2013:

1. Maximize value of Mannville heavy oil.

2. Position for growth of Edson liquids-rich gas.

3. Manage downside risk and reduce debt.

4. Advance and broaden the portfolio of high impact opportunities with risk-managed investment.

5. Prepare to maximize value from shallow gas base assets in gas price recovery.

The Corporation's Board of Directors has approved a capital spending plan of up to $75 million which will be highly focused on its commodity diversification strategy. The capital spending plan incorporates a two rig development drilling program for Mannville heavy oil in the first quarter, but allows flexibility to manage spending in the second half of the year by focusing on either Mannville heavy oil or liquids-rich gas at Edson depending on commodity prices

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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