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Pine Cliff Energy Ltd. Announces 2021 Year-End Reserves and Provides Operations Update and 2022 Guidance
Calgary, Alberta--(Newsfile Corp. - February 8, 2022) - Pine Cliff Energy Ltd. ( TSX: PNE ) ("...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces 2021 Year-End Reserves and Provides Operations Update and 2022 GuidanceCalgary, Alberta--(Newsfile Corp. - February 8, 2022) - Pine Cliff Energy Ltd. (TSX: PNE) (\"Pine Cliff\" or the \"Company\") announces its 2021 year-end reserves and provides an operations update and 2022 guidance.Reserve Report HighlightsPine Cliff's independent reserve report was prepared by McDaniel & Associates Limited (\"McDaniel\") in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (\"NI 51-101\") with the effective date of December 31, 2021.Highlights of the McDaniel reserve report include:Net present value for proved plus probable (\"P+P\") reserves of $277.9 million, discounted at 10%, an increase of $179.7 million, or 283% higher than December 31, 2020, primarily as a result of an increase in forecast commodity prices;Pine Cliff replaced its 2021 production by 218% on a P+P basis, or by 14.7 MMBoe (27%) largely as a result of 7.7 MMBoe from acquisitions (14%), 7.9 MMBoe (14%) due to economic factors, 0.5 MMBoe (1%) of extensions and a decrease of 1.4 MMBoe (2%) from negative technical revisions;Seven gross (5.8 net) Pekisko well locations were added to Pine Cliff's booked locations, bringing the total booked locations in its P+P reserves to 31 gross (20.3 net) wells;Remaining P+P reserves of 62.8 MMBoe (84% conventional natural gas and coal bed methane) at December 31, 2021 increased by 8.0 MMBoe (15%) from 54.8 MMBOE (87% conventional natural gas and coal bed methane) at December 31, 2020, mainly as a result of acquisitions and economic factors; andApproximately 78% of total reserve volumes are classified as total proved reserves and approximately 22% are classified as probable reserves.Pine Cliff's Reserves McDaniel has used a three consultant average price (McDaniel, GLJ & Sproule) forecast, resulting in a price forecast of $3.56 and $3.21 per MMbtu for AECO natural gas and US$72.83 and US$68.78 per Bbl for WTI oil in 2022 and 2023 respectively. Summary of Remaining Working Interest Reserves, as of December 31, 2021   Light,         Medium Natural Gas Natural Gas and Coal Oil   and Heavy Liquids Bed Methane Equivalent   Oil       Reserve Category MBbl MBbl MMcf MBOE Proved         Developed ...