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Pine Cliff Energy Ltd. Announces 2023 Annual Results, Filing of Disclosure Documents, Year-End Reserves, Provides 2024 Guidance, Dividend Declaration and Executive Update
Calgary, Alberta--(Newsfile Corp. - March 4, 2024) - Pine Cliff Energy Ltd. ( TSX: PNE ) (" Pine ...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces 2023 Annual Results, Filing of Disclosure Documents, Year-End Reserves, Provides 2024 Guidance, Dividend Declaration and Executive UpdateCalgary, Alberta--(Newsfile Corp. - March 4, 2024) - Pine Cliff Energy Ltd. (TSX: PNE) (\"Pine Cliff\" or the \"Company\") announces its 2023 annual results, filing of disclosure documents, year-end reserves, provides 2024 guidance, dividend declaration and executive update.Q4 2023 and 2023 annual results are as follows:Generated $9.7 million ($0.03 per basic and fully diluted per share) and $58.7 million ($0.17 per basic and $0.16 per fully diluted share) of adjusted funds flow for the three months and year ended December 31, 2023, compared to $40.2 million ($0.11 per basic and fully diluted share) and $163.2 million ($0.47 per basic and $0.45 per fully diluted share) for comparable periods in 2022;Generated net income of $0.8 million ($0.00 per basic and fully diluted share) and $9.1 million ($0.03 per basic and fully diluted share) for the three months and year ended December 31, 2023, compared to $24.7 million ($0.07 per basic and fully diluted share) and $108.9 million ($0.31 per basic and $0.30 per fully diluted share) for the comparable periods in 2022;Completed the acquisition of Certus Oil & Gas for total consideration of $108.9 million (the \"Acquisition\") on December 13, 2023, expanding Pine Cliff's operations in Central Alberta and providing a new core area; Production averaged 21,454 Boe/d2 and 20,660 Boe/d3 during the three months and year-ended December 31, 2023, representing a 2% increase and 2% decrease from the comparable periods in 2022;Paid dividends of $11.6 million ($0.03 per basic and fully diluted share) and $46.0 million ($0.13 per basic and fully diluted share) for the three months and year ended December 31, 2023, compared to $10.8 million ($0.03 per basic and fully diluted share) and $23.6 million ($0.07 per basic and fully diluted share) for the comparable periods in 2022; Entered into a three-year secured term debt facility in the amount of $56.3 million to fund a portion of the Acquisition;Capital expenditures totaled $30.5 million in 2023, including development capital of $11.8 million to drill one gross (0.3 net) Caroline oil well, drill, complete and tie-in three gross (2.1 net) Pekisko oil wells and drill, complete and tie...