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Pine Cliff Energy Ltd. Announces 2024 Annual Results, Filing of Disclosure Documents, Increase in Year-End Reserves, Dividend Declaration and Corporate Outlook
Calgary, Alberta--(Newsfile Corp. - March 5, 2025) - Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: P...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces 2024 Annual Results, Filing of Disclosure Documents, Increase in Year-End Reserves, Dividend Declaration and Corporate OutlookCalgary, Alberta--(Newsfile Corp. - March 5, 2025) - Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) (\"Pine Cliff\" or the \"Company\") announces its 2024 annual results, filing of disclosure documents, year-end reserves and dividend declaration.Q4 2024 and 2024 financial highlights include:Generated $8.6 million ($0.02 per basic and fully diluted per share) and $38.0 million ($0.11 per basic and per fully diluted share) of adjusted funds flow1 for the three months and year ended December 31, 2024 compared to $9.7 million ($0.03 per basic and fully diluted share) and $58.7 million ($0.17 per basic and $0.16 per fully diluted share) for the same periods in 2023; Production averaged 22,738 Boe/d2 and 23,248 Boe/d3 during the three months and year-ended December 31, 2024, representing a 6% increase and 13% increase from the comparable periods in 2023;Proceeds from dispositions totaled $10.5 million in 2024, including the sale of a non-operated working interest in underutilized gas processing infrastructure in the fourth quarter;Capital expenditures totaled $8.9 million in 2024, including abandonment and reclamation expenditures of $6.4 million and maintenance capital of $2.5 million;Paid dividends of $5.4 million ($0.01 per basic and fully diluted share) and $25.6 million ($0.07 per basic and fully diluted share) during the three months and year ended December 31, 2024, compared to $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 same periods in 2023; and Generated net loss of $5.6 million ($0.02 per basic and fully diluted share) and $21.4 million ($0.06 per basic and fully diluted share) for the three months and year ended December 31, 2024, compared to net income of $0.8 million ($0.00 per basic and fully diluted share) and $9.1 million ($0.03 per basic and $0.03 per fully diluted share) for the comparable periods in 2023.Included in the filings were Pine Cliff's annual information form (\"AIF\"), which includes disclosure and reports related to reserves data and other oil and gas information pursuant to National Instrument 51‐101 Standards of Disclosure for Oil and Gas Activities and its c...