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Pine Cliff Energy Ltd. Announces Annual 2019 Results and Filing of 2019 Disclosure Documents
Calgary, Alberta--(Newsfile Corp. - March 11, 2020) - Pine Cliff Energy Ltd. ( TSX: PNE ) (" P...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces Annual 2019 Results and Filing of 2019 Disclosure DocumentsCalgary, Alberta--(Newsfile Corp. - March 11, 2020) - Pine Cliff Energy Ltd. (TSX: PNE) (\"Pine Cliff\" or the \"Company\") is pleased to announce its year-end financial and operating results and the filing of its 2019 disclosure documents. 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 consolidated financial statements and related management's discussion and analysis for the year ended December 31, 2019 (the \"Annual Report\"). Selected highlights are shown below and should be read in conjunction with the Annual Report and the AIF. 2019 HighlightsPine Cliff's natural gas market diversification strategy was successful in generating positive adjusted funds flow in 2019, despite enduring one of the lowest AECO gas prices in 20 years. Pine Cliff was also able to use its extensive seismic database to expand the Company's prospect inventory by identifying a number of drilling locations on its existing land base and during the fourth quarter, drilled two 100% Pekisko oils wells. Significant Pine Cliff highlights from the fourth quarter and 2019 include:generated $5.0 million of adjusted funds flow ($0.02 per basic share) for the three months ended December 31, 2019 and $5.9 million of adjusted funds flow ($0.02 per basic share) for the year ended December 31, 2019;realized a $2.15 per Mcf gas price for the year ended December 31, 2019, 23% higher than the AECO 5A benchmark of $1.75 per Mcf;closed an acquisition of oil and natural gas assets in the Ghost Pine area of Central Alberta for cash consideration of $8.8 million (after closing adjustments) on May 31, 2019, which added over 1,600 Boe/d (79% natural gas, 12% natural gas liquids and 9% oil) as of the closing date and increased the Company's undeveloped Pekisko oil locations as at December 31, 2019 by eight gross (8.0 net) booked locations; exchanged its $49.0 million subordinated promissory notes for Term Debt, and extended $42.0 million of debt originally expiring in 2020 to December 31, 2024; anddrilled and completed two 100% working interest Pekisko oil wells...