Business
Pine Cliff Energy Ltd. Announces First Quarter 2019 Results
Calgary, Alberta--(Newsfile Corp. - May 8, 2019) - Pine Cliff Energy Ltd. ( TSX: PNE ) (" Pine...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces First Quarter 2019 ResultsCalgary, Alberta--(Newsfile Corp. - May 8, 2019) - Pine Cliff Energy Ltd. (TSX: PNE) (\"Pine Cliff\" or the \"Company\") is pleased to announce the filing of its first quarter financial and operating results. Included in the filings were Pine Cliff's unaudited interim condensed consolidated financial statements and related management's discussion and analysis for the three months ended March 31, 2019 (the \"Q1-Report\"). Selected highlights are shown below and should be read in conjunction with the Q1-Report.First Quarter 2019 HighlightsIn the first quarter of 2019, Pine Cliff generated its highest adjusted funds flow and revenue since the second quarter of 2017. Additionally, Pine Cliff brought its first oil well on production and subsequent to March 31, 2019, announced a strategic acquisition and financing that will significantly increase growth opportunities in the Pekisko oil pool where the Company's first well was drilled. Highlights from the first quarter of 2019 are as follows:generated $32.1 million of oil and gas sales for the three months ended March 31, 2019, 8% higher than the $29.7 million generated for the three months ended March 31, 2018;generated $6.8 million of adjusted funds flow ($0.02 per basic share) for the three months ended March 31, 2019, 33% higher than the $5.1 million ($0.02 per basic share) generated for the three months ended March 31, 2018; successfully brought Pine Cliff's first 100% operated oil drill on production in January, 2019. This well generated production of approximately 375 Boe/d (weighted approximately 60% liquids) from January 14, 2019 to March 31, 2019;net debt was decreased by 9% or $5.0 million from $56.8 million as at December 31, 2018 to $51.8 million as at March 31, 2019. This is Pine Cliff's lowest net debt position since Q3-2015; andrealized $2.84 per Mcf gas price for the three months ended March 31, 2019, 9% higher than the AECO 5A benchmark of $2.61 per Mcf.2019 Strategic AcquisitionOn April 17, 2019, Pine Cliff announced that it had entered into an agreement to acquire oil and natural gas assets in the Company's core Ghost Pine area of Central Alberta for net cash consideration of approximately $8.6 million, after estimated closing adjustments (the \"Acquisition\"). The Company's initial assessment is that this ac...