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Pine Cliff Energy Ltd. Announces First Quarter 2024 Results and Information Regarding the Annual Meeting of Shareholders
Calgary, Alberta--(Newsfile Corp. - May 7, 2024) - Pine Cliff Energy Ltd. ( TSX: PNE ) (" Pine Cl...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces First Quarter 2024 Results and Information Regarding the Annual Meeting of ShareholdersCalgary, Alberta--(Newsfile Corp. - May 7, 2024) - Pine Cliff Energy Ltd. (TSX: PNE) (\"Pine Cliff\" or the \"Company\") announces its first quarter 2024 financial and operating results, an operational update and information regarding the annual meeting of shareholders.First Quarter 2024 ResultsResults for the three months ended March 31, 2024 are as follows: Generated $10.5 million of adjusted funds flow1 ($0.03 per basic and fully diluted share) compared to $19.8 million ($0.06 per basic and fully diluted share) in the first quarter of 2023;Production averaged 23,865 Boe/d2 for the three months ended March 31, 2024, compared to 20,076 Boe/d3 in the first quarter of 2023;Paid dividends of $9.5 million ($0.03 per share basic and fully diluted) compared to $11.4 million ($0.03 per basic and fully diluted share) in first quarter in 2023;Capital expenditures totaled $0.6 million compared to $4.4 million in the first quarter of 2023; no wells were drilled in the first quarter of 2024 vs two (1.4 net) North Twinning Unit Pekisko oil wells in same period last year; andGenerated a net loss of $4.9 million ($0.01 per share basic and fully diluted) compared to net income of $5.0 million ($0.01 per share basic and fully diluted) in the first quarter of 2023. Pine Cliff will host a webcast at 1:30 PM MDT (3:30 PM EDT) on Wednesday, May 8th, 2024. Participants can access the live webcast via this Link or through the links provided on the Company's website. A recorded archive will be available on the Company's website following the live webcast. Operational updateCapital expenditures of $0.6 million in the first quarter were limited to facilities and maintenance capital. The 2024 capital budget of $17.5 million, including $7.0 million of abandonment and reclamation spending, is unchanged. Pine Cliff continues to expect production to average 24,000 - 25,000 Boe/d4 in 2024. The integration of Certus Oil & Gas has been completed, increasing the Company's total liquids production to 21%4 of total volumes in 2024. In an ongoing response to weak natural gas prices, Pine Cliff has increased its AECO hedge position to approximately 37% of gross natural gas production5 at an average price of $2.94/Mcf for the next three quarters...