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Pine Cliff Energy Ltd. Announces First Quarter 2025 Results, May Dividend Declaration and Information Regarding the Annual Meeting of Shareholders
Calgary, Alberta--(Newsfile Corp. - May 5, 2025) - 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 2025 Results, May Dividend Declaration and Information Regarding the Annual Meeting of ShareholdersCalgary, Alberta--(Newsfile Corp. - May 5, 2025) - Pine Cliff Energy Ltd. (TSX: PNE) (\"Pine Cliff\" or the \"Company\") announces its first quarter 2025 financial and operating results, May dividend declaration and information regarding the annual meeting of shareholders.First Quarter 2025 Summary HighlightsGenerated $11.5 million of adjusted funds flow1 ($0.03 per basic and fully diluted share) for the three months ended March 31, 2025, an increase from $10.5 million ($0.03 per basic and fully diluted share) for the same period last year; Reduced net debt1 by $3.5 million or 6% to $58.8 million as at March 31, 2025 down from $62.3 million as at December 31, 2024; Paid dividends of $5.4 million ($0.02 per basic and fully diluted share) during the three months ended March 31, 2025; andProduction averaged 21,283 Boe/d2 for the three months ended March 31, 2025, down 11% from the 23,865 Boe/d3 for the comparable period in 2024 due to natural declines and cold-weather related outages that have since been restored. Pine Cliff will host a webcast at 9:00 AM MDT (11:00 AM EDT) on Tuesday, May 6, 2025. Participants can access the live webcast via PNE Q1 Webcast or through the Pine Cliff website at http://www.pinecliffenergy.com. A recorded archive of the webcast will be available on the Company's website following the live webcast. Operational updateCapital expenditures of $1.2 million in the first quarter were limited to facilities and maintenance capital. The 2025 capital budget announced on April 2 of $23.5 million, including $12.5 million of development spending planned in the second half of the year, is unchanged. Pine Cliff has increased its AECO hedge position to approximately 42% of gross natural gas production4 at an average price of $2.90/Mcf for the remaining three quarters of 2025. Approximately 32% of gross crude oil production5 has been hedged at US$65.02/Bbl for the same period. May DividendPine Cliff declares a monthly dividend of $0.00125 per common share to be paid May 30, 2025 to shareholders of record on May 15, 2025. The dividend is designated as a non-eligible dividend for Canadian income tax purposes.Annual Meeting of ShareholdersPine Cliff's Annual Meeting of Sharehold...