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Pine Cliff Energy Ltd. Announces First Quarter 2026 Results, May Dividend Declaration and Information Regarding the Annual Meeting of Shareholders
Calgary, Alberta--(Newsfile Corp. - May 5, 2026) - Pine Cliff Energy Ltd.  (TSX: PNE) (" Pi...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces First Quarter 2026 Results, May Dividend Declaration and Information Regarding the Annual Meeting of ShareholdersCalgary, Alberta--(Newsfile Corp. - May 5, 2026) - Pine Cliff Energy Ltd. (TSX: PNE) (\"Pine Cliff\" or the \"Company\") announces its first quarter 2026 financial and operating results, May dividend declaration and information regarding the annual meeting of shareholders.First Quarter 2026 Summary HighlightsGenerated $9.6 million of adjusted funds flow1 ($0.03 per basic and fully diluted share) for the three months ended March 31, 2026, a decrease from $11.5 million ($0.03 per basic and fully diluted share) for the same period in 2025; Successfully completed one gross (1.0 net) Glauconite well in the Central Alberta Caroline area that was brought on production in the second half of February 2026;Production averaged 20,066 Boe/d2 for the three months ended March 31, 2026, down 6% from the 21,283 Boe/d3 for the comparable period in 2025;Paid dividends of $1.3 million ($0.004 per basic and fully diluted share) during the three months ended March 31, 2026; andNet debt1 decreased 14% to $50.5 million as at March 31, 2026 from $58.8 million at the same point last year.Pine Cliff will host a webcast at 9:00 AM MDT (11:00 AM EDT) on Wednesday, May 6, 2026. Participants can access the live webcast via PNE Q1 Webcast or through the Pine Cliff website at 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 $7.5 million in the first quarter included wellsite equipment and completion costs associated with the Glauconite well (4-23) that was brought on production in the second half of February. The Company also invested in additional infrastructure to support both current production and future Glauconite locations in the Central Alberta Caroline area. Field production estimates for the 4-23 well over the last 60 days have averaged 1,150 Boe/d4 (55% liquids) including 205 Bbls/d of condensate. The Company will continue to evaluate opportunities for a drilling program in the second half of 2026.Pine Cliff continues to use hedging as part of its ongoing marketing strategy, resulting in an average realized natural gas price of C$2.94/Mcf in the first quarter, representing a 47...