Business
Pine Cliff Energy Ltd. Announces First Quarter Results
CALGARY, May 28 /CNW/ - Pine Cliff Energy Ltd. (www.pinecliffenergy.com) (TSX-V:PNE) is pleased t...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, May 28 /CNW/ - Pine Cliff Energy Ltd. (www.pinecliffenergy.com)\n(TSX-V:PNE) is pleased to announce its financial and operational results for\nthe three months ended March 31, 2009.\n\n\nHighlights\n\nFor the three months ended March 31 December 31 March 31\n 2009 2008 2008\n-------------------------------------------------------------------------\nFINANCIAL ($)\nRevenue - Oil and Gas 193,725 295,944 143,116\nCash Flow from Operations (229,307) (68,211) (204,923)\n Per Share Basic and Diluted (0.01) 0.00 0.00\nNet Loss (498,532) (6,423,691) (317,113)\n Per Share Basic and Diluted (0.01) (0.14) (0.01)\nCapital Expenditures and\n Acquisitions 119,786 1,067,843 281,388\nTotal Assets 4,966,907 5,570,015 12,221,650\nWorking Capital 1,903,038 2,316,982 7,937,179\nShareholders' Equity 4,644,004 5,044,701 12,003,398\n-------------------------------------------------------------------------\nOPERATIONS\nOil and NGL's - Barrels Per Day 1 2 4\n - Average Price\n ($ per barrel) 48.06 53.46 56.91\nNatural Gas - MCF Per Day 392 453 168\n - Average Price\n ($ per MCF) 5.32 6.92 8.17\nTotal Barrels of Oil Equivalent\n (BOE) Per Day(1) 64 77 32\n-------------------------------------------------------------------------\n(1) Barrels of oil equivalent (BOE) are calculated using a conversion\n ratio of 6 MCF to 1 barrel of oil. The conversion is based on an\n energy equivalency conversion method primarily applicable at the\n burner tip and does not represent a value equivalency at the wellhead\n and as such may be misleading if used in isolation.\n\n\nReport to Shareholders\n\n\nPine Cliff Energy Ltd. ("Pine Cliff" or "the Company") is pleased to\nreport its operating and financial results for the three months ended March\n31, 2009.\n\n\nPine Cliff realized disappointing drill results in Argentina during 2008\nand the potential negative political and economic changes in Argentina\ncontinue to provide a difficult environment in which to operate. In addition,\npositive changes in the Canadian energy sector may mean a domestic focus has\nonce again become more favourable than an international focus.\n\n\nWith due consideration given to these factors, the Board of Directors and\nManagement recognize that there is a need to evaluate the overall direction\nfor the Company and are presently assessing various options and...