Business
Pine Cliff Energy Ltd. announces fourth quarter and annual results
Pine Cliff Energy Ltd. announces fourth quarter and annual results.
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, April 20 /CNW/ - Pine Cliff Energy Ltd.\n(www.pinecliffenergy.com) (TSX VENTURE:PNE) is pleased to announce its\nfinancial and operational results for the three months and fiscal year ended\nDecember 31, 2006. Much of the year's efforts were directed towards activities\nin South America. Staffing and becoming familiar with regulations and business\nphilosophies in both Argentina and Chile were necessary prior to proceeding\nwith the acquisition of properties.\n\n\nThese efforts are now being rewarded. In Q1, 2007, Pine Cliff's 93\npercent owned subsidiary, CanAmericas Energy Ltd. ("CanAmericas"), was\nsuccessful in negotiating two major farm-in arrangements in Argentina. One has\nbeen completed and the other is subject to completion of CanAmericas due\ndiligence. The farm-ins will result in earning interests in a total of 912,810\ngross acres (542,410 net acres) of exploration and exploitation lands. For\nmore details kindly refer to "Property Discussions" of this report.\nNegotiations are ongoing with regard to the acquisition of additional\nexploration, exploitation and producing properties.\n\n\nThe Company is pleased with the progress that CanAmericas is making in\nSouth America. The geological potential and size of these concessions is\nextraordinary. A land position of this magnitude is extremely difficult to\nobtain and provides the potential for a large number of drill locations.\n\n\nIn 2007 Pine Cliff will also increase its activities in Canada. The focus\nwill be to acquire production and to participate in more drilling.\n\n\nHIGHLIGHTS\n 2006 2005(1)\n\n-------------------------------------------------------------------------\nFinancial\nRevenue - Oil and Gas $ 661,100 $ 633,873\nFunds flow from Operations(2) (424,248) 368,259\n Per Share Basic (0.01) 0.01\n Per Share Fully Diluted (0.01) 0.01\nNet Loss (1,014,605) (329,062)\n Per Share Basic (0.03) (0.01)\n Per Share Fully Diluted (0.03) (0.01)\nCapital Expenditures and Acquisitions 271,926 2,097,930\nShareholders' Equity 4,239,638 5,110,407\nShares Outstanding (December 31) 36,523,041 36,420,041\n-------------------------------------------------------------------------\nOperations\nOil and Liquids (barrels per day) 5 7\n Average Price ($ per barrel) 63.88 62.42\nNatural Gas (MCF per day) 195 175\n Average Price ($ per MCF) 7.58 ...