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Pine Cliff Energy Ltd. Announces Record Annual Results, Filing of 2022 Disclosure Documents, 2022 Year-End Reserves, and Provides 2023 Guidance
Calgary, Alberta--(Newsfile Corp. - March 7, 2023) - Pine Cliff Energy Ltd. ( TSX: PNE ) (" Pine ...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces Record Annual Results, Filing of 2022 Disclosure Documents, 2022 Year-End Reserves, and Provides 2023 GuidanceCalgary, Alberta--(Newsfile Corp. - March 7, 2023) - Pine Cliff Energy Ltd. (TSX: PNE) (\"Pine Cliff\" or the \"Company\") announces its year-end financial and operating results, the filing of its 2022 disclosure documents, its 2022 year-end reserves and 2023 guidance.2022 and Fourth Quarter 2022 HighlightsPine Cliff's adjusted funds flow1 of $40.2 million generated during the fourth quarter of 2022 and $163.2 million for 2022 were the highest fourth quarter and annual adjusted funds flow for the Company since inception. Highlights from the fourth quarter and 2022 include:generated $40.2 million of adjusted funds flow1 ($0.11 per basic and fully diluted share) for the three months ended December 31, 2022, and $163.2 million ($0.47 per basic and $0.45 per fully diluted share) for the year ended December 31, 2022, 53% and 176% higher than the respective periods in the prior year;generated net earnings of $24.7 million ($0.07 per basic and fully diluted share) for the three months ended December 31, 2022, and $108.9 million ($0.31 per basic and $0.30 per fully diluted share) for the year then ended;production averaged 21,041 Boe/d2 and 21,015 Boe/d3 during the three months and year ended December 31, 2022, 10% and 14% higher than the comparable periods in 2021;paid dividends of $10.8 million ($0.03 per basic and fully diluted share) for the three months ended December 31, 2022 and $23.6 million ($0.07 per basic and fully diluted share) for the year ended December 31, 2022;repaid in full $30.0 million of term debt and $12.0 million of promissory notes outstanding by the end of the second quarter of 2022 to be debt free;had positive net cash1 of $55.9 million at December 31, 2022 compared to $49.7 million of net debt at December 31, 2021, a year over year change of $105.6 million;drilled, four (2.8 net) Pekisko oil wells and seven (1.4 net) Ellerslie liquids rich natural gas wells in 2022; and2022 capital expenditures totaled $34.7 million, including development capital of $20.5 million, facilities optimization and maintenance capital of $8.4 million and abandonment and reclamation expenditures of $5.8 million.Included in the filings were Pine Cliff's annual information form (\"AIF\"), which i...