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Pine Cliff Energy Ltd. Announces Record Quarterly Results, 20% Increase in Monthly Dividend, Increase in 2022 Guidance and Operational Update
Calgary, Alberta--(Newsfile Corp. - August 3, 2022) - Pine Cliff Energy Ltd. ( TSX: PNE ) (" P...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces Record Quarterly Results, 20% Increase in Monthly Dividend, Increase in 2022 Guidance and Operational UpdateCalgary, Alberta--(Newsfile Corp. - August 3, 2022) - Pine Cliff Energy Ltd. (TSX: PNE) (\"Pine Cliff\" or the \"Company\") announces record second quarter financial and operating results, a 20% increase in its monthly dividend, an increase in production and CAPEX guidance and an operational update.Second Quarter 2022 HighlightsPine Cliff's adjusted funds flow of $55.8 million generated during the second quarter of 2022 was the highest quarterly adjusted funds flow for the Company since inception, surpassing the $32.3 million generated during the first quarter by 73%.Highlights from the second quarter include:generated $55.8 million ($0.16 per basic and $0.15 per fully diluted share) and $88.1 million ($0.26 per basic and $0.25 per fully diluted share) of adjusted funds flow for the three and six months ended June 30, 2022, compared to $9.5 million ($0.03 per basic and fully diluted share) and $19.5 million ($0.06 per basic and fully diluted share) for comparable periods in 2021;generated net earnings of $50.2 million ($0.15 per basic and $0.14 per fully diluted share) and $65.6 million ($0.19 per basic and $0.18 per fully diluted share) for the three and six months ended June 30, 2022, compared to a net loss of $0.7 million (($0.00) per basic and fully diluted share) and a net loss of $1.4 million (($0.00) per basic and fully diluted share) for comparable periods in 2021;repaid $20.0 million of term debt and $12.0 million of insider debt during the quarter, to be debt free on June 30, 2022;paid the first monthly dividend in the Company's history on June 30, 2022;production averaged 21,331 Boe/d and 20,866 Boe/d for the three and six months ended June 30, 2022, 18% and 15% higher respectively than comparable periods in 2021; andcommenced a summer drilling program that will see Pine Cliff drill, complete and tie-in four gross (2.8 net) operated Pekisko oil wells before the end of the third quarter. Dividend IncreaseThe Company's Board of Directors (the \"Board\") has approved the declaration and payment of a 20% increase in the monthly dividend to an amount of $0.01 per common share payable August 31, 2022, to shareholders of record on August 15, 2022.Dividends paid on Pine Cliff's common sh...