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Pine Cliff Energy Ltd. Announces Record Quarterly Results, Declaration of Monthly Dividend, Debt Repayment and Operational Update
Calgary, Alberta--(Newsfile Corp. - May 4, 2022) - Pine Cliff Energy Ltd. ( TSX: PNE ) (" Pine...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces Record Quarterly Results, Declaration of Monthly Dividend, Debt Repayment and Operational UpdateCalgary, Alberta--(Newsfile Corp. - May 4, 2022) - Pine Cliff Energy Ltd. (TSX: PNE) (\"Pine Cliff\" or the \"Company\") announces record first quarter financial and operating results, the declaration of a monthly dividend, repayment of debt and an operational update.First Quarter 2022 HighlightsPine Cliff's adjusted funds flow of $32.3 million generated during the first quarter of 2022 was the highest quarterly adjusted funds flow for the Company since inception. Highlights from the first quarter include:generated $32.3 million of adjusted funds flow ($0.09 per basic and fully diluted share) for the three months ended March 31, 2022, 223% higher than the $10.0 million generated for the three months ended March 31, 2021;net debt decreased by 50% or $24.9 million from $49.7 million on December 31, 2021, to $24.8 million at March 31, 2022;generated net earnings of $15.4 million ($0.05 per basic and $0.04 per fully diluted share) for the three months ended March 31, 2022, compared to a net loss of $0.1 million ($0.00 per basic share) for the comparable period in 2021;production averaged 20,397 Boe/d for the three months ended March 31, 2022, 2,090 Boe/d or 11% higher than the 18,307 Boe/d for the comparable period in 2021;repaid $10.0 million of term debt due December 31, 2024 during the first quarter of 2022; andcompleted and tied-in two (1.4 net) Pekisko oil wells drilled in the fourth quarter of 2021 and drilled, completed and tied in one (0.3 net) Notikewin natural gas well. Dividend LaunchThe Company's Board of Directors (the \"Board\") has approved the declaration and payment of a monthly dividend in the amount of $0.0083 per common share ($0.10 per common share annualized). The first monthly dividend is payable June 30, 2022, to shareholders of record on June 15, 2022.At today's closing share price of $1.79 per common share, this initial dividend calculates to be a 5.6% annual yield.Dividends paid on Pine Cliff's common shares will be designated as \"eligible dividends\" for Canadian federal income tax purposes. The declaration of dividends is at the sole discretion of the Board and will be evaluated on a regular basis. Repayment of Term DebtIn addition to the $10.0 million of term debt repaid duri...