Business
Pine Cliff Energy Ltd. Announces Second Quarter Results
CALGARY, Aug. 26 /CNW/ - Pine Cliff Energy Ltd. (www.pinecliffenergy.com) (TSX-V:PNE) is pleased ...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 26 /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 and six months ended June 30, 2009.\n\n\nHighlights\n\n Three Months Ended Six Months Ended\n June 30 June 30 June 30 June 30\nFor the periods ended 2009 2008 2009 2008\n-------------------------------------------------------------------------\nFINANCIAL ($)\nRevenue - Oil and Gas 111,773 138,415 305,498 281,531\nCash Flow from Operations (294,455) (224,141) (523,762) (523,762)\n Per Share Basic and\n Diluted (0.01) (0.00) (0.01) (0.01)\nNet Loss (325,010) (295,111) (823,542) (612,224)\n Per Share Basic and\n Diluted (0.01) (0.01) (0.02) (0.01)\nCapital Expenditures and\n Acquisitions 9,581 2,516,214 129,367 2,797,602\nTotal Assets 4,558,217 12,043,617\nWorking Capital 1,738,974 5,278,074\nShareholders' Equity 4,341,385 11,799,266\n-------------------------------------------------------------------------\nOPERATIONS\nOil and NGLs\n - Barrels Per Day 2 - 2 1\n - Average Price\n ($ per barrel) 62.14 - 55.74 104.38\nNatural Gas\n - MCF Per Day 312 142 352 155\n - Average Price\n ($ per MCF) 3.62 10.84 4.56 9.40\nTotal Barrels of Oil\n Equivalent (BOE)\n Per Day(1) 51 24 57 27\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 and six months\nended June 30, 2009.\n\n\nThe Board of Directors and Management recognize that there is a need to\nevaluate the overall direction for the Company and are presently assessing\nvarious options and opportunities available to add value on behalf of\nshareholders.\n\n\nAs a result of its unsuccessful completion of the three-well drill\nprogram on the Canadon Ramirez Concession in Argentina and the country's\ndifficult political and business environment, the Company is reviewing its\ninvolvemen...