Business
Pine Cliff Energy Ltd. Announces Third Quarter 2022 Results, Increase in December Monthly Dividend, Update to 2022 Guidance and Operational Update
Calgary, Alberta--(Newsfile Corp. - November 9, 2022) - Pine Cliff Energy Ltd. ( TSX: PNE ) ("...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces Third Quarter 2022 Results, Increase in December Monthly Dividend, Update to 2022 Guidance and Operational UpdateCalgary, Alberta--(Newsfile Corp. - November 9, 2022) - Pine Cliff Energy Ltd. (TSX: PNE) (\"Pine Cliff\" or the \"Company\") announces third quarter financial results, dividend increase and provides an operational update.Third Quarter 2022 HighlightsPine Cliff's adjusted funds flow1 of $34.9 million generated during the third quarter was the second highest quarterly adjusted funds flow1 for the Company since inception, only surpassed by the $55.8 million generated during the second quarter of 2022. Adjusted funds flow1 for the nine months ended September 30, 2022, totaled $123.0 million.Highlights from the third quarter include:generated $34.9 million ($0.10 per basic and fully diluted share) and $123.0 million ($0.36 per basic and $0.34 per fully diluted share) of adjusted funds flow1 for the three and nine months ended September 30, 2022, compared to $13.3 million ($0.04 per basic and fully diluted share) and $32.8 million ($0.10 per basic and $0.09 fully diluted share) for comparable periods in 2021;generated net earnings of $18.6 million ($0.05 per basic and per fully diluted share) and $84.3 million ($0.24 per basic and $0.23 per fully diluted share) for the three and nine months ended September 30, 2022, compared to net earnings of $2.3 million ($0.01 per basic and fully diluted share) and net earnings of $0.9 million ($0.00 per basic and fully diluted share) for comparable periods in 2021;paid dividends of $9.9 million ($0.01 per common share per month) during the three months ended September 30, 2022;was debt free at September 30, 2022 with positive net cash of $35.1 million;production volumes for the three and nine months ended September 30, 2022 were 21,276 Boe/d2 and 21,004 Boe/d3, 16% and 15% higher respectively than comparable periods in 2021;completed a summer drilling program that saw Pine Cliff drill four gross (2.8 net) operated Pekisko horizontal oil wells, of which three gross (2.1 net) were on production by the end of the third quarter; and participated in the drilling, completion and tie-in of five gross (0.9 net) non-operated natural gas wells in Edson. Dividend IncreaseThe Company's Board of Directors (the \"Board\") has approved the declaration and payment of a...