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Pine Cliff Energy Ltd. Announces Third Quarter 2023 Results and Mailing of Takeover Bid Circular
Calgary, Alberta--(Newsfile Corp. - November 14, 2023) - Pine Cliff Energy Ltd. (TSX: PNE) (OTCQ...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Announces Third Quarter 2023 Results and Mailing of Takeover Bid CircularCalgary, Alberta--(Newsfile Corp. - November 14, 2023) - Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) (\"Pine Cliff\" or the \"Company\") announces third quarter 2023 financial and operating results and mailing of Takeover Bid Circular.Third Quarter 2023 ResultsResults from the third quarter include:generated $17.1 million ($0.05 per basic and fully diluted share) and $49.0 million ($0.14 per basic and fully diluted share) of adjusted funds flow1 for the three and nine months ended September 30, 2023, compared to $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) for comparable periods in 2022;paid dividends of $11.6 million ($0.03 per basic and fully diluted share) and $34.4 million ($0.10 per basic and fully diluted share) during the three and nine months ended September 30, 2023, compared to $9.9 million ($0.03 per basic and fully diluted share) and $12.8 million ($0.04 per basic and fully diluted share) for the comparable periods in 2022;positive net cash1 of $46.5 million at September 30, 2023;production averaged 20,895 Boe/d2 and 20,393 Boe/d3 for the three and nine months ended September 30, 2023, 2% and 3% lower than the comparable periods in 2022; andgenerated net earnings of $4.2 million ($0.01 per basic and fully diluted share) and net earnings of $8.3 million ($0.02 per basic and fully diluted share) for the three and nine months ended September 30, 2023, compared to net earnings of $18.6 million ($0.05 per basic and fully diluted share) and net earnings of $84.3 million ($0.24 per basic and $0.23 per fully diluted share) for comparable periods in 2022.Mailing of Takeover Bid CircularOn October 31, 2023, the Company announced it has entered into a definitive agreement to offer to purchase Certus Oil & Gas Inc. (\"Certus\"). Pine Cliff mailed its Takeover Bid Circular (the \"Offer\") to the shareholders of Certus on November 3, 2023. Pine Cliff expects the acquisition to close in December 2023. A copy of the Company's press release disclosing the acquisition may be accessed through the SEDAR+ website (www.sedarplus.ca).Financial and Operating ResultsThree months ended September 30,Nine months ended September 30, 2023202220232022 ($...