Business
Pine Cliff Energy Ltd. Announces Third Quarter Results
Pine Cliff Energy Ltd. Announces Third Quarter Results
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"\n\n\n\nNov. 19, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 19 /CNW/ -- Pine Cliff Energy Ltd. (www.pinecliffenergy.com) (TSX-V:PNE) is pleased to announce its financial and operational results for the three months and nine months ended September 30, 2009.HighlightsThree Months Ended Nine Months EndedFor the September 30 September 30 September 30 September 30periods ended 2009 2008 2009 2008-------------------------------------------------------------------------FINANCIAL ($)Revenue - Oil and Gas 93,177 129,537 398,675 411,068Cash Flow fromOperations (74,702) (305,368) (598,464) (734,432)Per Share Basicand Diluted (0.00) (0.01) (0.01) (0.02)Net Loss (263,808) (505,953) (1,087,350) (1,118,177)Per Share Basicand Diluted (0.01) (0.01) (0.02) (0.02)Capital Expendituresand Acquisitions 600,732 1,511,745 730,099 4,309,347Total Assets 4,900,934 11,621,915Working Capital 991,619 3,440,165Shareholders' Equity 4,089,767 11,400,311-------------------------------------------------------------------------OPERATIONSOil and NGLs- Barrels Per Day 1 1 1 1- Average Price($ per barrel) 62.98 119.90 58.10 110.45Natural Gas- MCF Per Day 295 146 332 152- Average Price($ per MCF) 3.13 8.74 4.13 9.18Total Barrels of OilEquivalent (BOE)Per Day(1) 51 24 57 25-------------------------------------------------------------------------(1) Barrels of oil equivalent (BOE) are calculated using a conversionratio of 6 MCF to 1 barrel of oil. The conversion is based on anenergy equivalency conversion method primarily applicable at theburner tip and does not represent a value equivalency at the wellheadand as such may be misleading if used in isolation.Report to ShareholdersPine Cliff Energy Ltd. (\"Pine Cliff\" or \"the Company\") is pleased to report its operating and financial results for the three months and nine months ended September 30, 2009.The Board of Directors and management continue to recognize that there is a need to evaluate the overall direction for the Company and continue to seek opportunities to add value.OperationsProduction during the third quarter of 2009 remained relatively stable quarter over quarter and averaged approximately 51 barrels of oil equivalent (BOE) per day as compared to 53 BOE per day in the second quarter of 2009.During the third quarter of 2009, Pine Cliff participated in drilling two natural gas wells (0.3 net) on its Sund...