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Pine Cliff Energy Ltd. Provides 2025 Capex Guidance and Declares April Dividend
Calgary, Alberta--(Newsfile Corp. - April 2, 2025) - Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: P...
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"Pine Cliff Energy Ltd. Provides 2025 Capex Guidance and Declares April DividendCalgary, Alberta--(Newsfile Corp. - April 2, 2025) - Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) (\"Pine Cliff\" or \"PNE\") is pleased to announce a 2025 capital spending program of approximately $23.5 million. This includes $12.5 million dedicated to strategic drilling in its core Central Alberta area, with the balance allocated for facilities maintenance and asset retirement obligations.Reallocating Capital to Support Drilling ProgramIn 2024, Pine Cliff halted its development drilling program while Canadian gas prices were low and instead allocated capital to shareholders through dividend payments. Pine Cliff continuously reviews its capital allocation options, and with a highly economic inventory on its land base, PNE has decided to direct a portion of its adjusted funds flow1 into asset development. Drilling is planned for the second half of 2025, and Pine Cliff expects to provide production guidance for 2025 later this year once the optimal use and timing of the development capital across its land base is determined.As a result of Pine Cliff's shifting capital allocation, the dividend will be reduced from $0.06 per share annually to $0.015 per share per year. Pine Cliff declares a monthly dividend of $0.00125 per common share to be paid on April 30, 2025, to shareholders of record on April 15, 2025. This dividend and future dividends are expected to be designated as non-eligible dividends for Canadian income tax purposes. Since introducing the dividend in June 2022, Pine Cliff has allocated over $100 million in dividend distributions and will continue to balance near-term shareholder distributions with long-term shareholder returns. About Pine CliffPine Cliff is a natural gas and crude oil company with a long-term view of creating shareholder value. Further information relating to Pine Cliff may be found on sedarplus.ca as well as on Pine Cliff's website at www.pinecliffenergy.com. Reader AdvisoriesNotes to Press ReleaseSee Non-GAAP Measures.Cautionary StatementsCertain statements contained in this news release include statements which contain words such as \"anticipate\", \"could\", \"should\", \"expect\", \"seek\", \"may\", \"intend\", \"likely\", \"will\", \"believe\" and similar expressions, statements relating to matters that are not h...