Pine Cliff Energy Ltd.

Array
(
    [symbol] => PNE
    [exchange] => TSX Exchange
    [compname] => PINE CLIFF ENERGY LTD
    [date] => May 24, 2017
    [time] => 15:59 ET
    [open] => 0.83
    [high] => 0.84
    [low] => 0.81
    [last] => 0.82
    [tick] => Down
    [img] => 
    [pclose] => 0.85
    [price_change] => -0.03
    [per_change] => -3.529%
    [volume] => 87,800
    [yearlow] => N/A
    [yearhigh] => N/A
    [bidprice] => 0.81
    [askprice] => 0.82
    [bidsize] => 25000
    [asksize] => 97500
)
TSX Exchange (PNE) $0.82 Change -0.03 | -3.529%

Financial Highlights

Annual Highlights
As at and for the year ended
($000s, unless otherwise indicated)(1)
December 31, 2016
December 31, 2015
December 31, 2014
FINANCIAL
Oil and gas sales 118,642 78,853 78,450
Cash flow from operating activities 22,489 20,768 37,641
Funds flow from operations(2) 19,741 25,818 38,988
     Per share - basic and diluted ($/share) 0.06 0.11 0.18
Earnings (loss) (50,387) (24,257) (1,942)
     Per share - basic and diluted ($/share) (0.16) (0.10) (0.01)
Total assets 491,897 640,775 410,697
Total non-current financial liabilities 40,086 155,938 -
Total liabilities 296,139 406,368 233,548
Capital expenditures 9,159 7,259 11,087
Acquisitions, after adjustments (807) 193,065 135,213
Capital dispositions, proceeds (63,112) - -
Net debt(3) 64,224 141,770 33,512
OPERATIONS      
Production      
     Natural gas (Mcf/d) 124,906 72,984 45,022
     Crude oil (Bbls/d) 753 160 75
     Natural gas liquids (Bbls/d) 924 530 320
     Total (Boe/d) 22,495 12,854 7,899
     Total (Mcfe/d) 134,968 77,124 47,394
Netback ($/Boe)      
     Operating netback(4) 4.08 7.08 15.20
     Corporate netback (5) 2.39 5.51 13.53
Netback ($/Mcfe)      
   Operating netback(4) 0.68 1.18 2.53
   Corporate netback (5) 0.40 0.92 2.26

(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.
(2) Funds flow from operations is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in
non‐cash working capital, and decommissioning obligations settled.
(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related
party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits and investments.
(4) Operating netback is a non‐IFRS measure calculated as the Company’s total revenue, less operating expenses, divided by the Boe production of the
Company for the period.
(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and
bank charges plus finance and dividend income, divided by the Boe production of the Company.

Quarterly Highlights

 2017

($000s, unless otherwise indicated)       Q1
FINANCIAL(1)        
Oil and gas sales (before royalty expense)       35,148
Cash flow from operating activities       13,835
Funds flow from operations(2)       11,233
     Per share - Basic and Diluted ($/share)(2)       0.04
Earnings (loss)       (2,536)
     Per share - Basic and Diluted ($/share)       (0.01)
Capital expenditures       3,801
Net Debt(3)       58,930
Weighted-average common shares outstanding (000s) - Basic and diluted       307,076
OPERATIONS        
Production        
     Natural gas (Mcf/d)       120,677
     Natural gas liquids (bbls/d)       903
     Crude oil (Bbls/d)       198
Total (Boe/d)       21,214
Realized commodity sales prices        
     Natural gas ($/Mcf)       2.83
     Natural gas liquids ($/Boe)       42.40
     Crude oil ($/Bbl)       55.85
Combined ($/Boe)       18.41
Netback ($/Boe)        
     Oil and gas sales       18.41
     Royalty expense       (1.82)
     Operating expenses       (9.45)
Operating netback ($/Boe)(4)       7.14
     General and administrative       (0.74)
     Interest and bank charges, net of dividend income       (0.52)
Corporate netback ($/Boe) (5)       5.88
Operating netback ($ per Mcfe)(4)       1.19
Corporate netback ($ per Mcfe) (5)       0.98

(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.
(2) Funds flow from operations is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.

(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits and investments.
(4) Operating netback is a non‐IFRS measure calculated as the Company’s oil and gas sales, less royalty and operating expenses, divided by the Boe production of the Company for the period.
(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges, net of dividend income, divided by the Boe production of the Company.

2016

($000s, unless otherwise indicated)    

Q4

Q3

Q2

Q1

FINANCIAL(1)            
Oil and gas sales (before royalty expense)     38,316 32,401 20,695 27,230
Cash flow from (used in) operating activities     12,632 4,606 (4,371) 9,622
Funds flow from (used in) operations(2)                   15,026 6,972 (3,655) 1,398
     Per share - Basic and Diluted ($/share)                               0.05 0.02 (0.01) 0.00
Earnings (loss)                            3,210 (11,558) (25,862) (16,177)
     Per share - Basic and Diluted ($/share)                            0.01 (0.04) (0.08) (0.05)
Capital expenditures     3,356 1,437 749 3,617
Acquisitions, after adjustments                        (1,029) (603) 240 585
Proceeds on dispositions                    (33,032) (5,378) (24,702) -
Net Debt(3)                         64,224 110,312 122,032 143,587
Weighted-average common shares outstanding (000s) - Basic                        306,977 306,878 305,928 305,512
Weighted-average common shares outstanding (000s) - Diluted                        307,095 306,878 305,928 305,512
OPERATIONS            
Production            
     Natural gas (mcf/d)                        120,540 125,082 124,966 129,085
     Crude oil (bbls/d)                               602 803 866 723
     Natural gas liquids (bbls/d)                               833 871 933 1,060
Total (boe/d)                          21,525 22,521 22,647 23,297
Realized commodity sales prices            
     Natural gas ($/mcf)                              2.95 2.33 1.32 1.94
     Crude oil ($/bbl)                          49.12 41.81 39.92 29.91
     Natural gas liquids ($/boe)                           37.08 31.67 28.94 25.72
Combined ($/boe)                            19.35 15.64 10.04 12.84
Netback ($/boe)            
    Oil and gas sales                          19.35 15.64 10.04 12.84
    Royalty income                              - - 0.25 0.29
    Royalty expense                           (1.59) (1.13) (0.65) (0.95)
    Operating costs                            (8.95) (9.43) (9.66) (9.50)
Operating netback ($/boe)(4)                            8.81 5.08 (0.02) 2.68
    General and administrative                           (0.47) (0.74) (0.87) (1.27)
    Interest and bank charges and dividend income                            (0.75) (0.98) (0.87) (0.75)
Corporate netback ($/boe)(5)                              7.59 3.36 (1.76) 0.66
Operating netback ($ per Mcfe)                              1.47 0.85 (0.00) 0.45
Corporate netback ($ per Mcfe)                               1.27 0.56 (0.29) 0.11

(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.
(2) Funds flow from operations is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.
(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits and investments.
(4) Operating netback is a non‐IFRS measure calculated as the Company’s total revenue, less operating expenses, divided by the Boe production of the Company for the period.
(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges plus finance and dividend income, divided by the Boe production of the Company.


                                                                                                                                                                                                 

2015

($000s, unless otherwise indicated)(1)   Q4 Q3 Q2 Q1
FINANCIAL          
Average sales volumes (boe/d)   15,051 12,504 11,814 12,021
Operating netback ($/boe)(2)   6.16 7.92 7.08 7.33
Oil and gas sales   21,598 21,000 17,454 18,801
Oil and gas sales, net of royalties   20,166 19,425 16,692 17,487
Total revenue   20,258 19,517 16,784 17,608
Cash flow from operating activities   973 6,617 4,182 8,998
Funds flow from operations(3)   6,550 7,507 5,555 6,182
     Per share - basic ($/share)   0.03 0.03 0.02 0.03
     Per share - diluted ($/share)   0.03 0.03 0.02 0.03
Earnings (loss)   (3,300) (10,697) (4,757) (5,503)
     Per share - basic ($/share)   (0.01) (0.05) (0.02) (0.02)
     Per share - diluted ($/share)   (0.01) (0.05) (0.02) (0.02)
OPERATIONS          
Production          
     Natural gas (mcf/d)   85,233 70,843 67,502 68,208
     Crude oil (bbls/d)   264 128 119 128
     Natural gas liquids (bbls/d)   581 569 445 525
Total (boe/d)   15,051 12,504 11,814 12,021
Commodity sales prices          
     Natural gas ($/mcf)   2.47 2.95 2.62 2.76
     Crude oil ($/bbl)   44.07 47.90 54.10 52.07
     Natural gas liquids ($/bbl)   21.17 23.59 30.97 25.85
Combined ($/boe)   15.60 18.25 16.23 17.38

(1) Includes results from acquisitions from closing dates.
(2) Operating netback is a non - IFRS measure calculated as the Company's oil and gas sales, less royalties and operating expenses, averaged over the Boe production of the Company.
(3) Funds flows from operations is a non - IFRS measure that represents the total of funds provided by operating activities, before adjustinging for changes in non-cash working capital.

2014

($000s, unless otherwise indicated) Q4(1) Q3(2) Q2 Q1
FINANCIAL        
Average sales volumes (boe/d) 12,095 6,810 6,371 6,276
Operating netback ($/boe)(3) 11.74 15.08 17.45 19.82
Oil and gas sales 25,469 17,469 17,136 18,376
Oil and gas sales, net of royalties 22,819 15,700 15,339 16,447
Total revenue 23,003 15,907 15,540 16,634
Cash flow from operating activities 13,969 6,390 7,242 10,039
Funds flow from operations() 11,615 8,104 9,180 10,089
     Per share - basic ($/share) 0.05 0.04 0.05 0.05
     Per share - diluted ($/share) 0.05 0.04 0.04 0.05
Earnings (loss) (8,929) 918 2,333 2,969
     Per share - basic ($/share) (0.04) 0.00 0.01 0.01
     Per share - diluted ($/share) (0.04) 0.00 0.01 0.01
OPERATIONS        
Production        
     Natural gas (mcf/d) 68,460 38,383 36,877 36,116
     Crude oil (bbls/d) 124 90 38 56
     Natural gas liquids (bbls/d) 566 323 187 201
Total (boe/d) 12,095 6,810 6,371 6,276
Commodity sales prices        
     Natural gas ($/mcf) 3.63 4.29 4.56 5.17
     Crude oil ($/bbl) 69.15 78.64 97.92 91.01
     Natural gas liquids ($/bbl) 34.90 55.84 87.31 59.65
Combined ($/boe) 22.89 27.88 29.55 32.53

(1) The results from Q4-2014 include the results of the Shallow Gas Asset Acquisition for the period of October 1 to December 31, 2014.
(2) The results for Q3-2014 include the results of the Carrot Creek/Edson Asset Acquisition for the period of August 7 to September 30, 2014.
(3) Operating netback is a non-IFRS measure calculated as the Company's oil and gas sales, less royalties and operating expenses, averaged over the boe production of the Company.
(4) Funds flow from operations is a non-IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non-cash working capital and changes in interest payable.

2013

($000s, unless otherwise indicated)   Q4 Q3(1) Q2 Q1(2)
FINANCIAL          
Average sales volumes (boe/d)   6,443 5,784 4,335 2,536
Operating netback ($/boe)(3)   10.91 7.32 10.75 10.26
Oil and gas sales   12,621 9,917 9,084 5,458
Oil and gas sales, net of royalties   11,634 8,595 8,546 4,584
Total revenue   11,839 8,783 8,727 5,346
Cash flow from operating activities   6,631 2,579 3,751 3,101
Funds flow from operations (4)   5,564 3,014 3,721 2,401
     Per share - basic ($/share)   0.03 0.02 0.02 0.02
     Per share - diluted ($/share)   0.02 0.02 0.02 0.02
Earnings (loss)   3,531 (709) (183) 8,271
     Per share - basic ($/share)   0.01 - 0.00 0.05
     Per share - diluted ($/share)   0.01 - 0.00 0.05
OPERATIONS          
Production          
     Natural gas (mcf/d)   36,613 33,157 24,352 13,726
     Crude oil (bbls/d)   52 67 93 46
     Natural gas liquids (bbls/d)   289 191 183 202
Total (boe/d)   6,443 5,784 4,335 2,536
Commodity sales prices          
     Natural gas ($/mcf)   3.30 2.45 3.37 3.23
     Crude oil ($/bbl)   96.33 104.53 87.29 84.11
     Natural gas liquids ($/bbl)   40.71 86.76 53.37 62.45
Combined ($/boe)   21.29 18.26 23.03 23.92

(1) The results for Q3-2013 include the results of the Monogram Asset Acquisition for the period of July 24 to September 30, 2013 and the Additional Interests Acquisition for the 31 day period of August 30 to September 30, 2013.
(2) The results for Q1-2013 include the results of the Southern Assets Acquisition for the 40 day period of February 19 to March 31, 2013.
(3) Operating netback is a non-IFRS measure calculated as the Company's oil and gas sales, less royalties and operating expenses, averaged over the boe productiion of the Company.
(4) Funds flow from operations is a non-IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non-cash working capital and changes in interest payable.

2012

($000s unless otherwise indicated) Q4 Q3 Q2 Q1(1)
         
Average sales volumes (boe/d)(2) 832 895 972 401
Operating netback ($/boe)(3) 11.94 13.36 11.78 13.11
Oil and gas sales 2,319 2,197 2,130 901
Oil and gas sales, net of royalties 1,894 1,824 1,735 750
Total revenue 2,752 1,824 1,735 750
Cash flow (deficiency) from operating activities 660 246 1,198 (331)
Funds flow (deficiency) from operations(4) 775 442 520 (35)
     Basic per share ($/share) 0.01 0.01 0.01 (0.00)
     Diluted per share ($/share) 0.01 0.01 0.01 (0.00)
Earnings (loss) (862) (472) (450) 713
     Basic per share ($/share)     (0.01) (0.01) (0.01) 0.01
     Diluted per share ($/share) (0.01) (0.01) (0.01) 0.01
OPERATIONS        
Production        
     Natural gas (mcf/d) 3,880 4,217 4,517 1,927
     Crude oil (bbls/d) 38 29 30 10
     Natural gas liquids (bbls/d) 147 163 189 70
     Total (boe/d) 832 895 972 401
Commodity sales prices        
     Natural gas ($/mcf) 3.64 2.76 2.01 2.05
     Crude oil ($/bbl) 77.36 80.57 79.26 75.08
     Natural gas liquids ($/bbl) 53.37 60.84 62.98 74.93
     Combined ($/boe) 30.30 26.69 24.07 24.71

(1) The results for Q1-2012 include the results of the Carrot Creek Assets for the period of March 1 to March 31, 2012.  Pine Cliff’s sales for the month of March 2012 were approximately 1,015 boe/d, inclusive of 930 boe/d from the Carrot Creek Assets.
(2) The sales volumes for Q4-2012 includes the results of the Geomark Oil and Gas Assets for the period of October 19 to December 31, 2012, averaged over 92 days.  Pine Cliff’s sales for the fourth quarter were approximately 853 boe/d, inclusive of 105 boe/d from the Geomark Oil and Gas Assets.
(3) Operating netback is a non-IFRS measure calculated as the Company’s oil and gas sales, less royalties and operating expenses, averaged over the boe production of the Company.
(4) Funds flow from operations is a non-IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non-cash working capital and changes in interest payable.

2011

  Q4 Q3 Q2 Q1
TOTAL OPERATIONS ($)
Revenue oil and gas 163,979 220,398 236,229 245,518
Cash flow (deficiency) from operations (4,070) 120,109 68,707 148,120
    Per share basic and diluted (0.00) 0.00 0.00 0.00
Net loss (45,745) (74,182) (53,732) (32,444)
    Per share basic and diluted (0.00) (0.00) (0.00) (0.00)
Capital expenditures 1,816 13,223 2,942 6,155
Total assets 2,387,839 2,503,803 2,622,350 2,896,325
Working capital 482,322 487,693 510,444 482,299
Shareholders’ equity 2,207,134 2,304,841 2,549,057 2,574,353
CONTINUING OPERATIONS ($)(1)