Pine Cliff Energy Ltd.

Array
(
    [symbol] => PNE
    [exchange] => TSX Exchange
    [compname] => PINE CLIFF ENERGY LTD
    [date] => Jul 27, 2016
    [time] => 15:59 ET
    [open] => 0.91
    [high] => 0.92
    [low] => 0.91
    [last] => 0.92
    [tick] => Up
    [img] => 
    [pclose] => 0.89
    [price_change] => 0.03
    [per_change] => 3.371%
    [volume] => 118,750
    [yearlow] => 0.61
    [yearhigh] => 1.36
    [bidprice] => 0.90
    [askprice] => 0.92
    [bidsize] => 8000
    [asksize] => 6000
)
TSX Exchange (PNE) $0.92 Change 0.03 | 3.371%

Financial Highlights

Annual Highlights
As at and for the year ended
($000s, unless otherwise indicated)(1)
December 31, 2015
December 31, 2014 December 31, 2013
FINANCIAL
Oil and gas sales 78,853 78,450 36,882
Total revenue 74,167 71,084 34,695
Cash flow from operating activities 20,768 37,641 16,062
Funds flow from operations(2) 25,818 38,988 14,700
     Basic per share ($/share) 0.11 0.18 0.09
     Diluted per share ($/share) 0.11 0.18 0.08
Earnings (loss) (24,257) (1,942) 10,910
     Basic per share ($/share) (0.10) (0.01) 0.06
     Diluted per share ($/share) (0.10) (0.01) 0.06
Total assets 640,775 410,697 180,486
Total long term liabilties 240,452 164,513 42,685
Net debt(3) 141,770 33,512 (13,621)
OPERATIONS      
Production      
     Natural gas (mcf/d) 72,984 45,022 27,042
     Crude oil (bbls/d) 160 75 64
     Natural gas liquids (bbls/d) 530 320 216
     Total (boe/d) 12,854 7,899 4,787
Netback ($/boe)      
     Operating netback(4) 7.08 15.20 9.70

(1) Includes results from acquisitions from 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.
(3) Net debt is a non-IFRS measure calculated as the sum of bank debt 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 royalties and operating expenses, averaged over the per boe production of the Company.

Quarterly Highlights

2016

($000s, unless otherwise indicated)   Q1
FINANCIAL(1)    
Oil and gas sales (before royalty expense)   27,230
Cash flow from operating activities   9,622
Funds flow from operations(2)   1,398
     Per share - Basic and Diluted ($/share)   0.00
Loss   (16,177)
     Per share - Basic and Diluted ($/share)   (0.05)
Capital expenditures, excluding acquisitions   3,617
Acquisitions, after adjustments   585
Net Debt(3)   143,587
Weighted-average common shares outstanding (000s) - Basic and Diluted   305,512
OPERATIONS    
Production    
     Natural gas (mcf/d)   129,085
     Crude oil (bbls/d)   723
     Natural gas liquids (bbls/d)   1,060
Total (boe/d)   23,297
Realized commodity sales prices    
     Natural gas ($/mcf)   1.94
     Crude oil ($/bbl)   29.91
     Natural gas liquids ($/boe)   25.72
Combined ($/boe)   12.84
Netback ($/boe)    
    Oil and gas sales   12.84
    Royalty income   0.29
    Royalty expense   (0.95)
    Operating costs   (9.50)
Operating netback ($/boe)(4)   2.68
    General and administrative   (1.27)
    Interest and bank charges and dividend income   (0.75)
Corporate netback ($/boe)(5)   0.66

(1) Includes results from acquisitions from 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.
(3) Net debt is a non-IFRS measure calculated as the sum of bank debt 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 royalties and operating expenses, averaged over the boe production of the Company.
(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, averaged over 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)
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 OPERATIONS
Crude oil and NGLs (barrels per day) 1 1 1 1
Natural gas (MCF per day) 522 594 614 659

2010 (2)

  Q4 Q3 Q2 Q1
TOTAL OPERATIONS ($)
Revenue oil and gas 279,741 323,641 548,391 210,797
Cash flow (deficiency) from operations 38,856 (547) 229,181 (48,741)
    Per share basic and diluted 0.00 (0.00) 0.00 (0.00)
Net earnings (loss) (917,079) 616,139 (177,782) (188,494)
    Per share basic and diluted (0.02) 0.01 (0.00) (0.00)
Capital expenditures 81,622 63,106 165,734 1,013,177
Total assets 2,929,782 3,095,983 2,910,378 3,767,607
Working capital (deficiency) 309,805 394,482 (387,016) (426,596)
Shareholders’ equity 2,549,850 3,466,507 2,796,462 2,963,254
CONTINUING OPERATIONS ($) (1)
Cash flow from operations 38,856 243,335 311,063 19,600
    Per share basic and diluted 0.00 0.01 0.01 0.00
Net loss (917,079) (121,705) (39,367) (22,029)
    Per share basic and diluted (0.02) (0.00) (0.00) (0.00)
Capital expenditures 81,622 40,549 108,879 989,250
TOTAL OPERATIONS
Crude oil and NGLs (barrels per day) 1 1 4 3
Natural gas (MCF per day) 768 908 1,387 435

(1) Continuing operations excludes the results of operations from the South American assets which have been designated as discontinued operations. The South American assets were sold on September 24, 2010.
(2) The comparative highlights have been restated with the adoption of International Financial Reporting Standards (IFRS).