News

Pine Cliff Energy Ltd. (“Pine Cliff” or the “Company”) (TSX: PNE) is pleased to announce all matters presented for approval at the Annual General Meeting of Shareholders on May 19, 2022 (the “Meeting”) have been approved. A total of 129,235,832 common shares representing 37.66% of Pine Cliff’s issued and outstanding common shares were voted in connection with the Meeting.

CALGARY, Alberta – (Newsfile Corp. – May 4, 2022) - Pine Cliff Energy Ltd. (“Pine Cliff” or the “Company”) (TSX: PNE) announces record first quarter financial and operating results, the declaration of a monthly dividend, repayment of debt and an operational update.

Pine Cliff's adjusted funds flow of $26.3 million generated during the fourth quarter of 2021 and $59.1 million for 2021 were the highest quarterly and annual adjusted funds flow for the Company since inception.

Pine Cliff's independent reserve report was prepared by McDaniel & Associates Limited ("McDaniel") in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") with the effective date of December 31, 2021.

The Acquisition will add approximately 1,900 Boe/d (approximately 71% natural gas, 23% crude oil and 6% natural gas liquids) of low decline production and 100% ownership in strategic crude oil and natural gas infrastructure that will lower Pine Cliff's Ghost Pine area operating costs.

The Company benefited from AECO 5A benchmark pricing averaging $3.58 per mcf for the quarter, resulting in Pine Cliff generating positive adjusted funds flow of $13.3 million.

Pine Cliff's adjusted funds flow of $8.0 million generated during the fourth quarter of 2020 was the highest quarterly adjusted funds flow for the Company since the second quarter of 2017. Stable and improved natural gas prices, combined with Pine Cliff's portfolio of low decline assets, highlights the Company's business model that provides for adjusted funds flow growth in a rising natural gas price environment.