News

In the first quarter of 2019, Pine Cliff generated its highest adjusted funds flow and revenue since the second quarter of 2017. Additionally, Pine Cliff brought its first oil well on production and subsequent to March 31, 2019, announced a strategic acquisition and financing that will significantly increase growth opportunities in the Pekisko oil pool where the Company's first well was drilled.

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The Acquisition will have an effective date of October 1, 2018 and is expected to close on or around May 31, 2019 (the Closing Date ).   The purchase and sale agreement related to the Acquisition, although binding between the parties, is subject to various standard conditions, including rights of first refusal and regulatory approvals.   No assurances can be given that the Acquisition will be completed as proposed or at all.  

Pine Cliff s natural gas market diversification strategy was successful in generating positive adjusted funds flow in 2018, despite enduring the lowest AECO gas prices in 19 years.

Pine Cliff s Board of Directors has approved a 2019 capital budget of $10.0 million that will be funded from adjusted funds flow.

Third Quarter 2018 Highlights

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SECOND QUARTER 2018 HIGHLIGHTS

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The Company has entered into an Amended and Restated Credit Agreement with the Syndicate for an $11.0 million revolving credit facility, consisting of a $6.0 million revolving syndicated facility and a $5.0 million revolving operating facility (the Credit Facility ).

At May 31, 2018, Pine Cliff has $12.2 million drawn pursuant to the Credit Facility.

All of the nominees proposed as directors were duly elected and each of the directors received the following votes for their election.

FIRST QUARTER 2018 HIGHLIGHTS