News

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.

In the first quarter of 2021, Pine Cliff generated the highest total revenue and adjusted funds flow since the second quarter of 2017.