News

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

2017 was a record year for Pine Cliff in both revenue and funds flow from operations.

Pine Cliff s Board of Directors has approved a 2018 capital budget of $10.4 million that will be funded from cash flow at an AECO reference price of $1.50 per Mcf for 2018. Pine Cliff intends to spend approximately $4.0 million drilling six gross (1.2 net) wells in the liquids rich Edson area of Alberta, $0.2 million drilling two gross (0.3 net) oil wells in the Central area, $2.8 million on major maintenance capital, $1.3 million on abandonments and reclamation and $2.1 million on facility upgrades.