Investor Relations

PRESIDENT’S MESSAGE TO SHAREHOLDERS

I hope all of Pine Cliff’s supporters are enjoying their summer. I sure am. Pine Cliff is pleased to report a third consecutive quarter with its highest quarterly adjusted funds flow in its history at $55.8 million in Q2 2022.

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Q2 2022 Highlights

Highlights from the six-months ended June 30, 2022 include:

  • generated $55.8 million ($0.16 per basic and $0.15 per fully diluted share) and $88.1 million ($0.26 per basic and $0.25 per fully diluted share) of adjusted funds flow for the three and six months ended June 30, 2022, compared to $9.5 million ($0.03 per basic and fully diluted share) and $19.5 million ($0.06 per basic and fully diluted share) for comparable periods in 2021, increases of 587% and 452%, respectively;
  • generated net earnings of $50.2 million ($0.15 per basic and $0.14 per fully diluted share) and $65.6 million ($0.19 per basic and $0.18 per fully diluted share) for the three and six months ended June 30, 2022, compared to a net loss of $0.7 million ($0.00 per basic and fully diluted share) and a net loss of $1.4 million ($0.00     per basic and fully diluted share) for comparable periods in 2021;
  • change in positive net cash (net debt) position of $72.1 million from December 31, 2021 to June 30, 2022;
  • production averaged 21,331 Boe/d and 20,866 Boe/d for the three and six months ended June 30, 2022, 18% and 15% higher respectively than comparable periods in 2021;
  • repaid all debt during the six months ended June 30, 2022, including $30.0 million of term debt, $6.0 million of related party debt and $6.0 million of promissory notes; and
  • paid the Company’s first monthly dividend on June 30, 2022 of $0.0083 per common share.
2021 Annual Report Highlight
2021 Quarterly Report Highlight
2020 Quarterly Report Highlight
2019 Quarterly Report Highlight
2018 Quarterly Report Highlight
2017 Quarterly Report Highlight
2016 Quarterly Report Highlight

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