Investor Relations

PRESIDENT’S MESSAGE TO SHAREHOLDERS

I hope everyone had a safe, enjoyable summer and are doing well. Pine Cliff is happy to report our second highest quarterly adjusted funds flow in history at $34.9 million in Q3 2022 and the second dividend increase since we implemented the dividend this past June.

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Q3 2022 Highlights

Highlights from the nine-months ended September 30, 2022 include:

• generated $34.9 million ($0.10 per basic and fully diluted share) and $123.0 million ($0.36 per basic and $0.34 per fully diluted share) of adjusted funds flow for the three and nine months ended September 30, 2022, compared to $13.3 million ($0.04 per basic and fully diluted share) and $32.8 million ($0.10 per basic and $0.09 fully diluted share) for comparable periods in 2021;

• generated net earnings of $18.6 million ($0.05 per basic and per fully diluted share) and $84.3 million ($0.24 per basic and $0.23 per fully diluted share) for the three and nine months ended September 30, 2022, compared to net earnings of $2.3 million ($0.01 per basic and fully diluted share) and net earnings of $0.9 million ($0.00 per basic and fully diluted share) for comparable periods in 2021;

• paid dividends of $9.9 million ($0.01 per common share per month) during the three months ended September 30, 2022;

• ending the quarter with positive net cash of $35.1 million while maintaining debt free status throughout the quarter;  

• production volumes for the three and nine months ended September 30, 2022 were 21,276 Boe/d and 21,004 Boe/d, 16% and 15% higher respectively than comparable periods in 2021;

• completed a summer drilling program that saw Pine Cliff drill four gross (2.8 net) operated Pekisko horizontal oil wells, of which three gross (2.1 net) were on production by the end of the third quarter; and

• participated in the drilling, completion and tie-in of five gross (0.9 net) non-operated natural gas wells in Edson.

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2021 Annual Report Highlight

(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.

(2) Adjusted funds flow is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.

(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits and investments.

(4) Operating netback is a non‐IFRS measure calculated as the Company’s total revenue, less operating expenses, divided by the Boe production of the Company for the period.

(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges plus finance and dividend income, divided by the Boe production of the Company.

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2021 Quarterly Report Highlight

(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.

(2) Adjusted funds flow is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.

(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits and investments.

(4) Operating netback is a non‐IFRS measure calculated as the Company’s total revenue, less operating expenses, divided by the Boe production of the Company for the period.

(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges plus finance and dividend income, divided by the Boe production of the Company.

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2020 Quarterly Report Highlight

(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.

(2) Adjusted funds flow is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.

(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits and investments.

(4) Operating netback is a non‐IFRS measure calculated as the Company’s total revenue, less operating expenses, divided by the Boe production of the Company for the period.

(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges plus finance and dividend income, divided by the Boe production of the Company.

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2019 Quarterly Report Highlight

(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.

(2) Adjusted funds flow is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.

(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits and investments.

(4) Operating netback is a non‐IFRS measure calculated as the Company’s total revenue, less operating expenses, divided by the Boe production of the Company for the period.

(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges plus finance and dividend income, divided by the Boe production of the Company.

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2018 Quarterly Report Highlight

(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.

(2) Adjusted funds flow is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.

(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits and investments.

(4) Operating netback is a non‐IFRS measure calculated as the Company’s total revenue, less operating expenses, divided by the Boe production of the Company for the period.

(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges plus finance and dividend income, divided by the Boe production of the Company.

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2017 Quarterly Report Highlight

(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.

(2) Adjusted funds flow is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.

(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits and investments.

(4) Operating netback is a non‐IFRS measure calculated as the Company’s total revenue, less operating expenses, divided by the Boe production of the Company for the period.

(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges plus finance and dividend income, divided by the Boe production of the Company.

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2016 Quarterly Report Highlight

(1) Includes results for acquisitions and excludes results for dispositions from the closing dates.

(2) Adjusted funds flow is a non‐IFRS measure that represents the total of funds provided by operating activities, before adjusting for changes in non‐cash working capital, and decommissioning obligations settled.

(3) Net debt is a non‐IFRS measure calculated as the sum of bank debt, subordinated promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, prepaid expenses and deposits and investments.

(4) Operating netback is a non‐IFRS measure calculated as the Company’s total revenue, less operating expenses, divided by the Boe production of the Company for the period.

(5) Corporate netback is a non‐IFRS measure calculated as the Company’s operating netback, less general and administrative expenses, interest and bank charges plus finance and dividend income, divided by the Boe production of the Company.

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Corporate Presentation

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Dividends Details

2022
June

Declaration Date: May 4, 2022

Record Date: June 15, 2022

Payment Date: June 30, 2022

Amount (C$ per common share): $0.0083

July

Declaration Date: July 4, 2022

Record Date: July 15, 2022

Payment Date: July 29, 2022

Amount (C$ per common share): $0.0083

August

Declaration Date: August 3, 2022

Record Date: August 15, 2022

Payment Date: August 31, 2022

Amount (C$ per common share): $0.01

September

Declaration Date: September 6, 2022

Record Date: September 15, 2022

Payment Date: September 30, 2022

Amount (C$ per common share): $0.01

October

Declaration Date: October 4, 2022

Record Date: October 14, 2022

Payment Date: October 31, 2022

Amount (C$ per common share): $0.01

November

Declaration Date: November 2, 2022

Record Date: November 15, 2022

Payment Date: November 30, 2022

Amount (C$ per common share): $0.01

December

Declaration Date: December 1, 2022

Record Date: December 15, 2022

Payment Date: December 30, 2022

Amount (C$ per common share): $0.01083

Calendar

We set our calendar for 2023 in November. For the remainder of 2022 we have one key date remaining:

  • November 9 After Market: Q3 Earnings

Hedging Summary

Gas Contracts

Contractual Term
Delivery Point
Volume (GJ/d)
(C$/GJ)
(C$/mcf)

Nov 1, 2022 - Dec 31, 2022

AECO
5,000
$6.22
$6.56

Nov 1, 2022 - Mar 31, 2023

Suffield
5,000
AECO 5a + $0.98/GJ
AECO 5a + $1.03/mcf

Nov 1, 2022 - Oct 31, 2023

TransGas
9,500
AECO 5a + $0.56/GJ
AECO 5a + $0.59/mcf

Apr 1, 2023 - Oct 31, 2023

AECO
2,500
$4.07
$4.27
Contractual Term
Delivery Point
Volume (GJ/d)
Costless Physical Collar (C$/GJ)
Costless Physical Collar (C$/mcf)

Nov 1, 2022 - Mar 31, 2023

AECO
5,000
$4.75 - $6.00
$4.99 - $6.30

Nov 1, 2022 - Mar 31, 2023

AECO
5,000
$6.00 - $11.60
$6.30 - $12.18

Apr 1, 2023 - Oct 31, 2023

AECO
5,000
$3.98 - $5.42
$4.20 - $5.72

Crude Oil Contracts

Contractual Term
Delivery Point
Volume (bbl/d)
Price (C$/bbl)

Nov 1, 2022 - Dec 31, 2022

WTI Fixed Price
250
$113.10

Jan 1, 2023 - Mar 31, 2023

WTI Fixed Price
250
$117.50

Analyst Coverage

Company

Desjardin Capital Markets

Haywood Securities Inc.

Paradigm Capital

Peters & Co.

Stifel FirstEnergy

Analyst

Chris MacCulloch

Christopher Jones

Adam GIll

Dan Grager

Cody Kwong

ESTMA Reports