Investor Relations

President’s Letter

The Pine Cliff team successfully navigated significant commodity price volatility through the start of 2026. The Q4 2025 momentum in AECO gas prices eased amid LNG Canada start-up delays and warm weather in February, followed by a sudden and sharp return of geopolitical risk premium to crude oil prices with the war in Iran and the closing of the Strait of Hormuz. Despite these challenges, our team delivered strong Q1 results, which were assisted by the Glauconite well drilled in late 2025 and our continued focus on capital discipline to maintain our monthly dividend.

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Q1 2026 Highlights

Key accomplishments in the first quarter of 2026 included:

·        Completed one gross (1.0 net) Glauconite well in the Central Alberta Caroline area, which was brought on production in the second half of February;

·       Exited the quarter with net debt1 of $50.5 million, down 14% from $58.8 million as of March 31, 2025, and essentially flat to year-end 2025, even with $7.5 million in capital deployed in Q1;

·        Generated $9.6 million of adjusted funds flow1 ($0.03 per basic and fully diluted share);

·        Averaged production of 20,066 Boe/d2 ; and

·        Paid dividends of $1.3 million ($0.004 per basic and fully diluted share).

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Dividends Details

2026
January

Declaration Date: January 6, 2026

Record Date: January 15, 2026

Payment Date: January 30, 2026

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

February

Declaration Date: February 2, 2026

Record Date: February 13, 2026

Payment Date: February 27, 2026

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

March

Declaration Date: March 4, 2026

Record Date: March 16, 2026

Payment Date: March 31, 2026

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

April

Declaration Date: March 25, 2026

Record Date: April 15, 2026

Payment Date: April 30, 2026

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

May

Declaration Date: May 5, 2026

Record Date: May 15, 2026

Payment Date: May 29, 2026

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

Footnotes

1 Please consult a tax advisor with any questions regarding the dividend designation between eligible and non-eligible dividends.

2025
January

Declaration Date: January 3, 2025

Record Date: January 15, 2025

Payment Date: January 31, 2025

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

February

Declaration Date: February 5, 2025

Record Date: February 14, 2025

Payment Date: February 28, 2025

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

March

Declaration Date: March 5, 2025

Record Date: March 14, 2025

Payment Date: March 31, 2025

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

April

Declaration Date: April 2, 2025

Record Date: April 15, 2025

Payment Date: April 30, 2025

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

May

Declaration Date: May 5, 2025

Record Date: May 15, 2025

Payment Date: May 30, 2025

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

June

Declaration Date: June 2, 2025

Record Date: June 16, 2025

Payment Date: June 30, 2025

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

July

Declaration Date: July 3, 2025

Record Date: July 15, 2025

Payment Date: July 31, 2025

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

August

Declaration Date: August 1, 2025

Record Date: August 15, 2025

Payment Date: August 29, 2025

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

September

Declaration Date: September 2, 2025

Record Date: September 15, 2025

Payment Date: September 29, 2025

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

October

Declaration Date: October 3, 2025

Record Date: October 15, 2025

Payment Date: October 31, 2025

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

November

Declaration Date: November 5, 2025

Record Date: November 14, 2025

Payment Date: November 28, 2025

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

December

Declaration Date: December 2, 2025

Record Date: December 15, 2025

Payment Date: December 31, 2025

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

Footnotes

1 Please consult a tax advisor with any questions regarding the dividend designation between eligible and non-eligible dividends.

2024
January

Declaration Date: January 2, 2024

Record Date: January 15, 2024

Payment Date: January 31, 2024

Amount (C$ per common share): $0.01083

Designated: Eligible1

February

Declaration Date: February 1, 2024

Record Date: February 15, 2024

Payment Date: February 29, 2024

Amount (C$ per common share): $0.01083

Designated: Eligible1

March

Declaration Date: March 4, 2024

Record Date: March 15, 2024

Payment Date: March 28, 2024

Amount (C$ per common share): $0.005

Designated: Eligible1

April

Declaration Date: April 1, 2024

Record Date: April 15, 2024

Payment Date: April 30, 2024

Amount (C$ per common share): $0.005

Designated: Eligible1

May

Declaration Date: May 1, 2024

Record Date: May 15, 2024

Payment Date: May 31, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

June

Declaration Date: June 3, 2024

Record Date: June 14, 2024

Payment Date: June 28, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

July

Declaration Date: July 3, 2024

Record Date: July 15, 2024

Payment Date: July 31, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

August

Declaration Date: August 2, 2024

Record Date: August 15, 2024

Payment Date: August 30, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

September

Declaration Date: September 4, 2024

Record Date: September 16, 2024

Payment Date: September 27, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

October

Declaration Date: October 2, 2024

Record Date: October 15, 2024

Payment Date: October 31, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

November

Declaration Date: November 4, 2024

Record Date: November 15, 2024

Payment Date: November 29, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

December

Declaration Date: December 3, 2024

Record Date: December 16, 2024

Payment Date: December 31, 2024

Amount (C$ per common share): $0.005

Designated: Non-Eligible1

Footnotes

1 Please consult a tax advisor with any questions regarding the dividend designation between eligible and non-eligible dividends.

2023
January

Declaration Date: January 5, 2023

Record Date: January 16, 2023

Payment Date: January 31, 2023

Amount (C$ per common share): $0.01083

February

Declaration Date: February 1, 2023

Record Date: February 15, 2023

Payment Date: February 28, 2023

Amount (C$ per common share): $0.01083

March

Declaration Date: March 2, 2023

Record Date: March 15, 2023

Payment Date: March 31, 2023

Amount (C$ per common share): $0.01083

April

Declaration Date: April 3, 2023

Record Date: April 14, 2023

Payment Date: April 28, 2023

Amount (C$ per common share): $0.01083

May

Declaration Date: May 2, 2023

Record Date: May 15, 2023

Payment Date: May 31, 2023

Amount (C$ per common share): $0.01083

June

Declaration Date: June 1, 2023

Record Date: June 15, 2023

Payment Date: June 30, 2023

Amount (C$ per common share): $0.01083

July

Declaration Date: July 5, 2023

Record Date: July 14, 2023

Payment Date: July 31, 2023

Amount (C$ per common share): $0.01083

August

Declaration Date: August 1, 2023

Record Date: August 15, 2023

Payment Date: August 31, 2023

Amount (C$ per common share): $0.01083

September

Declaration Date: September 5, 2023

Record Date: September 15, 2023

Payment Date: September 29, 2023

Amount (C$ per common share): $0.01083

October

Declaration Date: October 2, 2023

Record Date: October 16, 2023

Payment Date: October 31, 2023

Amount (C$ per common share): $0.01083

November

Declaration Date: October 31, 2023

Record Date: November 15, 2023

Payment Date: November 30, 2023

Amount (C$ per common share): $0.01083

December

Declaration Date: December 1, 2023

Record Date: December 15, 2023

Payment Date: December 29, 2023

Amount (C$ per common share): $0.01083

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

May 5, 2026 - Q1/26 Earnings (After Market)

May 6, 2026 - Q1 Results Webcast (9:00am MT / 11:00am ET). Link: https://www.gowebcasting.com/14697

May 29, 2026 - Annual General Meeting

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

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