Investor Relations

President's Message to Shareholders

As we head into summer, I hope you and your families remain well. It is hard to believe that a year ago, Pine Cliff was sitting at $24.8 million in net debt and as of March 31, 2023, Pine Cliff has $58.1 million in positive cash, an increase of $82.9 million. Impressively, we accomplished this while paying our shareholders $35.0 million in dividends since our initial dividend payment in May 2022.

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Q1 2023 Highlights

Q1 2023 was the sixth consecutive quarter that Pine Cliff surpassed $19.0 million in adjusted funds flow1. Highlights from the first quarter of 2023 include:

  • generated $19.8 million of adjusted funds flow1 ($0.06 per basic and fully diluted share) for the three months ended March 31, 2023,
  • paid dividends of $11.4 million ($0.03 per basic and fully diluted share) during the three months ended March 31, 2023,
  • positive net cash increased to $58.1 million at March 31, 2023 from $55.9 million on December 31, 2022,
  • generated net earnings of $5.0 million ($0.01 per basic and fully diluted share) for the three months ended March 31, 2023,
  • production averaged 20,076 Boe/d2 for the three months ended March 31, 2023, and
  • drilled two (1.4 net) North Twining Unit Pekisko oil wells during the quarter which are anticipated to come on production in Q2 2023.

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Corporate Presentation

Share Information

Share Information

Dividends Details

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

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 2, 2023: Q1 Earnings (After Market)

May 16, 2023: Annual General Meeting of Shareholders

August 1, 2023: Q2 Earnings (After Market)

November 14, 2023: Q3 Earnings (After Market)

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

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