Investor Relations

PRESIDENT’S MESSAGE TO SHAREHOLDERS

I hope all of Pine Cliff’s shareholders and families are well. I am pleased to report that Q1 2022 produced the highest quarterly adjusted funds flow in the history of Pine Cliff at $32.3 million. Definitely a great way to start 2022.

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Q1 2022 Highlights

Highlights from the first quarter include:

  • generated $32.3 million of adjusted funds flow ($0.09 per basic and fully diluted share) for the three months ended March 31, 2022, 223% higher than the $10.0 million generated for the three months ended March 31, 2021;
  • net debt decreased by 50% or $24.9 million from $49.7 million on December 31, 2021, to $24.8 million at March 31, 2022;
  • generated net earnings of $15.4 million ($0.05 per basic and $0.04 per fully diluted share) for the three months ended March 31, 2022, compared to a net loss of $0.1 million ($0.00 per basic share) for the comparable period in 2021;
  • production averaged 20,397 Boe/d for the three months ended March 31, 2022, 2,090 Boe/d or 11% higher than the 18,307 Boe/d for the comparable period in 2021;
  • repaid $10.0 million of term debt due December 31, 2024 during the first quarter of 2022; and
  • completed and tied-in two (1.4 net) Pekisko oil wells drilled in the fourth quarter of 2021 and drilled, completed and tied in one (0.3 net) Notikewin natural gas well. 
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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