Investor Relations

President's Message to Shareholders

Summer 2025 AECO prices were challenged with high storage levels and frequent pipeline maintenance projects that curtailed production. Pine Cliff’s significant hedge position and operational flexibility minimized the impact of these low prices on our company. From a financial standpoint, highlights included:

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Q3 2025 Highlights

Third Quarter 2025 Highlights

• Reduced net debt1 by $3.7 million or 6% to $58.6 million on September 30, 2025 down from $62.3 million on December 31, 2024;

• Generated $5.7 million ($0.02 per basic and fully diluted share) and $22.1 million ($0.06 per basic and fully diluted share) of adjusted funds flow1 for the three and nine months ended September 30, 2025;

• Production averaged 20,376 Boe/d2 and 20,962 Boe/d3 for the three and nine months ended September 30, 2025;

• Paid dividends of $1.3 million ($0.004 per basic and fully diluted share) and $8.1 million ($0.023 per basic and fully diluted share) during the three and nine months ended September 30, 2025, raising the cumulative dividend total since 2022 inception to $103.2 million; and

• Capital expenditures totaled $2.5 million and $6.1 million for the three and nine months ended September 30, 2025.

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Corporate Presentation

Share Information

Share Information

Dividends Details

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

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

November 5, 2025: Q3/25 Earnings (After Market)

November 6, 2025: Q3 Results Webcast (9:00am MT / 11:00am ET). Link: https://www.gowebcasting.com/14376

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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