Investor Relations

President's Letter

This second quarter was characterized by the most material energy infrastructure announcements in Canadian history. It also had substantial swings in commodity prices, particularly for oil. Thankfully, Canadian natural gas prices were stronger than in Q2 last year and forward AECO gas prices are projected higher later this year and into 2027. Our team continues to maintain a disciplined approach to business and capital allocation through this volatility to pay down debt, preserve our monthly dividend and prepare for our next Glauconite well to be drilled this quarter.

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Q2 2026 Highlights

Second Quarter 2026 Highlights

 

Key accomplishments for Pine Cliff in the second quarter of 2026 included:

 

·        Generated $5.9 million ($0.02 per basic and fully diluted share) of adjusted funds flow1;

·        Production averaged 19,747 Boe/d2, which included continued strong production from the 4-23 Glauconite well which averaged over 1,100 Boe/d3 over the first 150 days of being online;

·        Net debt1 decreased 14% to $50.8 million as of June 30, 2026, from $58.9 million at the same point last year; and

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

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Corporate Presentation

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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

June

Declaration Date: May 29, 2026

Record Date: June 15, 2026

Payment Date: June 30, 2026

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

July

Declaration Date: July 2, 2026

Record Date: July 15, 2026

Payment Date: July 31, 2026

Amount (C$ per common share): $0.00125

Designated: Non-Eligible1

August

Declaration Date: August 4, 2026

Record Date: August 14, 2026

Payment Date: August 31, 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 29, 2026 - Annual General Meeting

August 12, 2026 - Q2/26 Earnings (After Market)

August 13, 2026 - Q2 Results Webcast (9:00am MT / 11:00am ET).

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

Cannacord Genuity

Desjardin Capital Markets

Haywood Securities Inc.

Peters & Co.

Schacter Energy Research

ESTMA Reports