Each time you use or access this website you agree to the following terms and conditions which govern your use of the Pine Cliff Energy Ltd. (Pine Cliff) website.
This website is owned and operated by Pine Cliff. This website has been prepared for information purposes only and may contain errors, omissions or inaccuracies. Pine Cliff assumes no liability or responsibility for any such errors, omissions or inaccuracies and makes no representations about the accuracy, reliability, completeness or timeliness of the information contained on this website.
USE OF THIS WEBSITE CONSTITUTES THE USER'S ACKNOWLEDGEMENT THAT PINE CLIFF AND ITS AFFILIATES, SHAREHOLDERS, DIRECTORS, OFFICERS AND EMPLOYEES ARE NOT AND WILL NOT BE SUBJECT TO ANY LIABILITY BASED ON THE INFORMATION CONTAINED ON THIS WEBSITE OR THE USE OF SUCH INFORMATION, ERRORS HEREIN OR OMISSIONS HEREFROM, WHETHER OR NOT ANY OF SUCH PERSONS KNEW OR SHOULD HAVE KNOWN OF ANY SUCH ERRORS OR OMISSIONS OR WERE RESPONSIBLE FOR OR PARTICIPATED IN THE INCLUSION OR OMISSION OF INFORMATION IN THIS WEBSITE.
All material found in the pages of this website is protected under the copyright laws of Canada and of other countries and is Copyright © 2012 Pine Cliff Energy Ltd. The material may be viewed, used and copied for non-commercial, personal or educational purposes, provided this material is not modified and that copyright or trademark notices are not deleted. Any other use of this material without Pine Cliff's written permission is strictly prohibited. Pine Cliff reserves any and all rights which are not granted.
Except as otherwise noted, the trademarks and logos displayed on this website belong to Pine Cliff and may not be used without Pine Cliff's written permission. Written permission is also required to use any third-party trademark displayed on this website.
MATERIAL CONTAINED IN THIS WEBSITE IS FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED TO CONSTITUTE AN OFFERING OF SECURITIES IN ANY JURISDICTION.
The information on this website is not intended to modify, qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to Pine Cliff and should not be used for the purpose of making investment decisions concerning Pine Cliff securities. Printed copies of public disclosure documents may be obtained from Investor Relations at Pine Cliff.
The information and material contained in this Website are believed to be accurate and complete at the time of their posting. Although Pine Cliff attempts to ensure that all information and material remain current and accurate, Pine Cliff does not warrant their accuracy, completeness and currency at all times.
No warranty of any kind, implied, expressed or statutory, including but not limited to warranties as to non-infringement of intellectual property rights or third party rights, title, latent defects, uninterrupted service, merchantability, fitness for a particular purpose and freedom from computer viruses, is given in conjunction with the information and materials.
Pine Cliff does not control any third party website and is therefore not responsible for the content of any linked website or any link contained in a linked website. Pine Cliff provides such links only as a convenience and the inclusion of any link does not imply endorsement, investigation or verification by Pine Cliff of the linked website or information contained therein.
The Internet is not yet a fully secure medium, and therefore confidentiality and privacy cannot be ensured. Pine Cliff will not be liable for any damages resulting from the transmission of confidential or personal information.
Any visitor to this website providing information to Pine Cliff agrees that Pine Cliff shall have no obligation with respect to such information and shall be free to use, distribute, disclose and reproduce the information to others and shall be free to use any ideas, concepts, know-how or techniques contained in the information for any purpose whatsoever. Any information provided by a visitor to the Pine Cliff website shall be non-proprietary and deemed to be non-confidential and must be truthful, legal and not violate the rights of others.
Pine Cliff does not collect any personal information through its website.
Certain statements contained in this MD&A include statements which contain words such as “anticipate”, “could”, “should”, “expect”, “seek”, “may”, “intend”, “likely”, “will”, “believe” and similar expressions, statements relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute “forward‐looking information” within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward‐looking information in the MD&A and Annual MD&A includes, but is not limited to: expected production levels, expected operating costs, expected transportation costs, royalty and G&A levels; future capital expenditures, including the amount and nature thereof; future acquisition opportunities including Pine Cliff’s ability to execute on those opportunities; future drilling opportunities and Pine Cliff’s ability to generate reserves and production from the undrilled locations; ability to implement a dividend or buy back shares; oil and natural gas prices and demand; expansion and other development trends of the oil and natural gas industry; business strategy and guidance; expansion and growth of our business and operations; amounts drawn on Pine Cliff’s credit facility and repayment thereof; amounts due to related party and due pursuant to subordinated promissory notes and repayment thereof; maintenance of existing customer, supplier and partner relationships; supply channels; accounting policies; risks; Pine Cliff’s ability to generate cash flow from operating activities and
adjusted funds flow; and other such matters.
All such forward‐looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties and assumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations; equipment and labour shortages and inflationary costs; general economic
conditions; industry conditions; changes in applicable environmental, taxation and other laws and regulations as well as how such laws and regulations are interpreted and enforced; the ability of oil and natural gas companies to raise capital; the effect of weather conditions on operations and facilities; the existence of operating risks; volatility of oil and natural gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash flow from operating activities to meet current and future obligations; increased competition; stock market volatility; opportunities available to or pursued by us; and other factors, many of which are beyond our control. The foregoing factors are not exhaustive.
Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward‐looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward‐looking information will transpire or occur, or if any of them do, what benefits will be derived there from. Except as required by law, Pine Cliff disclaims any intention or obligation to update or revise any forward‐looking information, whether as a result of new information, future events or otherwise.
Undrilled locations consist of drilling and recompletion locations booked in the independent reserve report dated February 12, 2018 prepared by McDaniel & Associates Consultants Limited and unbooked drilling and recompletion locations. Unbooked drilling and recompletion locations are internal estimates based on evaluation of geologic, reserves and spacing based on industry practice. There is no guarantee that Pine Cliff will drill these locations and there is no certainty that the drilling or completing of these locations will result in additional reserves and production or achieve expected internal rates of return. Pine Cliff activity depends on availability of capital, regulatory approvals, commodity prices, drilling costs and other factors.
Natural gas liquids and oil volumes are recorded in barrels of oil (“Bbl”) and are converted to a thousand cubic feet equivalent (“Mcfe”) using a ratio of one (1) Bbl to six (6) thousand cubic feet. Natural gas volumes recorded in thousand cubic feet (“Mcf”) are converted to barrels of oil equivalent (“Boe”) using the ratio of six (6) thousand cubic feet to one (1) Bbl. This conversion ratio is based on energy equivalence primarily at the burner tip and does not represent a value equivalency at the wellhead. The terms Boe or Mcfe may be misleading, particularly if used in isolation.
Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of oil, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
This presentation uses the terms“adjusted funds flow”, “operating netbacks”, “corporate netbacks”, “positivenet cash (net debt)”, “free funds flow” and “discretionary funds flow” which are not recognized under IFRS and may not be comparable to similar measures presented by other companies. The Company uses these measures to evaluate its performance, leverage and liquidity. Adjusted funds flow is anon-GAAP measure that represents the total of cash provided from operating activities, before adjusting for changes in non-cash working capital, and decommissioning obligations settled. Positive net cash (net debt) is a non-GAAP measure calculated as the sum of term debt at the principal amount, promissory notes at the principal amount, amounts due to related party, and trade and other payables less trade and other receivables, cash, investments and prepaid expenses and deposits. Operating netback is a non-GAAP measure calculated as the Company’s total commodity revenue, plus processing and gathering income, less royalty expenses, operating expenses, and transportation expenses, divided by the Boe or Mcfe production of the Company. Corporate netback is a non-GAAP measure calculated as the Company’s operating netback, plus interest income, less general and administrative expenses, interest expense, divided by the Boe or Mcfe production of the Company. Freefunds flow is a non-GAAP measure calculated as adjusted funds flow less decommissioning obligations settled and capital expenditures. Discretionary funds flow is a non-GAAP measure calculated as adjusted funds flow less decommissioning obligations settled, capital expenditures and dividends paid or declared.
If you breach any provision of this Agreement, you may no longer use the website. Pine Cliff may, at any time and for any reason and in its sole discretion, change, suspend or terminate, temporarily or permanently, the website or any part of it, or your permission to use the website, without any prior notice or liability to you or any other person.
If this Agreement or your permission to use the website is terminated by you or Pine Cliff for any reason, then this Agreement will continue to apply and be binding upon you in respect of your prior use of the website.
Pine Cliff may, in its sole discretion, change, supplement or amend this agreement as it relates to your future use of the website from time to time, for any reason, and without any prior notice or liability to you or any other person. You may not change, supplement, or amend this agreement in any manner.
Information on this website is deemed to be provided in Alberta, Canada, and is subject to the laws of Alberta. By accessing this website you agree that all disputes, controversies, or claims arising out of or in connection with the website shall be subject to the jurisdiction of the courts of the Province of Alberta for final adjudication.
By accessing this website from outside of Canada you acknowledge that you do so at your own risk and are responsible for any failure to comply with any local, national or international law. The website may not be used by persons in jurisdictions where access to or use of the website or any part of it may be illegal or prohibited.
Unless otherwise stated, all monetary funds displayed on the website are in Canadian dollars.
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