Pine Cliff Energy Ltd. Announces Closing of Strategic Acquisition, CDE Flow-Through and Common Share Equity Financings

June 3, 2019

Acquisition Highlights

The Assets add growth opportunities in the Pekisko oil play, where Pine Cliff drilled its first oil well in late 2018. Based on Pine Cliff's internal estimates, the Assets will increase Pine Cliff's development inventory to an estimated 28 gross (27 net) Pekisko oil locations. The Assets currently produce approximately 1,600 barrels of oil equivalent ("Boe") per day or 9,600 thousand cubic feet equivalent ("Mcfe") per day, weighted 80% to natural gas, 7% to oil and 13% to natural gas liquids. The production from the Assets has increased Pine Cliff's estimated annual production volumes to a range of 19,250 to 19,750 Boe per day (115,500 to 118,500 Mcfe per day), weighted 92% to natural gas.

CDE Flow-Through and Common Share Equity Financings

Pine Cliff issued by way of a non-brokered private placement, 14,492,754 "flow-through" common shares (within the meaning of the Income Tax Act (Canada)) (the "Flow-Through Shares"), at a price of $0.276 per Flow-Through Share, resulting in gross proceeds of $4.0 million. The net proceeds of the Flow-Through Private Placement will be used to incur eligible Canadian development expenses ("CDE"). Pine Cliff will, pursuant to the provisions of the Income Tax Act (Canada), incur all eligible CDE prior to March 30, 2020 of the Flow-Through Private Placement.

Pine Cliff also issued by way of a non-brokered private placement, 6,215,652 common shares (the "Common Shares"), at a price of $0.23 per Common Share, resulting in gross proceeds of $1.4 million. Insiders, including directors and officers, subscribed for a total of 2,608,695 Common Shares.

As a part of the Offered Securities, the Alberta Investment Management Corporation has increased its shareholdings in the Company by 15,142,754 Common Shares on behalf of certain of its clients.

Pine Cliff's outstanding Common Shares as of May 31, 2019 total 327,784,193.

About Pine Cliff

Pine Cliff is an oil and natural gas company with a long-term view of creating shareholder value. Further information relating to Pine Cliff may be found on www.sedar.com as well as on Pine Cliff's website at www.pinecliffenergy.com.

About Alberta Investment Management Corporation

Alberta Investment Management Corporation, AIMCo, is one of Canada s largest and most diversified high performing institutional investment managers with more than $100 billion of assets under management. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 31 Alberta-based pension, endowment and government funds, working closely with their clients' to ensure investment strategies meet their clients' long-term return objectives. For more information on AIMCo please visit www.aimco.alberta.ca.

For further information, please contact:
Philip B. Hodge - President and CEO
Cheryne Lowe -CFO and Corporate Secretary
Telephone: (403) 269-2289
Fax: (403) 265-7488
Email: info@pinecliffenergy.com

Cautionary Statements

Certain statements contained in this news release potentially 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 development, 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. In particular, this news release contains statements regarding the operational, economic, closing adjustments, production volumes guidance and financial impacts of the Acquisition on Pine Cliff and the potential growth opportunities on the Assets.

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.

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.

The TSX does not accept responsibility for the accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45235

Previous Post
No Previous Post
Next
No Next Post
Pine Cliff Energy Ltd. Announces Record Quarterly Results, 20% Increase in Monthly Dividend, Increase in 2022 Guidance and Operational Update
Read More
Pine Cliff Energy Ltd. Announces Debt Free Status and Confirms Monthly Dividend for July 29, 2022
Read More
Pine Cliff Energy Ltd. Announces Results of Shareholders’ Meeting and Annual Stock Option Grant
Read More
Pine Cliff Energy Ltd. Announces Record Quarterly Results, Declaration of Monthly Dividend, Debt Repayment and Operational Update
Read More
Pine Cliff Energy Ltd. Announces 2021 Year-End Reserves and Provides Operations Update and 2022 Guidance
Read More
Pine Cliff Energy Ltd. Announces Record Annual Results and Filing of 2021 Disclosure Documents
Read More
Pine Cliff Energy Ltd. Provides Operations Update and Announces 2020 Year-End Reserves and 2021 Guidance
Read More
Pine Cliff Energy Ltd. Announces Annual 2020 Results and Filing of 2020 Disclosure Documents
Read More
Pine Cliff Energy Ltd. Announces Results of Shareholders' Meeting, and Annual Stock Option Grant
Read More
Pine Cliff Energy Ltd. Announces Annual 2020 Results and Filing of 2020 Disclosure Documents
Read More
Pine Cliff Energy Ltd. Announces First Quarter 2021 Results
Read More
Pine Cliff Energy Ltd. Announces Results of Shareholders' Meeting, and Annual Stock Option Grant
Read More
Pine Cliff Energy Ltd. Announces Second Quarter 2021 Results, Partial Repayment of Term Debt and Update on Drilling Program
Read More
Pine Cliff Energy Ltd. Announces Third Quarter 2021 Results and Update to 2021 Guidance
Read More
Pine Cliff Energy Ltd. Announces Strategic Acquisition, Update on Fourth Quarter Drilling Program and New Demand Loan Facility
Read More
Pine Cliff Energy Ltd. Announces 2019 Year-End Reserves and 2020 Guidance
Read More
Pine Cliff Energy Ltd. Announces Annual 2019 Results and Filing of 2019 Disclosure Documents
Read More
Pine Cliff Energy Ltd. Announces First Quarter 2020 Results and Annual General Meeting Update
Read More
Pine Cliff Energy Ltd. Announces Results of Shareholders' Meeting, Election of New Director and Annual Stock Option Grant
Read More
Pine Cliff Energy Ltd. Announces Second Quarter 2020 Results and Insider Loan Facility
Read More
Pine Cliff Energy Ltd. Announces Third Quarter 2020 Results
Read More
Pine Cliff Energy Ltd. Announces 2019 Guidance and 2018 Year-End Reserves
Read More
Pine Cliff Energy Ltd. Announces Annual 2018 Results, Filing of 2018 Disclosure Documents and Operations Update on Pekisko Oil
Read More
Pine Cliff Energy Ltd. Announces Strategic Acquisition, CDE Flow-Through and Common Share Financings and Increased 2019 Capital
Read More
Pine Cliff Energy Ltd. Announces First Quarter 2019 Results
Read More
Pine Cliff Energy Ltd. Announces Results of Shareholders' Meeting and Annual Stock Option Grant
Read More
Pine Cliff Energy Ltd. Announces Second Quarter 2019 Results
Read More
Pine Cliff Energy Ltd. Announces Third Quarter 2019 Results
Read More
Pine Cliff Energy Ltd. Announces 2018 Guidance, Commodity Risk Management and 2017 Year-End Reserves
Read More
Pine Cliff Energy Ltd. Announces Annual 2017 Results and Filing of 2017 Disclosure Documents
Read More
Pine Cliff Energy Ltd. Announces First Quarter 2018 Results
Read More
Pine Cliff Energy Ltd. Announces Results of Shareholders’ Meeting and Annual Stock Option Grant
Read More
Pine Cliff Energy Ltd. Announces Second Quarter 2018 Results
Read More
Pine Cliff Energy Ltd. Announces Third Quarter 2018 Results and Updates Guidance
Read More
Pine Cliff Energy Ltd. Announces 2017 Guidance, 2016 Bank Debt Reduction and Year-End Reserves
Read More
Pine Cliff Energy Ltd. Announces Record Revenue and Funds Flow, Fourth Quarter and Annual 2016 Results
Read More
Pine Cliff Energy Ltd. Announces First Quarter 2017 Results
Read More
Pine Cliff Energy Ltd. Announces Results of Shareholders' Meeting and Stock Option Grant
Read More
Pine Cliff Energy Ltd. Announces Second Quarter 2017 Results
Read More
Pine Cliff Energy Ltd. Announces Third Quarter 2017 Results and Management Appointment
Read More
Pine Cliff Energy Ltd. Announces More Than 120% Increase in 2015 Year-End Reserves
Read More
Pine Cliff Energy Ltd. Announces its Fourth Quarter and Annual 2015 Results
Read More
Pine Cliff Energy Ltd. Announces its First Quarter 2016 Results
Read More
Pine Cliff Energy Ltd. Announces Results of Shareholders' Meeting
Read More
Pine Cliff Energy Ltd. Announces the Conclusion of the Borrowing Base Redetermination, Closing of a Private Placement and Second
Read More
Pine Cliff Energy Ltd. Announces Record Revenue and Third Quarter 2016 Results
Read More
Pine Cliff Energy Ltd. Announces 2014 Year-End Reserves
Read More
Pine Cliff Energy Ltd. Announces Fourth Quarter and Annual 2014 Results
Read More
Pine Cliff Energy Ltd. Enters Into a $15.94 Million Agreement to Acquire Core Area Assets
Read More
Pine Cliff Energy Ltd. Announces Its First Quarter 2015 Results
Read More
Pine Cliff Completes Acquisition of Core Area Assets and Provides Credit Facility Update
Read More
Pine Cliff Energy Ltd. Announces Its Second Quarter 2015 Results
Read More
Pine Cliff Energy Ltd. Announces Its Third Quarter 2015 Results and Provides Management Update
Read More
Pine Cliff Energy Ltd. Announces 2013 Year-End Reserves and Executive Appointment
Read More
Pine Cliff Energy Ltd. Announces Second Quarter 2014 Results
Read More
Pine Cliff Energy Ltd. Announces First Quarter 2014 Results
Read More
Pine Cliff Completes Acquisition of Alberta and Southern Saskatchewan Natural Gas Assets
Read More
Pine Cliff Energy Ltd. Announces Third Quarter 2014 Results
Read More
Pine Cliff Energy Ltd. Announces Extension of Insider Loan Facility, Changes to Board of Directors and Provides Information
Read More
Pine Cliff Energy Ltd. Announces Closing of Private Company Acquisition
Read More
Pine Cliff Energy Ltd. Provides Operational Update
Read More
Pine Cliff Energy Ltd. Provides Operational Update
Read More
Pine Cliff Energy Ltd. Announces Completion of its Borrowing Base Review
Read More
Pine Cliff Energy Ltd. Announces Closing of Strategic Acquisition, CDE Flow-Through and Common Share Equity Financings
Read More
Pine Cliff Energy Ltd. Grants Stock Options
Read More
Pine Cliff Energy Ltd. Announces Management Update
Read More
Pine Cliff Energy Ltd. Provides Credit Facility Update
Read More
Pine Cliff Energy Ltd. Announces Borrowing Base Redetermination, Closing of a Private Placement and Increase and Extension of
Read More
Pine Cliff Energy Ltd. Announces Resignation of CFO and Appointment of New CFO
Read More
Pine Cliff Energy Ltd. Announces Extension of Borrowing Base Redetermination
Read More
Pine Cliff Energy Ltd. Announces Borrowing Base Redetermination
Read More
Pine Cliff Energy Ltd. Announces Management Update
Read More
Pine Cliff Energy Ltd. Announces Graduation to Toronto Stock Exchange
Read More
Pine Cliff Energy Ltd. Announces Extension of Borrowing Base Redetermination Date
Read More
Pine Cliff Energy Ltd. Announces $25 Million Disposition of Royalty Assets
Read More
Pine Cliff Energy Ltd. Announces Closing of $25 Million Disposition of Royalty Assets and Update on Bank Redetermination Process
Read More
Pine Cliff Energy Ltd. Announces Issuance of Insider Subordinated Debt, Sale of Non-Core Assets and Extension of Borrowing Base Redetermination
Read More
Pine Cliff Energy Ltd. Announces $31.4 Million Disposition of Non-Core Oil Assets and Management Update
Read More
Pine Cliff Energy Ltd. Announces Closing of $31.4 Million Disposition of Non-Core Oil Assets
Read More
Pine Cliff Energy Ltd. Grants Stock Options
Read More
Pine Cliff Energy Ltd. Provides Operational and Management Update and Provides 2015 Guidance
Read More
Pine Cliff Announces $70 Million Syndicated Credit Facilities
Read More
Pine Cliff Energy Ltd. Grants Stock Options
Read More
Pine Cliff Energy Ltd. Completes $69 Million Subscription Receipt Offering
Read More
Pine Cliff Energy Ltd. Completes $3 Million Private Placement
Read More
Pine Cliff Energy Ltd. Announces Closing of $185 Million Strategic Acquisition, Credit Facility Increase, TSX Listing Application and 2016 Guidance
Read More
Pine Cliff Energy Ltd. Announces Year-End and Fourth Quarter 2013 Results
Read More
Pine Cliff Energy Ltd. Securities Filings
Read More
Pine Cliff Energy Ltd. Announces Executive Appointment and Grant of Stock Options
Read More
Pine Cliff Completes Acquisition of Carrot Creek/Edson Area Oil and Natural Gas Assets
Read More
Pine Cliff Energy Ltd. Announces Second Quarter 2014 Results
Read More
Pine Cliff Signs Purchase and Sale Agreement for Natural Gas Assets in Alberta and Saskatchewan and Accelerates Expected
Read More
Pine Cliff Energy Ltd. Announces $60,065,000 Bought Deal Financing
Read More
Pine Cliff Energy Ltd. Completes $60,065,000 Common Share Offering
Read More
Pine Cliff Energy Ltd. Grants Stock Options
Read More
Pine Cliff Energy Ltd. Announces 2013 Year-End Reserves and Executive Appointment
Read More