Pine Cliff Energy Ltd. Announces Completion of its Borrowing Base Review

May 14, 2019

Calgary, Alberta--(Newsfile Corp. - May 14, 2019) - Pine Cliff Energy Ltd. (TSX: PNE) ("Pine Cliff" or the "Company") has completed its semi-annual borrowing base review and has entered into a Restated Credit Agreement with its banking syndicate of Canadian Financial Institutions (the "Syndicate") for a $5.0 million revolving credit facility, consisting of a $2.7 million operating facility and $2.3 million syndicated facility (the "Credit Facility"). The Credit Facility matures on July 28, 2019 and any amounts drawn are payable on that date. As of May 14, 2019, the Company is not drawn on its Credit Facility and it is unlikely that the Credit Facility will be renewed when it matures. The Company is considering alternatives to the Credit Facility, suitable for the management of its working capital requirements.

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 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 this news release includes, but is not limited to: the likelihood that the Credit Facility will not be renewed when it matures and alternatives to replace the Credit Facility.

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 operations 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.

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/44794

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