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Pine Cliff Energy Ltd. ("Pine Cliff" or the "Company") (TSX VENTURE:PNE) is pleased to announce its fourth quarter and year-end financial and operating results and the filing of its 2014 disclosure documents. Included in the Canadian filings were Pine Cliff's annual information form ("AIF"), including disclosure and reports related to reserves data and other oil and gas information pursuant to National Instrument 51‐101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and its consolidated financial statements and related management's discussion and analysis for the year ended December 31, 2014 (the "Annual Report"). Selected highlights are shown below and should be read in conjunction with the Annual Report.
The year 2014 was a busy time at Pine Cliff resulting in its most significant growth since the Company was revitalized in 2012. As a result of two acquisitions in the latter half of the year, Pine Cliff exited 2014 with production of approximately 12,000 Barrels of oil equivalent ("Boe") per day, almost two times the 2013 exit production rate.
Highlights during the fourth quarter are as follows:
A Unique Company Built to Last and be Opportunistic
Pine Cliff's strong balance sheet, low production decline, low operating expenses and low overhead costs have positioned it to not only survive the dramatic decline in commodity prices that began in 2014, but to take advantage of the opportunities that are emerging in this environment.
The insiders of Pine Cliff are fully aligned with the Company's shareholders and collectively hold approximately 16% of the fully diluted shares outstanding. This high personal ownership by the management team in Pine Cliff is a driving motivation for the Company to continue to be disciplined in the search for quality assets that will deliver above average long-term per share returns to the shareholders.
Financial and Operating Results
About Pine Cliff
Further information relating to Pine Cliff, including copies of the AIF and the Annual Report, may be found on www.sedar.com as well as on Pine Cliff's website at www.pinecliffenergy.com. To request a hard copy, free of charge, please send an email request to email@example.com.
Certain statements contained in this 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 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. Forward-looking information in this release includes, but is not limited to: expected production levels; imprecision of reserve estimates; future capital expenditures, including the amount and nature thereof; oil and natural gas prices and demand; expansion and other development trends of the oil and natural gas industry; business strategy and outlook; expansion and growth of our business and operations; maintenance of existing customer, supplier and partner relationships; supply channels; accounting policies; credit risks; 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 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.
As defined in NI 51-101, proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.
The forward-looking information contained in this release is expressly qualified by this cautionary statement.
This news release contains the term Boe which has been calculated on the basis of six thousand cubic feet of gas to one barrel of oil. This conversion ratio is based on energy equivalence primarily at the burner tip and does not represent a value equivalency at the wellhead. The term Boe may be misleading, particularly if used in isolation.
This summarized news release should not be considered a suitable source of information for readers who are unfamiliar with Pine Cliff and should not be considered in any way as a substitute for reading the full report.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Pine Cliff Energy Ltd.
Philip B. Hodge
President and CEO
(403) 265-7488 (FAX)
Pine Cliff Energy Ltd.
Kristi L. Kunec
CFO and Corporate Secretary
(403) 265-7488 (FAX)
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