News

The Acquisition will add approximately 1,900 Boe/d (approximately 71% natural gas, 23% crude oil and 6% natural gas liquids) of low decline production and 100% ownership in strategic crude oil and natural gas infrastructure that will lower Pine Cliff's Ghost Pine area operating costs.

The Company benefited from AECO 5A benchmark pricing averaging $3.58 per mcf for the quarter, resulting in Pine Cliff generating positive adjusted funds flow of $13.3 million.

Pine Cliff's adjusted funds flow of $8.0 million generated during the fourth quarter of 2020 was the highest quarterly adjusted funds flow for the Company since the second quarter of 2017. Stable and improved natural gas prices, combined with Pine Cliff's portfolio of low decline assets, highlights the Company's business model that provides for adjusted funds flow growth in a rising natural gas price environment.

In the first quarter of 2021, Pine Cliff generated the highest total revenue and adjusted funds flow since the second quarter of 2017.

Mr. Randy Jarock has advised the Company that he will not be standing for re-election to the Board of Directors at the Company's upcoming Annual and Special Meeting of Shareholders (the "Meeting"). Pine Cliff would like to thank Mr. Jarock for his valued service to the Company over the past nine years and wishes him well in his future endeavors.

Pine Cliff's adjusted funds flow of $8.0 million generated during the fourth quarter of 2020 was the highest quarterly adjusted funds flow for the Company since the second quarter of 2017. Stable and improved natural gas prices, combined with Pine Cliff's portfolio of low decline assets, highlights the Company's business model that provides for adjusted funds flow growth in a rising natural gas price environment.

Pine Cliff's fourth quarter 2020 production averaged 19,130 Boe per day, weighted 91% to natural gas. This resulted in the average production for the year being 19,005 Boe per day, exceeding the Company's 18,500 to 19,000 annual 2020 guidance range. This production was achieved with the Company only spending $2.3 million on development drilling in 2020. Stable natural gas prices and the ability to produce natural gas into storage uninterrupted during 2020 enabled Pine Cliff to maximize production rates in 2020.