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pine cliff energy ltd (PNE) Details

Pine Cliff Energy Ltd. engages in the acquisition, exploration, development, and production of natural gas, crude oil, and natural gas liquids in the Western Canadian Sedimentary Basin. The company primarily holds interests in natural gas assets in the Southern and Edson areas; and oil and natural gas assets in the Viking Kinsella and Ghost Pine area of Central Alberta. It also holds interests in natural gas liquids assets in the Sundance, Carstairs, Garrington, and Harmattan areas of Alberta; and natural gas assets in the Cadillac area of Southern Saskatchewan. As of December 31, 2018, its proved reserves were 48,276.1 thousand barrels of oil equivalent (MBOE) and proved plus probable reserves were 61,579.2 MBOE. The company also explores for gold, nickel, and copper deposits, as well as platinum group elements with assets located in Utah, Ontario, Northwest Territories, and Nunavut. Pine Cliff Energy Ltd. was incorporated in 2004 and is headquartered in Calgary, Canada.

Founded in 2004

pine cliff energy ltd (PNE) Top Compensated Officers

President, CEO & Director
Total Annual Compensation: C$352.8K
Corporate Secretary & CFO
Total Annual Compensation: C$100.1K
Chief Operating Officer
Total Annual Compensation: C$270.0K
Compensation as of Fiscal Year 2018.
pine cliff energy ltd
Pine Cliff Energy Ltd. Announces Completion of Its Borrowing Base Review

Pine Cliff Energy Ltd. completed its semi annual borrowing base review and has entered into a Restated Credit Agreement with its banking syndicate of Canadian Financial Institutions 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 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.

Pine Cliff Energy Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2019

Pine Cliff Energy Ltd. announced earnings results for the first quarter ended March 31, 2019. For the first quarter, the company announced total revenue was CAD 30.344 million compared to CAD 27.100 million a year ago. Net loss was CAD 6.525 million compared to CAD 15.580 million a year ago. Basic loss per share from continuing operations was CAD 0.02 compared to CAD 0.05 a year ago.

Pine Cliff Energy Ltd. Provides Production Guidance for 2019

Pine Cliff Energy Ltd. provided production guidance for 2019. Pine Cliff’s Board of Directors has approved an increase of $1.1 million in the Pine Cliff 2019 capital budget to $11.1 million. Pine Cliff intends to spend approximately $1.9 million drilling four (0.4 net) wells in the liquids rich Edson area of Alberta, $2.8 million drilling one (1.0 net) oil well in Central Alberta, $3.9 million on facilities and major maintenance capital and $2.5 million on abandonments and reclamation. The revised 2019 capital budget is expected to meet Pine Cliff’s CDE Obligation.

 

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