Mr. Philip Hodge reports
PINE CLIFF ENERGY LTD. ANNOUNCES THIRD QUARTER 2023 RESULTS AND MAILING OF TAKEOVER BID CIRCULAR
Pine Cliff Energy Ltd. has released third quarter 2023 financial and operating results and has mailed a takeover bid circular.
Third quarter 2023 results
Results from the third quarter include:
- Generated $17.1-million (five cents per basic and fully diluted share) and $49-million (14 cents per basic and fully diluted share) of adjusted funds flow for the three and nine months ended Sept. 30, 2023, compared with $34.9-million (10 cents per basic and fully diluted share) and $123-million (36 cents per basic and 34 cents per fully diluted share) for comparable periods in 2022.
- Paid dividends of $11.6-million (three cents per basic and fully diluted share) and $34.4-million (10 cents per basic and fully diluted share) during the three and nine months ended Sept. 30, 2023, compared with $9.9-million (three cents per basic and fully diluted share) and $12.8-million (four cents per basic and fully diluted share) for the comparable periods in 2022.
- Positive net cash of $46.5-million at Sept. 30, 2023.
- Production averaged 20,895 boe/d (barrels of oil equivalent/day) and 20,393 boe/d for the three and nine months ended Sept. 30, 2023, 2 per cent and 3 per cent lower than the comparable periods in 2022.
- Generated net earnings of $4.2-million (one cent per basic and fully diluted share) and net earnings of $8.3-million (two cents per basic and fully diluted share) for the three and nine months ended Sept. 30, 2023, compared with net earnings of $18.6-million (five cents per basic and fully diluted share) and net earnings of $84.3-million (24 cents per basic and 23 cents per fully diluted share) for comparable periods in 2022.
Mailing of takeover bid circular
On Oct. 31, 2023, the company announced it has entered into a definitive agreement to offer to purchase Certus Oil & Gas Inc. Pine Cliff mailed its takeover bid circular to the shareholders of Certus on Nov. 3, 2023. Pine Cliff expects the acquisition to close in December, 2023. A copy of the company's press release disclosing the acquisition may be accessed through the SEDAR+ website.
About Pine Cliff Energy Ltd.
Pine Cliff is a natural-gas-focused company with a long-term view of creating shareholder value. Pine Cliff's current focus is on acquiring, developing and operating long-life assets that generate adjusted funds flow that allows for capital to be returned to shareholders in the form of a dividend.
We seek Safe Harbor.
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