Pine Cliff Energy Ltd. is pleased to announce that the term (the "Term") of the existing $4,000,000 loan facility (the "Facility") with an insider of the Company (the "Lender") was, by mutual consent of the Company and the Lender, extended to December 31, 2024. Amounts can be drawn, repaid and redrawn by the Company at any time during the Term and borrowings under the Facility are payable on demand to the Lender on 60 days written notice. The Facility can be cancelled at any time by the Lender on 60 days written notice. There is no amount drawn on the Facility at this time.
Changes to Board of Directors
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 is pleased to confirm Mr. Robert B. Fryk will be standing for election at the Meeting as a new nominee to the Board of Directors. Mr. Fryk was the President and Chief Executive Officer of Gain Energy Ltd. ("Gain") from February 2017 until March 2021, a private oil and gas company that sold all of its assets in 2020. Prior thereto, Mr. Fryk was Chief Operating Officer at Gain and Executive Vice-President and Chief Operating Officer at Velvet Energy Ltd from 2011 to 2015. Mr. Fryk has over 37 years of experience in management, business development and operations, including reservoir exploitation, drilling, completions, marketing and asset and corporate economic evaluations for acquisitions and divestments. Mr. Fryk has a Bachelor of Science - Chemical Engineering Degree from the University of Calgary and is a member of the Association of Petroleum Engineers and Geoscientists of Alberta. Pine Cliff looks forward to welcoming Mr. Fryk upon his election and believes his extensive experience and knowledge will provide invaluable contributions to the Board of Directors.