Pine Cliff Announces Second Quarter 2021 Results

Source: www.gulfoilandgas.com 8/4/2021, Location: North America

Pine Cliff Energy Ltd. is pleased to announce the filing of its second quarter financial and operating results. Included in the filings were Pine Cliff's unaudited interim condensed consolidated financial statements and related management's discussion and analysis for the three and six months ended June 30, 2021 (the "Q2-Report").

Second Quarter 2021 Highlights

Highlights from Pine Cliff's second quarter ended June 30, 2021 include:
- generated $34.2 million from commodity sales for the three months ended June 30, 2021, 57% higher than the $21.7 million generated for the three months ended June 30, 2020;
- generated $9.5 million of adjusted funds flow ($0.03 per basic share) for the three months ended June 30, 2021 and $19.5 million ($0.06 per basic share) for the six months then ended, $10.7 million and $19.4 million higher than the amounts generated for the comparable periods in 2020; and
- net debt decreased by 28% or $17.8 million from $63.0 million on December 31, 2020, to $45.3 million as at June 30, 2021 and is Pine Cliff's lowest net debt level since the third quarter of 2015.

Repayment of Term Debt
On July 28, 2021, Pine Cliff repaid $12.0 million of the $19.0 million tranche of Term Debt due July 31, 2022.

Update on Drilling Program
On July 22, 2021, the Company spudded the first of two gross (2.0 net) Pekisko horizontal oil wells in the Three Hills area of Central Alberta. The cost to drill, complete and equip both wells is expected to total $5.6 million and both are expected to be on production by the end of the third quarter.

Outlook
The increase in AECO forward natural gas pricing to levels not witnessed for several years is due to many factors, including increased demand in North America, increased LNG and Mexico exports from the United States, and the efforts to refill natural gas storage levels in Canada, the United States and Europe before the 2021-22 winter season.


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Highlights of 2022's Second Quarter ...





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