Friday, February 7, 2014

Pine Cliff Energy Ltd - PNE.v

Pine Cliff Energy Ltd - PNE.v is engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids.

During Q3 2013, Pine Cliff achieved record average daily production of 5,784 boe per day as compared to 895 boe per day in Q3 of 2012. Pine Cliff is projecting production volumes in 2014 of 6,100 to 6,500 boe per day, representing a 37% increase over the 2013 production guidance of 4,350 to 4,850 boe per day.







On December 18, 2013 the company released News

"Pine Cliff Energy Ltd. ("Pine Cliff" or the "Company") (TSX VENTURE:PNE) is pleased to announce its 2014 guidance and to provide an operational update on both its oil and gas and mineral divisions.

2014 Guidance

Pine Cliff remains committed to an accretive acquisition program in 2014 while continuing to focus on maintaining a strong balance sheet, which includes minimal or no debt. Pine Cliff's Board of Directors has approved a 2014 capital budget of $12.5 million, primarily to drill five gross (1.7 net) non-operated wells in the Carrot Creek core area in the latter half of 2014. This program is anticipated to be substantially less than the Company's estimated 2014 funds flow from operations, which remains dependent on natural gas prices. Pine Cliff is projecting production volumes in 2014 of 6,100 to 6,500 barrels of oil equivalent ("boe") per day, representing a 37% increase over the 2013 production guidance of 4,350 to 4,850 boe per day.

Oil and Gas Division Update

In the fourth quarter of 2013, Pine Cliff finished drilling and completing two gross (1.25 net) gas wells which were brought on production in November 2013. Results from these wells will be provided at a later date after the flush production period has ended.
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