ENP Newswire -
Release date- 14082014 -
In the second quarter of 2014, we experienced significant funds flow from operations from our portfolio of high quality, low cost, low decline assets and remained disciplined in our search for accretive opportunities that would fit our asset criteria. Subsequent to
Highlights during the second quarter are as follows:
Attained average daily sales volumes of 6,371 barrels of oil equivalent ('boe') per day as compared to 6,276 boe per day in the first quarter of 2014, The normal production decline was more than offset by operational improvements and production being brought back on after freeze-offs experienced in the first quarter as a result of cold winter weather;
Realized operating expenses of
Generated quarterly funds flow from operations of
Realized quarterly earnings of
Exited the quarter with no debt and positive working capital of
Announced, subsequent to quarter-end the closing of an acquisition of certain oil and natural gas assets in the
Pine Cliff has been actively seeking opportunities to enhance shareholder value by adding low cost and low decline natural gas production. Subsequent to the quarter, Pine Cliff was pleased to announce two significant acquisitions that both complement our existing assets and are within our current two core areas.
As a result of the closing of the acquisition
Pine Cliff is committed to maintaining a strong balance sheet and subsequent to the closing of the August and
About Pine Cliff
Further information relating to Pine Cliff, including the Q2-2014 Report, may be found on www.sedar.com as well as on Pine Cliff's website at www.pinecliffenergy.com.
Certain statements contained in this release include statements which contain words such as 'anticipate', 'could', 'should', 'expect', 'seek', 'may', 'intend', 'likely', 'will', 'believe' and similar expressions, statements relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about development, results and events which will or may occur in the future, constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions.
Forward-looking information in this release includes, but is not limited to: expected production levels; future capital expenditures, including the amount and nature thereof; oil and natural gas prices and demand; expansion and other development trends of the oil and natural gas industry; business strategy and outlook; expansion and growth of our business and operations; maintenance of existing customer, supplier and partner relationships; supply channels; accounting policies; credit risks.
The operational, economic and financial impacts of the Shallow Gas Transaction to Pine Cliff, the potential growth opportunities on the Shallow Gas Assets, the manner in which the purchase price to the Shallow Gas Transaction will be financed by Pine Cliff, other anticipated benefits to Pine Cliff of the Shallow Gas Transaction, the closing date of the Shallow Gas Transaction and information regarding Pine Cliff on a pro forma basis assuming completion of the Shallow Gas Transaction.
The foregoing statements assume all the conditions to completion of the Shallow Gas Transaction will be satisfied, a definitive agreement will be reached between Pine Cliff and the vendor and other required board and regulatory approvals will be received, that there will be no changes to the assets and liabilities of Pine Cliff following the Shallow Gas Transaction and that the anticipated benefits of and rationale for the Shallow Gas Transaction will be achieved.
There is no assurance that all of the conditions to the Shallow Gas Transaction will be met and therefore there is a risk that the Shallow Gas Transaction will not be completed in the form described above or at all. In the event the Shallow Gas Transaction does not close as presently anticipated, Pine Cliff will not realize the anticipated benefits of the Shallow Gas Transaction.
As such, many factors could cause the performance or achievement of Pine Cliff to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Because of the risks, uncertainties and assumptions contained herein, readers should not place undue reliance on these forward- looking statements.
All such forward-looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.
The risks, uncertainties, and assumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations; equipment and labour shortages and inflationary costs; general economic conditions; industry conditions; changes in applicable environmental, taxation and other laws and regulations as well as how such laws and regulations are interpreted and enforced; the ability of oil and natural gas companies to raise capital; the effect of weather conditions on operations and facilities; the existence of operating risks; volatility of oil and natural gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash flow from operations to meet current and future obligations; increased competition; stock market volatility; opportunities available to or pursued by us and other factors, many of which are beyond our control.
The foregoing factors are not exhaustive.
Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do, what benefits will be derived there from. Except as required by law, Pine Cliff disclaims any intention or obligation to update or revise any forward looking information, whether as a result of new information, future events or otherwise.
The forward-looking information contained in this release is expressly qualified by this cautionary statement.
This news release contains the term boe which has been calculated on the basis of six thousand cubic feet ('mcf') of gas to one barrel of oil. This conversion ratio is based on energy equivalence primarily at the burner tip and does not represent a value equivalency at the wellhead. The term boe may be misleading, particularly if used in isolation.
President and CEO
Tel: (403) 269-2289
Fax: (403) 265-7488
CFO and Corporate Secretary
Tel: (403) 269-2289
Fax: (403) 265-7488
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