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To: Goose94 who wrote (18788)	6/27/2016 9:33:08 AM
From: Goose94	Read Replies (1) of 202988

Pine Cliff Energy (PNE-V) June 27, '16 is pleased to announce that it has entered into an agreement to sell its fee title land and other minor overriding royalty interests (the "Royalty Assets" or the "Disposed Assets") for cash consideration of $25 million, prior to any closing adjustments (the "Disposition"). The Disposition will have an effective date of June 1, 2016 and is expected to close on or around June 30, 2016. The agreement related to the Disposition is subject to various standard conditions, including the approval of the Company's banking syndicate. The Disposed Assets include 99,930 net fee title acres that were acquired in December 2015. At current pricing levels, for the 12 months following the effective date, the Disposed Assets would have generated approximately $1.5 million in royalty revenue from third parties and approximately $1.2 million from royalties to be paid on Pine Cliff leased lands which results in a total loss of funds flow of $2.7 million, before reduced interest payments. The Company also recently sold its investments in public companies for net proceeds of $5.5 million. The proceeds from the Disposition will be used to pay down bank indebtedness resulting in a permanent reduction to the Company's borrowing facility. Pine Cliff continues to work with its banking syndicate of Canadian financial institutions on its borrowing base redetermination. About Pine Cliff Pine Cliff is a natural gas company with a long-term view of creating shareholder value. Further information relating to Pine Cliff may be found on www.sedar.com as well as on Pine Cliff's website at www.pinecliffenergy.com. Pine Cliff Energy Ltd Philip B. Hodge President and CEO (403) 265-7488 (403) 269-2289 info@pinecliffenergy.com Pine Cliff Energy Ltd Cheryne Lowe Interim CFO and Secretary (403) 265-7488 (403) 269-2289 info@pinecliffenergy.com

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