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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (11208)	1/19/2015 12:30:07 PM
From: Goose94	Read Replies (1) \| Respond to of 202922

Pine Cliff Energy (PNE-V) Jan 19, '15 is pleased to provide an operations and management update and announce its 2015 guidance. Operations Update Pine Cliff exited 2014 with production of approximately 12,000 barrels of oil equivalent ("Boe") per day, which was also the average production for the fourth quarter, based on field estimates. During the fourth quarter of 2014, Pine Cliff closed the previously announced purchase of assets in Southern Alberta and Saskatchewan and drilled, completed and tied-in 2 gross (0.575 net) liquids rich natural gas wells in the Carrot Creek / Edson core area. Management Update Pine Cliff is pleased to announce the promotions of Kristi Kunec to the position of Chief Financial Officer and Corporate Secretary and Terry McNeill to the position of Chief Operating Officer, effective immediately. Ms. Kunec joined Pine Cliff in April 2012 and previously held the position of Vice President Finance. Mr. McNeill joined Pine Cliff in April 2014 as Vice President Operations. 2015 Guidance Pine Cliff remains committed to adding assets to its portfolio and is optimistic that the current depressed commodity pricing environment may provide accretive acquisition opportunities for the Company. In light of the recent volatility and uncertainly in commodity pricing, Pine Cliff's Board of Directors has approved a 2015 capital budget of $10.0 million (the "Capital Budget") which may be modified depending on commodity prices and wells proposed on non operated lands. Pine Cliff's Capital Budget is designed to be flexible based on natural gas pricing and is expected to be substantially lower than the Company's estimated 2015 funds flow from operations, based on current strip pricing, positioning Pine Cliff to continue to strengthen its balance sheet in 2015. Pine Cliff is forecasting production volumes in 2015 to range from 11,300 to 11,800 Boe per day, representing a 48% increase (using the midpoint of Pine Cliff's 2015 production guidance) over Pine Cliff's 2014 production of approximately 7,800 boe per day, based on field estimates. Pine Cliff expects 2015 operating expenses to average approximately $9.15 per Boe, royalties to average approximately 10% of revenue and general and administrative and net interest expenses to average approximately $1.80 per Boe, for an approximate corporate breakeven natural gas price of $2.00 per Mcf. About Pine Cliff 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. George F. Fink Executive Chairman Pine Cliff Energy Ltd. Philip B. Hodge President and CEO Pine Cliff Energy Ltd. Kristi L. Kunec Chief Financial Officer and Corporate Secretary (403) 265-7488 (403) 269-2289 info@pinecliffenergy.com