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BRIEF-Pine Cliff Energy To Buy Oil And Natural Gas Assets In Ghost Pine Area Of Central Alberta

Published 2019-04-17, 06:52 p/m
Updated 2019-04-17, 07:00 p/m
© Reuters.  BRIEF-Pine Cliff Energy To Buy Oil And Natural Gas Assets In Ghost Pine Area Of Central Alberta

© Reuters. BRIEF-Pine Cliff Energy To Buy Oil And Natural Gas Assets In Ghost Pine Area Of Central Alberta

April 17 (Reuters) - Pine Cliff Energy Ltd PNE.TO :

* ANNOUNCES STRATEGIC ACQUISITION, CDE FLOW-THROUGH AND COMMON SHARE FINANCINGS AND INCREASED 2019 CAPITAL SPENDING AND PRODUCTION GUIDANCE

* DEAL FOR NET CASH CONSIDERATION OF $8.6 MILLION, AFTER ESTIMATED CLOSING ADJUSTMENTS

* BOARD OF DIRECTORS HAS APPROVED AN INCREASE OF $1.1 MILLION IN PINE CLIFF 2019 CAPITAL BUDGET TO $11.1 MILLION

* PINE CLIFF ENERGY - BUDGETING 2019 ANNUAL PRODUCTION VOLUMES TO INCREASE TO A RANGE OF 19,250 TO 19,750 BOE PER DAY, WEIGHTED 92% TO NATURAL GAS

* ACQUISITION IS EXPECTED TO BE FUNDED WITH WORKING CAPITAL

* AGREEMENT TO ACQUIRE OIL AND NATURAL GAS ASSETS IN GHOST PINE AREA OF CENTRAL ALBERTA

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