CALGARY, ALBERTA--(Marketwire - Nov. 18, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Pine Cliff Energy Ltd. (TSX VENTURE:PNE) (Pine Cliff or the Company) is pleased to announce its operating and financial results for the third quarter ended September 30, 2011. The related unaudited condensed consolidated financial statements and notes, as well as management's discussion and analysis, are available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com and on Pine Cliff's website at www.pinecliffenergy.com
|As at and for the periods ended||Three months||Nine months|
Sept. 30, 2011
|Sept. 30, 2010
|)||Sept. 30, 2011||Sept. 30, 2010 Restated (1||)|
|TOTAL OPERATIONS ($)|
|Revenue Oil and Gas sales||220,398||323,641||702,145||1,082,829|
|Cash Flow (Deficiency) from Operations||120,109||(547||)||336,936||179,893|
|Per share Basic and Diluted||0.00||(0.00||)||0.01||0.00|
|Net (Loss) earnings||(74,182||)||616,139||(160,358||)||249,863|
|Per share Basic and Diluted||(0.00||)||0.01||(0.00||)||0.01|
|CONTINUING OPERATIONS ($) (2)|
|Cash Flow from Operations||120,109||243,335||336,936||573,998|
|Per share Basic and Diluted||0.00||0.01||0.01||0.01|
|Per share Basic and Diluted||(0.00||)||(0.00||)||(0.00||)||(0.00||)|
|Crude Oil and NGLs – Barrels per day||1||1||1||2|
|– Average price ($ per barrel)||80.45||66.90||81.87||78.05|
|Natural Gas – MCF per day||594||908||622||912|
|– average price ($ per MCF)||3.91||3.79||4.02||4.14|
|Total Barrels of Oil Equivalent Per Day (BOE) (3)||100||153||105||154|
This summarized news release should not be considered a suitable source of information for readers who are unfamiliar with Pine Cliff and should not be considered in any way as a substitute for reading the full report.
For the full report, please go to www.pinecliffenergy.com
Certain statements contained in this MD&A 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 MD&A includes, but is not limited to: expected cash provided by continuing operations; 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; and maintenance of existing customer, supplier and partner relationships; supply channels; accounting policies; credit risks; and other such matters.
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: the risks of foreign operations; 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 therefrom. 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 herein is expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.