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

Pine Cliff Energy

17/04/2019 23:52

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

Source text for Eikon:  ID:nGNX7NddY3 
Further company coverage:  PNE.TO 

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