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Pine Cliff completes acquisition of Alberta and Southern Saskatchewan natural gas assets


Published Oct 3, 2014
Pine Cliff Energy Ltd.-2

Pine Cliff Energy Ltd. has closed the previously announced acquisition of certain shallow natural gas assets in Alberta and Southern Saskatchewan for cash consideration of $100 million.

Concurrent with the closing of the Acquisition, Pine Cliff has increased its revolving credit facility to $70 million, of which $57 million is currently drawn.

Pine Cliff now has production of over 12,000 barrels of oil equivalent (Boe) per day (Boe/d), weighted approximately 95% towards natural gas. As a result of the Acquisition Pine Cliff is updating its 2014 guidance as follows:

Tags: Pine Cliff Energy Ltd.




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