CALGARY, Alberta, Feb. 12, 2018 (GLOBE NEWSWIRE) — Pine Cliff Energy Ltd. (“Pine Cliff” or the “Company”) (TSX:PNE) is pleased to announce 2018 guidance, an update on its commodity risk management and 2017 year-end reserves.
Pine Cliff’s Board of Directors has approved a 2018 capital budget of $10.4 million that will be funded from cash flow at an AECO reference price of $1.50 per Mcf for 2018. Pine Cliff intends to spend approximately $4.0 million drilling six gross (1.2 net) wells in the liquids rich Edson area of Alberta, $0.2 million drilling two gross (0.3 net) oil wells in the Central area, $2.8 million on major maintenance capital, $1.3 million on abandonments and reclamation and $2.1 million on facility upgrades. Pine Cliff will monitor its capital spending throughout the year and may modify expenditures depending on commodity prices and marketing initiatives to target spending within cash flow.
Based on the $4.2 million drilling capital budget, Pine Cliff is budgeting 2018 annual production volumes to range from 20,000 – 20,500 BOE per day, weighted 95% to natural gas. Pine Cliff’s fourth quarter 2017 production was 21,489 BOE…