Philip B. Hodge – President and CEO
Alan MacDonald – Chief Financial Officer and Corporate Secretary
Telephone: (403) 269-2289
Fax: (403) 265-7488
Email: [email protected]
Certain statements in this press release contain words such as “anticipate”, “could”, “should”, “expect”, “seek”, “may”, “intend”, “probably “,” Will “,” believe “and similar expressions, statements relating to matters which are not historical facts, and such statements of our beliefs, intentions and expectations regarding developments, results and events which will occur 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 analyzes that we have made based on our experience and perceptions. Forward-looking information contained in this press release includes, without limitation: future capital expenditures, including the amount and nature thereof; future drilling opportunities and Pine Cliff’s ability to generate reserves and production from undrilled locations; prices and demand for oil and natural gas; expansion and other development trends of the petroleum and natural gas industry; corporate strategy and direction; the expansion and growth of our business and operations; maintaining existing relationships with customers, suppliers and partners; supply channels; Accounting rules; risks; the ability of Pine Cliff to generate cash flow; and other similar issues.
All of this forward-looking information is based on certain assumptions and analyzes that we have made in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors that we deem appropriate in the future. circumstances. Risks, uncertainties and assumptions are difficult to predict and can affect operations, and may include, but are not limited to: fluctuations in currency exchange rates; equipment and labor shortages and inflationary costs; general economic conditions; industry conditions; changes in applicable environmental, tax and other laws and regulations, as well as the manner in which such laws and regulations are interpreted and applied; the ability of oil and gas companies to raise capital; the effect of weather conditions on operations and facilities; the existence of operational risks; volatility in oil and natural gas prices; supply and demand for oil and gas products; the effects of COVID-19 on global crude oil demand and prices; risks inherent in the ability to generate sufficient cash flow from operations to meet current and future obligations; increased competition; volatility of stock markets; opportunities available or sought by us; and other factors, many of which are beyond our control. The above factors are not exhaustive.
Actual results, performance or achievements could differ materially from those expressed or implied by such forward-looking information and, therefore, no assurance can be given that any of the events anticipated by forward-looking information will or will occur, or if any of them does, what will be the benefits. 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.
Natural gas liquids and oil volumes are recorded in barrels of oil (“Bbl“) and are converted to an equivalent of one thousand cubic feet (“Mcfe“) using a ratio of one (1) barrel to six (6) thousand cubic feet. Volumes of natural gas recorded in thousands of cubic feet (“Mcf“) are converted to barrels of oil equivalent (“Boe“) using the ratio of six (6) thousand cubic feet to one (1) barrel. This conversion ratio is based on energy equivalence mainly at the tip of the burner and does not represent an equivalence of value at the head of Well The terms Boe or Mcfe can be misleading, especially if used in isolation.
Since the value ratio based on the current price of crude oil to natural gas is significantly different from the energy equivalent of oil, using a conversion on a 6: 1 basis can be misleading as as an indication of value.
The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
NON GAAP measures
This press release uses the terms “adjusted cash flow”, “operating netbacks”, “corporate netbacks” and “net debt” which are not recognized by International Financial Reporting Standards (“IFRS“) and may not be comparable to similar measures presented by other companies. These measures should not be considered as an alternative or more meaningful than IFRS measures, including net income (loss), cash flows cash flow from operating activities or total liabilities. The Company uses these measures to assess its performance, leverage and liquidity. Adjusted cash flows are not generally accepted accounting principles (“non-GAAP“) A measure that represents the total funds provided by operating activities, before adjusting for changes in non-cash working capital and settled decommissioning obligations. Net debt is a non-GAAP measure calculated as the sum of term debt, promissory notes subordinated to the principal amount, amounts due to related parties and trade and other debts less trade and other receivables, cash and prepaid expenses and deposits. Operating is a non-GAAP measure calculated as the company’s total sales less net operating expenses divided by the company’s boe production. Net business income is a non-GAAP measure. GAAP calculated as the company’s net operating income, less general and administrative expenses, interest expense and bank charges, divided by the company’s production in boe é. Please refer to the annual report for more details regarding non-GAAP measures and their calculation.
The TSX accepts no responsibility for the accuracy of this release.