Quarterly / Earnings Reports | Second Quarter (2Q) Update
Pine Cliff Reports Q2 Highlights; 19.6 MBOEPD in Production
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Pine Cliff Energy reported its Q2 2018 results.
Highlights:
- produced an average of 19,557 Boe/d (94% natural gas) in the three months ended June 30, 2018, a 7% decrease compared to the same period of 2017, mainly related to shut-ins for the quarter when the daily AECO reference price fell below the Company’s internal economic threshold levels
- reduced bank debt by $0.5 million during the quarter and by $5.3 million during the six months ended June 30, 2018 to $12.7 million, the lowest Company bank debt level since 2014. The reduction in bank debt resulted in interest expense and bank charges, net of dividend income, of $0.41 per Boe and $0.42 per Boe for the three and six months ended June 30, 2018, compared to $0.49 per Boe and $0.50 per Boe for the comparable periods in 2017.
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