Pine Cliff Energy Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 14, 2023 at 08:12 am EST
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Pine Cliff Energy Ltd. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was CAD 45.83 million compared to CAD 62.78 million a year ago. Net income was CAD 4.24 million compared to CAD 18.63 million a year ago. Basic earnings per share from continuing operations was CAD 0.01 compared to CAD 0.05 a year ago. Diluted earnings per share from continuing operations was CAD 0.01 compared to CAD 0.05 a year ago.
For the nine months, revenue was CAD 134.19 million compared to CAD 204.98 million a year ago. Net income was CAD 8.28 million compared to CAD 84.25 million a year ago. Basic earnings per share from continuing operations was CAD 0.02 compared to CAD 0.24 a year ago. Diluted earnings per share from continuing operations was CAD 0.02 compared to CAD 0.23 a year ago.
Pine Cliff Energy Ltd. is a Canada-based company that is engaged in the acquisition, exploration, development and production of natural gas and oil in the Western Canadian Sedimentary Basin and also conducts various activities jointly with others. The Company's operating areas include Central Assets, Edson Assets and Southern Assets. Its Central Assets include Ghost Pine and Viking Kinsella areas of Central Alberta. Its Southern Assets includes Monogram unit, Many Islands / Hatton properties, Pendor, Cadillac and Wymark, Black Butte and Eagle Butte areas. Its Edson Assets include Mcleod River and Pine Creek, and Carrot Creek. The Company operates and sells its natural gas to the common Alberta natural gas price hub, Alberta Energy Company (AECO), and the Company also sells to four other gas markets: Aden, TEP, DAWN and Empress.