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Pine Cliff Energy Ltd. Provides Operations Update and Announces 2020 Year-End Reserves and 2021 Guidance
TSX: PNE) (
Pine Cliff or the
Company ) is pleased to provide an operations update and to announce its 2020 year-end reserves and 2021 guidance.
Operations Update
Pine Cliff s fourth quarter 2020 production averaged 19,130 Boe per day, weighted 91% to natural gas. This resulted in the average production for the year being 19,005 Boe per day, exceeding the Company s 18,500 to 19,000 annual 2020 guidance range. This production was achieved with the Company only spending $2.3 million on development drilling in 2020. Stable natural gas prices and the ability to produce natural gas into storage uninterrupted during 2020 enabled Pine Cliff to maximize production rates in 2020.
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Arlene Martin (left), Acting General Manager, Professional Football Jamaica, and Sabrena McDonald Radcliffe (2nd left), Head of Sales and Marketing at Restaurant Associates Limited signs copies of the club sponsorship agreement for the 2021 season of the redesigned Jamaica Premier League at the Jamaica Pegasus Hotel on Tuesday, January 12, 2021. Oshane Thoms, Brand Manager, Popeyes and Little Caesars Pizza share in the moment.
Despite still awaiting government approval to start the 2021 season, Professional Football Jamaica has secured two additional club sponsors for the Jamaica Premier League. This brings the number of companies that have so far committed to the redesigned competition, to eight.