Pine Cliff Energy Ltd. (TSXV: PNE) closed the acquisition of additional working interests in the Monogram Unit and the Southern Alberta and Southern Saskatchewan properties for $13.25 million in cash, the company announced on Aug. 30.
Pine Cliff now owns a 90.7639% working interest in the Monogram Unit and an approximate 96% working interest in the Southern Alberta and the Southern Saskatchewan properties. As part of the acquisition, the asset management agreement governing Pine Cliff's interests in the assets was terminated and Pine Cliff has assumed operatorship of the assets.
Pine Cliff's current production levels are approximately 6,850 barrels of oil equivalent per day, weighted 97% towards natural gas.
Pine Cliff Energy Ltd. is an independent energy company engaged in the exploration, development, and production of natural gas, crude oil, and natural gas liquids primarily in Canada. The company is headquartered in Calgary.