Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/pine-cliff-completes-acquisition-of-alberta-and-so.shtmlPine Cliff completes acquisition of Alberta and Southern Saskatchewan natural gas assets
Pine Cliff Energy Ltd. has closed the previously announced acquisition of certain shallow natural gas assets in Alberta and Southern Saskatchewan
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Pine Cliff Energy Ltd. has closed the previously announced acquisition of certain shallow natural gas assets in Alberta and Southern Saskatchewan for cash consideration of $100 million.
Concurrent with the closing of the Acquisition, Pine Cliff has increased its revolving credit facility to $70 million, of which $57 million is currently drawn.
Pine Cliff now has production of over 12,000 barrels of oil equivalent (Boe) per day (Boe/d), weighted approximately 95% towards natural gas. As a result of the Acquisition Pine Cliff is updating its 2014 guidance as follows:
