Pine Cliff Energy Ltd. Provides Operational Update and Declares Monthly Dividend for April 30, 2026

Rhea-AI Summary

Pine Cliff Energy (OTCQX: PIFYF) reported initial production from a Glauconite well and declared a monthly dividend. Field estimates averaged 1,167 Boe/d (56% liquids) over 30 days and 1,220 Boe/d in the most recent seven days, including ~198–208 Bbls/d condensate.

The company identified 51 gross (31.0 net) Glauconite locations, with 29 gross (22.0 net) booked in TPP reserves as at Dec 31, 2025. Pine Cliff declared a monthly dividend of $0.00125 per share, payable April 30, 2026 to shareholders of record April 15, 2026; dividends expected to be non-eligible for Canadian tax.

Positive

• Field production averaging 1,167 Boe/d (30-day)
• Recent rate ~1,220 Boe/d (7-day) showing early well cleanup
• 56% liquids mix including ~198–208 Bbls/d condensate
• 51 gross (31.0 net) Glauconite locations identified

Negative

• Only one gross (1.0 net) Glauconite well drilled to date
• 29 gross (22.0 net) locations booked in TPP reserves versus 51 identified
• Monthly dividend is small at $0.00125 per share

Calgary, Alberta--(Newsfile Corp. - March 25, 2026) - Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) ("Pine Cliff" or the "Company") is pleased to announce initial production results from its recently completed Glauconite well and the monthly dividend for April 2026.

Operational Update

Pine Cliff successfully drilled one gross (1.0 net) Glauconite well in the Central Alberta Caroline area in December 2025 that was completed and brought on production in the second half of February 2026. Field production estimates over the last 30 days have averaged 1,167 Boe/d¹ (56% liquids) including 198 Bbls/d of condensate. The well continues to clean up with field production estimates in the past seven days averaging 1,220 Boe/d² (56% liquids) including 208 Bbls/d of condensate.

Including this well, Pine Cliff has identified 51 gross (31.0 net) Glauconite locations in the Caroline area, with 29 gross (22.0 net) locations booked in the Company's Total Proved plus Probable ("TPP") reserves as at December 31, 2025. The Company will continue to evaluate opportunities for a drilling program in the second half of 2026.

April Dividend

Pine Cliff has declared a monthly dividend of $0.00125 per common share to be paid April 30, 2026, to shareholders of record on April 15, 2026. This dividend and future dividends are expected to be designated as non-eligible dividends for Canadian income tax purposes until further notice.

About Pine Cliff

Pine Cliff is a natural gas and crude oil company with a long-term view of creating shareholder value. Further information relating to Pine Cliff may be found on sedarplus.ca as well as on Pine Cliff's website at www.pinecliffenergy.com including the Company's most recent presentation.

Reader Advisories

Notes to Press Release

1. Comprised of 3,085 Mcf/d natural gas (4,114 Mcf/d raw gas) and 653 Bbls/d NGLs.
2. Comprised of 3,222 Mcf/d natural gas (4,296 Mcf/d raw gas) and 683 Bbls/d NGLs.

Cautionary Statements

Actual results, field production estimates, performance or achievements could differ materially from those expressed in, or implied by, this information. Field production estimates are derived using historical gas shrinkage and NGL yield assumptions. Except as required by law, Pine Cliff disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Natural gas liquids and oil volumes are recorded in barrels of oil ("Bbl") and are converted to a thousand cubic feet equivalent ("Mcfe") using a ratio of one (1) Bbl to six (6) thousand cubic feet. Natural gas volumes recorded in thousand cubic feet ("Mcf") are converted to barrels of oil equivalent ("Boe") using the ratio of six (6) thousand cubic feet to one (1) Bbl. This conversion ratio is based on energy equivalence primarily at the burner tip and does not represent a value equivalency at the wellhead. The terms Boe or Mcfe may be misleading, particularly if used in isolation. One Mcf of natural gas is approximately 1.02 million British thermal units ("MMBtu").

Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of oil, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

The information contained in this news release is expressly qualified by this cautionary statement.

All amounts herein are presented in Canadian dollars unless otherwise specified. All references to $CAD or $ are to Canadian dollars and monetary references to $US are to United States dollars.

Additional Definitions

Bbl - Barrel
Bbls/d - Barrels per day
Boe/d - Barrel of oil equivalent per day
Mcf - Thousand cubic feet of natural gas
Mcf/d - Thousand cubic feet of natural gas per day
NGLs - Natural gas liquids, including condensate, propane, butane and ethane
Raw gas - Unrefined gas produced directly from a well

For further information, please contact:

Philip B. Hodge - President and CEO
Kristopher Zack - CFO and Corporate Secretary
Telephone: (403) 269-2289
Fax: (403) 265-7488
Email: info@pinecliffenergy.com

The TSX does not accept responsibility for the accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289983

FAQ

What initial production did Pine Cliff (PIFYF) report for the Glauconite well in early 2026?

Initial field rates averaged 1,167 Boe/d over 30 days and 1,220 Boe/d in the last seven days. According to the company, the well is 56% liquids and produced ~198–208 Bbls/d of condensate during those periods, reflecting early cleanup.

How many Glauconite locations has Pine Cliff (PIFYF) identified and booked as of Dec 31, 2025?

Pine Cliff identified 51 gross (31.0 net) Glauconite locations and booked 29 gross (22.0 net) in TPP reserves. According to the company, the booked locations reflect the portion included in Total Proved plus Probable reserves as at Dec 31, 2025.

What is the April 30, 2026 dividend declared by Pine Cliff (PIFYF) and who is eligible?

The company declared a monthly dividend of $0.00125 per common share, payable April 30, 2026 to shareholders of record on April 15, 2026. According to the company, dividends are expected to be designated non-eligible for Canadian tax until further notice.

Does the Glauconite well performance suggest a program expansion for Pine Cliff (PIFYF) in 2026?

Pine Cliff said it will continue evaluating a drilling program for the second half of 2026, indicating potential expansion. According to the company, the decision will follow further assessment of well performance and site opportunities before committing to a program.

How much condensate did Pine Cliff (PIFYF) report from the new Glauconite well?

Reported condensate production averaged about 198 Bbls/d over 30 days and 208 Bbls/d in the past seven days. According to the company, condensate contributed to a 56% liquids mix in the reported field production averages.