Press

Pine Cliff Energy Ltd. Announces Closing of $31.4 Million Disposition of Non-Core Oil Assets

Posted by Katie Woodward - OilVoice

07-Dec-2016


Pine Cliff Energy Ltd. ("Pine Cliff" or the "Company") (TSX:PNE) is pleased to announce that it has closed its previously announced disposition of non-core oil assets for $31.4 million, prior to any closing adjustments, consisting of $26.6 million in cash and $4.8 million in TSX-listed common shares of the purchaser.

The net proceeds from the Disposition were used to pay down Pine Cliff's bank indebtedness, resulting in Pine Cliff reducing its bank debt to approximately $40.5 million and its net debt to approximately $74.5 million at closing. Pine Cliff's credit facility will now be reduced to $60.0 million from $85.0 million, resulting in lower interest costs on the unused portion of the credit facility.



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