June 29, 2016 17:59 ET
CALGARY, ALBERTA--(Marketwired - June 29, 2016) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Pine Cliff Energy Ltd. ("Pine Cliff" or the "Company") (TSX:PNE) is pleased to announce that it has closed its previously announced disposition of fee title land and other minor overriding royalty interests for cash consideration of $25 million, prior to any closing adjustments.
Pine Cliff also continues its ongoing discussions with its banking syndicate of Canadian Financial Institutions with regard to its borrowing base redetermination. This redetermination has now been scheduled to be completed no later than July 30, 2016.
About Pine Cliff
Pine Cliff is a natural gas company with a long-term view of creating shareholder value. Further information relating to Pine Cliff may be found on www.sedar.com as well as on Pine Cliff's website at www.pinecliffenergy.com.
Pine Cliff Energy Ltd.Philip B. HodgePresident and CEOTelephone: (403) 269-2289(403) 265-7488 (FAX)Pine Cliff Energy Ltd.Cheryne LoweInterim CFO and SecretaryTelephone: (403) 269-2289(403) 265-7488 (FAX)Pine Cliff Energy Ltd.George F. FinkExecutive Chairman(403) 262-5307
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