Industry Shakeup: Pine Cliff Closes on Major Certus Acquisition

• Pine Cliff Closes Acquisition of Certus

• Pine Cliff Energy Ltd. has completed the acquisition of privately held oil and natural gas producer Certus Oil & Gas Inc. for a purchase price of $72 million (CAD 100.0 million).

• The acquisition will expand Pine Cliff's core operations into the Caroline area of Western-Central Alberta, adding production of approximately 5,300 barrels of oil equivalent per day.

• The acquisition is also expected to add an initially identified 31 gross, or 15.4 net, deep basin liquids-rich natural gas and oil development locations “that are expected to compete for capital in Pine Cliff's annual spending program for the next several years”, the company noted in an earlier news release.

• Further, the acquisition strengthens Pine Cliff's operating netback through increased exposure to crude oil and natural gas liquids (NGL) production.