Pine Cliff Energy Narrows Q2 Loss, Revs Drops as Canadian Initiative Continues
Pine Cliff Energy Ltd. (PNE.V) narrowed its second-quarter net loss by nearly 70 percent from 2010 levels but also saw revenues from gas and oil sales fall 57 percent during the three months ended June 30. The declines follow the company divesting its South American operations during the third quarter last year and instead focusing on its properties in northwest Alberta. Pine Cliff executives said the sales significantly reduced operating and capital costs, adding the firm is now cash flow positive with 15-percent stakes each in four wells.
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