Pine Cliff Energy Ltd. Announces Second Quarter Results



    CALGARY, Aug. 29 /CNW/ -

    
    Highlights

    For the periods ended

                                  Three Months Ended        Six Months Ended
                                        June 30                 June 30
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------
    Financial ($)
    Revenue - oil and gas        138,415     176,590     281,531     375,105
    Funds Flow from
     Operations(1)              (142,894)   (252,435)   (302,435)   (418,321)
      Per Share Basic              (0.00)      (0.01)      (0.01)      (0.01)
      Per Share Diluted            (0.00)      (0.01)      (0.01)      (0.01)
    Loss                        (295,111)   (346,274)   (612,224)   (616,383)
      Per Share Basic              (0.01)      (0.01)      (0.01)      (0.02)
      Per Share Diluted            (0.01)      (0.01)      (0.01)      (0.02)
    Capital Expenditures       2,516,214     233,648   2,797,602   2,430,124
    Total Assets                                      12,043,617   3,946,888
    Working Capital                                    5,278,074     182,319
    Shareholders' Equity                              11,799,266   3,749,025
    -------------------------------------------------------------------------
    OPERATIONS
    Oil and NGL's
      - Barrels Per Day                -           5           1           6
      - Average Price
         ($ per barrel)                -       63.29      104.38       60.73
    Natural Gas
      - MCF Per Day                  142         226         155         226
      - Average Price
         ($ per MCF)               10.84        7.22        9.40        7.63
    Total Barrels of Oil
     Equivalent Per Day(2)            24          43          27          44

    (1) Funds flow from operations is not a recognized measure under GAAP.
        Management believes that in addition to cash flow from operations,
        funds flow from operations is a useful supplemental measure as it
        demonstrates the Company's ability to generate the funds necessary to
        fund future growth through capital investment. Investors are
        cautioned, however, that this measure should not be construed as an
        indication of the Company's performance. The Company's method of
        calculating this measure may differ from other issuers and
        accordingly, it may not be comparable to that used by other issuers.
        For these purposes, the Company defines funds flow from operations as
        funds provided by operations before changes in non-cash operating
        working capital items excluding foreign exchange loss and asset
        retirement expenditures.

    (2) BOEs are calculated using a conversion ratio of 6 MCF to 1 barrel of
        oil. The conversion is based on an energy equivalency conversion
        method primarily applicable at the burner tip and does not represent
        a value equivalency at the wellhead and as such may be misleading if
        used in isolation.
    

    Report to Shareholders

    The second quarter of 2008 was marked by difficult drilling conditions in
Argentina and operating conditions in Canada.

    Canadian Operations:

    Pine Cliff's producing property is located in the Sundance area of West
Central Alberta in which the Company has a 13.7 percent working interest in
5,280 acres (723 net) of Crown land. Production decreased 16 percent in the
second quarter of 2008 compared to the first quarter of the year mainly due to
a well that experienced significant production declines and was eventually
shut-in during the second quarter.
    Pine Cliff is participating in one multi-zone well in the Sundance area
(15 percent working interest). The well is expected to be drilled by the end
of this year. Pine Cliff will continue to assess appropriate business
opportunities and potential acquisitions in the Western Canadian Sedimentary
Basin to further supplement its production base.

    Argentinean Operations:

    Three wells were drilled in the Canadon Ramirez property in Argentina
during the first quarter of the year. Testing and evaluating had commenced on
the first well but had to be suspended due to an ongoing strike by oilfield
workers and a national shortage of diesel fuel. In addition, severe weather
disruptions including a winter snow storm, a volcano eruption and an
earthquake prevented safe travel to the area for workers and further delayed
Pine Cliff's progress.
    Pine Cliff has continued to be in contact with the operator to assess
when labour issues will be resolved and the diesel shortage situation
rectified so that the testing and completing of all three wells may be
resumed. At this time, we anticipate restarting activities in September of
this year. Based on the results of the three-well program, Pine Cliff has
identified several follow-up locations.
    Pine Cliff has completed its 3D seismic program on the Laguna de Piedra
concession in Argentina. During the second quarter, the data was processed and
evaluation is now underway. Pine Cliff has a 25 percent participating interest
in this property and anticipates drilling one well in the first quarter of
2009.
    The Farmor for Pine Cliff's third potential farm-in (San Jorge Basin) has
advised that the provincial government is withdrawing the concession and new
terms need to be adopted for the concession. The Farmor and the provincial
government continue with their negotiations to resolve this issue. Further
details will be provided when additional information is received from the
Farmor.
    Despite the difficult operating and political conditions in Argentina,
the Company remains optimistic in regard to its large land base and the
potential for a large number of drill locations on anomalies that may be
significant in size. In addition, a shortage of most commodities still exists
in Argentina and the Company is of the view that the Argentinean Federal
government will likely have to modify its energy policy to once again entice
oil and natural gas companies to become more active.

    Finance:

    Pine Cliff continues to maintain a healthy financial position. At the end
of the second quarter of 2008, the Company had positive working capital of
$5,278,074 to fund future exploration and development of both the Canadian and
international properties.

    Outlook:

    Although circumstances continue to be challenging, Pine Cliff is looking
forward to entering a more active period once again. The Company's sound
financial position and high-potential opportunities provide a solid platform
from which to move forward.

    
    George F. Fink
    President, CEO and Director
    August 26, 2008
    

    FORWARD-LOOKING INFORMATION

    Certain statements contained in this press release include statements
which contain words such as "anticipate", "could", "should", "expect", "seek",
"may", "intend", "likely", "will", "believe" and similar expressions,
statements relating to matters that are not historical facts, and such
statements of our beliefs, intentions and expectations about development,
results and events which will or may occur in the future, constitute
"forward-looking information" within the meaning of applicable Canadian
securities legislation and are based on certain assumptions and analysis made
by us derived from our experience and perceptions. Forward-looking information
in this press release includes, but is not limited to: expected cash provided
by continuing operations; future capital expenditures, including the amount
and nature thereof; oil and natural gas prices and demand; expansion and other
development trends of the oil and natural gas industry; business strategy and
outlook; expansion and growth of our business and operations; and maintenance
of existing customer, supplier and partner relationships; supply channels;
accounting policies; credit risks; and other such matters.
    All such forward-looking information is based on certain assumptions and
analyses made by us in light of our experience and perception of historical
trends, current conditions and expected future developments, as well as other
factors we believe are appropriate in the circumstances. The risks,
uncertainties, and assumptions are difficult to predict and may affect
operations, and may include, without limitation: the risks of foreign
operations; foreign exchange fluctuations; equipment and labour shortages and
inflationary costs; general economic conditions; industry conditions; changes
in applicable environmental, taxation and other laws and regulations as well
as how such laws and regulations are interpreted and enforced; the ability of
oil and natural gas companies to raise capital; the effect of weather
conditions on operations and facilities; the existence of operating risks;
volatility of oil and natural gas prices; oil and gas product supply and
demand; risks inherent in the ability to generate sufficient cash flow from
operations to meet current and future obligations; increased competition;
stock market volatility; opportunities available to or pursued by us; and
other factors, many of which are beyond our control. The foregoing factors are
not exhaustive.
    Actual results, performance or achievements could differ materially from
those expressed in, or implied by, this forward-looking information and,
accordingly, no assurance can be given that any of the events anticipated by
the forward-looking information will transpire or occur, or if any of them do,
what benefits will be derived therefrom. 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.
    The forward-looking information contained herein is expressly qualified
by this cautionary statement.

    
    Production
    ----------

                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
                                2008      2008      2007      2008      2007
    -------------------------------------------------------------------------
    Crude oil and NGLs
     (barrels per day)             -         4         5         1         6
    Natural gas (mcf per day)    142       168       226       155       226
    Total BOE per day(1)          24        32        43        27        44
    -------------------------------------------------------------------------
    (1) BOEs are calculated using a conversion ratio of 6 MCF to 1 barrel of
        oil. The conversion is based on an energy equivalency conversion
        method primarily applicable at the burner tip and does not represent
        a value equivalency at the wellhead and as such may be misleading if
        used in isolation
    

    Production volumes for natural gas decreased 31 percent in the first half
of 2008 compared to the first half of 2007 and 16 percent in Q2 2008 compared
to the first quarter of 2008. During the third quarter of 2007, one of the
Company's commingled gas wells with various production zones started to
produce sand and production declined significantly. The operator of the well
performed an unsuccessful workover in December of 2007 to attempt to optimize
production from all zones. Production continued to decline and the well was
eventually shut-in in June.

    
    Revenue
    -------

                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
    (Cdn $)                     2008      2008      2007      2008      2007
    -------------------------------------------------------------------------
    Revenue:
      Oil and gas sales      138,415   143,116   176,590   281,531   375,105
    Average Realized Prices
      Crude oil and NGLs
       (per barrel)                -     56.91     63.29    104.38     60.73
      Natural gas (per MCF)    10.84      8.17      7.22      9.40      7.63
    -------------------------------------------------------------------------
    

    The decrease in revenue from oil and natural gas sales was due to a
significant decline in production in the first six months of 2008 compared to
the first half of 2007, despite the higher commodity prices for natural gas in
2008. Revenue from the second quarter of 2008 compared to the first quarter of
2008 was approximately the same as the rise in commodity prices for natural
gas offset the decrease in production.

    
    Royalties
    ---------

                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
    ($)                         2008      2008      2007      2008      2007
    -------------------------------------------------------------------------
    Crown royalties           21,864    34,130    41,585    55,994    72,375
    Gross overriding
     royalties                10,049     2,738     5,296    12,787    11,848
    -------------------------------------------------------------------------
    Total royalty expense     31,913    36,868    46,881    68,781    84,223
    -------------------------------------------------------------------------
    

    Crown royalties were significantly lower in the first half of 2008 due to
the decreased production volumes on wells subject to Crown royalties. Gross
overriding royalties were comparable for the same periods largely due to the
increase in commodity prices for natural gas, which offset the decrease in
production. The decrease in Crown royalties quarter over quarter was mainly
due to the decreased production volumes on the wells subject to crown
royalties. Gross overriding royalties increased primarily as a result of the
increase in natural gas commodity prices.

    
    Interest Income
    ---------------

                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
    ($)                         2008      2008      2007      2008      2007
    -------------------------------------------------------------------------
    Interest income           26,162    68,168     4,594    94,330    21,830
    -------------------------------------------------------------------------
    

    The Company maintains both Canadian and US investment accounts that pay
interest at prime less various percentages as long as the Company maintains
certain minimum account balances. The Company has increased its cash balance
with regard to proceeds received from the rights offering done in the fourth
quarter of 2007. The Company was therefore earning interest at higher rates
and on an increased cash balance. Interest income for Q2 2008 decreased by
$42,006 from Q1 2008 due to the lower cash balance on hand as $2.5 million was
spent on capital projects in Argentina in the second quarter of 2008.

    
    Production Costs
    ----------------

                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
    ($)                         2008      2008      2007      2008      2007
    -------------------------------------------------------------------------
    Production costs          13,273    26,249    26,350    39,522    67,306
    $ per BOE                   7.25      9.55      6.79      8.51      8.93
    -------------------------------------------------------------------------

    Production costs for the six months ended June 30, 2008 were $39,522 or
$8.51 per BOE (2007 - $67,306 or $8.93 per BOE). The reduction in production
costs quarter over quarter was due to lower gas compression and transportation
charges resulting from the lower production volumes during the quarter.

    General and Administrative (G&A) Expense
    ----------------------------------------


                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
    ($)                         2008      2008      2007      2008      2007
    -------------------------------------------------------------------------
    G&A expense              359,043   282,129   349,160   641,172   644,079
    -------------------------------------------------------------------------
    

    General and administrative expenditures were comparable between the first
six months of 2008 and the first six months of 2007. The increase in expenses
in the second quarter over the first quarter of 2008 was primarily due to
increased professional fees due to continuous disclosure requirements relating
to year end reporting and increased banking costs due to Argentina's
Government charging a 0.6 percent transfer fee on all cash deposits and
withdrawals from Argentinean bank accounts.
    Pine Cliff does not have any employees at the present time but engages
the services of consultants on a contract or temporary basis. Pine Cliff's
subsidiary CanAmericas Energy Ltd. (CanAmericas) has also engaged the services
of two individual professionals as senior management and officers of
CanAmericas.

    
    Foreign Exchange Gain (Loss)
    ----------------------------

                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
    ($)                         2008      2008      2007      2008      2007
    -------------------------------------------------------------------------
    Foreign exchange gain
     (loss)                  101,624     2,310   (11,228)  103,934   (19,648)
    -------------------------------------------------------------------------
    

    The Company maintains foreign denominated bank accounts to facilitate its
foreign operations. The gain on foreign exchange in the first half of 2008 and
the loss in the first half of 2007 relates to the depreciation of the Canadian
dollar from December 31, 2007 to June 30, 2008, as opposed to a foreign
exchange loss in 2007 as the Canadian dollar appreciated over that period. The
majority of the foreign exchange gain in the first half of the year was
recorded in the second quarter of 2008 as the Canadian dollar depreciated more
over that period.

    
    Stock Based Compensation
    ------------------------
    

    Stock based compensation for the first half of 2008 was $206,424 (2007 -
$58,520). The Company has a stock-based compensation plan. The Company records
a compensation expense over the vesting period based on the fair value of
options granted to employees of the management company (see section "Related
Party Transactions"), directors and consultants in respect of the Company. The
Company issued 1,108,000 stock options in Pine Cliff during the fourth quarter
of 2007 and only 65,000 in the first half of 2008, causing an increase in
stock based compensation for 2008 over 2007. The Company estimated the 2008
stock options fair value at $33,761 ($0.52 per option) using the Black-Scholes
option pricing model, assuming a weighted average risk free interest rate of
2.89 percent, weighted average expected volatility of 72.1 percent, weighted
average expected life of 2.5 years and no annual dividend rate. As of June 30,
2008 approximately $321,000 of unamortized stock based compensation exists and
will be amortized over two years, approximately $201,000 in 2008 and $120,000
in 2009.

    
    Depletion, Depreciation and Accretion
    -------------------------------------
    

    During the first half of 2008 the Company provided $128,544 (2007 -
$160,773) for depletion, depreciation and accretion of its property and
equipment. The decrease is related to lower production volumes in 2008.
Depletion, depreciation and accretion declined modestly from the first quarter
of 2008 due to lower production volumes.

    
    Income Taxes
    ------------
    

    The Company follows the liability method of accounting for income taxes
under which the income tax provision is based on the temporary differences in
the accounts calculated using income tax rates expected to apply in the year
in which the temporary differences will reverse. The Company has sufficient
tax pools so that it is not liable for current income tax.
    The Company has the following tax pools which can be used to reduce
future taxable income:

    
                                                     Rate of
                                                 Utilization
                                                           %          Amount
    -------------------------------------------------------------------------
    Undepreciated capital costs                           25     $   372,596
    Foreign exploration expenditures                      10       2,687,074
    Share issue costs                                     20         109,311
    Canadian exploration expenditures                    100         392,110
    Canadian development expenditures                     30         260,768
    Canadian oil and gas expenditures                     10         622,757
    Non-capital loss carry forward(*)                    100       2,527,335
    -------------------------------------------------------------------------
                                                                 $ 6,971,951
    -------------------------------------------------------------------------
    (*) $750,298 expires 2026, $1,523,672 expires 2027 and $253,365 expires
        in 2028

    Non-Controlling Interest
    ------------------------
    

    A private foreign company (Foreign Corp.) owns seven percent of
CanAmericas. The first half loss applicable to non-controlling interest for
2008 of $25,179 (2007 - $23,457) and the Q2 2008 loss applicable to
non-controlling interest of $1,837 (Q1 2008 - $23,342) relates to its share of
revenues and costs associated with CanAmericas' South American activities to a
maximum of its original equity investment. Until CanAmericas is producing net
income there will be no further losses allocated to the non-controlling
interest.

    
    Loss
    ----

                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
    ($)                         2008      2008      2007      2008      2007
    -------------------------------------------------------------------------
    Loss                     295,111   317,113   346,274   612,224   616,383
    Loss per share             (0.01)    (0.01)    (0.01)    (0.01)    (0.02)
    -------------------------------------------------------------------------
    

    The loss incurred in the first half of 2008 remained at similar levels to
the loss incurred in the first half of 2007 as the decrease in oil and gas
revenue was offset by lower royalties, production costs, increased interest
income and a foreign exchange gain as the Canadian dollar depreciated against
the US dollar. The decrease in loss from Q2 2008 over Q1 2008 is primarily due
to higher general and administrative costs for the Company's South American
operations, which was offset by foreign exchange gains.

    
    Funds Flow from Operations
    --------------------------
    

    Funds flow from operations increased to negative $302,435 in the first
six months of 2008 from negative $418,321 in the first half of 2007. The
increase from 2007 was due to the foreign exchange gain, increased interest
income and decreased royalties and production costs, which was offset by lower
oil and gas revenue. The second quarter 2008 funds flow of ($142,894)
increased from the first quarter of 2008 of ($159,541) due to the increased
foreign exchange gain in Q2 2008 offset partially by increased general and
administrative costs regarding the Company's South American activities.
    The following reconciliation compares funds flow for the first six months
of 2008 and the corresponding 2007 period to the Company's cash flow from
operating activities as calculated according to Canadian generally accepted
accounting principles:

    
                                                          2008          2007
    -------------------------------------------------------------------------
    Cash flow from operating activities              ($429,064)    ($378,004)
    Items not affecting funds flow
      Accounts receivable                               40,884       (87,854)
      Prepaid expenses                                   9,553         2,535
      Accounts payable and accrued liabilities         (27,742)       64,650
      Foreign exchange gain (loss)                     103,934       (19,648)
    -------------------------------------------------------------------------
    Funds flow for the period                        ($302,435)    ($418,321)
    -------------------------------------------------------------------------

    Related Party Transactions
    --------------------------
    

    Pine Cliff has a management agreement with Bonterra Energy Corp.
(Bonterra Corp.), a wholly owned subsidiary of Bonterra Energy Income Trust
and a company with common directors and management, to have Bonterra Corp.
provide executive services (President and CEO, CFO and COO), accounting
services, oil and gas administration and office administration. The management
fee consists of a monthly fee of $19,800, three percent of net earnings before
income taxes, $250 per month per operated producing well and $150 per month
per water injector well plus out of pocket costs. Total fees for the six
months ended June 30, 2008 were $118,800 (2007 - $108,000) plus minimal out of
pocket costs. This agreement can be cancelled by either party by giving
90 days notice.

    
    Commitments
    -----------

    The Company has two farm-in agreements and one pending farm-in agreement
in South America which require future expenditure commitments as outlined in
Note 9 to the financial statements.

    Liquidity and Capital Resources
    -------------------------------

    As of June 30, 2008, Pine Cliff had positive working capital of $5,278,074
(December 31, 2007 - $8,378,110). These funds will be used to fund future
exploration and development of Canadian and international properties.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.


    PINE CLIFF ENERGY LTD.
    CONSOLIDATED BALANCE SHEETS
    -------------------------------------------------------------------------
    As at June 30, 2008 (unaudited) and December 31, 2007

                                                          2008          2007
    -------------------------------------------------------------------------
    Assets
    Current
      Cash                                          $5,336,317    $5,769,448
      Restricted term investment (Note 2)                    -     2,689,601
      Accounts receivable                              112,788        71,904
      Prepaid expenditures                              38,021        28,468
    -------------------------------------------------------------------------
                                                     5,487,126     8,559,421
    -------------------------------------------------------------------------
    Property and Equipment (Note 5)
      Property and equipment                         7,436,439     4,638,837
      Accumulated depletion and depreciation          (879,948)     (752,264)
    -------------------------------------------------------------------------
    Net Property and Equipment                       6,556,491     3,886,573
    -------------------------------------------------------------------------
                                                   $12,043,617   $12,445,994
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Liabilities
    Current
      Accounts payable and accrued liabilities
       (Note 3)                                       $209,052      $181,311

    Asset Retirement Obligations                        35,299        34,438
    Non-controlling Interests (Note 4)                       -        25,179
    -------------------------------------------------------------------------
                                                       244,351       240,928
    -------------------------------------------------------------------------
    Commitments (Note 9)
    Shareholders' Equity
      Share capital (Note 7)                        14,588,722    14,588,722
      Contributed surplus                              547,889       341,465
      Deficit                                       (3,337,345)   (2,725,121)
      Accumulated other comprehensive income                 -             -
    -------------------------------------------------------------------------
                                                    11,799,266    12,205,066
    -------------------------------------------------------------------------
                                                   $12,043,617   $12,445,994
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    PINE CLIFF ENERGY LTD.
    CONSOLIDATED STATEMENTS OF LOSS, COMPREHENSIVE LOSS AND DEFICIT
    -------------------------------------------------------------------------
    For the periods ended June 30 (unaudited)

                                 Three Months                 Six Months
                              2008          2007          2008          2007
    -------------------------------------------------------------------------
    Revenue
      Oil and gas sales   $138,415      $176,590      $281,531      $375,105
      Royalties            (31,913)      (46,881)      (68,781)      (84,223)
      Interest income       26,162         4,594        94,330        21,830
    -------------------------------------------------------------------------
                           132,664       134,303       307,080       312,712
    -------------------------------------------------------------------------
    Expenses
      Production costs      13,273        26,350        39,522        67,306
      General and
       administrative      359,043       349,160       641,172       644,079
      Foreign exchange
       loss (gain)        (101,624)       11,228      (103,934)       19,648
      Stock based
       compensation         90,979        21,244       206,424        58,520
      Depletion,
       depreciation and
       accretion            63,075        81,167       128,544       160,773
    -------------------------------------------------------------------------
                           424,746       489,149       911,728       950,326
    -------------------------------------------------------------------------
    Loss before Taxes
     and Non-Controlling
     Interests            (292,082)     (354,846)     (604,648)     (637,614)
    -------------------------------------------------------------------------
    Taxes (Note 6)
      Current                4,866             -        32,755             -
      Future                     -             -             -             -
    -------------------------------------------------------------------------
                             4,866             -        32,755             -
    -------------------------------------------------------------------------
    Loss before
     Non-Controlling
     Interests            (296,948)     (354,846)     (637,403)     (637,614)
    Loss applicable to
     non-controlling
     interests (Note 4)      1,837         8,572        25,179        21,231
    -------------------------------------------------------------------------
    Loss and
     Comprehensive loss
     for the Period       (295,111)     (346,274)     (612,224)     (616,383)
    Deficit, Beginning
     of Period          (3,042,234)   (1,613,776)   (2,725,121)   (1,343,667)
    -------------------------------------------------------------------------
    Deficit, End of
     Period            ($3,337,345)  ($1,960,050)  ($3,337,345)  ($1,960,050)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Loss Per Share -
     Basic and Diluted      ($0.01)       ($0.01)       ($0.01)       ($0.02)
    -------------------------------------------------------------------------



    PINE CLIFF ENERGY LTD.
    CONSOLIDATED STATEMENTS OF CASH FLOW
    -------------------------------------------------------------------------
    For the periods ended June 30 (unaudited)

                                 Three Months                 Six Months
                              2008          2007          2008          2007
    -------------------------------------------------------------------------
    Operating
     Activities
      Loss for the
       period            ($295,111)    ($346,274)    ($612,224)    ($616,383)
      Items not
       affecting cash
        Stock based
         compensation       90,979        21,244       206,424        58,520
        Depletion,
         depreciation
         and accretion      63,075        81,167       128,544       160,773
        Foreign exchange
         loss (gain)      (101,624)       11,228      (103,934)       19,648
        Loss applicable
         to non-
         controlling
         interests          (1,837)       (8,572)      (25,179)      (21,231)
    -------------------------------------------------------------------------
                          (244,518)     (241,207)     (406,369)     (398,673)
    -------------------------------------------------------------------------
      Change in non-
       cash working
       capital
        Accounts
         receivable         (6,341)        1,996       (40,884)       87,854
        Prepaid
         expenditures       (4,494)        2,291        (9,553)       (2,535)
        Accounts payable
         and accrued
         liabilities        31,212       (26,114)       27,742       (64,650)
    -------------------------------------------------------------------------
                            20,377       (20,937)      (22,695)       20,669
    -------------------------------------------------------------------------
    Cash Used in
     Operating Activities (224,141)     (262,144)     (429,064)     (378,004)
    -------------------------------------------------------------------------
    Financing Activities
      Issue of shares
       under stock
       option plan               -        65,750             -        67,250
    -------------------------------------------------------------------------
    Cash Provided by
     Financing Activities        -        65,750             -        67,250
    -------------------------------------------------------------------------
    Investing Activities
      Property and
       equipment
       expenditures     (2,516,214)     (233,648)   (2,797,602)   (2,430,124)
      Proceeds on
       disposal of
       restricted term
       investments               -             -     2,689,601             -
      Change in non-cash
       working capital
        Accounts payable
         and accrued
         liabilities        (3,704)       28,367             -        28,367
    -------------------------------------------------------------------------
    Cash Used in
     Investing
     Activities         (2,519,918)     (205,281)     (108,001)   (2,401,757)
    -------------------------------------------------------------------------
    Foreign exchange
     gain (loss) on
     cash held in
     foreign currency      101,624       (11,228)     (103,934)      (19,648)
    -------------------------------------------------------------------------
    Net Cash Outflow    (2,642,435)     (412,903)     (433,131)   (2,732,159)
    Cash, Beginning
     of Period           7,978,752       595,764     5,769,448     2,915,020
    -------------------------------------------------------------------------
    Cash, End of Period $5,336,317      $182,861    $5,336,317      $182,861
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash Interest Paid          $-            $-            $-            $-
    Cash Taxes Paid             $-            $-            $-            $-



    Notes to the Consolidated Financial Statements

    Periods ended June 30, 2008 and 2007 (unaudited)

    1.  SIGNIFICANT ACCOUNTING POLICIES

        The accounting policies and methods of application followed in the
        preparation of the interim financial statements other than those
        described below are the same as those followed in the preparation of
        Pine Cliff Energy Ltd.'s (the Company or Pine Cliff) 2007 annual
        financial statements. These interim financial statements do not
        include all disclosures required for annual financial statements. The
        interim financial statements as presented should be read in
        conjunction with the 2007 annual financial statements.

        The Company adopted Section 1535, "Capital Disclosures", Section
        3862, "Financial Instruments - Disclosures" and Section 3863,
        "Financial Instruments - Presentation." All the above Sections were
        required to be adopted for fiscal years beginning on or after
        October 1, 2007. As a result the Company has added Note 10 providing
        the required disclosures regarding the Company's objectives, policies
        and processes for managing capital and the significance of financial
        instruments for the entity's financial position and performance; and
        the nature, extent and management of risks arising from financial
        instruments to which the entity is exposed.

        Accounting Changes

        In February 2008, the CICA issued Section 3064, "Goodwill and
        Intangible Assets," replacing Section 3062, "Goodwill and Other
        Intangible Assets" and Section 3450, "Research and Development
        Costs." Various changes have been made to other sections of the CICA
        Handbook for consistency purposes. The new Section will be applicable
        to financial statements relating to fiscal years beginning on or
        after October 1, 2008. Accordingly, the Company will adopt the new
        standards for its fiscal year beginning January 1, 2009. This
        standard establishes standards for the recognition, measurement,
        presentation and disclosure of goodwill subsequent to its initial
        recognition and of intangible assets by profit-oriented enterprises.
        Standards concerning goodwill are unchanged from the standards
        included in the previous Section 3062. The Company does not expect
        that the adoption of this new Section will have a material impact on
        its consolidated financial statements.

    2.  RESTRICTED TERM INVESTMENT AND BANKING AGREEMENT

        The Company has a line of credit through its subsidiary CanAmericas
        in the amount of US $3,690,000, which can be drawn by means of
        letters of guarantee and letters of credit. The line of credit bears
        interest at US or CDN prime plus 2 percent per annum depending on the
        currency borrowed. The line of credit is repayable on demand.

        The Company had a letter of guarantee to cover its commitment to
        spend US $2,142,446 for drilling three wells on the Canadon Ramirez
        Concession. The guarantee expired January 31, 2008.

        The Company had a performance security agreement whereby a guarantee
        to spend US $1,120,000 on the Laguna de Peidra concession has been
        reassigned to Export Development Canada for a fee. The reassignment
        reduces the Company's requirement to maintain 1.25 times the letter
        of guarantee in its bank account. The guarantee expired June 30,
        2008.

    3.  RELATED PARTY TRANSACTIONS

        Bonterra Energy Income Trust (Bonterra), an organization with common
        directors and management and former parent of the Company, through
        its wholly owned subsidiary Bonterra Energy Corp. (Bonterra Corp.)
        provides management services and office administration to the
        Company. Total fees for the three month period were $118,800
        (2007 - $108,000) plus minimal out of pocket costs. As of June 30,
        2008, Pine Cliff owed Bonterra Corp. $486 (December 31, 2007 -
        $3,976).

        Pine Cliff acquired its Canadian oil and gas properties from Novitas
        Energy Ltd. (Novitas). As of June 30, 2008, Pine Cliff owed Novitas
        $7,095 (December 31, 2007 - $Nil) for invoiced expenditures by the
        operator of those oil and gas properties. Novitas is a wholly owned
        subsidiary of Bonterra.

        These transactions are in the normal course of operations and are
        measured at the exchange amount, which is the amount of consideration
        established and agreed to by the related parties.

    4.  NON-CONTROLLING INTERESTS

        The Company has incorporated a subsidiary company, CanAmericas Energy
        Ltd. (CanAmericas) to explore and develop oil and gas properties
        primarily in South America. CanAmericas is 93 percent owned by the
        Company and seven percent by a foreign private corporation (Foreign
        Corp.). CanAmericas was initially financed by investments of
        US $1,400,000 for 5,600,000 common shares from the Company and
        US $100,000 for 400,000 common shares from Foreign Corp.

        Changes to non-controlling interest were as follows:

                                                            June    December
                                                        30, 2008    31, 2007
        ---------------------------------------------------------------------
        Non-controlling interest, January 1              $25,179     $74,970
        Loss applicable to non-controlling interest      (25,179)    (49,791)
        ---------------------------------------------------------------------
        Non-controlling interest, end of period               $-     $25,179
        ---------------------------------------------------------------------

        Foreign Corp. has been granted an option to acquire an additional
        1,000,000 common shares of CanAmericas at US $0.25 per common share.
        Fifty percent of the options vested on January 13, 2007 and the
        remaining 50 percent vested on January 13, 2008. All the options will
        expire on January 13, 2011.

    5.  PROPERTY AND EQUIPMENT

                                       June 30, 2008       December 31, 2007
        ---------------------------------------------------------------------
                                         Accumulated             Accumulated
                                       Depletion and           Depletion and
                                 Cost   Depreciation     Cost   Depreciation
        ---------------------------------------------------------------------
        Petroleum and natural
         gas properties and
         related equipment    $7,382,927    $857,382  $4,585,325    $734,384
        Furniture, equipment
         and other                53,512      22,566      53,512      17,880
        ---------------------------------------------------------------------
                              $7,436,439    $879,948  $4,638,837    $752,264
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------

        As of June 30, 2008, the Company spent $5,387,901 for exploration
        activities for the Canadon Ramirez Concession and Laguna de Piedra
        Concession as discussed in Note 9. These costs presently have been
        excluded from costs subject to depletion and depreciation.

    6.  TAXES

        A one percent Argentinean capital tax is payable in respect of the
        exploration costs for the Canadon Ramirez and the Laguna de Piedra
        Concessions.

        The Company continues to record a full valuation allowance for its
        future income tax assets as the recoverability is uncertain.

    7.  SHARE CAPITAL

        Authorized

        Unlimited number of Common Shares without nominal or par value.
        Unlimited number of Class B Preferred Shares without nominal or par
        value which may be issued in one or more series.

        Issued                                            Number      Amount
        ---------------------------------------------------------------------
        Common Shares
        Balance, January 1, 2008 and June 30, 2008    42,275,695 $14,588,722
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------

        The number of shares used to calculate diluted net earnings per share
        for the periods ended June 30:

                                      Three Months             Six Months
                                    2008        2007        2008        2007
        ---------------------------------------------------------------------
        Basic shares
         outstanding          45,275,695  36,841,239  45,275,695  36,783,109
        Dilutive effect of
         share options         1,259,551   1,414,928   1,096,758   1,255,498
        Diluted shares
         outstanding          46,535,246  38,256,167  46,372,453  38,038,607
        ---------------------------------------------------------------------

        A summary of the status of the Company's stock option plan as of
        June 30, 2008 and December 31, 2007, and changes during the six month
        and twelve month periods ending on those dates is presented below:

                                       June 30, 2008       December 31, 2007
        ---------------------------------------------------------------------
                                           Weighted-               Weighted-
                                             Average                 Average
                                            Exercise                Exercise
                                 Options       Price     Options       Price
        ---------------------------------------------------------------------
        Outstanding at
         beginning of period   3,053,000       $0.62   2,420,000       $0.29
        Options granted           65,000        1.15   1,108,000        1.16
        Options exercised              -           -    (440,000)       0.17
        Options cancelled              -           -     (35,000)       0.40
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------
        Outstanding at end
         of period             3,118,000       $0.63   3,053,000       $0.62
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------
        Options exercisable
          at end of period     1,872,500       $0.30   1,162,500       $0.18
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------

        The following table summarizes information about stock options
        outstanding at June 30, 2008:

                         Options Outstanding            Options Exercisable
                ------------------------------------- -----------------------
                                Weighted-
                                  Average   Weighted-              Weighted-
    Range of          Number    Remaining    Average       Number    Average
    Exercise     Outstanding  Contractual   Exercise  Exercisable   Exercise
    Prices        At 6/30/08         Life      Price   At 6/30/08      Price
    -------------------------------------------------------------------------
    $0.15          1,090,000    1.5 years      $0.15    1,090,000      $0.15
     0.50-0.60       825,000    1.5 years       0.51      742,500       0.51
     0.70-0.80        80,000    1.5 years       0.72       40,000       0.72
     1.10-1.20     1,083,000    2.5 years       1.18            -          -
     1.40-1.50        40,000    2.5 years       1.49            -          -
    -------------------------------------------------------------------------
    $0.15-$1.50    3,118,000    1.9 years      $0.63    1,872,500      $0.30
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

        The Company records a compensation expense over the vesting period
        based on the fair value of options granted to employees of the
        management team (See Note 3), directors and consultants. The Company
        issued 65,000 (December 31, 2007 - 1,108,000) stock options with an
        estimated fair value of $33,761 (December 31, 2007 - $547,080)
        ($0.52 per option (December 31, 2007 - $0.49 per option)) using the
        Black-Scholes option pricing model with the following key
        assumptions:

                                                            June    December
                                                        30, 2008    31, 2007
        ---------------------------------------------------------------------
        Weighted-average risk free interest rate (%)        2.89        4.13
        Dividend yield (%)                                  0.00        0.00
        Expected life (years)                                2.5         2.5
        Weighted-average volatility (%)                     72.1        64.8
        ---------------------------------------------------------------------

    8.  SEGMENTED INFORMATION

        The Company has operations in Canada and in South America. All
        operating activities are related to exploration, development and
        production of petroleum and natural gas:

                                                           South
        ($)                                   Canada     America       Total
        Three Months Ended June 30, 2008
        Revenue, gross                       163,880         697     164,577
        Loss before non-controlling interest 149,674     147,274     296,948
        Capital expenditures                   2,796   2,513,418   2,516,214

        Six Months Ended June 30, 2008
        Revenue, gross                       355,106      20,755     375,861
        Loss before non-controlling interest 303,876     333,527     637,403
        Capital expenditures                  10,222   2,787,380   2,797,602
        Property and equipment             1,006,019   5,550,473   6,556,491
        Total assets                       4,474,825   7,568,792  12,043,617

        Three Months Ended June 30, 2007
        Revenue, gross                       178,704       2,480     181,184
        Loss before non-controlling interest 120,396     234,450     354,846
        Capital expenditures                     630     233,018     233,648

        Six Months Ended June 30, 2007
        Revenue, gross                       383,055      13,880     396,935
        Loss before non-controlling interest 213,277     424,337     637,614
        Capital expenditures                  38,901   2,391,223   2,430,124

        December 31, 2007
        Property and equipment             1,111,830   2,774,743   3,886,573
        Total assets                       6,428,371   6,017,623  12,445,994

    9.  COMMITMENTS

        The Company has two farm-in agreements and one pending farm-in
        agreement in South America which require future expenditure
        commitments as outlined below:

        Canadon Ramirez Concession

        Pine Cliff, has committed to pay 100 percent of costs totaling
        US $5,500,000, including the 21 percent Value Added Tax (V.A.T.), for
        work to be conducted on the concession within two years to earn a
        49 percent participating interest.

        As of June 30, 2008, the Company has expended Cdn $4,406,467
        (US $4,027,388) including V.A.T of Cdn $749,250 (US $685,111) on the
        Canadon Ramirez Concession. The V.A.T amount is recoverable against
        V.A.T liabilities generated on the sale of petroleum production in
        Argentina. The V.A.T amount has been capitalized to exploration
        costs, as its recoverability can not be determined until a successful
        producing property is established.

        Commitment by Year (US $000's)

        Year                    Amount
        ----                    ------
        2008                     1,094
                                 -----
                                 -----

        San Jorge Basin Permit

        Pine Cliff, has committed to pay 100 percent of costs totaling
        US $4,620,000 including V.A.T. to earn a 60 percent participating
        interest in the entire permit. As of June 30, 2008, no amounts have
        been expended on this permit. The V.A.T amount is recoverable against
        V.A.T liabilities generated on the sale of petroleum production in
        Argentina. CanAmericas' commitment and earn-in in this property is
        subject to final granting of the concession by the provincial
        government to the Farmor and final terms to date have not been agreed
        to by the provincial government with the Farmor. Further details will
        be provided by Pine Cliff when additional information is received
        from the Farmor.

        Laguna de Piedra Concession

        Pine Cliff through its subsidiaries has paid 40 percent of costs
        totaling US $1,120,000 including V.A.T. to earn a 25 percent
        participating interest in the entire permit.

        The V.A.T amount is recoverable against V.A.T liabilities generated
        on the sale of petroleum production in Argentina. The V.A.T amount
        has been capitalized to exploration costs, as its recoverability can
        not be determined until a successful producing property is
        established.

        The Company issued a letter of guarantee to spend US $1,120,000 for
        work to be conducted on this Concession. The guarantee expired
        July 1, 2008.

        The success of the South American operations and recoverability of
        the capitalized costs related thereto are dependent upon the
        development of successful producing properties. This may require
        additional financing in amounts sufficient to continue the on-going
        development of the South American operations and to meet the related
        obligations as they become due.

    10. FINANCIAL AND CAPITAL RISK MANAGEMENT

        Financial Risk Factors
        ----------------------

        The Company undertakes transactions in a range of financial
        instruments including:

        - Cash deposits;
        - Receivables;
        - Payables;

        The Company's activities result in exposure to a number of financial
        risks including market risk (commodity price risk, interest rate
        risk, foreign exchange risk, credit risk, and liquidity risk).
        Financial risk management is carried out by senior management under
        the direction of the Board of Directors.

        The Company does not enter into risk management contracts. The
        Company sells its oil and gas commodities at market prices at the
        date of sale in accordance with the Board directive.

        Capital Risk Management
        -----------------------

        The Company's objectives when managing capital are to safeguard the
        Company's ability to continue as a going concern, to continue
        providing returns to its Shareholders and benefits for other
        stakeholders, and to maintain an optimal capital structure to reduce
        the cost of capital. In order to maintain or adjust the capital
        structure, the Company may issue new shares.

        The Company monitors capital on the basis of the ratio of budgeted
        exploration capital requirements to current working capital. This
        ratio is calculated using the projected cash requirements for six
        months to a year in advance and maintaining a working capital balance
        of approximately six months to satisfy this requirement on a
        continuous basis.

        The Company believes that maintaining approximately a six month
        current working capital balance to the exploration capital budget
        requirement is an appropriate basis to allow it to continue its
        future development of the Company's largest assets; the "Canadon
        Ramirez Concession," "Laguna de Piedra Concession" and the "San Jorge
        Basin Concession."

        The following section (a) of this note provides a summary of our
        underlying economic positions as represented by the carrying values,
        fair values and contractual face values of our financial assets and
        financial liabilities. The Company's working capital to capital
        expenditure requirement ratio is also provided.

        The following section (b) addresses in more detail the key financial
        risk factors that arise from the Company's activities including its
        policies for managing these risks.

    a)  Financial assets, financial liabilities

        The carrying amounts, fair value and face values of the Company's
        financial assets and liabilities other than cash are shown in
        Table 1.

        Table 1

                              As at June 30, 2008    As at December 31, 2007
        ---------------------------------------------------------------------
                       Carrying     Fair     Face Carrying     Fair     Face
        ($000)            Value    Value    Value    Value    Value    Value
        ---------------------------------------------------------------------
        Financial assets
        Restricted term
         investments          -        -        -    2,689    2,689    2,689
        Accounts
         receivable         113      113      138       72       72       81

        Financial
         liabilities
        Accounts payable
         and accrued
         liabilities        209      209      209      181      181      181
        ---------------------------------------------------------------------

        The budgeted capital expenditure to working capital base figures for
        June 30, 2008 and December 31, 2007 are presented below:

                                                            June    December
        ($000)                                          30, 2008    31, 2007
        ---------------------------------------------------------------------
        Budgeted capital expenditure (December 31, 2007)   6,425       6,425
        Expenditures 2008                                 (2,798)          -
        ---------------------------------------------------------------------
        Budgeted capital expenditure                       3,627       6,425
        ---------------------------------------------------------------------
        Number of months budgeted                              6          12
        ---------------------------------------------------------------------
        Current assets                                     5,487       8,559
        Current liabilities                                 (209)       (181)
        ---------------------------------------------------------------------
        Working capital                                    5,278       8,378
        ---------------------------------------------------------------------
        Working capital to budgeted capital
         expenditure (in months)                             8.7        15.7
        ---------------------------------------------------------------------

    b)  Risks and mitigations

        Market risk is the risk that the fair value or future cash flow of
        the Company's financial instruments will fluctuate because of changes
        in market prices. Components of market risk to which Pine Cliff is
        exposed are discussed below.

        Commodity price risk
        --------------------

        The Company's principal operation is the exploration and possible
        development of its oil and gas properties in Argentina. The Company
        also engages in the exploration and development of oil and natural
        gas properties in Canada. Fluctuations in prices of these commodities
        may directly impact the Company's performance and ability to continue
        with its operations.

        The Company's management currently does not use risk management
        contracts to set price parameters for its production.

        Sensitivity Analysis

        The Company is still in the exploration stage of development of its
        exploration properties and as such generates nominal cash flow or
        earnings from these properties. In addition, the Company's petroleum
        and natural gas operations provide only moderate cash flow, and as
        such, changes of US $1.00 per barrel in the price of crude oil,
        $0.10 per MCF in the price of natural gas and $0.01 change in the
        Cdn/US exchange rate would have no material impact on the Company.

        Interest rate risk
        ------------------

        Interest rate risk refers to the risk that the value of a financial
        instrument or cash flows associated with the instrument will
        fluctuate due to changes in market interest rates. Interest rate risk
        arises from interest bearing financial assets and liabilities that
        Comaplex uses. The principal exposure to the Company is on its cash
        balances which have a variable interest rate which gives rise to a
        cash flow interest rate risk.

        Pine Cliff's cash consists of Canadian dollar, US dollar and
        Argentinean Pesos investment chequing accounts. Since these funds
        need to be accessible for the development of the Company's capital
        projects, management does not reduce its exposure to interest rate
        risk through entering into term contracts of various lengths. As
        discussed above, the Company generally manages its capital such that
        its budgeted capital requirements to current working capital ratio
        are approximately six months.

        Sensitivity Analysis

        Based on historic movements and volatilities in the interest rate
        markets and management's current assessment of the financial markets,
        the Company believes that a one percent variation in the Canadian
        prime interest rate is reasonably possible over a 12 month period. No
        income tax effect has been calculated as the Company has more than
        sufficient tax pools.

        The following illustrates the annual impact of a one percent
        fluctuation in the Canadian prime interest rate:

                             As at                          As at
                        June 30, 2008                December 31, 2007
    -------------------------------------------------------------------------
                  Plus 1%        Minus 1%       Plus 1%          Minus 1%
    ($000)   Earnings Equity Earnings Equity Earnings Equity Earnings Equity
    -------------------------------------------------------------------------
    Financial
     assets
    ---------
    Cash
     deposits      53     53      (53)   (53)      58     58      (58)   (58)
    Restricted
     term
    investments     -      -        -      -       27     27      (27)   (27)
    Accounts
     receivable     -      -        -      -        -      -        -      -
    Financial
     liabilities
    ------------
    Accounts
     payable and
     accrued
     liabilities    -      -        -      -        -      -        -      -
    -------------------------------------------------------------------------
    Total increase
     (decrease)    53     53      (53)   (53)      85     85      (85)   (85)
    -------------------------------------------------------------------------

        Foreign exchange risk
        ---------------------

        The Company has foreign operations, but no revenue from production
        from the foreign properties and currently sells all of its Canadian
        product sales in Canadian currency. The Company has a US cash and
        Argentina Pesos cash balance and earns an insignificant amount of
        interest on its US and Argentinean Pesos bank accounts. Funds held in
        foreign denominated accounts are generally held for short periods of
        time, as the Company transfers and converts Canadian funds to foreign
        currency as payment for foreign currency denominated payables come
        due. As such, Pine Cliff does not mitigate CAD/USD/ARG exchange rate
        risk by using risk management contracts.

        Credit risk
        -----------

        Credit risk is the risk that a contracting party will not complete
        its obligations under a financial instrument and cause the Company to
        incur a financial loss. Pine Cliff is exposed to credit risk on all
        financial assets included on the balance sheet. To help mitigate this
        risk the Company maintains the majority of its cash balances with a
        major Canadian chartered bank and invests in secure financial
        instruments.

        Of the accounts receivable balance at June 30, 2008 ($98,000) and
        December 31, 2007 ($72,000), all relate to product sales with
        Canadian oil and gas companies and interest income from major
        Canadian chartered banks all of which have always paid within 30 to
        60 days.

        The Company assesses quarterly if there has been any impairment of
        the financial assets of the Company. During the six month period
        ended June 30, 2008, there was no impairment provision required on
        any of the financial assets of the Company due to historical success
        of collecting receivables. The Company does not have any significant
        credit risk exposure to any single counterparty or any group of
        counterparties having similar characteristics.

        The carrying value of accounts receivable approximates their fair
        value due to the relatively short periods to maturity on this
        instrument. The maximum exposure to credit risk is represented by the
        carrying amount on the balance sheet. There are no material financial
        assets that the Company considers past due.

        Liquidity risk
        --------------

        Liquidity risk includes the risk that, as a result of Pine Cliff's
        operational liquidity requirements:

          -  The Company will not have sufficient funds to settle a
             transaction on the due date,

          -  Pine Cliff will not have sufficient funds to continue with its
             financing of its major exploration projects,

          -  The Company will be forced to sell assets at a value which is
             less than what they are worth, or

          -  Pine Cliff may be unable to settle or recover a financial asset
             at all.

        To help reduce these risks, the Company:

          -  Has a general capital policy of maintaining approximately six
             months of budgeted capital requirements as its working capital
             base.

          -  Maintains a continuous evaluation approach as to the
             requirements for its largest exploration programs; the Canadon
             Ramirez Concession, Laguna de Piedra Concession and the pending
             San Jorge Basin Concession.
    

    %SEDAR: 00021536E




For further information:

For further information: Additional information relating to the Company
may be found on SEDAR.COM as well as on the Company's website at
www.pinecliffenergy.com or by contacting George F. Fink, President, and CEO or
Garth E. Schultz, Vice President - Finance, and CFO at (403) 269-2289 or by
fax at (403) 265-7488

Organization Profile

Pine Cliff Energy Ltd.

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