Canadian Halal Investor.

TSX Shariah screener · September 2026

Is Pine Cliff Energy Ltd. (PNE) Halal?

PASS

Pine Cliff Energy Ltd. · TSX: PNE · Energy

The short answer

Pine Cliff Energy Ltd. (TSX: PNE) is a PASS. The business gate passes: the company is a natural-gas-weighted oil and gas producer (about 80% natural gas, ~19,747 Boe/d in Q2 2026) operating in the Western Canadian Sedimentary Basin — a permissible activity with no prohibited segments. The debt gate passes: total interest-bearing debt of C$42.8M including leases (term loan C$40.3M, March 31, 2026) is about 23.4% of the ~C$183.0M market cap (358.8M shares × C$0.51, September 30, 2026), under the ~33% ceiling; Q2 2026 net debt of C$50.8M was flat versus Q1. The income gate passes: no interest or finance income is disclosed (0% of C$42.7M Q2 commodity sales), under the ~5% ceiling. This is a rules-based screen, not a religious ruling.

Gate 1 — Business activity: PASS

Pine Cliff Energy Ltd. is a Calgary-based natural gas-weighted oil and gas producer operating long-life, low-decline assets in the Western Canadian Sedimentary Basin (Southern, Central and Edson areas). In Q2 2026 production averaged 19,747 Boe/d, about 80% natural gas (94,969 Mcf/d natural gas, 2,763 Bbl/d NGLs, 1,156 Bbl/d light and medium oil). Revenue comes from commodity sales, processing and gathering income, and commodity hedging contracts. There are no alcohol, gambling, weapons, tobacco, cannabis, conventional-lending/insurance, or pork segments. The company pays a regular monthly dividend of C$0.00125 per share. The business gate passes.

Gate 2 — Debt and cash: PASS

Total interest-bearing debt at March 31, 2026 (Q1 2026 interim financial statements on SEDAR+, the latest accessible balance sheet) was C$42.784M: term loan C$40.267M (C$36.047M non-current + C$4.220M current) plus lease liabilities C$2.517M (this site counts leases as debt). Against a market cap of ~C$183.0M (358,793,000 shares × C$0.51, September 30, 2026, TSX), that is about 23.4% — under the ~33% ceiling. Corroboration from the latest quarter: the company reported net debt of C$50.786M at June 30, 2026, essentially flat versus C$50.537M at March 31, 2026, and the term facility has declined steadily (C$40.3M at March 31, 2026 versus C$44.2M a year earlier, per the company's factsheet). Cash of C$3.301M is about 1.8% of market cap — under the ~33% guideline. The debt gate passes.

Gate 3 — Non-compliant income: PASS

The interim statement of income discloses no interest or finance income line at all — revenue is commodity sales net of royalties, processing and gathering income, and gains on commodity contracts. Finance costs (C$3.145M in Q1 2026) appear as an expense line only, so nothing is netted away. Against Q2 2026 commodity sales of C$42.692M, non-compliant interest income is effectively 0% — well under the ~5% ceiling. The income gate passes.

Key figures used

Frequently asked questions

Is Pine Cliff Energy (PNE) halal?

Our September 2026 screen gives Pine Cliff Energy Ltd. (TSX: PNE) a PASS. All three gates pass: the natural-gas-weighted E&P business has no prohibited segments, total interest-bearing debt (about C$42.8M including leases) is about 23.4% of the ~C$183.0M market cap (under the ~33% ceiling), cash of C$3.3M is about 1.8% of market cap (under the ~33% guideline), and no interest income is disclosed (0% of C$42.7M Q2 2026 commodity sales, under the ~5% ceiling). This is a rules-based screen, not a religious ruling.

What does Pine Cliff Energy do?

Pine Cliff is a Calgary-based oil and natural gas producer focused on long-life, low-decline assets in the Western Canadian Sedimentary Basin (Southern, Central and Edson areas). In Q2 2026 it averaged 19,747 Boe/d of production, about 80% natural gas (94,969 Mcf/d), plus NGLs and light/medium oil. It pays a monthly dividend of C$0.00125 per share.

How much debt does Pine Cliff Energy have?

At March 31, 2026 (Q1 2026 interim financial statements, the latest accessible balance sheet), interest-bearing debt was C$42.784M: term loan C$40.267M (C$36.047M non-current + C$4.220M current) plus lease liabilities C$2.517M. That is about 23.4% of the ~C$183.0M market cap (358,793,000 shares × C$0.51, September 30, 2026) — under the ~33% ceiling. At June 30, 2026 the company reported net debt of C$50.786M, essentially flat versus C$50.537M at March 31, 2026, and the term facility has been steadily declining (C$40.3M at March 31, 2026 versus C$44.2M a year earlier).

Does Pine Cliff earn interest income?

No. Pine Cliff's interim statement of income discloses no interest or finance income line at all. Revenue is commodity sales (net of royalties), processing and gathering income, and gains on commodity contracts. Finance costs (C$3.145M in Q1 2026) appear as an expense line only, so nothing is netted away. Non-compliant interest income is effectively 0% — under the ~5% ceiling.

Does Pine Cliff pay a dividend?

Yes. Pine Cliff pays a regular monthly dividend, most recently C$0.00125 per common share (declared for September 30, 2026, to shareholders of record September 15, 2026, designated 85% non-eligible and 15% eligible for Canadian tax purposes). It has distributed over C$106M to shareholders since initiating the dividend in June 2022.

Sources

Screened 2026-09-30 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.