Birchcliff Energy Ltd. provides operational update and announces closing of $31.7 million asset sale
Tuesday, Oct 03, 2017
Birchcliff Energy Ltd. (“Birchcliff”) (TSX:BIR) is pleased to provide the following update.

Pouce Coupe Gas Plant – Phase V On-Stream

Birchcliff is pleased to announce that the 80 MMcf/d Phase V expansion of its 100% owned and operated natural gas processing plant in Pouce Coupe has been successfully brought on-stream, increasing the processing capacity of the plant to 260 MMcf/d from 180 MMcf/d. Phase V was on budget and brought on-stream ahead of the initially scheduled on-stream date of October 1, 2017.

Closing of $31.7 Million Asset Sale

Birchcliff is also pleased to announce that on October 2, 2017 it closed its previously announced asset sale for total cash consideration of $31.7 million (before adjustments). To date in 2017, Birchcliff has completed asset sales for total proceeds of approximately $148 million ($138 million in cash; $10 million in securities) (before adjustments), representing forecast 2017 average production of approximately 3,600 boe/d and resulting in a flowing barrel metric of approximately $41,111 per boe/d.

2017 Production Guidance Re-Affirmed

Birchcliff is also pleased to announce that it is re-affirming its 2017 fourth quarter average production guidance of 79,000 to 80,000 boe/d (approximately 20% oil and NGLs) and its 2017 annual average production guidance of 67,000 to 68,000 boe/d (approximately 21% oil and NGLs).

About Birchcliff:

Birchcliff is a Calgary, Alberta based intermediate oil and gas company with operations concentrated within its one core area, the Peace River Arch of Alberta. Birchcliff’s Common Shares and Cumulative Redeemable Preferred Shares, Series A and Series C, are listed for trading on the Toronto Stock Exchange under the symbols “BIR”, “BIR.PR.A” and “BIR.PR.C”, respectively.

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