did not receive "acceptable offer" * Shares fall more than 15 pct
* Co says did not receive "acceptable offer"
March 29 (Reuters) - Birchcliff Energy Ltd is no longer looking to sell itself and instead entered into a discounted bought deal financing, dragging its shares down to a more than two-year low.
The company is now looking to raise C$110 million from the bought deal and a private placement.
Last year, Birchcliff, whose key operations are in Alberta's Peace River Arch area, had said it was looking to sell itself after receiving unsolicited buyout offers (sound familiar??)
On Thursday, the company said it did not receive an "acceptable offer."
Proceeds from the offerings will initially be used to repay debt, said Birchcliff, which had long-term debt of C$388.4 million as of Dec. 31, 2011, according to Thomson Reuters data.
The Calgary, Alberta-based company expects to exit this year with a production rate of about 26,000 barrels of oil equivalent per day.
Birchcliff shares were down C$1.48 at C$7.34 on Thursday morning on the Toronto Stock Exchange.