RE:Q4 is due tomorrow and it will be huge Q expect release Feb 14th as it sayx in BIR PR from Nov 8th 2017
That's what it said read below, bold and underlined.
Birchcliff Announces Third Quarter 2017 Results and Appointment of New Director
CALGARY, ALBERTA--(Marketwired - Nov. 8, 2017) - Birchcliff Energy Ltd. ("Birchcliff") (TSX:BIR) is pleased to announce its third quarter 2017 results, with record quarterly average production of 65,276 boe/d and quarterly funds flow from operations of $64.4 million. Quarterly average production is up 20% and funds flow from operations is up 55% as compared to the third quarter of 2016. The full text of Birchcliff's Third Quarter 2017 Report containing the unaudited interim condensed financial statements for the three and nine month periods ended September 30, 2017 and the related management's discussion and analysis will be available on Birchcliff's website at www.birchcliffenergy.com and on SEDAR at www.sedar.com.
"Birchcliff had a strong third quarter in 2017. Our per unit operating costs have been trending lower since the first quarter of 2017 and are 8% lower compared to the second quarter of 2017. We had record quarterly average production of 65,276 boe/d, notwithstanding the sale of our Worsley Charlie Lake Light Oil Pool which closed on August 31, 2017 and planned turnarounds that were successfully conducted at our major facilities in Pouce Coupe and Gordondale. Our 80 MMcf/d Phase V expansion of our Pouce Coupe gas plant recently came on-stream ahead of schedule and on budget and the plant is currently running efficiently at near-maximum design throughput," commented Jeff Tonken, President and Chief Executive Officer of Birchcliff. "To date in 2017, we have completed a series of asset sales for total proceeds to Birchcliff of approximately $148 million (before adjustments), the proceeds of which have helped fund our 2017 capital expenditure program. As a result of these asset sales, we can focus on our properties in Pouce Coupe and Gordondale, whose profitable growth is the driver of our returns to shareholders. In addition, we expect lower total cash costs on a per unit basis, together with record quarterly production, in the fourth quarter of 2017."
Third Quarter 2017 Highlights
Highlights of the third quarter include the following:
- Record quarterly average production of 65,276 boe/d, a 20% increase from 54,538 boe/d in the third quarter of 2016. Production consisted of approximately 79% natural gas and 21% light oil and NGLs as compared to 81% natural gas and 19% light oil and NGLs in the third quarter of 2016.
- Quarterly funds flow from operations of $64.4 million, or $0.24 per basic common share, a 55% increase and a 33% increase, respectively, from $41.7 million and $0.18 per basic common share in the third quarter of 2016.
- Birchcliff recorded a net loss to common shareholders of $121.7 million ($0.46 per basic common share), as compared to the net loss to common shareholders of $2.1 million ($0.01 per basic common share) in the third quarter of 2016. Included in the net loss is an after-tax book loss of $132.3 million ($22.04/boe) resulting from the sale of Birchcliff's Worsley Charlie Lake Light Oil Pool which closed on August 31, 2017.
- Operating costs of $4.27/boe, an 8% decrease from $4.67/boe in the second quarter of 2017 and $4.65/boe in the third quarter of 2016.
- General and administrative expense of $0.82/boe, a 23% decrease from $1.07/boe in the third quarter of 2016.
- Interest expense of $1.15/boe, a 29% decrease from $1.61/boe in the third quarter of 2016.
- Net capital expenditures of $12.1 million for the three months ended September 30, 2017 and $257.5 million for the nine months ended September 30, 2017.
- At September 30, 2017, Birchcliff's long-term bank debt was $585.3 million and its total debt was $666.8 million.
- The 80 MMcf/d Phase V expansion of Birchcliff's 100% owned and operated natural gas processing plant in Pouce Coupe (the "Pouce Coupe Gas Plant") was successfully brought on-stream ahead of schedule and on budget, increasing the total processing capacity of the plant to 260 MMcf/d from 180 MMcf/d. The Pouce Coupe Gas Plant is currently running efficiently at near-maximum design throughput.
- Planned turnarounds were successfully conducted at Birchcliff's major facilities in Pouce Coupe and Gordondale, as well as at AltaGas' owned and operated natural gas processing facility located in Gordondale.
- Birchcliff drilled a total of 9 (9.0 net) wells in the third quarter of 2017, consisting of 6 (6.0 net) Montney/Doig horizontal natural gas wells in Pouce Coupe, 1 (1.0 net) Montney/Doig vertical science and technology well in Pouce Coupe and 2 (2.0 net) Montney horizontal oil wells in Gordondale.
- During the third quarter of 2017, Birchcliff completed the disposition of its Worsley Charlie Lake Light Oil Pool for total proceeds of approximately $100 million (before adjustments) ($90 million in cash; $10 million in securities).
For further information regarding Birchcliff's financial and operational results for the third quarter of 2017, please see the President's Message from the Third Quarter 2017 Report, the full text of which is attached hereto.
2017 Guidance and 2018 Preliminary Outlook
- Birchcliff is re-affirming its 2017 fourth quarter average production guidance of 79,000 to 80,000 boe/d and its 2017 annual average production guidance of 67,000 to 68,000 boe/d.
- Although Birchcliff's 2018 capital expenditure plans have not yet been finalized, Birchcliff anticipates spending in the range of $250 million to $450 million during 2018, depending on commodity prices and other factors. Birchcliff expects that it will target a capital budget that is driven by funds flow from operations.
- Birchcliff expects to release on February 14, 2018 its unaudited financial results, reserves and F&D costs for the year ended December 31, 2017, as well as the details regarding its 2018 capital expenditure plans, 2018 guidance and updated five year plan.
Intention to Implement Normal Course Issuer Bid
- Birchcliff intends to make an application to the Toronto Stock Exchange to implement a normal course issuer bid. Such normal course issuer bid will be subject to the acceptance of the Toronto Stock Exchange.
Appointment of New Director
- Effective November 8, 2017, Ms. Debbie Gerlach has been appointed to the board of directors of Birchcliff.
heavy123 wrote: The shorts on BIR are going to get a rude awakening tomorrow. Typically Bir posts their Q just after market close and i suspect they will do that again tomorrow. The market seems to have forgotten that Birs production numbers will exceed Q3 by a long shot. They also seem to forget that Bir is no longer soley dependent upon Aeco pricing. By my estimate this will be Birs best Q in its history. and this just as we are damn near at its lowest share price in the last 10 years. The current sp isnt entirely mind boggling given the overall market weakness lately and the weakness in the O&G sector as a whole BUT this Q will force those ballsy enough to short BIR at this level to re crunch their risk /reward. I'll be adding on weakness tommorrow for the enivitable gap up on monday. GLTA.