Birchcliff Energy Ltd T.BIR

Alternate Symbol(s): BIREF

Energy Oil & Gas E&P

Birchcliff Energy Ltd. is a Canada-based intermediate oil and natural gas company. The Company is engaged in the exploration for and the development, production and acquisition of oil and gas reserves in Western Canada. The Company’s operations are focused on the Montney/Doig Resource Play in Alberta. Its operations are concentrated in the Peace River Arch area of Alberta. The Company has a 100% working interest in its Pouce Coupe Gas Plant and two oil batteries, as well as various working interests in numerous other gas plants, oil batteries, compressors, facilities and infrastructure. Its Pouce Coupe Gas Plant, which is licensed to process up to 340 million cubic feet per day (MMcf/d) of natural gas, is located in the heart of the Corporation's Montney/Doig Resource Play.

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Birchcliff Energy Ltd

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Comment by borne2runon Nov 15, 2018 12:42am

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Post# 28977801

RE:Not a loss..

PROFIT of 3 cents. from news release:

Q3 2018 Highlights

Production averaged 79,331 boe/d, a 22% increase from 65,276 boe/d in Q3 2017. Production consisted of approximately 81% natural gas, 6% light oil and 13% NGLs, as compared to 79% natural gas, 10% light oil and 11% NGLs in Q3 2017.

Adjusted funds flow of $75.4 million, or $0.28 per basic common share, a 17% increase from $64.4 million and $0.24 per basic common share in Q3 2017.

Net income to common shareholders of $6.7 million, or $0.03 per basic common share, as compared to the net loss to common shareholders of $121.7 million and $0.46 per basic common share in Q3 2017.

Operating expense of $3.45/boe, a 19% decrease from $4.27/boe in Q3 2017, a 9% decrease from $3.78/boe in Q1 2018 and a 3% increase from $3.36/boe in Q2 2018.

Total capital expenditures of $45.5 million in the quarter and $245.1 million in the first nine months of 2018. During the quarter, Birchcliff completed and brought on production a total of 9 (9.0 net) wells, consisting of 6 (6.0 net) Montney horizontal oil wells in Gordondale and 3 (3.0 net) Montney/Doig horizontal natural gas wells in Pouce Coupe.

At September 30, 2018, Birchcliff’s long-term bank debt was $635.1 million and its total debt was $641.5 million, as compared to $585.3 million and $666.8 million, respectively, at September 30, 2017.

The 80 MMcf/d Phase VI expansion of Birchcliff’s 100% owned and operated natural gas processing plant in Pouce Coupe (the “Pouce Coupe Gas Plant”) was brought on-stream during the quarter, increasing the total processing capacity of the plant to 340 MMcf/d.