Birchcliff Energy Ltd T.BIR

Myles Bosman Executive Vice President, Exploration Sells

[PlutusofCrete]

Exercised 200k options at $3 and sold them for a cool $1.8 million total gross proceeds.

So question is....has the time to dump BIR come? After over five years of holding through the tough years I find it hard to part ways. 

What are the thoughts on the board? I would really hope we can at least retest the all time highs of the $15s. 

nsider name:

Bosman, Myles

Insider's Relationship to Issuer:

5 - Senior Officer of Issuer

Ceased to be Insider:

Not applicable

Security designation:

Common Shares

3927932

2022-04-07

2022-04-08

Direct Ownership :

51 - Exercise of options

+200,000

3.5500

200,000

3927944

2022-04-07

2022-04-08

Direct Ownership :

10 - Acquisition or disposition in the public market

-100,000

9.0300

100,000

3927951

2022-04-07

2022-04-08

Direct Ownership :

10 - Acquisition or disposition in the public market

-100,000

9.0000

[robert41]

Executives need to book profits too. Maybe he bought a new house or a cottage maybe he helped his kids buy a house I just did that....Who knows. The options cost him 600k not pocket change. If gas stay north of 4 bucks this year u have a debt free Bir in a year minimum never mind if gas is north of 5 or 6 bucks and stays there for years....what is a debt free Bir cash flowing around 700 million a

[Donhow]

You ask what BIR I s worth if gas stay above $6? It's worth what it sells for ,especially if management is selling. That means they will sell the company at that price. That is the message sent by insider sells. It is not comparable to a regular shareholder selling to help their kids. They KNOW what happening inside the company. It is time to sell.

[PlutusofCrete]

Well...if we take Peyto as an example. Almost the entire exec team exercised options and sold immediately at $9-10 range a few months ago.  Now the Peyto share price is close to $15.  Myles is only one person.  If Jeff or Chris exercise and sell - I will be disappointed. I want the current and future CEO to hold for this large dividend future we have been told is coming. 

[7Twiggy]

I have not ;looked closely at Insider sells for the past few years. but I suspect this is the first period in a long time that Insiders felt they could sell a little. I am also not overly concerned.  In this current environmet I don't think this stock is moving anywhere but up. The short position is up around 500,000 to 7,800,000 last period, so this group will try to put a negative light

[Scotchlight1001]

According to a quick search on Short ratios, ratios greater than 8 days are very bullish because it would be very difficult to cover the short position. BIR average daily volume is about 2 million. If 7.8 million short position is correct then the ratio is near 4. Therefore, a short squeeze possibility is not quite there yet.

[7Twiggy]

CEO.ca has reports that I use for both Insider trades and short positons. Worth a look. 7.8 million is their number. 

[Donhow]

In 2021 the buyback of shares made almost no difference to outstanding shares. Almost all bought back shares were optioned shares. The rising tide raises all boats. If there isn't a 5 cent dividend (or special dividend if they don't think the gas price will last) then I believe birchcliff is being positioned to sell and shareholders will lose out on the tremendous future. Quite simply it

[Burgersandfries]

If they sell so be it take the nice premium and pick another horse there's lots in the race. A while back you thought TOU would buy them at 7 bucks and that didn't happen so I doubt a sale anytime soon unless it's a great price. 12 months away from 650 million a year in free cash flow and no debt and that's at their 2022 gas price estimate at $3.90 in the corp presentation.

[brian0672]

The years have been indeed tough.  I have been in BIR for 12 plus years seen some pretty bad years and continue to average down. Finally making a few bucks and have continue to sell my overweight position in the $8.50 and $9.50 range but still have my core psoition.  Will wait another year before selling core position.

[robert41]

That's a long haul Brian. Theoretically BIR could be the strongest it's ever been in a year from now with a nice divi and an incredible future along with the other Canadian O and G CO's. It might be the time to hold for another 12 years.

[Relaxrelax]

Lol!  That's a pretty ridiculous post.  I was in hr at rail cp and all executives were exercices rights all the time.  People love to grab some cash, why not.  What does that have to do with this stock that is a bull run?!  I'm pretty sure this guy has not unloaded his entire stack lol.  The upturn for winter contracts hasn't even started.....nat goes

[PlutusofCrete]

Hey RelaxRelax, Based on the history of Sedi filings which are publicly available.  Myles took the same approach last year. Exercised 200K options and sold for $6.50.  Did the same this year, exercised 200K options and sold for $9.00.  He has about 78,000 shares in his margin account and 68,000 in a spousal RRSP.  Decent holdings. Hopefully the selling stops here.