CALGARY, ALBERTA--(Marketwired - Aug. 31, 2017) - Birchcliff Energy Ltd. ("Birchcliff") (TSX:BIR) is pleased to announce that it has closed its previously announced sale of its Worsley Charlie Lake Light Oil Pool for total consideration of approximately $100 million (before adjustments), consisting of: (i) cash consideration of $90 million; and (ii) securities of affiliates of the purchaser with a total value of $10 million.
Scotia Capital Inc. acted as financial advisor to Birchcliff in connection with this transaction.
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.
Contact Information:
Suite 1000, 600 - 3rd Avenue S.W.
Calgary, Alberta T2P 0G5
(403) 261-6401
(403) 261-6424 (FAX)
info@birchcliffenergy.com
www.birchcliffenergy.com
Bruno Geremia
Vice-President and Chief Financial Officer