Birchcliff Energy Ltd. (“
Birchcliff” or the
“
Corporation”) (TSX: BIR) is pleased to announce
its unaudited 2024 full-year and fourth quarter financial and
operational results and highlights from its independent reserves
evaluation effective December 31, 2024.
“Due to the success of our 2024 capital program
and driven by our improved capital efficiencies, we delivered
annual average production of 76,695 boe/d and adjusted funds
flow(1) of $236.8 million and returned $107.8 million to
shareholders through common share dividends in 2024,” commented
Chris Carlsen, President and Chief Executive Officer of Birchcliff.
“The 27 wells we brought on production as part of the 2024 capital
program delivered strong PDP reserves additions of 34.1 MMboe,
which highlights the quality of our assets. We believe that there
is significant intrinsic shareholder value embedded in Birchcliff’s
asset base that is not reflected in our current share price, as
demonstrated by our PDP reserves net asset value per common
share(2) of $6.35 and $13.79 and $18.09 for our proved and proved
plus probable reserves, respectively.(3) In addition, our Elmworth
asset, which is largely unbooked from a reserves basis, provides us
with significant inventory and a large potential future development
area consisting of approximately 145 net sections of Montney
lands.”
“Our strategy for 2025 builds off of the
operational momentum from 2024, maintaining our focus on capital
efficiency improvements and further driving down costs. Our 2025
capital program has been designed to ensure that our capital is
strategically deployed throughout the year, providing us with the
flexibility to adjust our capital spending if necessary in response
to the commodity price volatility we expect during 2025, including
as a result of the potential for U.S. and Canadian tariffs and the
start-up of LNG Canada.”
2024 Financial and Operational
Highlights
-
Delivered annual average production of 76,695 boe/d (82% natural
gas and 18% liquids) in 2024 and quarterly average production of
77,623 boe/d (82% natural gas and 18% liquids) in Q4 2024.
-
Generated annual adjusted funds flow of $236.8 million in 2024 and
quarterly adjusted funds flow of $71.8 million in Q4 2024. Cash
flow from operating activities was $203.7 million in 2024 and $45.6
million in Q4 2024.
-
Reported annual net income to common shareholders of $56.1 million
in 2024 and quarterly net income to common shareholders of $35.2
million in Q4 2024.
-
F&D capital expenditures were $273.1 million in 2024 and $58.3
million in Q4 2024. Birchcliff drilled 29 (29.0 net) wells and
brought 27 (27.0 net) wells on production in 2024.
-
Returned $107.8 million to shareholders in 2024 through common
share dividends.
2024 Reserves Highlights(4)
-
Birchcliff brought 27 new wells on production as part of its 2024
F&D capital program with strong PDP reserves additions of 34.1
MMboe (1.26 MMboe per well) and delivered PDP F&D costs(5) of
$8.01/boe, resulting in a PDP F&D operating netback recycle
ratio(2) of 1.4x in 2024 on such additions.
-
Birchcliff added an aggregate of 23.7 MMboe of PDP reserves on an
F&D basis in 2024, after adding back 2024 actual production of
28.1 MMboe(6) and including all other applicable PDP reserves
adjustments in 2024. Birchcliff’s PDP reserves totalled 217.1 MMboe
at December 31, 2024.
-
Birchcliff delivered PDP F&D costs of $11.52/boe and a PDP
F&D operating netback recycle ratio of 1.0x on its aggregate
23.7 MMboe of PDP reserves additions, notwithstanding $18.8 million
in F&D capital expenditures spent on strategic priorities in
Elmworth for which there was no production or reserves assigned at
year-end 2024.
-
At December 31, 2024, the net present value of future net revenue
(before income taxes, discounted at 10%) was $2.3 billion for
Birchcliff’s PDP reserves, $4.4 billion for its proved reserves and
$5.6 billion for its proved plus probable reserves.
-
The net asset value per common share of Birchcliff’s PDP, proved
and proved plus probable reserves at December 31, 2024 was $6.35,
$13.79 and $18.09, respectively, which is 9%, 136% and 210% higher
than the closing price of its common shares on the TSX on February
10, 2025 of $5.84.
-
Reserves life index(5) at December 31, 2024 of 7.7 years on a PDP
basis, 23.6 years on a proved basis and 34.3 years on a proved plus
probable basis.
Birchcliff anticipates filing its annual
information form and audited financial statements and related
management’s discussion and analysis for the year ended December
31, 2024 on March 12, 2025.
This press release contains forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. For further information regarding the
forward-looking statements and forward-looking information
contained herein, see “Advisories – Forward-Looking Statements”.
With respect to the disclosure of Birchcliff’s reserves and related
reserves metrics contained in this press release, see “2024
Year-End Reserves”, “Presentation of Oil and Gas Reserves” and
“Advisories – Oil and Gas Metrics”. With respect to the disclosure
of Birchcliff’s production contained in this press release, unless
otherwise stated herein, production volumes have been disclosed on
a “gross” basis as such term is defined in National Instrument
51-101– Standards of Disclosure for Oil and Gas Activities (“NI
51-101”). For further information regarding the disclosure of
Birchcliff’s production contained herein, see “Advisories –
Production”. In addition, this press release uses various “non-GAAP
financial measures”, “non-GAAP ratios” and “capital management
measures” as such terms are defined in National Instrument 52-112 –
Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”).
Non-GAAP financial measures and non-GAAP ratios are not
standardized financial measures under GAAP and might not be
comparable to similar financial measures disclosed by other
issuers. For further information regarding the non-GAAP and other
financial measures used in this press release, see “Non-GAAP and
Other Financial Measures”.
______________________________
(1) Non-GAAP financial measure. See
“Non-GAAP and Other Financial Measures”.
(2) Non-GAAP ratio. See “Non-GAAP and
Other Financial Measures”.
(3) Net asset value per common share is at
December 31, 2024 and before income taxes (discounted at 10%). See
“2024 Year-End Reserves – Net Asset Value”.
(4) Deloitte LLP
(“Deloitte”) prepared an independent evaluation of
the Corporation’s reserves effective December 31, 2024 as contained
in their report dated February 12, 2025 (the “Deloitte
Report”). The forecast commodity prices, inflation and
exchange rates utilized in the Deloitte Report were computed using
the average of forecasts from Deloitte, McDaniel & Associates
Consultants Ltd. (“McDaniel”), GLJ Ltd.
(“GLJ”) and Sproule Associates Limited
(“Sproule”) effective January 1, 2025 (the
“2024 Price Forecast”). See “2024 Year-End
Reserves” and “Presentation of Oil and Gas Reserves”.
(5) See “Advisories – Oil and Gas
Metrics”.
(6) Consists of 738.2 Mbbls of light oil,
1,619.6 Mbbls of condensate, 2,591.3 Mbbls of NGLs and 138,728.6
MMcf of natural gas.
2024 UNAUDITED FINANCIAL AND OPERATIONAL
SUMMARY
|
|
Three months ended December
31, |
|
Twelve months ended December
31, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
OPERATING |
|
|
|
|
| Average production |
|
|
|
|
|
Light oil (bbls/d) |
1,993 |
|
1,649 |
|
2,017 |
|
1,849 |
|
|
Condensate (bbls/d) |
4,310 |
|
5,145 |
|
4,425 |
|
5,202 |
|
|
NGLs (bbls/d) |
7,748 |
|
7,653 |
|
7,080 |
|
6,306 |
|
|
Natural gas (Mcf/d) |
381,433 |
|
372,594 |
|
379,040 |
|
374,052 |
|
|
Total (boe/d) |
77,623 |
|
76,546 |
|
76,695 |
|
75,699 |
|
|
Average realized sales prices (CDN$)(1) |
|
|
|
|
|
Light oil (per bbl) |
95.18 |
|
100.07 |
|
98.90 |
|
99.07 |
|
|
Condensate (per bbl) |
95.79 |
|
103.80 |
|
99.66 |
|
103.76 |
|
|
NGLs (per bbl) |
26.20 |
|
26.95 |
|
26.37 |
|
26.92 |
|
|
Natural gas (per Mcf) |
2.27 |
|
2.92 |
|
2.05 |
|
3.03 |
|
|
Total (per boe) |
21.53 |
|
26.02 |
|
20.90 |
|
26.79 |
|
|
|
|
|
|
|
| NETBACK AND
COST ($/boe) |
|
|
|
|
|
Petroleum and natural gas revenue(1) |
21.53 |
|
26.03 |
|
20.91 |
|
26.80 |
|
|
Royalty expense |
(1.26 |
) |
(2.75 |
) |
(1.41 |
) |
(2.54 |
) |
|
Operating expense |
(2.91 |
) |
(3.81 |
) |
(3.24 |
) |
(3.83 |
) |
|
Transportation and other expense(2) |
(5.26 |
) |
(5.53 |
) |
(5.24 |
) |
(5.69 |
) |
|
Operating netback(2) |
12.10 |
|
13.94 |
|
11.02 |
|
14.74 |
|
|
G&A expense, net |
(2.00 |
) |
(1.80 |
) |
(1.45 |
) |
(1.52 |
) |
|
Interest expense |
(1.40 |
) |
(0.95 |
) |
(1.31 |
) |
(0.74 |
) |
|
Lease interest expense |
(0.33 |
) |
- |
|
(0.16 |
) |
- |
|
|
Realized gain (loss) on financial instruments |
1.68 |
|
(0.38 |
) |
0.33 |
|
(1.35 |
) |
|
Other cash income (expense) |
0.01 |
|
0.01 |
|
0.01 |
|
(0.03 |
) |
|
Adjusted funds flow(2) |
10.06 |
|
10.82 |
|
8.44 |
|
11.10 |
|
|
Depletion and depreciation expense |
(8.96 |
) |
(8.44 |
) |
(8.79 |
) |
(8.20 |
) |
|
Unrealized gain (loss) on financial instruments |
5.95 |
|
(1.58 |
) |
3.51 |
|
(1.38 |
) |
|
Other expenses(3) |
(0.75 |
) |
(1.88 |
) |
(0.52 |
) |
(0.95 |
) |
|
Deferred income tax (expense) recovery |
(1.37 |
) |
0.29 |
|
(0.64 |
) |
(0.22 |
) |
|
Net income (loss) to common shareholders |
4.93 |
|
(0.79 |
) |
2.00 |
|
0.35 |
|
|
|
|
|
|
|
|
FINANCIAL |
|
|
|
|
|
Petroleum and natural gas revenue ($000s)(1) |
153,741 |
|
183,295 |
|
586,856 |
|
740,359 |
|
|
Cash flow from operating activities ($000s) |
45,641 |
|
79,006 |
|
203,710 |
|
320,529 |
|
| Adjusted funds flow
($000s)(4) |
71,838 |
|
76,215 |
|
236,794 |
|
306,827 |
|
|
Per basic common share ($)(2) |
0.27 |
|
0.29 |
|
0.88 |
|
1.15 |
|
| Free funds flow
($000s)(4) |
13,528 |
|
18,049 |
|
(36,290 |
) |
2,190 |
|
|
Per basic common share ($)(2) |
0.05 |
|
0.07 |
|
(0.13 |
) |
0.01 |
|
| Net income (loss) to common
shareholders ($000s) |
35,216 |
|
(5,533 |
) |
56,100 |
|
9,780 |
|
| Per
basic common share ($) |
0.13 |
|
(0.02 |
) |
0.21 |
|
0.04 |
|
|
End of period basic common shares (000s) |
271,304 |
|
267,156 |
|
271,304 |
|
267,156 |
|
| Weighted average basic common
shares (000s) |
270,185 |
|
266,667 |
|
269,081 |
|
266,465 |
|
|
Dividends on common shares ($000s) |
27,126 |
|
53,390 |
|
107,833 |
|
213,344 |
|
|
F&D capital expenditures ($000s)(5) |
58,310 |
|
58,166 |
|
273,084 |
|
304,637 |
|
| Total capital expenditures
($000s)(4) |
66,673 |
|
59,541 |
|
282,745 |
|
307,916 |
|
| Revolving term credit
facilities ($000s) |
566,857 |
|
372,097 |
|
566,857 |
|
372,097 |
|
| Total
debt ($000s)(6) |
535,557 |
|
382,306 |
|
535,557 |
|
382,306 |
|
(1) Excludes the effects of financial
instruments but includes the effects of any physical delivery
contracts.
(2) Non-GAAP ratio. See “Non-GAAP and
Other Financial Measures”.
(3) Includes non-cash items such as
compensation, accretion, amortization of deferred financing fees
and other gains and losses.
(4) Non-GAAP financial measure. See
“Non-GAAP and Other Financial Measures”.
(5) See “Advisories – F&D Capital
Expenditures”.
(6) Capital management measure. See
“Non-GAAP and Other Financial Measures”.
FULL-YEAR AND Q4 2024 UNAUDITED
FINANCIAL AND OPERATIONAL RESULTS
Production
-
Birchcliff’s production averaged 76,695 boe/d in 2024, a 1%
increase from 2023. Production averaged 77,623 boe/d in Q4 2024, a
1% increase from Q4 2023. Birchcliff’s annual average production
for 2024 was at the high-end of its guidance range of 75,000 to
77,000 boe/d.
-
The increases were primarily due to the strong performance of the
Corporation’s capital program and the successful drilling of new
Montney/Doig wells brought on production, partially offset by
natural production declines. Full-year production in 2023 was
negatively impacted by an unplanned system outage on Pembina’s
Northern Pipeline system, which reduced the Corporation’s NGLs
sales volumes in 2023.
-
Liquids accounted for 18% of Birchcliff’s total production in both
2024 and 2023, which was in line with Birchcliff’s guidance of 19%.
Liquids accounted for 18% of Birchcliff’s total production in Q4
2024 as compared to 19% in Q4 2023.
Adjusted Funds Flow and Cash Flow From
Operating Activities
-
Birchcliff generated adjusted funds flow of $236.8 million in 2024,
or $0.88 per basic common share, both of which decreased by 23%
from 2023. Adjusted funds flow was $71.8 million in Q4 2024, or
$0.27 per basic common share, a 6% and 7% decrease from Q4 2023,
respectively. Birchcliff’s full-year adjusted funds flow in 2024
was higher than its guidance of $230 million primarily due to lower
than expected royalty and G&A expenses.
-
Birchcliff’s cash flow from operating activities was $203.7 million
in 2024, a 36% decrease from 2023. Cash flow from operating
activities was $45.6 million in Q4 2024, a 42% decrease from Q4
2023.
-
The decreases in adjusted funds flow and cash flow from operating
activities were primarily due to lower natural gas revenue, which
was largely the result of a 32% and 22% decrease in the average
realized sales price Birchcliff received for its natural gas
production in the full-year and Q4 2024, respectively, as compared
to 2023, and higher interest expenses. Birchcliff’s adjusted funds
flow and cash flow from operating activities were positively
impacted by lower royalty expenses and realized gains on financial
instruments of $9.3 million and $12.0 million in the full-year and
Q4 2024, respectively, as compared to realized losses on financial
instruments of $37.3 million and $2.6 million in 2023.
Net Income (Loss) to Common
Shareholders
-
Birchcliff earned net income to common shareholders of $56.1
million in 2024, or $0.21 per basic common share, as compared to
$9.8 million and $0.04 per basic common share in 2023. The
increases were primarily due to an unrealized mark-to-market gain
on financial instruments of $98.6 million in 2024 as compared to an
unrealized mark-to-market loss on financial instruments of $38.2
million in 2023, partially offset by lower adjusted funds flow in
2024.
-
Birchcliff earned net income to common shareholders of $35.2
million in Q4 2024, or $0.13 per basic common share, as compared to
a net loss to common shareholders of $5.5 million and $0.02 per
basic common share in Q4 2023. The change to a net income position
was primarily due to an unrealized mark-to-market gain on financial
instruments of $42.5 million in Q4 2024 as compared to an
unrealized mark-to-market loss on financial instruments of $11.1
million in Q4 2023.
Debt and Credit Facilities
-
Total debt at December 31, 2024 was $535.6 million, a 40% increase
from December 31, 2023. Birchcliff’s 2024 year-end total debt was
at the high-end of its guidance range of $515 million to $535
million.
-
At December 31, 2024, Birchcliff had a balance outstanding under
its extendible revolving credit facilities (the “Credit
Facilities”) of $570.9 million (December 31, 2023: $374.1
million) from available Credit Facilities of $850.0 million
(December 31, 2023: $850.0 million), leaving the Corporation with
$279.1 million (33%) of unutilized credit capacity after adjusting
for outstanding letters of credit and unamortized deferred
financing fees. This unutilized credit capacity provides Birchcliff
with significant financial flexibility and available capital
resources. The Credit Facilities have a maturity date of May 11,
2027 and do not contain any financial maintenance covenants.
Marketing and Natural Gas Market
Diversification
-
Birchcliff’s physical natural gas sales exposure primarily consists
of the AECO, Dawn and Alliance markets. In addition, the
Corporation has various financial instruments outstanding that
provide it with exposure to NYMEX HH pricing.
The following table sets forth Birchcliff’s
effective sales, production and average realized sales price for
natural gas and liquids for Q4 2024, after taking into account the
Corporation’s financial instruments:
|
Three months ended December 31, 2024 |
|
|
Effective sales (CDN$000s) |
Percentage of total sales (%) |
Effectiveproduction(per day) |
Percentage of total natural gas
production(%) |
Percentage of total corporate
production(%) |
Effective average realizedsales
price(CDN$) |
|
Market |
|
|
|
|
|
|
|
AECO(1)(2) |
11,831 |
6 |
82,345 Mcf |
21 |
18 |
1.56/Mcf |
|
Dawn(3) |
48,281 |
26 |
162,555 Mcf |
43 |
35 |
3.23/Mcf |
|
NYMEX HH(1)(4) |
53,015 |
28 |
136,533 Mcf |
36 |
29 |
4.22/Mcf |
|
Total natural gas(1) |
113,127 |
60 |
381,433 Mcf |
100 |
82 |
3.22/Mcf |
|
Light oil |
17,450 |
10 |
1,993 bbls |
|
3 |
95.18/bbl |
|
Condensate |
37,985 |
20 |
4,310 bbls |
|
5 |
95.79/bbl |
|
NGLs |
18,679 |
10 |
7,748 bbls |
|
10 |
26.20/bbl |
|
Total liquids |
74,114 |
40 |
14,051 bbls |
|
18 |
57.33/bbl |
|
Total corporate(1) |
187,241 |
100 |
77,623 boe |
|
100 |
26.22/boe |
(1) Effective sales and effective average
realized sales price on a total natural gas and total corporate
basis and for the AECO and NYMEX HH markets are non-GAAP financial
measures and non-GAAP ratios, respectively. See “Non-GAAP and Other
Financial Measures”.
(2) Birchcliff has short-term physical
sales agreements with third-party marketers to sell and deliver
into the Alliance pipeline system. All of Birchcliff’s short-term
physical Alliance sales and production during Q4 2024 received AECO
premium pricing and have therefore been included as effective sales
and production in the AECO market.
(3) Birchcliff has agreements for the firm
service transportation of an aggregate of 175,000 GJ/d of natural
gas on TransCanada PipeLines’ Canadian Mainline, whereby natural
gas is transported to the Dawn trading hub in Southern Ontario.
(4) NYMEX HH effective sales and
production include financial NYMEX HH/AECO 7A basis swap contracts
for an aggregate of 147,500 MMBtu/d at an average contract price of
NYMEX HH less US$1.12/MMBtu during Q4 2024.Birchcliff’s effective
average realized sales price for NYMEX HH of CDN$4.22/Mcf
(US$2.76/MMBtu) was determined on a gross basis before giving
effect to the average NYMEX HH/AECO 7A fixed contract basis
differential price of CDN$1.71/Mcf (US$1.12/MMBtu) and includes any
realized gains and losses on financial NYMEX HH/AECO 7A basis swap
contracts during Q4 2024.After giving effect to the NYMEX HH/AECO
7A fixed contract basis differential price and including any
realized gains and losses on financial NYMEX HH/AECO 7A basis swap
contracts during Q4 2024, Birchcliff’s effective average realized
net sales price for NYMEX HH was CDN$2.51/Mcf (US$1.64/MMBtu) in Q4
2024.
The following table sets forth Birchcliff’s
physical sales, production, average realized sales price,
transportation costs and natural gas sales netback by natural gas
market for the periods indicated, before taking into account the
Corporation’s financial instruments:
|
Three months ended December 31, 2024 |
|
Natural gas market |
Natural gas
sales(1)(CDN$000s) |
Percentage of natural gas sales(%) |
Natural gas production(Mcf/d) |
Percentage of natural gas production(%) |
Average realized natural gas
sales price(1)(CDN$/Mcf) |
Natural gas transportation costs(2)(CDN$/Mcf) |
Natural gas sales netback(3)(CDN$/Mcf) |
|
AECO |
31,027 |
39 |
216,321 |
57 |
1.57 |
0.38 |
1.19 |
|
Dawn |
48,281 |
60 |
162,555 |
42 |
3.23 |
1.43 |
1.80 |
|
Alliance(4) |
307 |
1 |
2,557 |
1 |
1.30 |
- |
1.30 |
|
Total |
79,615 |
100 |
381,433 |
100 |
2.27 |
0.83 |
1.44 |
|
Three months ended December 31, 2023 |
|
Natural gas market |
Natural gas
sales(1)(CDN$000s) |
Percentage ofnatural gas
sales(%) |
Natural gas production(Mcf/d) |
Percentage of natural gas production(%) |
Average realized natural gas
sales price(1)(CDN$/Mcf) |
Natural gas transportation costs(2)(CDN$/Mcf) |
Natural gas sales netback(3)(CDN$/Mcf) |
|
AECO |
50,508 |
51 |
203,024 |
55 |
2.72 |
0.38 |
2.33 |
|
Dawn |
47,433 |
47 |
161,119 |
43 |
3.20 |
1.42 |
1.78 |
|
Alliance(4) |
2,016 |
2 |
8,451 |
2 |
2.59 |
- |
2.59 |
|
Total |
99,957 |
100 |
372,594 |
100 |
2.92 |
0.83 |
2.09 |
(1) Excludes the effects of financial
instruments but includes the effects of any physical delivery
contracts.
(2) Reflects costs to transport natural
gas from the field receipt point to the delivery sales trading
hub.
(3) Natural gas sales netback denotes the
average realized natural gas sales price less natural gas
transportation costs.
(4) Birchcliff has short-term physical
sales agreements with third-party marketers to sell and deliver
into the Alliance pipeline system. Alliance sales are recorded net
of transportation tolls.
Capital Activities and
Investment
-
F&D capital expenditures were $273.1 million in 2024, as
compared to Birchcliff’s guidance of $250 million to $270
million.
-
In 2024, the Corporation achieved a significant year-over-year
improvement in capital efficiency(7) for its wells of approximately
24% compared to 2023. The following table sets forth the wells that
were drilled and brought on production in 2024:
|
|
Number of wells drilled in
2024(1) |
Number of wells brought on production in
2024 |
|
Pouce Coupe |
|
|
|
|
|
|
|
|
04-30 (5-well pad) |
Montney D1 |
0(2) |
5 |
|
|
|
|
|
|
|
|
16-17 (5-well pad) |
BD/UM |
1 |
1 |
|
|
|
Montney D1 |
3 |
3 |
|
|
|
Montney D4 |
1 |
1 |
|
|
|
|
|
|
|
|
16-15 (6-well pad) |
Montney D1 |
6 |
6 |
|
|
|
|
|
|
|
|
10-22 (5-well pad) |
Montney D1 |
5 |
5 |
|
|
|
|
|
|
|
|
04-05 (5-well pad) |
Montney D1 |
5 |
0(3) |
|
|
|
|
|
|
|
Gordondale |
|
|
|
|
|
|
|
|
02-27 (2-well pad) |
Montney D1 |
1 |
1 |
|
|
|
Montney D2 |
1 |
1 |
|
|
|
|
|
|
|
|
01-10 (4-well pad) |
Montney D1 |
4 |
4 |
|
|
|
|
|
|
|
Elmworth |
|
|
|
|
|
|
|
|
|
|
13-09 vertical |
Montney |
1 |
0 |
|
|
|
|
|
|
|
|
01-28 horizontal |
Montney |
1 |
0 |
|
|
|
|
|
|
TOTAL |
29 |
27 |
(1) All wells are natural gas wells,
except for the 4-well 01-10 pad, which are light oil wells.
(2) The five wells drilled on the 04-30
pad were drilled in December 2023.
(3) The five wells drilled on the 04-05
pad are scheduled to come on production later in February 2025.
______________________________
(7) See “Advisories – Oil and Gas
Metrics”.
UPDATE ON 2025 CAPITAL
PROGRAM
-
As disclosed in Birchcliff’s press release dated January 22, 2025,
the Corporation’s board of directors (the “Board”)
approved a disciplined F&D capital budget of $260 million to
$300 million for 2025. Benefitting from the learnings gained from
the Corporation’s 2024 capital program, the wells in Birchcliff’s
2025 capital program are expected to yield strong production, using
the Corporation’s latest field development practices and wellbore
design, which incorporates longer lateral lengths, reduced cluster
spacing and increased proppant loading where appropriate.
-
The Corporation successfully completed drilling its 5-well 04-05
pad in Pouce Coupe in December 2024. Completions operations are
currently underway on the pad, with the wells scheduled to come on
production later in February 2025. The pad was drilled in the Lower
Montney targeting high-rate natural gas wells.
-
The Corporation is currently drilling its 3-well 07-10 pad in Pouce
Coupe. The pad is targeting condensate-rich natural gas wells in
the Lower Montney. The wells are anticipated to be brought on
production at the end of Q1 2025.
-
The Corporation successfully completed drilling its 4-well 02-27
pad in Gordondale in February 2025, with completions operations
scheduled to begin in March 2025. The pad is targeting
condensate-rich natural gas wells in the Lower Montney. The wells
are anticipated to be brought on production in early Q2 2025.
-
In Elmworth, the Corporation completed a horizontal land retention
well and has commenced a short clean-up test. As disclosed in the
Corporation’s press release on January 22, 2025, this well is not
currently planned to be tied in.
U.S. AND CANADIAN TARIFFS
-
While Birchcliff hopes that there will not be a trade dispute
between the United States and Canada, the Corporation believes that
Canada’s over-reliance on exporting its energy into the U.S. must
be addressed through the reduction of red tape and government
interference in the construction of critical infrastructure such as
oil and gas pipelines to the east and west coasts of Canada, LNG
terminals on each coast and an increase in refining capacity within
Canada, in order to diversify Canada’s energy export market. The
Corporation continues to actively monitor this situation.
-
Birchcliff believes that its ongoing strategy of maintaining
significant natural gas market diversification for 2025 will
continue to protect the Corporation from volatility in the North
American natural gas pricing environment, including as it relates
to potential tariffs. Approximately 41% of Birchcliff’s natural gas
production is physically delivered to the Dawn trading hub in
Ontario, which is priced in U.S. dollars, and the Corporation also
has U.S. denominated financial contracts that expose approximately
35% of its natural gas production to NYMEX HH pricing on a
financial basis, without physical delivery into the United
States.
2024 YEAR-END RESERVES
The reserves data set forth below at December
31, 2024 is based upon the Deloitte Report, which has been prepared
in accordance with the standards contained in the Canadian Oil and
Gas Evaluation Handbook (the “COGE Handbook”) and
NI 51-101.
The reserves data provided in this press release
presents only a portion of the disclosure required under NI 51-101.
The disclosure required under NI 51-101 will be contained in
Birchcliff’s annual information form for the year ended December
31, 2024, which is expected to be filed on SEDAR+
(www.sedarplus.ca) on March 12, 2025.
In some of the tables below, numbers may not add
due to rounding. The estimates of future net revenue contained
herein do not represent fair market value. For additional
information regarding the presentation of Birchcliff’s reserves
disclosure contained herein, see “Presentation of Oil and Gas
Reserves” and “Advisories” in this press release.
Reserves Summary
The following table summarizes the estimates of
Birchcliff’s gross reserves at December 31, 2024 and December
31, 2023, estimated using the forecast price and cost assumptions
in effect as at the effective date of the applicable reserves
evaluation:
|
Reserves Category |
December 31, 2024(Mboe) |
|
December 31, 2023(1)(Mboe) |
|
% Change |
|
|
Proved Developed Producing |
217,076 |
|
220,536 |
|
(2) |
|
|
Total Proved |
667,390 |
|
691,886 |
|
(4) |
|
|
Total Proved Plus Probable |
969,636 |
|
993,897 |
|
(2) |
|
(1) Deloitte prepared an independent
evaluation of the Corporation’s reserves effective December 31,
2023 as contained in their report dated February 14, 2024 (the
“2023 Deloitte Report”). The forecast commodity
prices, inflation and exchange rates utilized in the 2023 Deloitte
Report were computed using the average of forecasts from Deloitte,
McDaniel, GLJ and Sproule effective January 1, 2024 (the
“2023 Price Forecast”).
The following table sets forth Birchcliff’s
light crude oil and medium crude oil, conventional natural gas,
shale gas and NGLs reserves at December 31, 2024, estimated
using the 2024 Price Forecast:
|
Reserves Category |
Light Crude Oil and Medium Crude Oil |
Conventional Natural Gas |
Shale Gas |
NGLs(1) |
Total Oil Equivalent |
|
Gross(Mbbls) |
Net(Mbbls) |
Gross(MMcf) |
Net(MMcf) |
Gross(MMcf) |
Net(MMcf) |
Gross(Mbbls) |
Net(Mbbls) |
Gross(Mboe) |
Net(Mboe) |
|
Proved |
|
|
|
|
|
|
|
|
|
|
|
Developed Producing |
4,889 |
3,946 |
6,051 |
5,707 |
1,053,238 |
971,102 |
35,639 |
29,058 |
217,076 |
195,805 |
| |
Developed Non-Producing |
9 |
9 |
0 |
0 |
4,840 |
4,537 |
239 |
203 |
1,054 |
968 |
|
|
Undeveloped |
7,089 |
5,747 |
2,858 |
2,625 |
2,320,235 |
2,094,569 |
54,988 |
42,966 |
449,259 |
398,246 |
|
Total Proved |
11,987 |
9,701 |
8,909 |
8,332 |
3,378,312 |
3,070,208 |
90,866 |
72,227 |
667,390 |
595,019 |
|
Total Probable |
9,083 |
6,933 |
5,270 |
4,911 |
1,442,846 |
1,272,820 |
51,811 |
39,640 |
302,246 |
259,529 |
|
Total Proved Plus Probable |
21,070 |
16,635 |
14,179 |
13,243 |
4,821,158 |
4,343,028 |
142,676 |
111,868 |
969,636 |
854,547 |
(1) NGLs includes condensate.
Net Present Values of Future Net
Revenue
The following table sets forth the net present
values of future net revenue attributable to Birchcliff’s reserves
at December 31, 2024, estimated using the 2024 Price Forecast,
before deducting future income tax expenses and calculated at
various discount rates:
|
Reserves Category |
Before Income Taxes Discounted At
(%/year) |
Unit ValueDiscountedat
10%/year($/boe)(1) |
|
0 ($000s) |
5 ($000s) |
10 ($000s) |
15 ($000s) |
20($000s) |
|
|
Proved |
|
|
|
|
|
|
|
|
Developed Producing |
3,670,971 |
2,851,081 |
2,277,750 |
1,892,104 |
1,621,811 |
|
11.63 |
|
Developed Non-Producing |
13,717 |
9,900 |
7,499 |
5,888 |
4,750 |
|
7.75 |
|
Undeveloped |
7,083,864 |
3,707,943 |
2,073,919 |
1,199,557 |
694,944 |
|
5.21 |
|
Total Proved |
10,768,552 |
6,568,924 |
4,359,168 |
3,097,549 |
2,321,504 |
|
7.33 |
|
Total Probable |
6,210,051 |
2,553,082 |
1,204,663 |
632,630 |
361,133 |
|
4.64 |
|
Total Proved Plus Probable |
16,978,602 |
9,122,005 |
5,563,831 |
3,730,179 |
2,682,638 |
|
6.51 |
(1) Unit values are based on
net reserves volumes.
Net Asset Value
Net asset value reflects the estimated long-term
fair value of Birchcliff’s underlying reserves assets after
settling its outstanding financial obligations at a point in time.
The net present value of the Corporation’s reserves can vary
significantly depending on the oil and natural gas price
assumptions used by Deloitte and assumes only the reserves
identified in the applicable reserves report, with no further
acquisitions or incremental development.
The following table sets forth Birchcliff’s net
asset value for its PDP, total proved and total proved plus
probable reserves for the periods indicated:
|
($000s, except per share amounts) |
Proved Developed Producing |
Total Proved |
Total Proved Plus Probable |
|
As at December 31, |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Reserves, NPV10%(1) |
|
2,277,750 |
|
|
2,620,064 |
|
|
4,359,168 |
|
|
5,405,617 |
|
|
5,563,831 |
|
|
6,835,417 |
|
| Total debt(2) |
|
(535,557 |
) |
|
(382,306 |
) |
|
(535,557 |
) |
|
(382,306 |
) |
|
(535,557 |
) |
|
(382,306 |
) |
|
Unexercised securities(3) |
|
34,961 |
|
|
16,717 |
|
|
34,961 |
|
|
16,717 |
|
|
34,961 |
|
|
16,717 |
|
|
Net asset value(4)(5) |
|
1,777,154 |
|
|
2,254,475 |
|
|
3,858,572 |
|
|
5,040,028 |
|
|
5,063,235 |
|
|
6,469,828 |
|
|
Net asset value (per common share)(4)(5)(6) |
$6.35 |
|
$8.22 |
|
$13.79 |
|
$18.38 |
|
$18.09 |
|
$23.60 |
|
(1) Represents the net present value of
the future net revenue (before income taxes, discounted at 10%) of
Birchcliff’s PDP, total proved and total proved plus probable
reserves, as applicable, as estimated by Deloitte effective
December 31, 2024 and December 31, 2023, using forecast prices and
costs.
(2) Capital management measure. See
“Non-GAAP and Other Financial Measures”.
(3) Represents the value of unexercised
in-the-money stock options and performance warrants outstanding at
the end of the year. The closing trading price on the TSX of
Birchcliff’s common shares on December 31, 2024 and December 29,
2023 was $5.42 and $5.78, respectively.
(4) Excludes any value from undeveloped
land and seismic.
(5) Net asset value is a non-GAAP
financial measure and net asset value per common share is a
non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.
(6) For 2024, based on 279.9 million common
shares, which includes 271.3 million basic common shares
outstanding at December 31, 2024 and 8.6 million dilutive common
shares from unexercised in-the-money stock options and performance
warrants outstanding at December 31, 2024. For 2023, based on 274.2
million common shares, which includes 267.2 million basic common
shares outstanding at December 31, 2023 and 7.0 million dilutive
common shares from unexercised in-the-money stock options and
performance warrants outstanding at December 31, 2023.
Net asset value decreased in all categories of
reserves in 2024 as compared to 2023 primarily due to lower
forecast prices in the 2024 Price Forecast compared to the 2023
Price Forecast, including an AECO price decrease of approximately
20% for 2025 through 2027 and approximately 11% thereafter.
Pricing Assumptions
The following table sets forth the 2024 Price
Forecast used in the Deloitte Report:
|
Year |
Crude Oil |
|
Natural Gas(1) |
|
NGLs |
Currency Exchange Rate (US$/CDN$) |
Price and Cost Inflation Rates(%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WTI at Cushing Oklahoma (US$/bbl) |
Edmonton City Gate (CDN$/bbl) |
Alberta AECOAverage
Price(CDN$/Mcf) |
Ontario DawnReference
Point(CDN$/Mcf) |
NYMEX Henry Hub(US$/Mcf) |
Edmonton Ethane(CDN$/bbl) |
Edmonton Propane (CDN$/bbl) |
Edmonton Butane (CDN$/bbl) |
Edmonton Pentanes + Condensate (CDN$/bbl) |
|
2025 |
71.19 |
|
94.00 |
|
2.35 |
|
4.28 |
|
3.30 |
|
7.27 |
|
32.05 |
|
48.68 |
|
98.02 |
|
0.714 |
0.0 |
|
2026 |
73.20 |
|
94.84 |
|
3.32 |
|
4.83 |
|
3.76 |
|
10.40 |
|
31.19 |
|
47.43 |
|
97.60 |
|
0.731 |
2.0 |
|
2027 |
74.54 |
|
95.28 |
|
3.52 |
|
4.94 |
|
3.93 |
|
11.04 |
|
31.28 |
|
47.63 |
|
97.43 |
|
0.736 |
2.0 |
|
2028 |
76.28 |
|
96.40 |
|
3.69 |
|
5.05 |
|
4.01 |
|
11.61 |
|
31.70 |
|
48.26 |
|
98.60 |
|
0.758 |
2.0 |
|
2029 |
77.81 |
|
98.33 |
|
3.77 |
|
5.14 |
|
4.10 |
|
11.85 |
|
32.33 |
|
49.22 |
|
100.58 |
|
0.758 |
2.0 |
|
2030 |
79.37 |
|
100.30 |
|
3.84 |
|
5.25 |
|
4.17 |
|
12.08 |
|
32.98 |
|
50.20 |
|
102.57 |
|
0.758 |
2.0 |
|
2031 |
80.96 |
|
102.31 |
|
3.92 |
|
5.34 |
|
4.25 |
|
12.34 |
|
33.64 |
|
51.21 |
|
104.63 |
|
0.758 |
2.0 |
|
2032 |
82.57 |
|
104.36 |
|
3.99 |
|
5.46 |
|
4.34 |
|
12.58 |
|
34.31 |
|
52.24 |
|
106.73 |
|
0.758 |
2.0 |
|
2033 |
84.22 |
|
106.44 |
|
4.08 |
|
5.58 |
|
4.43 |
|
12.85 |
|
35.00 |
|
53.27 |
|
108.86 |
|
0.758 |
2.0 |
|
2034 |
85.91 |
|
108.57 |
|
4.16 |
|
5.68 |
|
4.52 |
|
13.10 |
|
35.69 |
|
54.35 |
|
111.04 |
|
0.758 |
2.0 |
|
2035 |
87.63 |
|
110.74 |
|
4.24 |
|
5.80 |
|
4.61 |
|
13.37 |
|
36.41 |
|
55.43 |
|
113.27 |
|
0.758 |
2.0 |
|
2036 |
89.38 |
|
112.95 |
|
4.33 |
|
5.93 |
|
4.69 |
|
13.64 |
|
37.14 |
|
56.54 |
|
115.52 |
|
0.758 |
2.0 |
|
2037 |
91.17 |
|
115.21 |
|
4.42 |
|
6.03 |
|
4.79 |
|
13.91 |
|
37.88 |
|
57.67 |
|
117.84 |
|
0.758 |
2.0 |
|
2038 |
92.99 |
|
117.51 |
|
4.51 |
|
6.14 |
|
4.88 |
|
14.19 |
|
38.63 |
|
58.83 |
|
120.20 |
|
0.758 |
2.0 |
|
2039 |
94.85 |
|
119.86 |
|
4.59 |
|
6.28 |
|
4.99 |
|
14.47 |
|
39.41 |
|
60.00 |
|
122.60 |
|
0.758 |
2.0 |
|
2040 |
96.75 |
|
122.26 |
|
4.68 |
|
6.41 |
|
5.09 |
|
14.76 |
|
40.20 |
|
61.20 |
|
125.05 |
|
0.758 |
2.0 |
|
2041 |
98.69 |
|
124.71 |
|
4.78 |
|
6.54 |
|
5.19 |
|
15.05 |
|
41.00 |
|
62.43 |
|
127.56 |
|
0.758 |
2.0 |
|
2042 |
100.66 |
|
127.20 |
|
4.87 |
|
6.67 |
|
5.29 |
|
15.35 |
|
41.82 |
|
63.68 |
|
130.10 |
|
0.758 |
2.0 |
|
2043 |
102.67 |
|
129.75 |
|
4.97 |
|
6.81 |
|
5.39 |
|
15.66 |
|
42.66 |
|
64.94 |
|
132.71 |
|
0.758 |
2.0 |
|
2044 |
104.72 |
|
132.34 |
|
5.07 |
|
6.93 |
|
5.51 |
|
15.98 |
|
43.51 |
|
66.24 |
|
135.36 |
|
0.758 |
2.0 |
|
2044+ |
2.0% |
|
2.0% |
|
2.0% |
|
2.0% |
|
2.0% |
|
2.0% |
|
2.0% |
|
2.0% |
|
2.0% |
|
0.758 |
2.0 |
(1) 1 Mcf = 1 MMBtu.
Reconciliation of Changes in
Reserves
The following table sets forth the
reconciliation of Birchcliff’s gross reserves at December 31,
2024 as set forth in the Deloitte Report, estimated using the 2024
Price Forecast, to Birchcliff’s gross reserves at December 31,
2023:
|
Factors |
Light Crude Oil andMedium Crude
Oil (Mbbls) |
Conventional Natural Gas(MMcf) |
Shale Gas(MMcf) |
NGLs(8)(Mbbls) |
Oil Equivalent(Mboe) |
|
GROSS TOTAL PROVED |
|
|
|
|
|
|
Opening balance December 31, 2023 |
14,460 |
|
10,251 |
|
3,493,022 |
|
93,547 |
|
691,886 |
|
|
Extensions and Improved Recovery(1) |
0 |
|
0 |
|
58,875 |
|
2,287 |
|
12,099 |
|
|
Technical Revisions(2) |
(1,724 |
) |
2,244 |
|
(37,966 |
) |
(2,022 |
) |
(9,699 |
) |
|
Discoveries(3) |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Acquisitions(4) |
0 |
|
0 |
|
18,193 |
|
1,633 |
|
4,665 |
|
|
Dispositions(5) |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Economic Factors(6) |
(12 |
) |
(2,746 |
) |
(15,923 |
) |
(367 |
) |
(3,491 |
) |
|
Production(7) |
(738 |
) |
(840 |
) |
(137,889 |
) |
(4,211 |
) |
(28,070 |
) |
|
Closing balance December 31, 2024 |
11,987 |
|
8,909 |
|
3,378,312 |
|
90,866 |
|
667,390 |
|
|
GROSS TOTAL PROBABLE |
|
Opening balance December 31, 2023 |
10,088 |
|
5,666 |
|
1,438,587 |
|
51,213 |
|
302,011 |
|
|
Extensions and Improved Recovery(1) |
0 |
|
0 |
|
9,320 |
|
1,602 |
|
3,155 |
|
|
Technical Revisions(2) |
(1,003 |
) |
(2,604 |
) |
(33,104 |
) |
(3,347 |
) |
(10,301 |
) |
|
Discoveries(3) |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Acquisitions(4) |
0 |
|
0 |
|
24,508 |
|
2,296 |
|
6,381 |
|
|
Dispositions(5) |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Economic Factors(6) |
(2 |
) |
2,208 |
|
3,535 |
|
45 |
|
1,000 |
|
|
Production(7) |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Closing balance December 31, 2024 |
9,083 |
|
5,270 |
|
1,442,846 |
|
51,811 |
|
302,246 |
|
|
GROSS TOTAL PROVED PLUS PROBABLE |
|
Opening balance December 31, 2023 |
24,549 |
|
15,917 |
|
4,931,609 |
|
144,760 |
|
993,897 |
|
|
Extensions and Improved Recovery(1) |
0 |
|
0 |
|
68,195 |
|
3,888 |
|
15,254 |
|
|
Technical Revisions(2) |
(2,727 |
) |
(361 |
) |
(71,069 |
) |
(5,369 |
) |
(20,000 |
) |
|
Discoveries(3) |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Acquisitions(4) |
0 |
|
0 |
|
42,701 |
|
3,929 |
|
11,046 |
|
|
Dispositions(5) |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Economic Factors(6) |
(14 |
) |
(538 |
) |
(12,389 |
) |
(322 |
) |
(2,490 |
) |
|
Production(7) |
(738 |
) |
(840 |
) |
(137,889 |
) |
(4,211 |
) |
(28,070 |
) |
|
Closing balance December 31, 2024 |
21,070 |
|
14,179 |
|
4,821,158 |
|
142,676 |
|
969,636 |
|
(1) Additions to volumes resulting from
capital expenditures for: (i) step-out drilling in previously
discovered reservoirs; (ii) infill drilling in previously
discovered reservoirs that were not drilled as part of an enhanced
recovery scheme; and (iii) the installation of improved recovery
schemes.
(2) Positive or negative volume revisions
to an estimate resulting from new technical data or revised
interpretations on previously assigned volumes, performance and
operating costs. This category also includes revisions resulting
from well locations combined or removed as part of an updated
development plan.
(3) Additions to volumes in reservoirs
where no reserves were previously booked.
(4) Positive additions to volume estimates
because of purchasing interests in oil and gas properties.
(5) Reductions in volume estimates because
of selling all or a portion of an interest in oil and gas
properties.
(6) Changes to volumes resulting from
different price forecasts, inflation rates and regulatory
changes.
(7) Reductions in the volume estimates due
to actual production.
(8) NGLs includes condensate.
Key highlights include the following:
-
Extensions and Improved Recovery
-
Reserves were added from 27 wells brought on production pursuant to
the Corporation’s successful 2024 capital program. The 2024 program
was focused in Birchcliff’s core areas in Pouce Coupe and
Gordondale, converting proved and probable undeveloped reserves
into PDP reserves.
- Technical Revisions
- The technical revisions in all reserves categories for light
crude oil and medium crude oil were primarily the result of: (i)
higher gas-to-oil ratios for existing producing oil wells in the
southeast area in Gordondale; and (ii) potential future drilling
location adjustments based on offsetting well performance.
- The technical revisions in all reserves categories for
conventional natural gas were primarily the result of existing well
performance.
- The technical revisions in all reserves categories for shale
gas were primarily the result of:
(i) an updated reserves forecast
for existing wells based on historical performance, which included
a reduction in the reserves attributable to 56 existing
high-density producing wells that were drilled from 2019 to 2023.
The Corporation does not expect that the technical revisions
relating to these wells will negatively impact future reserves
booked for other existing or future wells;
(ii) an updated full-field
development plan, which included the combining or removal of
multiple proved and probable potential future drilling locations,
resulting in the removal of 10 proved undeveloped locations and 3
probable locations; and
(iii) an updated reserves
forecast for various potential future drilling locations in the
Lower Montney in Gordondale as a result of an increase in the
reserves attributable to such future locations due to the continued
outperformance of existing wells in the area.
-
- The technical revisions in all reserves categories for NGLs
were primarily the result of: (i) a reduction in shale gas volumes;
and (ii) reduced NGLs recoveries at the Corporation’s owned and/or
operated natural gas processing plants in Pouce Coupe and
Gordondale. The reduced NGLs recoveries were partially offset by
reduced natural gas shrinkage.
-
Acquisitions
-
Changes were the result of various accretive acquisitions completed
by Birchcliff in the Pouce Coupe and Gordondale areas in 2024.
-
Economic Factors
-
The forecast prices for each product type were generally lower in
the 2024 Price Forecast than the 2023 Price Forecast, which
resulted in the economic limit at the end of a well’s life being
achieved earlier and therefore a reduction of the reserves volumes
in the total proved and total proved plus probable categories.
Future Development Costs
Future development costs
(“FDC”) reflect Deloitte’s best estimate of what
it will cost to bring the proved and proved plus probable reserves
on production. Changes in forecast FDC occur annually as a result
of development activities, acquisition and disposition activities
and capital cost estimates. The following table sets forth
development costs deducted in the estimation of Birchcliff’s future
net revenue attributable to the reserves categories noted below,
estimated using the 2024 Price Forecast:
|
Year |
Proved($000s) |
Proved Plus Probable($000s) |
| 2025 |
198,395 |
215,960 |
| 2026 |
355,662 |
374,083 |
| 2027 |
424,921 |
455,059 |
| 2028 |
895,366 |
895,366 |
| 2029 |
644,546 |
645,166 |
|
Thereafter |
849,599 |
2,299,368 |
|
Total undiscounted |
3,368,489 |
4,885,002 |
FDC for proved reserves on an FD&A basis
decreased to $3.37 billion at December 31, 2024 from $3.46 billion
at December 31, 2023. FDC for proved plus probable reserves on an
FD&A basis decreased to $4.89 billion at December 31, 2024 from
$4.97 billion at December 31, 2023. The FDC to drill, case,
complete, equip and tie-in for future locations in Birchcliff’s
Pouce Coupe and Gordondale areas ($5.9 million per well) did not
change from December 31, 2023 to December 31, 2024.
The FDC for both proved and proved plus probable
reserves are primarily the capital costs required to drill, case,
complete, equip and tie-in the net undeveloped locations. The
estimates of FDC on a proved and proved plus probable basis also
include approximately $320 million (unescalated) for the continued
expansion of the Pouce Coupe Gas Plant from the existing 340 MMcf/d
to 660 MMcf/d of total throughput. The FDC for the expansion of the
Pouce Coupe Gas Plant also include the costs of the related
gathering pipelines and maintenance capital.
F&D and FD&A Costs
The following table sets forth Birchcliff’s
F&D and FD&A costs for its PDP, total proved and total
proved plus probable reserves for the three previous financial
years, including FDC:
|
|
2024(2) |
2023 |
2022 |
3-Year Average |
|
F&D costs ($/boe)(1) |
|
|
|
|
|
Proved Developed Producing |
11.52(3) |
13.16 |
10.24 |
11.43 |
|
Total Proved |
n/a(4) |
16.02 |
82.02 |
29.43 |
|
Total Proved Plus Probable |
n/a(4) |
24.90 |
n/a(5) |
110.72 |
|
FD&A costs ($/boe)(1) |
|
|
|
|
|
Proved Developed Producing |
11.42(6) |
13.06 |
10.25 |
11.38 |
|
Total Proved |
53.86(7) |
13.79 |
78.96 |
23.24 |
|
Total Proved Plus Probable |
50.39(8) |
20.97 |
n/a(5) |
49.27 |
(1) See “Advisories – Oil and Gas Metrics”
for a description of the methodology used to calculate F&D and
FD&A costs.
(2) Birchcliff’s F&D and FD&A
capital expenditures were $273.1 million and $281.0 million,
respectively, in 2024. Birchcliff’s F&D and FD&A capital
expenditures included $18.8 million spent on strategics priorities
in the Corporation’s Elmworth area for which there was no
production or reserves assigned at year-end 2024.
(3) Birchcliff added 23.7 MMboe of PDP
reserves in 2024, after adding back 2024 actual production of 28.1
MMboe and including all other PDP reserves adjustments in 2024,
excluding acquisitions and dispositions.
(4) Birchcliff’s proved and proved plus
probable reserves decreased in 2024, after adding back 2024 actual
production of 28.1 MMboe. As a result of the year-over-year
decrease in proved and proved plus probable reserves, the
calculation for F&D costs for these reserves categories was not
applicable in 2024.
(5) Birchcliff’s proved plus probable
reserves decreased in 2022, after adding back 2022 actual
production of 28.1 MMboe. As a result of the year-over-year
decrease in proved plus probable reserves, the calculations for
F&D and FD&A costs for this reserves category were not
applicable in 2022.
(6) Birchcliff added 24.6 MMboe of PDP
reserves in 2024, after adding back 2024 actual production of 28.1
MMboe and including all other PDP reserves adjustments in 2024.
(7) Includes the 2024 decrease in FDC from
2023 of $88.5 million on a proved basis. Birchcliff added 3.6 MMboe
of proved reserves in 2024, after adding back 2024 actual
production of 28.1 MMboe and including all other proved reserves
adjustments in 2024.
(8) Includes the 2024 decrease in FDC from
2023 of $89.0 million on a proved plus probable basis. Birchcliff
added 3.8 MMboe of proved plus probable reserves in 2024, after
adding back 2024 actual production of 28.1 MMboe and including all
other proved plus probable reserves adjustments in 2024.
Recycle Ratios
The following table sets forth Birchcliff’s
F&D and FD&A operating netback recycle ratios for its PDP,
total proved and total proved plus probable reserves for the three
previous financial years, including FDC:
|
|
2024 |
2023 |
2022 |
3-Year Average |
|
F&D operating netback recycle ratio(1)(2) |
|
|
|
|
|
Proved Developed Producing |
1.0x |
1.1x |
3.2x |
1.7x |
|
Total Proved |
n/a(3) |
0.9x |
0.4x |
0.7x |
|
Total Proved Plus Probable |
n/a(3) |
0.6x |
n/a(4) |
0.2x |
|
FD&A operating netback recycle
ratio(1)(2) |
|
|
|
|
|
Proved Developed Producing |
1.0x |
1.1x |
3.2x |
1.7x |
|
Total Proved |
0.2x |
1.1x |
0.4x |
0.8x |
|
Total Proved Plus Probable |
0.2x |
0.7x |
n/a(4) |
0.4x |
(1) Non-GAAP ratio. See “Non-GAAP and
Other Financial Measures”.
(2) Birchcliff’s operating netback was
$11.02/boe in 2024 as compared to $14.74/boe in 2023 and $32.85/boe
in 2022. Operating netback is a non-GAAP ratio. See “Non-GAAP and
Other Financial Measures”.
(3) As a result of the year-over-year
decrease in proved and proved plus probable reserves, the
calculation for F&D operating netback recycle ratio for these
reserves categories was not applicable in 2024.
(4) As a result of the year-over-year
decrease in proved plus probable reserves, the calculations for
F&D and FD&A operating netback recycle ratio for this
reserves category were not applicable in 2022.
Reserves Replacement
The following table sets forth Birchcliff’s 2024
reserves replacement on an F&D and FD&A basis for its PDP,
total proved and total proved plus probable reserves:
|
Reserves Category |
2024 F&D Reserves
Replacement(1) |
2024 FD&A Reserves Replacement(1) |
|
Proved Developed Producing |
84 |
% |
88 |
% |
|
Total Proved |
n/a(2) |
13 |
% |
|
Total Proved Plus Probable |
n/a(2) |
14 |
% |
(1) See “Advisories – Oil and Gas Metrics”
for a description of the methodology used to calculate reserves
replacement.
(2) As a result of the 1.1 MMboe and 7.2
MMboe decrease in Birchcliff’s proved and proved plus probable
reserves, respectively, in 2024, after adding back 2024 actual
production of 28.1 MMboe, the calculation for F&D reserves
replacement for theses reserves categories was not applicable in
2024.
Reserves Life Index
The following table sets forth Birchcliff’s
reserves life index for its PDP, total proved and total proved plus
probable reserves at December 31, 2024:
|
Reserves Category |
Reserves Life Index(1) |
|
|
Proved Developed Producing |
7.7 years |
|
|
Total Proved |
23.6 years |
|
|
Total Proved Plus Probable |
34.3 years |
|
(1) See “Advisories – Oil and Gas Metrics”
for a description of the methodology used to calculate reserves
life index.
ABBREVIATIONS
|
AECO |
benchmark price for natural gas determined at the AECO ‘C’ hub in
southeast Alberta |
|
bbl |
barrel |
|
bbls |
barrels |
|
bbls/d |
barrels per day |
|
BD/UM |
Basal Doig/Upper Montney |
|
boe |
barrel of oil equivalent |
|
boe/d |
barrel of oil equivalent per day |
|
condensate |
pentanes plus (C5+) |
|
F&D |
finding and development |
|
FD&A |
finding, development and acquisition |
|
G&A |
general and administrative |
|
GAAP |
generally accepted accounting principles for Canadian public
companies, which are currently International Financial Reporting
Standards as issued by the International Accounting Standards
Board |
|
GJ/d |
gigajoules per day |
|
HH |
Henry Hub |
|
IP |
initial production |
|
LNG |
liquefied natural gas |
|
Mbbls |
thousand barrels |
|
Mboe |
thousand barrels of oil equivalent |
|
Mcf |
thousand cubic feet |
|
Mcf/d |
thousand cubic feet per day |
|
MMboe |
million barrels of oil equivalent |
|
MMBtu |
million British thermal units |
|
MMBtu/d |
million British thermal units per day |
|
MMcf |
million cubic feet |
|
MMcf/d |
million cubic feet per day |
|
NGLs |
natural gas liquids consisting of ethane (C2), propane (C3) and
butane (C4) and, except where otherwise noted, excludes
condensate |
|
NPV |
net present value |
|
NYMEX |
New York Mercantile Exchange |
|
OPEC |
Organization of the Petroleum Exporting Countries |
|
PDP |
proved developed producing |
|
Q |
quarter |
|
TSX |
Toronto Stock Exchange |
|
WTI |
West Texas Intermediate, the reference price paid in U.S. dollars
at Cushing, Oklahoma, for crude oil of standard grade |
|
000s |
thousands |
|
$000s |
thousands of dollars |
|
|
|
NON-GAAP AND OTHER FINANCIAL
MEASURES
This press release uses various “non-GAAP
financial measures”, “non-GAAP ratios” and “capital management
measures” (as such terms are defined in NI 52-112), which are
described in further detail below.
Non-GAAP Financial Measures
NI 52-112 defines a non-GAAP financial measure
as a financial measure that: (i) depicts the historical or expected
future financial performance, financial position or cash flow of an
entity; (ii) with respect to its composition, excludes an amount
that is included in, or includes an amount that is excluded from,
the composition of the most directly comparable financial measure
disclosed in the primary financial statements of the entity; (iii)
is not disclosed in the financial statements of the entity; and
(iv) is not a ratio, fraction, percentage or similar
representation. The non-GAAP financial measures used in this press
release are not standardized financial measures under GAAP and
might not be comparable to similar measures presented by other
companies. Investors are cautioned that non-GAAP financial measures
should not be construed as alternatives to or more meaningful than
the most directly comparable GAAP financial measures as indicators
of Birchcliff’s performance. Set forth below is a description of
the non-GAAP financial measures used in this press release.
Adjusted Funds Flow and Free Funds
Flow
Birchcliff defines “adjusted funds flow” as cash
flow from operating activities before the effects of
decommissioning expenditures, retirement benefit payments and
changes in non-cash operating working capital. Birchcliff
eliminates settlements of decommissioning expenditures from cash
flow from operating activities as the amounts can be discretionary
and may vary from period to period depending on its capital
programs and the maturity of its operating areas. The settlement of
decommissioning expenditures is managed with Birchcliff’s capital
budgeting process which considers available adjusted funds flow.
Birchcliff eliminates retirement benefit payments from cash flow
from operating activities as such payments reflect costs for past
service and contributions made by eligible executives under the
Corporation’s post-employment benefit plan, which are not
indicative of the current period. Changes in non-cash operating
working capital are eliminated in the determination of adjusted
funds flow as the timing of collection and payment are variable and
by excluding them from the calculation, the Corporation believes
that it is able to provide a more meaningful measure of its
operations and ability to generate cash on a continuing basis.
Management believes that adjusted funds flow assists management and
investors in assessing Birchcliff’s financial performance after
deducting all operating and corporate cash costs, as well as its
ability to generate the cash necessary to fund sustaining and/or
growth capital expenditures, repay debt, settle decommissioning
obligations, buy back common shares and pay dividends.
Birchcliff defines “free funds flow” as adjusted
funds flow less F&D capital expenditures. Management believes
that free funds flow assists management and investors in assessing
Birchcliff’s ability to generate shareholder value and returns
through a number of initiatives, including but not limited to, debt
repayment, common share buybacks, the payment of common share
dividends, acquisitions and other opportunities that would
complement or otherwise improve the Corporation’s business and
enhance long-term shareholder value.
The most directly comparable GAAP financial
measure to adjusted funds flow and free funds flow is cash flow
from operating activities. The following table provides a
reconciliation of cash flow from operating activities to adjusted
funds flow and free funds flow for the periods indicated:
|
|
Three months endedDecember
31, |
|
Twelve months endedDecember
31, |
|
|
($000s) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Cash flow from operating activities |
45,641 |
|
79,006 |
|
203,710 |
|
320,529 |
|
|
Change in non-cash operating working capital |
25,278 |
|
(6,248 |
) |
17,269 |
|
(19,477 |
) |
|
Decommissioning expenditures |
919 |
|
1,457 |
|
1,964 |
|
3,775 |
|
|
Retirement benefit payments |
- |
|
2,000 |
|
13,851 |
|
2,000 |
|
|
Adjusted funds flow |
71,838 |
|
76,215 |
|
236,794 |
|
306,827 |
|
|
F&D capital expenditures |
(58,310 |
) |
(58,166 |
) |
(273,084 |
) |
(304,637 |
) |
|
Free funds flow |
13,528 |
|
18,049 |
|
(36,290 |
) |
2,190 |
|
Transportation and Other Expense
Birchcliff defines “transportation and other
expense” as transportation expense plus marketing purchases less
marketing revenue. Birchcliff may enter into certain marketing
purchase and sales arrangements with the objective of reducing any
unused transportation or fractionation fees associated with its
take-or-pay commitments and/or increasing the value of its
production through value-added downstream initiatives. Management
believes that transportation and other expense assists management
and investors in assessing Birchcliff’s total cost structure
related to transportation and marketing activities.
The most directly comparable GAAP financial
measure to transportation and other expense is transportation
expense. The following table provides a reconciliation of
transportation expense to transportation and other expense for the
periods indicated:
|
|
Three months endedDecember 31, |
|
Twelve months endedDecember 31, |
|
|
($000s) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Transportation expense |
36,722 |
|
38,509 |
|
149,534 |
|
152,828 |
|
|
Marketing purchases |
14,905 |
|
8,928 |
|
51,496 |
|
34,772 |
|
|
Marketing revenue |
(14,083 |
) |
(8,532 |
) |
(54,069 |
) |
(30,521 |
) |
|
Transportation and other expense |
37,544 |
|
38,905 |
|
146,961 |
|
157,079 |
|
Operating Netback
Birchcliff defines “operating netback” as
petroleum and natural gas revenue less royalty expense, operating
expense and transportation and other expense. Management believes
that operating netback assists management and investors in
assessing Birchcliff’s operating profits after deducting the cash
costs that are directly associated with the sale of its production,
which can then be used to pay other corporate cash costs or satisfy
other obligations.
The following table provides a breakdown of
Birchcliff’s operating netback for the periods indicated:
|
|
Three months ended |
|
Twelve months ended |
|
|
|
December 31, |
|
December 31, |
|
|
($000s) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2022 |
|
|
Petroleum and natural gas revenue |
153,741 |
|
183,295 |
|
586,856 |
|
740,359 |
|
1,340,180 |
|
|
Royalty expense |
(9,033 |
) |
(19,400 |
) |
(39,608 |
) |
(70,257 |
) |
(161,226 |
) |
|
Operating expense |
(20,758 |
) |
(26,808 |
) |
(90,890 |
) |
(105,809 |
) |
(101,581 |
) |
|
Transportation and other expense |
(37,544 |
) |
(38,905 |
) |
(146,961 |
) |
(157,079 |
) |
(154,924 |
) |
|
Operating netback |
86,406 |
|
98,182 |
|
309,397 |
|
407,214 |
|
922,449 |
|
FD&A and Total Capital
Expenditures
Birchcliff defines “FD&A capital
expenditures” as exploration and development expenditures, less
dispositions, plus acquisitions (if any). Birchcliff defines “total
capital expenditures” as FD&A capital expenditures plus
administrative assets. Management believes that FD&A capital
expenditures and total capital expenditures assist management and
investors in assessing Birchcliff’s overall capital cost structure
associated with its petroleum and natural gas activities.
The most directly comparable GAAP financial
measure to FD&A capital expenditures and total capital
expenditures is exploration and development expenditures. The
following table provides a reconciliation of exploration and
development expenditures to FD&A capital expenditures and total
capital expenditures for the periods indicated:
|
|
Three months ended |
|
Twelve months ended |
|
|
|
December 31, |
|
December 31, |
|
|
($000s) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Exploration and development expenditures(1) |
58,310 |
|
58,166 |
|
273,084 |
|
304,637 |
|
|
Acquisitions |
8,076 |
|
2 |
|
8,169 |
|
190 |
|
|
Dispositions |
(100 |
) |
(10 |
) |
(258 |
) |
(87 |
) |
|
FD&A capital expenditures |
66,286 |
|
58,158 |
|
280,995 |
|
304,740 |
|
|
Administrative assets |
387 |
|
1,383 |
|
1,750 |
|
3,176 |
|
|
Total capital expenditures |
66,673 |
|
59,541 |
|
282,745 |
|
307,916 |
|
(1) Disclosed as F&D capital expenditures
elsewhere in this press release. See “Advisories – F&D Capital
Expenditures”.
Net Asset Value
Birchcliff defines “net asset value” as
property, plant and equipment, plus reserves premium adjustment
(less reserves discount adjustment) for its PDP, total proved and
total proved plus probable reserves (as the case may be), less
total debt and plus the value of unexercised in-the-money stock
options and performance warrants outstanding at the end of the
period. Management believes that net asset value assists management
and investors in assessing the long-term fair value of Birchcliff’s
underlying reserves assets after settling its outstanding financial
obligations.
The most directly comparable GAAP financial
measure to net asset value is property, plant and equipment. The
following table provides a reconciliation of property, plant and
equipment to net asset value for the periods indicated:
|
|
Proved Developed Producing |
Total Proved |
Total Proved Plus Probable |
|
As at December 31, ($000s) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Property, plant and equipment |
3,218,506 |
|
3,055,958 |
|
3,218,506 |
|
3,055,958 |
|
3,218,506 |
|
3,055,958 |
|
|
Reserves premium (discount) adjustment(1) |
(940,756 |
) |
(435,894 |
) |
1,140,662 |
|
2,349,659 |
|
2,345,325 |
|
3,779,459 |
|
|
Total debt |
(535,557 |
) |
(382,306 |
) |
(535,557 |
) |
(382,306 |
) |
(535,557 |
) |
(382,306 |
) |
|
Unexercised securities |
34,961 |
|
16,717 |
|
34,961 |
|
16,717 |
|
34,961 |
|
16,717 |
|
|
Net asset value |
1,777,154 |
|
2,254,475 |
|
3,858,572 |
|
5,040,028 |
|
5,063,235 |
|
6,469,828 |
|
(1) Represents the premium or discount, as
the case may be, between the net present value of future net
revenue (before income taxes, discounted at 10%) of Birchcliff’s
PDP, total proved and total proved plus probable reserves, as the
case may be, and the property, plant and equipment disclosed on the
financial statements.
Effective Sales – Total Corporate, Total
Natural Gas, AECO Market and NYMEX HH Market
Birchcliff defines “effective sales” in the AECO
market and NYMEX HH market as the sales amount received from the
production of natural gas that is effectively attributed to the
AECO and NYMEX HH market pricing, respectively, and does not
consider the physical sales delivery point in each case. Effective
sales in the NYMEX HH market includes realized gains and losses on
financial instruments and excludes the notional fixed basis costs
associated with the underlying financial contract in the period.
Birchcliff defines “effective total natural gas sales” as the
aggregate of the effective sales amount received in each natural
gas market. Birchcliff defines “effective total corporate sales” as
the aggregate of the effective total natural gas sales and the
sales amount received from the production of light oil, condensate
and NGLs. Management believes that disclosing the effective sales
for each natural gas market assists management and investors in
assessing Birchcliff’s natural gas diversification and commodity
price exposure to each market.
The most directly comparable GAAP financial
measure to effective total natural gas sales and effective total
corporate sales is natural gas sales. The following table provides
a reconciliation of natural gas sales to effective total natural
gas sales and effective total corporate sales for the periods
indicated:
|
|
Three months ended |
|
|
|
December 31, |
|
|
($000s) |
2024 |
2023 |
|
|
Natural gas sales |
79,615 |
99,957 |
|
|
Realized gain (loss) on financial instruments |
12,022 |
(2,583 |
) |
|
Notional fixed basis costs(1) |
21,490 |
20,802 |
|
|
Effective total natural gas sales |
113,127 |
118,176 |
|
|
Light oil sales |
17,450 |
15,180 |
|
|
Condensate sales |
37,985 |
49,135 |
|
|
NGLs sales |
18,679 |
18,977 |
|
|
Effective total corporate sales |
187,241 |
201,468 |
|
(1) Reflects the aggregate notional fixed basis cost
associated with Birchcliff’s financial and physical NYMEX HH/AECO
7A basis swap contracts in the period.
Non-GAAP Ratios
NI 52-112 defines a non-GAAP ratio as a
financial measure that: (i) is in the form of a ratio, fraction,
percentage or similar representation; (ii) has a non-GAAP financial
measure as one or more of its components; and (iii) is not
disclosed in the financial statements of the entity. The non-GAAP
ratios used in this press release are not standardized financial
measures under GAAP and might not be comparable to similar measures
presented by other companies. Set forth below is a description of
the non-GAAP ratios used in this press release.
Adjusted Funds Flow Per Boe and Adjusted
Funds Flow Per Basic Common Share
Birchcliff calculates “adjusted funds flow per
boe” as aggregate adjusted funds flow in the period divided by the
production (boe) in the period. Management believes that adjusted
funds flow per boe assists management and investors in assessing
Birchcliff’s financial profitability and sustainability on a cash
basis by isolating the impact of production volumes to better
analyze its performance against prior periods on a comparable
basis.
Birchcliff calculates “adjusted funds flow per
basic common share” as aggregate adjusted funds flow in the period
divided by the weighted average basic common shares outstanding at
the end of the period. Management believes that adjusted funds flow
per basic common share assists management and investors in
assessing Birchcliff’s financial strength on a per common share
basis.
Free Funds Flow Per Basic Common
Share
Birchcliff calculates “free funds flow per basic
common share” as aggregate free funds flow in the period divided by
the weighted average basic common shares outstanding at the end of
the period. Management believes that free funds flow per basic
common share assists management and investors in assessing
Birchcliff’s financial strength and its ability to deliver
shareholder returns on a per common share basis.
Transportation and Other Expense Per
Boe
Birchcliff calculates “transportation and other
expense per boe” as aggregate transportation and other expense in
the period divided by the production (boe) in the period.
Management believes that transportation and other expense per boe
assists management and investors in assessing Birchcliff’s cost
structure as it relates to its transportation and marketing
activities by isolating the impact of production volumes to better
analyze its performance against prior periods on a comparable
basis.
Operating Netback Per Boe
Birchcliff calculates “operating netback per
boe” as aggregate operating netback in the period divided by the
production (boe) in the period. Operating netback per boe is a key
industry performance indicator and one that provides investors with
information that is commonly presented by other oil and natural gas
producers. Management believes that operating netback per boe
assists management and investors in assessing Birchcliff’s
operating profitability and sustainability by isolating the impact
of production volumes to better analyze its performance against
prior periods on a comparable basis.
Operating Netback Recycle
Ratio
Birchcliff calculates “operating netback recycle
ratio” as operating netback per boe in the period divided by
F&D or FD&A costs, as the case may be, for its PDP, proved
and proved plus probable reserves, as the case may be, in the
period. Management believes that operating netback recycle ratio
assists management and investors in assessing Birchcliff’s ability
to profitably find and develop its PDP, proved and proved plus
probable reserves.
Net Asset Value Per Common
Share
Birchcliff calculates “net asset value per
common share” as the net asset value in each category of reserves
divided by the aggregate of the basic common shares outstanding and
in-the-money dilutive common shares attributable to stock options
and performance warrants outstanding at the end of the period.
Management believes that net asset value per common share assists
management and investors in comparing Birchcliff’s common share
trading price to the underlying fair market value of its net assets
on a per common share basis.
Effective Average Realized Sales Price –
Total Corporate, Total Natural Gas, AECO Market and NYMEX HH
Market
Birchcliff calculates “effective average
realized sales price” as effective sales, in each of total
corporate, total natural gas, AECO market and NYMEX HH market, as
the case may be, divided by the effective production in each of the
markets during the period. Management believes that disclosing the
effective average realized sales price for each natural gas market
assists management and investors in comparing Birchcliff’s
commodity price realizations in each natural gas market on a per
unit basis.
Capital Management Measures
NI 52-112 defines a capital management measure
as a financial measure that: (i) is intended to enable an
individual to evaluate an entity’s objectives, policies and
processes for managing the entity’s capital; (ii) is not a
component of a line item disclosed in the primary financial
statements of the entity; (iii) is disclosed in the notes to the
financial statements of the entity; and (iv) is not disclosed in
the primary financial statements of the entity. Set forth below is
a description of the capital management measure used in this press
release.
Total Debt
Birchcliff calculates “total debt” at the end of
the period as the amount outstanding under the Corporation’s Credit
Facilities plus working capital deficit (less working capital
surplus) plus the fair value of the current asset portion of
financial instruments less the fair value of the current liability
portion of financial instruments and less the current portion of
other liabilities discounted to the end of the period. The current
portion of other liabilities has been excluded from total debt as
these amounts have not been incurred and reflect future commitments
in the normal course of operations. Management believes that total
debt assists management and investors in assessing Birchcliff’s
overall liquidity and financial position at the end of the period.
The following table provides a reconciliation of the amount
outstanding under the Credit Facilities, as determined in
accordance with GAAP, to total debt for the periods indicated:
|
As at December 31, ($000s) |
2024 |
|
2023 |
|
|
Revolving term credit facilities |
566,857 |
|
372,097 |
|
|
Working capital deficit (surplus)(1) |
(88,953 |
) |
10,522 |
|
|
Fair value of financial instruments – asset(2) |
71,038 |
|
3,588 |
|
|
Fair value of financial instruments – liability(2) |
- |
|
(1,394 |
) |
|
Other liabilities(2) |
(13,385 |
) |
(2,507 |
) |
|
Total debt |
535,557 |
|
382,306 |
|
(1) Current liabilities less current
assets.
(2) Reflects the current portion only.
PRESENTATION OF OIL AND GAS
RESERVES
Deloitte prepared the Deloitte Report and the
2023 Deloitte Report. In addition, Deloitte prepared a reserves
evaluation in respect of Birchcliff’s oil and natural gas
properties effective December 31, 2022. Such evaluations were
prepared in accordance with the standards contained in NI 51-101
and the COGE Handbook that were in effect at the relevant time.
Reserves estimates stated herein are extracted from the relevant
evaluation.
There are numerous uncertainties inherent in
estimating quantities of oil, natural gas and NGLs (including
condensate) reserves and the future net revenue attributed to such
reserves. The reserves and associated future net revenue
information set forth in this press release are estimates only. In
general, estimates of economically recoverable oil, natural gas and
NGLs reserves and the future net revenue therefrom are based upon a
number of variable factors and assumptions, such as historical
production from the properties, production rates, ultimate reserves
recovery, the timing and amount of capital expenditures,
marketability of oil, natural gas and NGLs, royalty rates, the
assumed effects of regulation by governmental agencies and future
operating costs, all of which may vary materially from actual
results. For these reasons, estimates of the economically
recoverable oil, natural gas and NGLs reserves attributable to any
particular group of properties, the classification of such reserves
based on risk of recovery and estimates of future net revenue
associated with reserves prepared by different engineers, or by the
same engineer at different times, may vary. Birchcliff’s actual
production, revenue, taxes and development and operating
expenditures with respect to its reserves will vary from estimates
thereof and such variations could be material.
It should not be assumed that the undiscounted
or discounted net present value of future net revenue attributable
to the Corporation’s reserves estimated by the Corporation’s
independent qualified reserves evaluator represent the fair market
value of those reserves. There is no assurance that the forecast
prices and costs assumptions will be attained and variances could
be material. Actual oil, natural gas and NGLs reserves may be
greater than or less than the estimates provided herein and
variances could be material.
In this press release, unless otherwise stated
all references to “reserves” are to Birchcliff’s gross company
reserves, meaning Birchcliff’s working interest (operating or
non-operating) share before the deduction of royalties and without
including any royalty interests of Birchcliff.
The information set forth in this press release
relating to the reserves, future net revenue and future development
costs of Birchcliff constitutes forward-looking statements and is
subject to certain risks and uncertainties. See “Advisories –
Forward-Looking Statements”.
Certain terms used herein but not defined are
defined in NI 51-101, CSA Staff Notice 51-324 – Revised Glossary to
NI 51-101 Standards of Disclosure for Oil and Gas Activities
(“CSA Staff Notice 51-324”) and/or the COGE
Handbook and, unless the context otherwise requires, shall have the
same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and
the COGE Handbook, as the case may be.
ADVISORIES
Unaudited Information
All financial information contained in this
press release for the fourth quarter and year ended December 31,
2024 is based on unaudited estimated financial information which
has been disclosed in accordance with GAAP. These estimated results
have not been reviewed by the Corporation’s auditor and are subject
to change upon completion of the audited financial statements for
the year ended December 31, 2024, and changes could be material.
Birchcliff anticipates filing its audited financial statements and
related management’s discussion and analysis for the year ended
December 31, 2024 on SEDAR+ on March 12, 2025.
Currency
Unless otherwise indicated, all dollar amounts
are expressed in Canadian dollars, all references to “$” and “CDN$”
are to Canadian dollars and all references to “US$” are to United
States dollars.
Boe Conversions
Boe amounts have been calculated by using the
conversion ratio of 6 Mcf of natural gas to 1 bbl of oil. Boe
amounts may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. Given that the
value ratio based on the current price of crude oil as compared to
natural gas is significantly different from the energy equivalency
of 6:1, utilizing a conversion on a 6:1 basis may be misleading as
an indication of value.
MMBtu Pricing Conversions
$1.00 per MMBtu equals $1.00 per Mcf based on a
standard heat value Mcf.
Oil and Gas Metrics
This press release contains metrics commonly
used in the oil and natural gas industry, including F&D costs,
FD&A costs, reserves replacement, reserves life index, capital
efficiency, operating netback, operating netback recycle ratio, net
asset value and net asset value per common share, which have been
determined by Birchcliff as set out below. These oil and gas
metrics do not have any standardized meanings or standard methods
of calculation and therefore may not be comparable to similar
measures presented by other companies. As such, they should not be
used to make comparisons. Management uses these oil and gas metrics
for its own performance measurements and to provide investors with
measures to compare Birchcliff’s performance over time; however,
such measures are not reliable indicators of Birchcliff’s future
performance, which may not compare to Birchcliff’s performance in
previous periods, and therefore should not be unduly relied
upon.
-
With respect to F&D and FD&A costs:
-
F&D costs for PDP, proved or proved plus probable reserves, as
the case may be, are calculated by taking the sum of: (i)
exploration and development expenditures (F&D capital
expenditures) incurred in the period; and (ii) where appropriate,
the change during the period in FDC for the reserves category;
divided by the applicable additions to the reserves category after
adding back production in the period. F&D costs exclude the
effects of acquisitions and dispositions.
-
FD&A costs for PDP, proved or proved plus probable reserves, as
the case may be, are calculated by taking the sum of: (i) FD&A
capital expenditures incurred in the period; and (ii) where
appropriate, the change during the period in FDC for the reserves
category; divided by the applicable additions to the reserves
category after adding back production in the period.
-
In determining the F&D and FD&A costs for PDP, proved or
proved plus probable reserves, as the case may be, the estimated
reserves additions during the period and the change during the
period in estimated FDC are based upon the evaluations of
Birchcliff’s reserves prepared by its independent qualified
reserves evaluator effective December 31 of such year.
-
The aggregate of the F&D and FD&A capital expenditures
incurred in the most recent financial year and the change during
that year in estimated FDC generally will not reflect total F&D
and FD&A costs related to reserves additions for that
year.
-
F&D and FD&A costs may be used as a measure of the
Corporation’s efficiency with respect to finding and developing its
reserves.
-
Reserves replacement on an F&D basis is calculated by dividing
PDP, proved or proved plus probable reserves additions, as the case
may be, before production by the total annual production in the
applicable period. Reserves replacement on an FD&A basis is
calculated in the same manner as F&D reserves replacement, but
include the effects of acquisitions and dispositions. Reserves
replacement may be used as a measure of the Corporation’s
sustainability and its ability to replace its PDP, proved or proved
plus probable reserves, as the case may be.
-
Reserves life index is calculated by dividing PDP, proved or proved
plus probable reserves, as the case may be, estimated by Deloitte
at December 31, 2024, by 77,500 boe/d (which represents the
mid-point of Birchcliff’s annual average production guidance range
for 2025) determined on an annualized basis. Reserves life index
may be used as a measure of the Corporation’s sustainability.
-
Capital efficiency is calculated on an average well basis as drill,
case, complete and equip capital expenditures divided by the IP365
boe/d for the applicable well(s). Birchcliff defines “IP365 boe/d”
as the estimated average daily field production in the first 365
days a well is on-stream. Where field production data is not
available for a well, Birchcliff uses the forecasted production
data for that well. Capital efficiency is determined at the
individual well level and then aggregated and averaged for the
year. Management believes that capital efficiency assists
management and investors in assessing Birchcliff’s asset
performance, execution and ability to generate shareholder
value.
-
For information regarding operating netback, operating netback
recycle ratio, net asset value and net asset value per common share
and how such metrics are calculated, see “Non-GAAP and Other
Financial Measures”.
Production
With respect to the disclosure of Birchcliff’s
production contained in this press release: (i) references to
“light oil” mean “light crude oil and medium crude oil” as such
term is defined in NI 51-101; (ii) references to “liquids” mean
“light crude oil and medium crude oil” and “natural gas liquids”
(including condensate) as such terms are defined in NI 51-101; and
(iii) references to “natural gas” mean “shale gas”, which also
includes an immaterial amount of “conventional natural gas”, as
such terms are defined in NI 51-101. In addition, NI 51-101
includes condensate within the product type of natural gas liquids.
In certain cases, Birchcliff has disclosed condensate separately
from other natural gas liquids as the price of condensate as
compared to other natural gas liquids is currently significantly
higher and Birchcliff believes presenting the two commodities
separately provides a more accurate description of its operations
and results therefrom.
With respect to the disclosure of Birchcliff’s
production contained in this press release, all production volumes
have been disclosed on a “gross” basis as such term is defined in
NI 51-101, meaning Birchcliff’s working interest (operating or
non-operating) share before the deduction of royalties and without
including any royalty interests of Birchcliff.
F&D Capital
Expenditures
Unless otherwise stated, references in this
press release to “F&D capital expenditures” denotes exploration
and development expenditures as disclosed in the Corporation’s
financial statements in accordance with GAAP, and is primarily
comprised of capital for land, seismic, workovers, drilling and
completions, well equipment and facilities and capitalized G&A
costs and excludes any acquisitions, dispositions, administrative
assets and the capitalized portion of cash incentive payments that
have not been approved by the Board. Management believes that
F&D capital expenditures assists management and investors in
assessing Birchcliff’s capital cost outlay associated with its
exploration and development activities for the purposes of finding
and developing its reserves.
Forward-Looking Statements
Certain statements contained in this press
release constitute forward‐looking statements and forward-looking
information (collectively referred to as “forward‐looking
statements”) within the meaning of applicable Canadian
securities laws. The forward-looking statements contained in this
press release relate to future events or Birchcliff’s future plans,
strategy, operations, performance or financial position and are
based on Birchcliff’s current expectations, estimates, projections,
beliefs and assumptions. Such forward-looking statements have been
made by Birchcliff in light of the information available to it at
the time the statements were made and reflect its experience and
perception of historical trends. All statements and information
other than historical fact may be forward‐looking statements. Such
forward‐looking statements are often, but not always, identified by
the use of words such as “seek”, “plan”, “focus”, “future”,
“outlook”, “position”, “expect”, “project”, “intend”, “believe”,
“anticipate”, “estimate”, “forecast”, “guidance”, “potential”,
“proposed”, “predict”, “budget”, “continue”, “targeting”, “may”,
“will”, “could”, “might”, “should”, “would”, “on track”,
“maintain”, “deliver” and other similar words and expressions.
By their nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward‐looking statements. Accordingly,
readers are cautioned not to place undue reliance on such
forward-looking statements. Although Birchcliff believes that the
expectations reflected in the forward-looking statements are
reasonable, there can be no assurance that such expectations will
prove to be correct and Birchcliff makes no representation that
actual results achieved will be the same in whole or in part as
those set out in the forward-looking statements.
In particular, this press release contains
forward‐looking statements relating to:
-
Birchcliff’s plans and other aspects of its anticipated future
financial performance, results, operations, focus, objectives,
strategies, opportunities, priorities and goals, including:
Birchcliff’s belief that there is significant intrinsic shareholder
value embedded in Birchcliff’s asset base that is not reflected in
its current share price, as demonstrated by its PDP reserves net
asset value per common share of $6.35 and $13.79 and $18.09 per
share for its proved and proved plus probable reserves,
respectively; that Birchcliff’s Elmworth asset provides Birchcliff
with significant inventory and a large potential future development
area; that Birchcliff’s strategy for 2025 builds off of the
operational momentum from 2024, maintaining the Corporation’s focus
on capital efficiency improvements and further driving down costs;
that the Corporation’s 2025 capital program has been designed to
ensure that its capital is strategically deployed throughout the
year, providing it with the flexibility to adjust its capital
spending if necessary in response to the commodity price volatility
expected during 2025, including as a result of the potential for
U.S. and Canadian tariffs and the start-up of LNG Canada; that the
unutilized credit capacity under its Credit Facilities provides
Birchcliff with significant financial flexibility and available
capital resources; that Birchcliff believes its ongoing strategy of
maintaining significant natural gas market diversification for 2025
will continue to protect the Corporation from volatility in the
North American natural gas pricing environment, including as it
relates to potential tariffs; and estimates of Birchcliff’s 2025
market diversification (including that approximately 41% of
Birchcliff’s natural gas production is physically delivered to the
Dawn trading hub in Ontario and that Birchcliff has U.S.
denominated financial contracts that expose approximately 35% of
its natural gas production to NYMEX HH pricing on a financial
basis);
-
the information set forth under the heading “Update on 2025 Capital
Program” and elsewhere in this press release regarding Birchcliff’s
2025 capital program and its exploration, production and
development activities and the timing thereof, including: estimates
of the Corporation’s 2025 F&D capital expenditures; that the
wells in Birchcliff’s 2025 capital program are expected to yield
strong production, using the Corporation’s latest field development
practices and wellbore design, which incorporates longer lateral
lengths, reduced stage spacing and increased proppant loading where
appropriate; that the land retention well drilled and completed by
the Corporation in Elmworth is not currently planned to be tied in;
the targeted product types; and the expected timing for wells to be
drilled, completed and brought on production;
-
statements regarding U.S. and Canadian tariffs, including that the
Corporation believes that Canada’s over-reliance on exporting its
energy into the U.S. must be addressed through the reduction of red
tape and government interference in the construction of critical
infrastructure such as oil and gas pipelines to the east and west
coasts of Canada, LNG terminals on each coast and an increase in
refining capacity within Canada, in order to diversify Canada’s
energy export market; and that the Corporation continues to
actively monitor this situation;
-
the information set forth under the heading “2024 Year-End
Reserves” and elsewhere in this press release regarding the
Corporation’s reserves, including: estimates of reserves; estimates
of the net present values of future net revenue associated with
Birchcliff’s reserves; forecasts of prices, inflation and exchange
rates; FDC; reserves life index; and that the Corporation does not
expect that the technical revisions relating to the 56 high-density
wells drilled from 2019 to 2023 will negatively impact future
reserves booked for other existing or future wells;
-
the performance and other characteristics of Birchcliff’s oil and
natural gas properties and expected results from its assets,
including statements regarding the potential or prospectivity of
Birchcliff’s properties; and
-
that Birchcliff anticipates filing its annual information form and
audited financial statements and related management’s discussion
and analysis for the year ended December 31, 2024 on March 12,
2025.
Information relating to reserves is
forward-looking as it involves the implied assessment, based on
certain estimates and assumptions, that the reserves exist in the
quantities predicted or estimated and that the reserves can
profitably be produced in the future. See “Presentation of Oil and
Gas Reserves”.
With respect to the forward-looking statements
contained in this press release, assumptions have been made
regarding, among other things: prevailing and future commodity
prices and differentials, exchange rates, interest rates, inflation
rates, royalty rates and tax rates; the state of the economy,
financial markets and the exploration, development and production
business; the political environment in which Birchcliff operates;
the regulatory framework regarding royalties, taxes, environmental,
climate change and other laws; the Corporation’s ability to comply
with existing and future laws; future cash flow, debt and dividend
levels; future operating, transportation, G&A and other
expenses; Birchcliff’s ability to access capital and obtain
financing on acceptable terms; the timing and amount of capital
expenditures and the sources of funding for capital expenditures
and other activities; the sufficiency of budgeted capital
expenditures to carry out planned operations; the successful and
timely implementation of capital projects and the timing, location
and extent of future drilling and other operations; results of
operations; Birchcliff’s ability to continue to develop its assets
and obtain the anticipated benefits therefrom; the performance of
existing and future wells; reserves volumes and Birchcliff’s
ability to replace and expand reserves through acquisition,
development or exploration; the impact of competition on
Birchcliff; the availability of, demand for and cost of labour,
services and materials; the approval of the Board of future
dividends; the ability to obtain any necessary regulatory or other
approvals in a timely manner; the satisfaction by third parties of
their obligations to Birchcliff; the ability of Birchcliff to
secure adequate processing and transportation for its products;
Birchcliff’s ability to successfully market natural gas and
liquids; the results of the Corporation’s risk management and
market diversification activities; and Birchcliff’s natural gas
market exposure. In addition to the foregoing assumptions,
Birchcliff has made the following assumptions with respect to
certain forward-looking statements contained in this press
release:
-
Birchcliff’s forecast of F&D capital expenditures assumes that
the Corporation’s 2025 capital program will be carried out as
currently contemplated and excludes any potential acquisitions,
dispositions and the capitalized portion of cash incentive payments
that have not been approved by the Board. The amount and allocation
of capital expenditures for exploration and development activities
by area and the number and types of wells to be drilled and brought
on production is dependent upon results achieved and is subject to
review and modification by management on an ongoing basis
throughout the year. Actual spending may vary due to a variety of
factors, including commodity prices, economic conditions, results
of operations and costs of labour, services and materials.
-
With respect to estimates of reserves volumes and the net present
values of future net revenue associated with Birchcliff’s reserves,
the key assumption is the validity of the data used by Deloitte in
the Deloitte Report.
-
With respect to statements regarding future wells to be drilled or
brought on production, such statements assume: the continuing
validity of the geological and other technical interpretations
performed by Birchcliff’s technical staff, which indicate that
commercially economic volumes can be recovered from Birchcliff’s
lands as a result of drilling future wells; and that commodity
prices and general economic conditions will warrant proceeding with
the drilling of such wells.
Birchcliff’s actual results, performance or
achievements could differ materially from those anticipated in the
forward-looking statements as a result of both known and unknown
risks and uncertainties including, but not limited to: general
economic, market and business conditions which will, among other
things, impact the demand for and market prices of Birchcliff’s
products and Birchcliff’s access to capital; volatility of crude
oil and natural gas prices; risks associated with increasing costs,
whether due to high inflation rates, supply chain disruptions or
other factors; fluctuations in exchange and interest rates; an
inability of Birchcliff to generate sufficient cash flow from
operations to meet its current and future obligations; an inability
to access sufficient capital from internal and external sources on
terms acceptable to the Corporation; risks associated with
Birchcliff’s Credit Facilities, including a failure to comply with
covenants under the agreement governing the Credit Facilities and
the risk that the borrowing base limit may be redetermined;
fluctuations in the costs of borrowing; operational risks and
liabilities inherent in oil and natural gas operations; the risk
that weather events such as wildfires, flooding, droughts or
extreme hot or cold temperatures forces the Corporation to shut-in
production or otherwise adversely affects the Corporation’s
operations; the occurrence of unexpected events such as fires,
explosions, blow-outs, equipment failures, transportation incidents
and other similar events; an inability to access sufficient water
or other fluids needed for operations; the risks associated with
supply chain disruptions; uncertainty that development activities
in connection with Birchcliff’s assets will be economic; an
inability to access or implement some or all of the technology
necessary to operate its assets and achieve expected future
results; geological, technical, drilling, construction and
processing problems; uncertainty of geological and technical data;
horizontal drilling and completions techniques and the failure of
drilling results to meet expectations for reserves or production;
uncertainties related to Birchcliff’s future potential drilling
locations; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
estimates and projections relating to production, revenue, costs
and reserves; the accuracy of cost estimates and variances in
Birchcliff’s actual costs and economic returns from those
anticipated; incorrect assessments of the value of acquisitions and
exploration and development programs; the risks posed by pandemics,
epidemics and global conflict and their impacts on supply and
demand and commodity prices; actions taken by OPEC and other major
producers of crude oil and the impact such actions may have on
supply and demand and commodity prices; stock market volatility;
loss of market demand; changes to the regulatory framework in the
locations where the Corporation operates, including changes to tax
laws, Crown royalty rates, environmental laws, climate change laws,
carbon tax regimes, incentive programs and other regulations that
affect the oil and natural gas industry (including uncertainty with
respect to the interpretation of Bill C-59 and the related
amendments to the Competition Act (Canada)); political uncertainty
and uncertainty associated with government policy changes,
including the risk of U.S. tariffs on goods exported from Canada
and any retaliatory tariffs implemented; actions by government
authorities; an inability of the Corporation to comply with
existing and future laws and the cost of compliance with such laws;
dependence on facilities, gathering lines and pipelines;
uncertainties and risks associated with pipeline restrictions and
outages to third-party infrastructure that could cause disruptions
to production; the lack of available pipeline capacity and an
inability to secure adequate and cost-effective processing and
transportation for Birchcliff’s products; an inability to satisfy
obligations under Birchcliff’s firm marketing and transportation
arrangements; shortages in equipment and skilled personnel; the
absence or loss of key employees; competition for, among other
things, capital, acquisitions of reserves, undeveloped lands,
equipment and skilled personnel; management of Birchcliff’s growth;
environmental and climate change risks, claims and liabilities;
potential litigation; default under or breach of agreements by
counterparties and potential enforceability issues in contracts;
claims by Indigenous peoples; the reassessment by taxing or
regulatory authorities of the Corporation’s prior transactions and
filings; unforeseen title defects; third-party claims regarding the
Corporation’s right to use technology and equipment; uncertainties
associated with the outcome of litigation or other proceedings
involving Birchcliff; uncertainties associated with counterparty
credit risk; risks associated with Birchcliff’s risk management and
market diversification activities; risks associated with the
declaration and payment of future dividends, including the
discretion of the Board to declare dividends and change the
Corporation’s dividend policy and the risk that the amount of
dividends may be less than currently forecast; the failure to
obtain any required approvals in a timely manner or at all; the
failure to complete or realize the anticipated benefits of
acquisitions and dispositions and the risk of unforeseen
difficulties in integrating acquired assets into Birchcliff’s
operations; negative public perception of the oil and natural gas
industry and fossil fuels; the Corporation’s reliance on hydraulic
fracturing; market competition, including from alternative energy
sources; changing demand for petroleum products; the availability
of insurance and the risk that certain losses may not be insured;
breaches or failure of information systems and security (including
risks associated with cyber-attacks); risks associated with the
ownership of the Corporation’s securities; the accuracy of the
Corporation’s accounting estimates and judgments; and the risk that
any of the Corporation’s material assumptions prove to be
materially inaccurate.
Readers are cautioned that the foregoing lists
of factors are not exhaustive. Additional information on these and
other risk factors that could affect Birchcliff’s results of
operations, financial performance or financial results are included
in Birchcliff’s annual information form and annual management’s
discussion and analysis for the financial year ended December 31,
2023 under the heading “Risk Factors” and in other reports filed
with Canadian securities regulatory authorities.
This press release contains information that may
constitute future-oriented financial information or financial
outlook information (collectively, “FOFI”) about
Birchcliff’s prospective financial performance, financial position
or cash flows, all of which is subject to the same assumptions,
risk factors, limitations and qualifications as set forth above.
Readers are cautioned that the assumptions used in the preparation
of such information, although considered reasonable at the time of
preparation, may prove to be imprecise or inaccurate and, as such,
undue reliance should not be placed on FOFI. Birchcliff’s actual
results, performance and achievements could differ materially from
those expressed in, or implied by, FOFI. Birchcliff has included
FOFI in order to provide readers with a more complete perspective
on Birchcliff’s future operations and management’s current
expectations relating to Birchcliff’s future performance. Readers
are cautioned that such information may not be appropriate for
other purposes.
Management has included the above summary of
assumptions and risks related to forward-looking statements
provided in this press release in order to provide readers with a
more complete perspective on Birchcliff’s future operations and
management’s current expectations relating to Birchcliff’s future
performance. Readers are cautioned that this information may not be
appropriate for other purposes.
The forward-looking statements and FOFI
contained in this press release are expressly qualified by the
foregoing cautionary statements. The forward-looking statements and
FOFI contained herein are made as of the date of this press
release. Unless required by applicable laws, Birchcliff does not
undertake any obligation to publicly update or revise any
forward-looking statements or FOFI, whether as a result of new
information, future events or otherwise.
ABOUT BIRCHCLIFF:
Birchcliff is an intermediate oil and natural
gas company based in Calgary, Alberta with operations focused on
the Montney/Doig Resource Play in Alberta. Birchcliff’s common
shares are listed for trading on the TSX under the symbol
“BIR”.
| For further
information, please contact: |
|
Birchcliff Energy Ltd.Suite 1000, 600 – 3rd Avenue
S.W. Calgary, Alberta T2P 0G5Telephone: (403) 261-6401Email:
birinfo@birchcliffenergy.com www.birchcliffenergy.com |
|
Chris Carlsen
– President and Chief Executive OfficerBruno
Geremia – Executive Vice President and Chief Financial
Officer |
Birchcliff Energy (TSX:BIR)
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