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Birchcliff Energy Ltd. Announces Closing of $100 Million Sale of Worsley Charlie Lake Light Oil Pool

ID: 1519441
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(businesspress24) - CALGARY, ALBERTA -- (Marketwired) -- 08/31/17 -- Birchcliff Energy Ltd. ("Birchcliff") (TSX: BIR) is pleased to announce that it has closed its previously announced sale of its Worsley Charlie Lake Light Oil Pool for total consideration of approximately $100 million (before adjustments), consisting of: (i) cash consideration of $90 million; and (ii) securities of affiliates of the purchaser with a total value of $10 million.

Scotia Capital Inc. acted as financial advisor to Birchcliff in connection with this transaction.

About Birchcliff:

Birchcliff is a Calgary, Alberta based intermediate oil and gas company with operations concentrated within its one core area, the Peace River Arch of Alberta. Birchcliff''s Common Shares and Cumulative Redeemable Preferred Shares, Series A and Series C, are listed for trading on the Toronto Stock Exchange under the symbols "BIR", "BIR.PR.A" and "BIR.PR.C", respectively.

Birchcliff Energy Ltd.
Suite 1000, 600 - 3rd Avenue S.W.
Calgary, Alberta T2P 0G5
(403) 261-6401
(403) 261-6424 (FAX)

Bruno Geremia
Vice-President and Chief Financial Officer

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published by: Marketwired
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Date: 08/31/2017 - 18:37
Language: English
News-ID 1519441
Character count: 2687
Firma: Birchcliff Energy Ltd.
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