Birchcliff has taken decisive action to strengthen its liquidity, financial flexibility and long-term sustainability and believes that its strong financial position and other attributes provide it with the ability to withstand the challenges that industry is facing and remain in a position of financial strength.The Corporation recently brought the production on from its 14-well pad in Pouce Coupe and brought on-stream its 20,000 bbls/d (50% condensate, 50% water) inlet liquids-handling facility (the “Inlet Liquids-Handling Facility”) at the Corporation’s 100% owned and operated natural gas processing plant in Pouce Coupe (the “Pouce Coupe Gas Plant”). (2) See the guidance table above. * Recorded interest expense of $0.69/boe in Q2 2020, a 22% decrease from Q1 2020 and a 25% decrease from Q2 2019. We believe that commodity prices for natural gas will continue to strengthen towards the end of 2020 and into 2021 as a result of the massive reductions in capital spending throughout North America due to the reduced demand for oil and volatile commodity prices. Actual results may vary materially when multiple variables change at the same time.Ongoing weakness in commodity prices resulting from the COVID-19 pandemic and market volatility may adversely and materially impact the Corporation’s future financial and operational results. Readers are cautioned that such information may not be appropriate for other purposes. Find the latest BIRCHCLIFF ENERGY LTD. (BIR.TO) stock quote, history, news and other vital information to help you with your stock trading and investing. Calgary, Alberta T2P 0G5 Telephone: (403) 261-6401 Email: [email protected] www.birchcliffenergy.com Jeff Tonken – President and Chief Executive Officer Bruno Geremia – Vice-President and Chief Financial Officer, Discover new investment ideas by accessing unbiased, in-depth investment research, Toronto - Toronto Real Time Price. BIRCHCLIFF ENERGY LTD. : News, information and stories for BIRCHCLIFF ENERGY LTD. | Toronto Stock Exchange: BIR | Toronto Stock Exchange “Adjusted funds flow netback” denotes petroleum and natural gas revenue less royalty expense, less operating expense, less transportation and other expense, less net G&A expense, less interest expense and less any realized losses (plus realized gains) on financial instruments and plus any other cash income sources. For further information, see “Advisories – Forward-Looking Statements” in this press release and “Risk Factors and Risk Management” in the MD&A.Q2 2020 FINANCIAL AND OPERATIONAL RESULTSProductionBirchcliff’s production averaged 74,950 boe/d in Q2 2020, a 2% increase from 73,580 boe/d in Q1 2020. Both projects were completed ahead of schedule and under budget. The Company is engaged in the exploration for and the development, production and acquisition of petroleum and natural gas reserves in Western Canada. View the latest Birchcliff Energy Ltd. (BIREF) stock price, news, historical charts, analyst ratings and financial information from WSJ. The Corporation expects to release preliminary guidance regarding its 2021 capital program in November 2020.Corporate GuidanceBirchcliff is maintaining its previous guidance for production and capital expenditures that was issued on May 13, 2020 and has updated its other guidance, all of which is set forth in the table below. Announces Declaration of Quarterly Common Share and Preferred Share Dividends. * Achieved low operating expense of $2.89/boe in Q2 2020, an 8% decrease from Q1 2020 and a 9% decrease from Q2 2019. Since then, BIR stock has increased by 108.2% and is now trading at C$2.02. 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. Birchcliff has now completed the drilling and bringing on production of all wells planned under its 2020 Capital Program (see “Operational Update” below). The Credit Facilities are subject to semi-annual reviews of the borrowing base limit by Birchcliff’s syndicate of lenders, which limit is directly impacted by the value of Birchcliff’s oil and natural gas reserves. Readers are cautioned that this information may not be appropriate for other purposes.The forward-looking statements contained in this press release are expressly qualified by the foregoing cautionary statements. The decreases were primarily due to lower reported revenue and a realized loss on financial instruments of $17.1 million in Q2 2020 as compared to a realized gain on financial instruments of $5.3 million in Q2 2019. Calculations are performed independently and may not be indicative of actual results. These 4 wells were drilled in 2 different intervals (2 in the Montney D1 and 2 in the Montney D2) and were all brought on production in Q2 2020. Birchcliff’s production in Q2 2020 decreased by 4% from 78,453 boe/d in Q2 2019. Significant changes to Birchcliff’s guidance include the following: * Adjusted funds flow guidance has been increased to $185 million from $161 million with a corresponding change to free funds flow guidance, primarily due to the improved price forecast for oil. For additional information regarding netbacks, see “Non-GAAP Measures”. See “Outlook and Guidance”. In May 2020, the borrowing base limit under our credit facilities was confirmed at $1 billion. Currency in CAD, Stock Market Alert: Move Your Money Before 2021. Any acquisitions and dispositions completed could have an impact on Birchcliff’s capital expenditures, production, adjusted funds flow, free funds flow, costs and total debt, which impact could be material. Birchcliff’s average production in Q3 and Q4 2020 is expected to increase from Q1 and Q2 2020 levels, with production expected to average 81,000 – 83,000 boe/d in Q4 2020 and 78,000 – 80,000 boe/d in full year 2020. This cube-style of development has various benefits, including: (i) it reduces Birchcliff’s environmental footprint; (ii) it allows Birchcliff to fracture stimulate (complete) a large number of wells in several different intervals all at once to leverage the rock mechanics and achieve better resource recovery; (iii) it helps to minimize frac-driven interaction with offsetting wells; (iv) it reduces per well costs through common well equipment and pipelines; and (v) it maximizes operational scale and repeatability.Birchcliff’s investment in science and technology is critical to its continuous performance improvement. * There were no indicators of impairment on Birchcliff’s petroleum and natural gas properties and equipment at June 30, 2020. In connection with the most recently completed borrowing base review, Birchcliff chose to not extend the maturity dates of the Credit Facilities by another year given that the Credit Facilities do not mature for another two years and the increased costs of credit in the current environment.Pouce Coupe Gas Plant NetbacksBirchcliff processed approximately 66% of its total corporate natural gas production and 55% of its total corporate production through the Pouce Coupe Gas Plant in the six months ended June 30, 2020 as compared to 69% and 59%, respectively, in the six months ended June 30, 2019. Through its many years of exploration and development, Birchcliff has acquired significant proprietary knowledge respecting all aspects of the Montney/Doig Resource Play in its areas of focus. “Total cash costs” are comprised of royalty, operating, transportation and other, G&A and interest expenses. As a result of executing the majority of our capital program in the first half of 2020, our total debt is expected to peak early in Q3 2020 and decrease throughout the remainder of 2020, with total debt at year end now expected to be in the range of $750 million to $770 million. (2) Includes non-cash expenses such as compensation, accretion, amortization of deferred financing fees and other income or losses. 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. In order to minimize frac-driven interaction associated with offset drilling and completions activities in Pouce Coupe, Birchcliff proactively and temporarily shut-in some production during Q2 2020 in order to protect its existing wells.
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