Birchcliff Closes $59 Million Sale Of Progress Doe Creek Assets

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
59MM
Description

Purchased Progress Doe Creek assets including some 520 BOE/d of light oil production.

Birchcliff Energy Ltd. (TO: BIR) closed its $59 million disposition of non-core Progress Doe Creek assets, the company announced Nov. 25.

The sale transaction included some 520 barrels of oil equivalent per day (BOE/d) of light oil production, 2.7 million BOE of proved reserves and 4.5 million BOE of proved plus probable reserves. The net proceeds of $55 million, were used to reduce debt.

Birchcliff will realize a significant one-time gain in net income. The sale of these assets will not result in any reduction of Birchcliff's credit facilities.

Birchcliff Energy Ltd. is an independent energy company engaged in the acquisition, development, exploration, and production of petroleum and natural gas reserves in Western Canada. The company is headquartered in Calgary.