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BRIEF-Birchcliff Energy Announces 2020 Capital Program, 2020 Guidance And New Five Year Plan

Published 2020-01-22, 04:38 p/m
Updated 2020-01-23, 01:53 p/m
© Reuters.  BRIEF-Birchcliff Energy Announces 2020 Capital Program, 2020 Guidance And New Five Year Plan

Jan 22 (Reuters) - Birchcliff Energy Ltd BIR.TO :

* BIRCHCLIFF ENERGY LTD. ANNOUNCES 2020 CAPITAL PROGRAM, 2020 GUIDANCE AND NEW FIVE YEAR PLAN

* BIRCHCLIFF ENERGY LTD - FOR 2020, BOARD OF DIRECTORS HAS APPROVED A CAPITAL BUDGET OF $340 MILLION TO $360 MILLION

* BIRCHCLIFF ENERGY LTD - FOR 2020 TARGETS AN ANNUAL AVERAGE PRODUCTION RATE OF 80,000 TO 82,000 BOE/D

* BIRCHCLIFF ENERGY LTD - PLANS TO PROTECT ITS EXISTING WELLS BY PROACTIVELY SHUTTING-IN SOME PRODUCTION IN Q1 2020

* BIRCHCLIFF ENERGY LTD - Q1 2020 PRODUCTION IS ANTICIPATED TO DECLINE FROM Q4 2019 LEVELS AND AVERAGE APPROXIMATELY 71,000 TO 74,000 BOE/D

* BIRCHCLIFF ENERGY LTD - ACTIVELY WORKS TO MITIGATE IMPACT OF FRAC-DRIVEN INTERACTION ON ITS OPERATIONS

* BIRCHCLIFF ENERGY LTD - FIVE YEAR PLAN FORECASTS THAT CO WILL GENERATE CUMULATIVE FREE FUNDS FLOW OF APPROXIMATELY $760 MILLION

* BIRCHCLIFF ENERGY LTD - PRODUCTION IS EXPECTED TO RAMP UP IN Q3 2020

* BIRCHCLIFF ENERGY LTD - LIQUIDS ARE EXPECTED TO INCREASE TO APPROXIMATELY 24% OF BIRCHCLIFF'S PRODUCTION COMMODITY MIX IN 2020

* BIRCHCLIFF ENERGY LTD - EXPECTS ANNUAL AVERAGE PRODUCTION GROWTH WILL BE 3% TO 5% IN 2020 AND 10% TO 13% IN 2021

* BIRCHCLIFF ENERGY LTD - ANNUAL AVERAGE PRODUCTION LEVELS ARE EXPECTED TO REMAIN RELATIVELY STABLE AT ABOUT 96,500 BOE/D OVER 2022 TO 2024

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