Canada’s Birchcliff raises guidance on improved prices
May 13, 2021 5:09:pm
Summary
by: Dale Lunan
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Canada’s Birchcliff raises guidance on improved prices
Canadian Montney producer Birchcliff Energy said May 12 it will increase its 2021 guidance estimates for production, adjusted funds flow and free funds flow on the back of an improved outlook for commodity prices.
In releasing Q1 2021 results, CEO Jeff Tonken said the period was highlighted by “excellent” drilling results on its Pouce Coupe lands in northwest Alberta and a 49% increase in barrel of oil equivalent (boe) realised prices.
“As a result of our strong new well performance and our improved outlook for commodity prices, we are increasing our 2021 guidance for production, adjusted funds flow and free funds flow,” he said. “We are now targeting annual average production of 79,000 to 81,000 boe/d, up from 78,000 to 80,000 boe/d, and adjusted funds flow of $400mn (US$330mn), up from $360mn.”
Canada’s Whitecap boosts Montney position
Apr 5, 2021 3:50:pm
Summary
by: Dale Lunan
Canadian producer Whitecap Resources said April 5 it had entered into an agreement to indirectly acquire Montney producer Kicking Horse Oil & Gas for C$300mn (US$239.6mn) in total, .
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Canada’s Leucrotta Upsizes Syndicated Offering
Mar 17, 2021 3:21:pm
Summary
by: Dale Lunan
Canadian Montney producer Leucrotta Exploration said March 16 it was upsizing a previously-announced bought deal financing to C$30 (US$24)mn from $20mn.
Under the terms of the amended offering, a .
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Canada’s Birchcliff Energy Reverses Q4 Loss
Feb 12, 2021 6:55:pm
Summary
by: Dale Lunan
Canada’s Birchcliff Energy Reverses Q4 Loss
Montney producer Birchcliff Energy reported a Q4 2020 profit of C$40.4 (US$31.8)mn February 11, reversing a C$19mn loss in the comparable 2019 period.
Net loss for 2020 increased to C$62mn from C$59.6mn in 2019.
During the year, Birchcliff drilled and placed on-stream 34 wells; finding and development (F&D) expenditures on the year totalled C$288mn, with C$41.3mn of that in Q4.
“Despite the economic damage and pricing uncertainty caused by the Covid-19 pandemic, we were able to efficiently execute our 2020 capital program, generating annual adjusted funds flow of C$185mn, with annual average production of 76,401 barrels of oil equivalent (boe)/day and record low annual operating costs of C$2.95 per/boe,” Birchcliff CEO Jeff Tonken said. “Looking forward to 2021, we are focused on maximizing free funds flow and strengthening our balance
Key Canadian Montney Producers in C$8.1bn Combination
Feb 11, 2021 12:53:am
Summary
by: Dale Lunan
ARC Resources and Seven Generations Energy, two of the premier producers in the Canadian Montney unconventional natural gas play, said February 10 they would .
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