Birchcliff Energy Ltd.
TSX : BIR

Birchcliff Energy Ltd.

August 31, 2017 14:37 ET

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

CALGARY, ALBERTA--(Marketwired - Aug. 31, 2017) - 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.

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