Birchcliff Energy Ltd. (“Birchcliff”) (TSX:BIR) today announced that it will pursue the sale of its oil and natural gas properties and related assets on the Charlie Lake Light Oil Resource Play located in the Peace River Arch of Alberta (the “Assets”).
As quoted in the press release:
“The successful growth of our Montney/Doig Resource Play has resulted in us not allocating any significant capital to our Charlie Lake Light Oil Resource Play. Accordingly, we have chosen to seek potential purchasers for our Charlie Lake Light Oil Resource Play, which includes our highly skilled, multi-disciplinary team that has been managing these assets for years,” said Jeff Tonken, President and Chief Executive Officer of Birchcliff. “We believe that a successful sale will allow us to become even more geographically focused, reduce our cost structure even further and become even more competitive in our industry, while improving our balance sheet. The sales process comes at a time when we have significant financial flexibility, which will allow us to consider only top value bid proposals.”