Birchcliff Energy Ltd.OTCPK - Current
Tue, Jun. 21, 4:56 PM
- Encana (NYSE:ECA) agrees to sell its Gordondale assets in northwestern Alberta to Birchcliff Energy (OTCPK:BIREF) for C$625M (US$488M).
- ECA says it is also reducing midstream and downstream commitments by more than C$100M through the transfer of current and future obligations.
- ECA says its Montney play will comprise of 9K-plus potential drilling locations following the sale, with two-thirds of the wells located in the condensate-rich part of the play.
- Birchcliff will partially fund the purchase through a C$530M stock offering and a C$18.75M investment by top shareholder Seymour Schulich.
- ECA +0.8% AH.
Sep. 19, 2013, 6:55 PM
- This week marks the five-year anniversary of TransCanada's (TRP) application for approval of the Keystone XL pipeline to carry Canadian crude directly to the U.S. Gulf coast - a process originally expected to take 18-24 months.
- TRP says it’s not prepared to wait out the Obama administration, but it has already spent ~$2B on KXL, mostly for segments of pipe and pumps but also for rights-of-way and permitting.
- But not everyone in the oil patch thinks the project’s delay is such a bad thing: Birchcliff Energy (BIREF.PK) CEO Jeff Tonken says the White House’s slow-go approach has forced Canada to look hard at other markets outside the U.S. to export its surplus energy.