BIRCHCLIFF ENERGY $9.60 (Toronto symbol BIR; SI Rating: Speculative) (403-261-6401; www.birchcliffenergy.com; Units outstanding: 124.8 million; Market cap: $1.2 billion) develops, produces and explores for oil and natural gas, mainly in the Peace River Arch area near the Alberta/B.C. border.
In the three months ended June 30, 2010, Birchcliff’s production rose 9.3%, to 12,357 barrels of oil equivalent per day (this measurement includes natural gas) from 11,313 barrels a year earlier. Cash flow per share rose 5.6%, to $0.19 from $0.18.
Birchcliff will now spend $227.2 million on exploration and development this year. It will fund these activities from its cash flow, as well as with debt. Currently, the company’s debt of $236 million is just 19.7% of its $1.2 billion market cap, so it can easily borrow more funds.
The company expects its daily production to rise to between 18,500 and 19,500 barrels of oil equivalent per day by the end of 2010. That’s a big jump, and should push up Birchcliff’s cash…
Privacy Policy and Terms of Use
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