Our History - About Us - Birchcliff Energy

Our History

Birchcliff Energy Ltd. ("Birchcliff" or the "Corporation") was originally incorporated on July 6, 2004 under the Business Corporation Act (Alberta) ("ABCA") as 1116463 Alberta Ltd. and on September 10, 2004 changed its name to Birchcliff Energy Ltd. On January 18, 2005, the Corporation amalgamated under the ABCA with Scout Capital Corp. ("Scout"), a public corporation, pursuant to a Plan of Arrangement to form an amalgamated corporation that continued under the name Birchcliff Energy Ltd. On May 31, 2005, the Corporation amalgamated under the ABCA with Veracel Inc. ("Veracel"), pursuant to a plan of arrangement to form an amalgamated corporation that continued under the name Birchcliff Energy Ltd.

Building on our Past

Since we were founded back in 2004, we have invested approximately $4.1 billion in capital, primarily in the Montney/Doig Resource Play. These investments have generated $4.0 billion in revenue, paid $342 million in royalties to Albertans and delivered $2.1 billion in adjusted funds flow, all of which has been re-invested. As at December 31, 2018, the net present value of the future net revenue attributable to our proved plus probable reserves (at a 10% discount rate, before income taxes) is $6.2 billion as estimated by our independent qualified reserves evaluators.

THE FOLLOWING DESCRIBES THE MAJOR EVENTS IN OUR HISTORY:

January 19, 2005

Common shares commenced trading on the TSX Venture Exchange

February 6, 2005

Rig released first Montney/Doig vertical exploration gas well drilled by Birchcliff in the Pouce Coupe area

May 31, 2005

Completed acquisition of properties in the Peace River Arch for $242.8 million

July 21, 2005

Common shares commenced trading on the TSX

September 22, 2007

Rig released first Montney/Doig horizontal natural gas well drilled by Birchcliff in the Pouce Coupe area

March 2010

Phase I of the Pouce Coupe Gas Plant commenced operations with a processing capacity of 30 MMcf/d

November 2010

Phase II of the Pouce Coupe Gas Plant commenced operations with a combined processing capacity of 60 MMcf/d

October 2012

Phase III of the Pouce Coupe Gas Plant commenced operations with a combined processing capacity of 150 MMcf/d

September 1, 2014

Phase IV of the PC Gas Plant commenced operations with a combined processing capacity of 180 MMcf/d

July 13, 2016

Closed equity financings for total gross proceeds of $690.8 million

July 28, 2016

Completed the Gordondale Acquisition for approximately $613.5 million. The Gordondale Assets included high working interest operated production and a large contiguous land base on the Montney/Doig Resource Play which is immediately adjacent to Birchcliff’s existing Pouce Coupe properties

March 31, 2017

Paid first quarterly dividend to common shareholders

September 2017

Phase V of the Pouce Coupe Gas Plant commenced operations with a combined processing capacity of 260 MMcf/d

April 3, 2018

Announced new long-term processing arrangement at Altagas’ deep-cut processing facility in Gordondale

August 2018

Phase VI of the Pouce Coupe Gas Plant commenced operations with a combined processing capacity of 340 MMcf/d

November 14, 2018

Announced entering into a definitive purchase and sale agreement to acquire 18 gross (15.1 net) contiguous sections of Montney land between Pouce Coupe and Gordondale for $39 million (subsequently closed on January 3, 2019)

December 31, 2018

385 (380.6 net) Montney/Doig horizontal wells successfully drilled and cased to date