CALGARY, ALBERTA–(Marketwired – Sept. 5, 2017) – Birchcliff Energy Ltd. (“Birchcliff”) (TSX:BIR) is pleased to announce that its board of directors has declared the following quarterly cash dividends for the calendar quarter ending September 30, 2017:
| Shares | TSX Stock Symbol | Dividend per Share | ||
| Common Shares | BIR | $0.025 | ||
| Cumulative Redeemable Preferred Shares, Series A | BIR.PR.A | $0.500 | ||
| Cumulative Redeemable Preferred Shares, Series C | BIR.PR.C | $0.4375 | ||
The dividends are payable on October 2, 2017 to shareholders of record at the close of business on September 15, 2017. All of the dividends have been designated as eligible dividends for the purposes of the Income Tax Act (Canada).
Birchcliff previously announced that it does not intend to exercise its right to redeem its Cumulative Redeemable Preferred Shares, Series A (the “Series A Shares“) on September 30, 2017. As a result, subject to certain conditions, the holders of Series A Shares have the right to choose one of the following options with regard to their Series A Shares:
(i) to retain any or all of their Series A Shares and continue to receive a fixed rate quarterly dividend, as and when declared by the board of directors of Birchcliff; or
(ii) to convert on September 30, 2017, on a one-for-one basis, any or all of their Series A Shares into Cumulative Redeemable Preferred Shares, Series B (the “Series B Shares“) of Birchcliff and receive a floating rate quarterly dividend, as and when declared by the board of directors of Birchcliff.
Further information on these options is available in Birchcliff’s press releases dated August 14, 2017 and August 31, 2017, which are available at www.birchcliffenergy.com and www.sedar.com. The deadline to exercise the right of conversion is 5:00 p.m. (Toronto time) on September 15, 2017.
Forward-Looking Information
Certain statements contained in this press release constitute forward-looking statements and information (collectively referred to as “forward-looking information“) within the meaning of applicable Canadian securities laws. Such forward-looking information relates to future events or Birchcliff’s future performance. All information other than historical fact may be forward-looking information. Such forward-looking information is often, but not always, identified by the use of words such as “seek”, “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “forecast”, “potential”, “proposed”, “predict”, “budget”, “continue”, “targeting”, “may”, “will”, “could”, “might”, “should” and other similar words and expressions. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Birchcliff believes that the expectations reflected in the forward-looking information are reasonable in the current circumstances but no assurance can be given that these expectations will prove to be correct and such forward-looking information included in this press release should not be unduly relied upon.
In particular, this press release contains forward-looking information relating to the Series A Shares and the Series B Shares, including, but not limited to, future conversions and dividends. With respect to forward-looking information contained in this press release, Birchcliff’s actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which Birchcliff operates, prevailing economic conditions and other factors, many of which are beyond the control of Birchcliff. The declaration of dividends in any quarter is subject to the discretion of Birchcliff’s board of directors. Pursuant to the Business Corporations Act (Alberta), Birchcliff may not declare or pay a dividend if there are reasonable grounds for believing that: (i) Birchcliff is, or would after the payment be, unable to pay its liabilities as they become due; or (ii) the realizable value of its assets would thereby be less than the aggregate of its liabilities and stated capital of its outstanding shares.
All forward-looking information reflects Birchcliff’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. The forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements. The forward-looking information contained in this press release is made as of the date of this press release. Birchcliff is not under any duty to update or revise any of the forward-looking information except as expressly required by applicable securities laws.
For additional information on the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to Birchcliff’s most recent Annual Information Form and other documents filed with Canadian securities regulatory authorities from time to time.
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.
Birchcliff Energy Ltd.
Suite 1000, 600 – 3rd Avenue S.W.
Calgary, AB T2P 0G5
(403) 261-6401
(403) 261-6424 (FAX)
info@birchcliffenergy.com
www.birchcliffenergy.com
Jeff Tonken
President and Chief Executive Officer
Bruno Geremia
Vice-President and Chief Financial Officer