Birchcliff Energy Ltd (TSX:BIR) announced the release of its 2012 audited financial statements which showed a net income available to shareholders of $11.6 million or $0.08/common share. The company’s financial update also said it estimated this year’s production to be 26,400 boe per day.
As quoted in the press release:
· 2012 average production of 22,802 boe per day, a 25.7% increase over 2011 average production of 18,136 boe per day.
· Funds flow of $120.3 million or $0.88 per basic share, an 8.1% decrease from 2011.
· Net income available to common shareholders of $11.6 million or $0.08 per common share, notwithstanding low natural gas prices, compared to $34.5 million in 2011.
· Capital expenditures during 2012 of $298.9 million as compared to $237.5 million during 2011.