Birchcliff Energy Ltd. Provides Operating Guidance for the Fourth Quarter and Full Year of 2015 and Earnings Guidance for the Full Year of 2016
For the quarter, the company estimated 2015 fourth quarter average production was also a record at approximately 40,500 boe per day, which is slightly below the company's previous production guidance range of 41,000 to 42,000 boe per day.
The company expects that the $140 million capital expenditure program for 2016 will be less than the estimated funds flow for the year. The company expects that the 2016 annual average production rate of 40,000 to 41,000 boe per day will result in a year-over-year production increase of approximately 3% to 5%.