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UPDATE 1-Birchcliff Energy profit falls on weak natgas prices
March 14, 2012 / 8:58 PM / 6 years ago

UPDATE 1-Birchcliff Energy profit falls on weak natgas prices

March 14 (Reuters) - Canadian oil and gas explorer Birchcliff Energy’s fourth-quarter profit more than halved, hurt by declining natural gas prices in North America.

The company, which in October said it was looking to sell itself, has not yet entered into any acquisition agreement with any party, but negotiations are underway.

For the October-December quarter, net income fell to C$3.3 million, or 3 Canadian cents a share, from C$7.4 million, or 6 Canadian cents a share, a year ago.

Revenue for the quarter rose about 19 percent to C$70.2 million.

Birchcliff, which has natural gas operations in the Montney/Doig area of Alberta, said average fourth-quarter production rose 21 percent to 19,812 barrels of oil equivalent per day (boepd).

Shares of Birchcliff closed at C$10.16 on Wednesday on the Toronto Stock Exchange.

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