Birchcliff Energy Ltd. ("Birchcliff") (TSX:BIR) is pleased to announce that Mr. Seymour Schulich has informed Birchcliff that he recently acquired control and direction over an additional 2,000,000 common shares of Birchcliff through the facilities of the Toronto Stock Exchange at an average purchase price of $7.84 per common share. As a result of this purchase, Mr. Schulich now beneficially owns or exercises control or direction over a total of 40,000,000 common shares of Birchcliff, representing approximately 15% of the current issued and outstanding common shares. Mr. Schulich advised Birchcliff that he acquired the additional 2,000,000 common shares for investment purposes.
This additional investment by Mr. Schulich represents a vote of confidence in Birchcliff's assets and management. Birchcliff believes that the current trading price of its common shares is not reflective of the value of Birchcliff's assets as a whole and it appreciates Mr. Schulich's continued support and financial investment.
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.
SOURCE: Birchcliff Energy Ltd.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.