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Birchcliff soars on gas plant expansion news

10/16/2012 5:35:28 PM | Stockhouse Editorial

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“The PCS Gas Plant is the cornerstone of our strategy to control and expand our production and further reduce our operating costs per boe,’’ said CEO Jeff Tonken.

Birchcliff Energy Ltd. (TSX: T.BIR, Stock Forum) shares rose 6% Tuesday after the company said the Phase III expansion of its Pouce Coupe South gas plant has started processing gas about one month ahead of schedule.

The gas plant is located in the Peace River Arch area of northwestern Alberta.

Trading at $8.09, Birchcliff has a market cap of $1.1 billion, based on 141.5 million shares outstanding. The 52-week range is $5.12 and $15.58.

Current production is now a record of about 25,500 barrels of oil equivalent a day, and it expects to exceed its 2012 exit guidance.

“The PCS Gas Plant is the cornerstone of our strategy to control and expand our production and further reduce our operating costs per boe,’’ said Jeff Tonken, Birchcliff’s President and Chief Executive Officer in a press release.

“The PCS Gas Plant is expected to process our Montney/Doig natural gas for more than 30 years,’’ he said.

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