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Oil and Gas

BRIEF-Birchcliff Energy And Altagas Announce New Long-Term Processing Arrangement

April 3 (Reuters) - Birchcliff Energy Ltd:

* BIRCHCLIFF ENERGY LTD. AND ALTAGAS LTD. ANNOUNCE NEW LONG-TERM PROCESSING ARRANGEMENT AT ALTAGAS’ DEEP CUT PROCESSING FACILITY IN GORDONDALE

* IS UPDATING ITS GUIDANCE RANGE FOR ITS 2018 ANNUAL AVERAGE OPERATING EXPENSE TO $3.40/BOE TO $3.60/BOE

* TERM OF PROCESSING ARRANGEMENT IS FOR AT LEAST 15 YEARS, SUBJECT TO EXTENSION IN ACCORDANCE WITH TERMS OF AGREEMENT

* NEW PROCESSING ARRANGEMENT WILL BE EFFECTIVE FROM JAN 1 AND WILL REPLACE CO AND ALTAGAS’ EXISTING GORDONDALE PROCESSING ARRANGEMENT

* BIRCHCLIFF, ALTAGAS AND CERTAIN AFFILIATES OF ALTAGAS HAVE ALSO ENTERED INTO A PRODUCT PURCHASE AND SALE AGREEMENT

* PURSUANT TO THE PRODUCT PURCHASE AND SALE AGREEMENT, BIRCHCLIFF WILL SELL PROPANE TO ALTAGAS PARTIES Source text for Eikon: Further company coverage:

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