CALGARY, Alberta, May 17, 2022 (GLOBE NEWSWIRE) -- Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce the release of its 2021 ESG Report, which details the Corporation’s environmental, social and governance (“ESG”) activities and performance metrics for the year ended December 31, 2021.
Birchcliff continues to be a leader in all aspects of its ESG performance and is committed to the safe and responsible production and delivery of clean, reliable natural gas and oil. Birchcliff remains steadfast on putting the environment and the safety of its people and all of its stakeholders at the forefront of its corporate strategy.
Environment – Low Emissions Intensity Producer
Birchcliff continued to be one of the lowest greenhouse gas (“GHG”) emitters in Canada’s oil and natural gas industry, with GHG emissions intensity (Scope 1+2) in 2021 of 0.01353 tonnes of carbon dioxide equivalent per barrel of oil equivalent (“tCO2e/boe”), which is approximately 38% lower than its peer group’s average of 0.02193 tCO2e/boe(1).
Birchcliff has implemented its “LEIP” initiative, meaning Low Emissions Intensity Producer. The LEIP program reminds Birchcliff, its stakeholders and others interested in our industry’s emissions reduction initiatives, of Birchcliff’s commitments and successes as a company to reducing its environmental impact.
Birchcliff continues to be a leader in emissions reduction initiatives, which have resulted in notable environmental, operational and financial benefits. By constructing well sites with zero vented emissions, removing all high bleed devices, retrofitting pneumatic devices and capturing or destroying vent gas from compressor seals, Birchcliff is doing its part to help meet Alberta’s provincial methane emissions reduction commitment while generating emission offset credits under Alberta’s voluntary Vent Reduction Protocol.
Trust is the foundation of Birchcliff’s successful relationships with the Indigenous communities in its operating areas. The Corporation has invested significant time and resources to build strong, long-lasting partnerships and believes it has earned the trust of its Indigenous partners through years of cooperation and interaction. Trust comes from honest, sincere engagement and consultation.
September 30, 2021 marked the first National Day for Truth and Reconciliation in Canada. In order to honour the survivors of the residential school system, Birchcliff commemorated the National Day for Truth and Reconciliation by inviting Indigenous speaker, Bee Calliou Schadeck, to its Calgary office to educate its employees about the history of colonialism and residential schools in Canada, and the impacts they have on Indigenous communities today. Birchcliff plans to host similar events on an annual basis to commemorate this important day.
Commitment to Innovation
Birchcliff is proud to be a partner in the NGIF Capital Corporation through two of its divisions: NGIF Industry Grants and NGIF Cleantech Ventures Equity Fund, which invest in and support early-stage clean technology companies. NGIF Industry Grants has approved grant funding to over 65 projects, committing approximately $17.7 million, and have leveraged federal and provincial grant funding of over $35 million to help early-stage clean technology companies develop solutions to reduce emissions, increase energy efficiency and accelerate the use of natural gas to support environmental goals in Canada. NGIF Industry Grants anticipates that the technologies supported by these grants will result in an estimated 7 megatonne reduction in emissions by 2030 as the technologies are commercialized.
Health & Safety
Birchcliff is committed to continually evolving its health and safety program and instilling a culture of unconditional dedication to safety. In 2021, Birchcliff received Canada’s Safest Employer Excellence awards presented by Canadian Occupational Safety magazine in the categories “Best Health, Safety and Environment Management Program”, “MSA Safety Award for Canada’s Safest Oil and Gas Employer” and the “WSPS Award for CEO of the Year”.
For more information on Birchcliff’s ESG performance metrics and other detailed information on Birchcliff’s ESG initiatives, please see the Corporation’s 2021 ESG Report on its website at www.birchcliffenergy.com.
Forward-Looking Statements and Third-Party Information
Certain statements contained in this press release constitute forward‐looking statements and forward-looking information (collectively referred to as “forward‐looking statements”) within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this press release relate to future events or Birchcliff’s future plans, operations, strategy, performance or financial position and are based on Birchcliff’s current expectations, estimates, projections, beliefs and assumptions. Such forward-looking statements have been made by Birchcliff in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be forward‐looking statements. Such forward‐looking statements are often, but not always, identified by the use of words such as “seek”, “plan”, “focus”, “future”, “outlook”, “position”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “forecast”, “guidance”, “potential”, “proposed”, “predict”, “budget”, “continue”, “targeting”, “may”, “will”, “could”, “might”, “should”, “would”, “on track” and other similar words and expressions.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking statements. Accordingly, readers are cautioned not to place undue reliance on such forward-looking statements. Although Birchcliff believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and Birchcliff makes no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements. In particular, this press release contains forward‐looking statements relating to the following: the generation of emission offset credits under Alberta’s voluntary Vent Reduction Protocol; and that the Corporation intends to hold similar employee education events annually to honour the National Day for Truth and Reconciliation.
In addition, this press release contains information obtained from third-party sources, in particular, the statement that NGIF Industry Grants anticipates that the technologies supported by grants provided by the organization will result in an estimated 7 megatonne reduction in emissions by 2030 as the technologies are commercialized. Birchcliff has not independently analyzed or verified any underlying reports or ascertained the underlying assumptions relied upon by such third-party. While Birchcliff believes that this statement is true, there can be no assurance as to the accuracy or completeness thereof and Birchcliff makes no representations or guarantees as to the accuracy or completeness of such information.
With respect to the forward‐looking statements contained in this press release, assumptions have been made regarding, among other things: the degree to which the Corporation’s operations will be disrupted by circumstances attributable to the COVID-19 pandemic; the state of the economy, financial markets and the exploration, development and production business; the political environment in which Birchcliff operates; the regulatory framework regarding taxes, environmental, climate change and other laws; the Corporation’s ability to comply with existing and future environmental, climate change and other laws; results of operations; Birchcliff’s ability to continue to develop its assets and obtain the anticipated benefits therefrom; and the ability to obtain any necessary regulatory or other approvals in a timely manner.
Birchcliff’s actual results, performance or achievements could differ materially from those anticipated in the forward-looking statements as a result of both known and unknown risks and uncertainties including, but not limited to: the risks posed by pandemics (including COVID-19), epidemics and global conflict and their impacts on operations; general economic, market and business conditions which will, among other things, impact the demand for and market prices of Birchcliff’s products and Birchcliff’s access to capital; operational risks and liabilities inherent in oil and natural gas operations; the occurrence of unexpected events such as fires, severe weather, explosions, blow-outs, equipment failures, transportation incidents and other similar events; an inability to access or implement some or all of the technology necessary to operate its assets and achieve expected future results; changes to the regulatory framework in the locations where the Corporation operates, including changes to tax laws, Crown royalty rates, environmental laws, climate change laws, carbon tax regimes, incentive programs and other regulations that affect the oil and natural gas industry; actions by government authorities, including those with respect to the COVID-19 pandemic; an inability of the Corporation to comply with existing and future environmental, climate change and other laws; the cost of compliance with current and future environmental laws; political uncertainty and uncertainty associated with government policy changes; environmental and climate change risks, claims and liabilities; and the failure to obtain any required approvals in a timely manner or at all.
Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other risk factors that could affect results of operations, financial performance or financial results are included in Birchcliff’s most recent Annual Information Form under the heading “Risk Factors” and in other reports filed with Canadian securities regulatory authorities.
Management has included the above summary of assumptions and risks related to forward-looking statements provided in this press release in order to provide readers with a more complete perspective on Birchcliff’s future operations and management’s current expectations relating to Birchcliff’s future performance. Readers are cautioned that this information may not be appropriate for other purposes.
The forward-looking statements contained in this press release are expressly qualified by the foregoing cautionary statements. The forward-looking statements contained herein are made as of the date of this press release. Unless required by applicable laws, Birchcliff does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Birchcliff is a Calgary, Alberta based intermediate oil and natural gas company with operations focused on the Montney/Doig Resource Play in Alberta. Birchcliff’s common shares and Series A and Series C preferred shares are listed for trading on the Toronto Stock Exchange under the symbols “BIR”, “BIR.PR.A” and “BIR.PR.C”, respectively.
|For further information, please contact:|
|Birchcliff Energy Ltd.|
Suite 1000, 600 – 3rd Avenue S.W.
Calgary, Alberta T2P 0G5
Telephone: (403) 261-6401
|Jeff Tonken – Chief Executive Officer|
Chris Carlsen – President and Chief Operating Officer
Bruno Geremia – Executive Vice President and Chief Financial Officer
1 Average emissions intensity for Birchcliff’s peer group is calculated as the simple average of the most recently disclosed Scope 1+2 emissions intensity data publicly disclosed by those peers. For additional information, see Birchcliff’s 2021 ESG Report under the heading “2.1 Low Emissions Intensity Producer”.