Birchcliff Energy (BIR) Corporate presentation summary

Q3 performance and 2026 guidance

• Q3 average production 86,073 boe/d; adjusted funds flow $103.6 million, free funds flow $16.2 million and total debt $466.6 million.

• Q4 2026E average production 90,000 boe/d; FY 2026E average production 84,000 boe/d, adjusted funds flow $475 million and free funds flow $105 million.

• 2026E F&D capital expenditures $370 million and year-end total debt $405 million; annual base dividend $0.12 per share.

• Greater Pouce demonstrated productive capability above 90,000 boe/d; 32 wells were on production YTD, with four more expected by year-end.

2027 outlook and Elmworth

• Preliminary 2027 average production guidance 87,000–90,000 boe/d, approximately 5% growth from 2026; Greater Pouce F&D budget $280–$310 million.

• Greater Pouce program targets 29–32 Montney wells on production, with approximately 10% longer laterals; formal budget and updated five-year outlook expected January 2027.

• Subject to a positive FID, planned 2027 Elmworth investment is $150–$170 million for drilling, infrastructure and long-lead equipment.

• Elmworth FID targeted for early 2027, with first-phase commissioning anticipated in Q4 2028; initial Goodfare Gas Plant phase planned at 100 MMcf/d.

Assets, infrastructure and execution

• Greater Pouce and Elmworth span 375 net sections; 2025 gross 2P reserves were 946.0 MMboe, with a 30.8-year 2P reserves life index.

• Pouce Coupe Gas Plant has 370 MMcf/d raw gas processing capacity and 20,000 bbl/d inlet liquids handling; supporting infrastructure includes approximately 1,000 km of sales and gathering pipelines.

• Full infrastructure utilization was achieved in Q3 2026; selected cash costs fell 12%, with an estimated $1.35/boe reduction translating to $45 million per year in free funds flow.

• 2026 DCCE capital efficiency expected to improve 35% versus 2023 and 4% versus 2025; drilling and completions performance was 16% and 33% faster than peers, respectively.