Birchcliff Energy (BIR) Corporate Presentation summary

Strategic overview and financial guidance

• Focus on long-term shareholder value through disciplined growth in Alberta's Montney resource, targeting 76,000–79,000 boe/d average production in 2025 and $480 million adjusted funds flow.

• Five-year outlook targets 14% production growth, cumulative free funds flow of $670 million, and total debt reduction to $125 million by 2029.

• Annual base dividend of $0.12 per share is sustainable, with potential for growth and opportunistic share buybacks.

• 2025 capital program allocates $260–$300 million, bringing 26 wells on production, with a focus on high-return, efficient pad development.

• No fixed price contracts, providing full exposure to commodity prices and diversified gas sales, with 76% of 2025 volumes sold in higher-priced NYMEX and Dawn markets.

Operational excellence and cost efficiency

• Continuous optimization in drilling, completions, and field development has improved drill speeds by 24% and reduced per-well capital costs by 24% since 2023.

• Top-tier operating costs at $3.20/boe in 2024, with further reductions expected as infrastructure is fully utilized.

• Step-change improvements in well performance and capital efficiency, with optimized pad design and longer laterals.

• Operatorship of key gas plants enables control over costs and maximizes netbacks.

Asset base, reserves, and growth potential

• Holds 382 net sections in the Montney/Doig play, with decades of low-risk drilling inventory in Pouce Coupe and Gordondale and significant unbooked upside in Elmworth.

• Year-end 2024 reserves: 217.1 MMboe PDP (7.7 years RLI), 969.6 MMboe 2P (34.3 years RLI), with NPV10 before tax of $5.6 billion for 2P.

• Production history shows consistent growth, with a focus on converting 1P and 2P reserves to PDP.

• Elmworth asset development advancing, including a new 80 MMcf/d gas plant planned for Q4 2028.