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JANUARY | 2026 Birchcliff’s 100% owned and operated Pouce Coupe Gas Plant Profitable Production Growth Creating Long-Term Value Corporate Presentation
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JANUARY 2026 | TSX BIR 2 This presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. For further information regarding the forward-looking statements and forward-looking information contained herein, see “Advisories – Forward-Looking Statements” . With respect to the disclosure of Birchcliff’s production contained in this presentation, production volumes have been disclosed on a “gross” basis as such term is defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). For further information regarding the disclosure of Birchcliff’s production contained herein, see “Advisories – Production” . In addition, this presentation uses various “non-GAAP financial measures” , “non- GAAP ratios” and “capital management measures” as such terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and might not be comparable to similar financial measures disclosed by other issuers. For further information regarding the non-GAAP and other financial measures used in this presentation, see “Advisories – Non-GAAP and Other Financial Measures” . Readers are advised to read this presentation in conjunction with the advisories contained at the end of this presentation (see “Advisories”) and the endnotes beginning on page 33 of this presentation (see “Endnotes").
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JANUARY 2026 | TSX BIR Ksi Lisims LNG 3 Birchcliff is a pure Alberta Montney producer focused on creating long-term shareholder value. Corporate Snapshot Birchcliff Overview GREATER POUCE* ELMWORTH 2026 Guidance(1) Average production 81,000 – 84,000 boe/d Adjusted funds flow(2) $430 million F&D capital expenditures $325 – $375 million Free funds flow(2) $55 – $105 million Annual base dividend(3) $33 million Total debt at year end(4) $410 – $460 million Corporate Information Common share price (TSX:BIR) as at January 19, 2026 $7.01 per share Common shares outstanding as at January 19, 2026 274.8 million Market capitalization as at January 19, 2026 $1.9 billion 2026 annual common share dividend (paid quarterly) $0.12 per share Base dividend yield as at January 19, 2026 1.7% Gross reserves as at December 31, 2024(5) PDP – 217.1 MMboe 2P – 969.6 MMboe Reserves life index as at December 31, 2024(6) PDP – 7.7 years 2P – 34.3 years Birchcliff Non-Confidential Land Pouce Coupe Gas Plant Gordondale Gas Plant Proposed Goodfare Gas Plant * “Greater Pouce” refers to Birchcliff’s properties and assets in the Pouce Coupe and Gordondale areas of Alberta.
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JANUARY 2026 | TSX BIR 4 w Operational Excellence World-class Asset Base & Infrastructure Financial Strength & Commodity Price Exposure Sustainable Shareholder Returns Corporate Snapshot Why Invest In Birchcliff Pouce Coupe and Gordondale drive free funds flow with multi- decade drilling inventory Operate essentially all of our infrastructure in our core areas, delivering top-decile operating costs in peer group Elmworth asset provides significant future value aligned with strong natural gas demand outlook Demonstrated track record of improving capital efficiency and reducing operating costs Culture of continuous improvement with a highly motivated and technical team Technology and data-driven execution that challenge the status quo Prioritize debt reduction and significantly reduce our interest costs Continue to target <1.0x total debt to annual adjusted funds flow(1) Financial flexibility with $850 MM credit capacity and strong banking relationships Substantial torque to commodity prices with no fixed price contracts and exposure to Henry Hub, Dawn and AECO Annual base dividend of $0.12 per common share(2) sustainable through commodity price cycles Focused on growing per-share value and total return to shareholders Potential for opportunistic share buybacks
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JANUARY 2026 | TSX BIR 5 2026 F&D Capital Expenditures by Classification Classification Capital (millions) DCCET(2) $240 – $280 Facilities and Infrastructure $40 – $45 Maintenance and Optimization $22 – $25 Other(3) $23 – $25 Total F&D Capital Expenditures(4) $325 – $375 Number of Wells to be Brought on Production in 2026 Pouce Coupe 26 – 32 Gordondale 3 – 5 Total – Greater Pouce 29 – 37 2026 Greater Pouce Pad Locations (Well Counts) 02-09 (6) 04-05 (6) 05-34 (3) 2026 Outlook Capital Program Details(1) 07-33 (2) 07-24 (6) 12-10 (4) 09-15 (6) 13-21 (4)
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JANUARY 2026 | TSX BIR 6 Greater Pouce – Free Funds Flow Generating Asset(1) Full Capacity, Stronger Margins and Robust Free Funds Flow • Deliver profitable production growth in 2026, generating substantial free funds flow in 2027+ • Filling infrastructure improves operating netbacks and margins, enhancing overall profitability • Multi-decade, low-risk drilling inventory sustains production levels at ~87,500 boe/d when fully utilized Greater Pouce – Strategic Value 2026 Development Plan • In Pouce Coupe, bring onstream 26 to 32 wells utilizing two drilling rigs, executing a level-loaded program • At the Pouce Coupe Gas Plant, perform plant turnaround and facility optimization project in Q2 2026 • In Gordondale, bring onstream 3 to 5 wells, targeting high rate-of-return, liquids-rich Lower Montney zones • Flexible $300 – $350 million F&D capital program with the ability to adjust in response to commodity price volatility • Balanced liquids-rich and gas weighted portfolio delivering high rate-of-return wells • Utilizing longer wells and larger pads to optimize capital efficiency and continue to drive down costs • Continue to optimize infrastructure to maximize field-wide throughput, runtime and liquids recovery 2026 Capital Program Highlights
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JANUARY 2026 | TSX BIR 7 Elmworth – Strategic Growth Asset(1) Advancing Development and Unlocking Value • Growth asset with significant future value driven by low supply cost • Birchcliff’s Ksi Lisims LNG optionality supported by strong natural gas diversification Elmworth Asset – Strategic Value 2026 Development Plan • Complete a horizontal land retention well and perform a short flow test • Drill a horizontal land retention well • Advance planning for the first phase (100 MMcf/d) of the 100% owned and operated Goodfare Gas Plant • Targeting a Final Investment Decision (“FID”) in late 2026 or early 2027 2026 Capital Program Highlights • $25 million F&D capital program to progress and develop Elmworth land base • Progress asset appraisal and delineation plans to support FID decision 09-32 Well Flow Test Rates, February 2025 – Three-Day Stabilized Average Rate(2) Total production rate (boe/d) 2,918 Natural gas production rate (Mcf/d) 17,045 Condensate production rate (bbls/d) 77 Birchcliff 2025 Well Results Elmworth Map
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JANUARY 2026 | TSX BIR 8 AECO 46% Dawn 38% Henry Hub 16% Future West Coast LNG Projects US$3.60/MMBtu (US$0.96)/MMBtu 2026E Pricing by Hub (CDN$/GJ) Forecasted Average Realized Sales Price per Hub Basis Differential Cost Estimated Fuel Cost From Field to Sales Point(2) Estimated Transportation Cost From Field to Sales Point(3) Estimated Natural Gas Sales Netback(4) 2026E Natural Gas Market Exposure Balanced approach to 2026 diversification with 54% effectively sold in the Henry Hub and Dawn markets and 46% sold at AECO. AECO $2.60 ($0.05) ($0.39) $2.16 DAWN $4.41 ($0.25) ($1.35) $2.81 HENRY HUB $4.67 ($1.25) ($0.05) ($0.39) $2.98 No fixed price contracts providing full exposure to commodity prices. Natural Gas Market Diversification(1) Significant Exposure to Dawn and Henry Hub US$3.40/MMBtu
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JANUARY 2026 | TSX BIR Reduction in Unit Cash Costs 9 Infrastructure Optimization Improving Returns Through Utilization 76,000 – 79,000 By fully utilizing our owned and operated infrastructure, we improve our operating netbacks and margins and generate significant free funds flow. FULL UTILIZATION 9% production growth fills plant capacity at 87,500 boe/d(1) GROWING MARGINS Continuing to optimize margins IMPROVED NETBACKS 10% reduction of per unit cash costs(2) $11.50 $9.00 $/boe 10% ~$1.15/boe reduction in per unit cash costs(2) with the plant full translates to additional $37 million per year in free funds flow(3) (2)
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JANUARY 2026 | TSX BIR 10 Five-Year Outlook – Greater Pouce and Elmworth(1) Disciplined and Profitable Production Growth Annual Production 65,000 85,000 105,000 2026E 2027E 2028E 2029E 2030E boe/d Elmworth Greater Pouce F&D Capital Spending $0 $250 $500 2026E 2027E 2028E 2029E 2030E millions The Elmworth asset has significant growth potential, with the scale to support production well above what is contemplated in this five-year outlook should commodity prices warrant. Lower Sustaining Capital 0.0x 0.5x 1.0x $0 $350 $700 2026E 2027E 2028E 2029E 2030E D/AFF millions Cumulative FFF D/CF Cumulative FFF(2) and Debt/AFF(3) * <0.1x *Budget Pricing: 2026 at CDN$2.60/GJ AECO, US$3.60/MMBtu NYMEX HH & US$60.00/bbl WTI; 2027 -2030 at CDN$3.00/GJ AECO, US$4.00/MMB tu NYMEX HH & US$62.50/bbl WTI Debt/AFF
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JANUARY 2026 | TSX BIR $0 $250 $500 2026E 2027E 2028E 2029E 2030E millions 11 Five-Year Outlook – Greater Pouce and Elmworth(1) Unlocked Free Funds Flow Potential in Stronger Pricing Environments Budget Pricing AECO (CDN$/GJ) $2.60 $3.00 $3.00 $3.00 $3.00 NYMEX (US$/MMBtu) $3.60 $4.00 $4.00 $4.00 $4.00 WTI (US$/bbl) $60.00 $62.50 $62.50 $62.50 $62.50 Moderate Pricing AECO (CDN$/GJ) $- $3.50 $3.50 $3.50 $3.50 NYMEX (US$/MMBtu) $- $4.50 $4.50 $4.50 $4.50 WTI (US$/bbl) $- $70.00 $70.00 $70.00 $70.00 High Pricing AECO (CDN$/GJ) $- $4.00 $4.00 $4.00 $4.00 NYMEX (US$/MMBtu) $- $5.00 $5.00 $5.00 $5.00 WTI (US$/bbl) $- $80.00 $80.00 $80.00 $80.00 FFF(2) Price Sensitivity(3) With no fixed price hedging in place, for every $0.10 pricing change in each of the three natural gas hubs, Birchcliff’s estimated FFF for 2026 changes by $19.2 million (in aggregate) offering significant torque to increased commodity prices.(4)
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JANUARY 2026 | TSX BIR 12 Five-Year Outlook – Greater Pouce(1) Free Funds Flow Generating Asset 76,000 – 79,000 $260 – $300 Greater Pouce with decades of inventory continues to deliver shareholder value with free funds flow that will strengthen the balance sheet, creating the flexibility to fund Elmworth growth while enhancing long-term resilience. F&D Capital Spending $250 $300 $350 2026E 2027E 2028E 2029E 2030E millions $0 $100 $200 2026E 2027E 2028E 2029E 2030E millions Free Funds Flow (2) Fill Sustain Annual Production 80,000 85,000 90,000 2026E 2027E 2028E 2029E 2030E boe/d 87,500 boe/d
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JANUARY 2026 | TSX BIR 13 Operational Excellence Relentless Focus on Development Optimization Construction Drilling Completions Lease size Lease material Conductors Direction plan optimization Wellbore design Rig upgrades Cluster design Fleet optimization Maintenance optimization Equipping Infrastructure Field Operations Standardization Layout optimization Equipment transfers Operatorship Process optimization Critical spare inventory Performance optimization Chemical optimization
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JANUARY 2026 | TSX BIR 14 0 7000 0 5 10 15 Depth (metres) 2023 2024 2025E 2025 Pacesetter 300 600 2023 2024 2025E $/Measured Depth 300 600 2023 2024 2025E Metres Per Day Improving Drill SpeedsDrill Curves Step change improvement to drill speeds & costs with optimized drilling practices. Surface Main Lateral 38% since 2023 27% since 2023 Operational Excellence Drilling Performance
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JANUARY 2026 | TSX BIR $50 $120 2023 2024 2025E $000s/100tonnes 12 24 2023 2024 2025E Pump Hours Per Day Improving Frac Efficiency Well Design Evolution 15 More Fracs. More Sand. More Efficient. 2,460m LL 1.0 TPM 5 x 20m 2023 2,460m LL 1.0 – 2.0 TPM 5 x 16m 2024 2,720m LL 1.5 – 2.5 TPM 7 x 10-12.5m 2025 12% since 2023 26% since 2023 2,825m LL 1.5 – 2.5 TPM 2026 7-9 x 10-12.5m Operational Excellence Completion Performance
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JANUARY 2026 | TSX BIR 16 Focused execution has driven significant cost reductions since 2024 Repeatable cost structure strengthens long-term field development ~$7.6 ~$6.9 $5.00 $8.00 2024 2025E $MM Operational Excellence DCCET per Well 9% since 2024
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JANUARY 2026 | TSX BIR 0 500 1,000 2022 2023 2024 2025E IP365 boe/d(2) 0 15 30 2022 2023 2024 2025E IP365 CGR bbls/MMcf(2) 2025 program shows significant increase in condensate-to-gas ratio compared to 2024 program. 17 Operational Excellence Well Performance Vintage Map Year-over-Year Production Performance(1) 96% since 2024 0 500 1,000 1,500 0 365 Avg Rate (boe/d) Producing Day 2022 2023 2024 2025
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JANUARY 2026 | TSX BIR $10,000 $15,000 $20,000 2023 2024 2025E $5,000 $10,000 $15,000 2023 2024 2025E Per Well Capital Efficiency * 18 Corporate Capital Efficiency ** Field development optimization and execution has resulted in a step change in capital efficiencies since 2023. * Birchcliff calculates “capital efficiency” on an average well basis as DCCE capital expenditures divided by the IP365 boe/d f or the appliable well(s). Birchcliff defines “IP365 boe/d” as the estimated average daily field production in the first 365 days a well is on-stream. Where field production data is not available for a well, Birchcliff uses the forecasted production data for that well. Capital efficiency is determined at the i ndividual well level and then aggregated and averaged for the year. See “Advisories – Oil and Gas Metrics”. ** Birchcliff calculates “capital efficiency” on a corporate basis as F&D capital expenditures divided by average daily incremen tal production additions (boe/d) in the year. Birchcliff calculates “average daily incremental production additions” as the cur rent year average daily production (actual or forecasted, as the case may be) less the average daily base production. The “average daily base production” is calculated as the prior year average daily production multiplied by 100% less Birchcliff’s estimated corporate base decline rate of 24%. See “Advisories – Oil and Gas Metrics” . 30% since 2023 21% since 2023 Operational Excellence Improving Capital Efficiency
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JANUARY 2026 | TSX BIR 19 Birchcliff’s Montney Resource Play Located in the Heart of the World-Class Montney Large contiguous land blocks consisting of 375 net sections as at December 31, 2025, including the Pouce Coupe, Gordondale and Elmworth areas. Extensive Montney portfolio provides commodity cycle optimization, with production mix of prolific dry natural gas and liquids-rich targets. Low-risk Pouce Coupe and Gordondale assets drive free funds flow with decades of drilling inventory. Elmworth asset provides significant future value aligned with strong natural gas demand outlook.
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JANUARY 2026 | TSX BIR 20 Birchcliff’s Montney Resource Play Large Multi-Interval Land Position
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JANUARY 2026 | TSX BIR 21 Birchcliff’s Montney Resource Play Located in the Heart of the World-Class Montney Resource density: Stacked resource up to 300 metres thick. Large areal extent: Extends over 50,000 square miles. Exceptional “fracability”: Low clay content, low Poisson’s Ratio and high Young’s Modulus. Exceptional fracture stability: Fractures stay open due to very low proppant embedment. High permeability: Formation is dominated by siltstones allowing natural fluid flow. Over pressured: Indicative of high gas in place and production capability. Repeatability: Widespread “blanket” style deposition provides for more repeatable results. 112 Wells Producing from Upper Montney Stack 455 Wells Producing from Lower Montney Stack As at December 31, 2024
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JANUARY 2026 | TSX BIR Canadian West Coast LNG Opportunity(1) Western Canadian LNG Landscape 22 Canadian West Coast & US LNG Capacity WCSB Woodfibre LNG 2.1 MTPA (0.3 Bcf/d) Issued Notice to Proceed Cedar LNG (Floating) 3 MTPA (0.4 Bcf/d) Positive FID – onstream ~2028 LNG Canada I & II 28 MTPA (4 Bcf/d) Phase I (2 Bcf/d) – Train I Operational Train II Commissioning Ksi Lisims LNG (Floating) 12 MTPA (1.7 Bcf/d) Environmental Assessment (“EA”) Granted Tilbury LNG Expansion 2.8 MTPA (0.37 Bcf/d) EA Phase 10 15 20 25 30 35 2026E 2027E 2028E 2029E 2030E Bcf/d United States Incremental LNG Canada Phase 2 Ksi Lisims LNG Tilbury LNG Cedar LNG Woodfibre LNG LNG Canada Phase 1 United States Existing ~12 Bcf/d growth in North American LNG export capacity by 2030
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JANUARY 2026 | TSX BIR 23 Source: Canadian Energy Centre, Ksi Lisims LNG Rockies LNG is collaborating with the Nisga’a Nation, a modern treaty Nation in British Columbia, and Western LNG, an experienced LNG developer, to develop the 12 million tonne per year (approximately 1.7 Bcf/d) LNG export project, Ksi Lisims LNG, on the west coast of British Columbia. Ksi Lisims LNG received its Environmental Certificate in September 2025 and was referred to Canada’s Major Projects Office in November 2025. Birchcliff is a founding member of Rockies LNG Partners. Canadian West Coast LNG Opportunity Western Canadian LNG Landscape
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JANUARY 2026 | TSX BIR 24 Social Governance Major supporter of STARS Air Ambulance and the United Way of Calgary, raising more than $4 million for the organizations. In 2024, Birchcliff participated in over 60 engagement sessions with local Indigenous communities, invested approximately $212,000 in local Indigenous community programs, including over $30,000 in scholarships for Indigenous students, and utilized Indigenous affiliated service providers for approximately $12.1 million. Over $500,000 donated to local community groups and organizations last year outside of the larger STARS and United Way campaigns. Birchcliff’s mission is to be a leader in producing the most reliable, low-cost and responsible Canadian energy for the world. Board consisting of over 30% female representation since 2017. Five standing Board Committees assist the Board in fulfilling its oversight responsibilities and ensuring accountability to stakeholders. Corporate Responsibility Making a Difference
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Appendix 25
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JANUARY 2026 | TSX BIR 2,793 5,368 6,711 10,148 11,216 13,079 18,136 22,802 25,829 33,734 38,950 49,236 67,963 77,096 77,977 76,401 78,520 76,925 76,695 ~80,000 81,000 – 84,000 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E Average Production (boe/d) 75,699 26 Production History Significant Growth Since Inception
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JANUARY 2026 | TSX BIR 27 Corporate Reserves(1) Significant Reserves Volumes and Value $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 1,100,000 1,200,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 NPV10 - btax ($MM)(2) Reserves (Mboe) PDP Reserves 1P Reserves 2P Reserves PDP NPV10 1P NPV10 2P NPV10 Significant reserves growth since inception Focused on converting deep inventory of 1P and 2P reserves to PDP reserves
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JANUARY 2026 | TSX BIR Birchcliff’s 2024 capital program delivered strong PDP reserves additions highlighting the quality of our assets 28 Historic Profitability Proven Track Record as a Low-Cost Producer F&D Operating Netback PDP Recycle Ratios(1) 3.2x 1.1x 1.0x 1.7x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 2022 2023 2024 3-Yr Avg Corporate F&D Costs (incl. FDC)(2) & Operating Netback Recycle Ratios 2022 2023 2024(3) 3-Yr Avg Operating Netback ($/boe)(1) $32.85 $14.74 $11.02 $19.54 PDP F&D Costs ($/boe) $10.24 $13.16 $11.52(4) $11.43 1P F&D Costs ($/boe) $82.02 $16.02 n/a(5) $29.43 2P F&D Costs ($/boe) n/a(6) $24.90 n/a(5) $110.72 PDP F&D Operating Netback Recycle Ratio(1) 3.2x 1.1x 1.0x 1.7x 1P F&D Operating Netback Recycle Ratio 0.4x 0.9x n/a(7) 0.7x 2P F&D Operating Netback Recycle Ratio n/a(8) 0.6x n/a(7) 0.2x
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JANUARY 2026 | TSX BIR 29 Proved Developed Producing Total Proved Total Proved Plus Probable Reserves (Mboe) 217,076 667,390 969,636 NPV10 before tax (billions)(3) $2.3 $4.4 $5.6 Reserves life index (years)(4) 7.7 23.6 34.3 Reserves Summary – at December 31, 2024 Corporate Reserves(1) Significant Intrinsic Value Based on the January 19, 2026 closing price of $7.01/share, Birchcliff is trading slightly above it’s 2024 PDP NAV/share $6.35 $13.79 $18.09 $0.00 $5.00 $10.00 $15.00 $20.00 PDP NAV/share 1P NAV/share 2P NAV/share BIR.TO$/share Net Asset Value Per Common Share(2) – at December 31, 2024
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JANUARY 2026 | TSX BIR 0 1,000 2,000 0 365 boe/d Producing Days Greater Pouce Well Economics Illustrative Type Curves(1) Demonstrating Profitability Across Asset Base Type Curve Metrics at CDN$3.00/GJ natural gas and US$70/bbl WTI Lateral Length metres 2,500 DCCE Capital Expenditures millions $6.5 – $7.0 IP365 boe/d 385 – 938 IP365 CGR bbls/MMcf 2 – 134 IP365 Capital Efficiency(2) $/boe/d 6,931 – 16,864 EUR Mboe 583 – 1,764 NPV10(3) millions $7.6 – $13.3 PIR10(2) # 1.2 – 2.1 IRR(2) % 66 – 92 Payout(2) years 0.9 – 1.2 30 Portfolio Approach: Greater Pouce asset base offers a mix of profitable dry-gas and liquids-rich opportunities Range of dry-gas and liquids- rich type curves
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JANUARY 2026 | TSX BIR 31 Corporate Information Executive Team Directors Chris Carlsen President and Chief Executive Officer Bruno Geremia Executive Vice President and Chief Financial Officer Theo van der Werken Chief Operating Officer Robyn Bourgeois Vice President, Legal, General Counsel and Corporate Secretary Duane Thompson Vice President, Operations Hue Tran Vice President, Business Development and Marketing Jeff Tonken Chairman of the Board Dennis Dawson Independent Lead Director Debra Gerlach Independent Director Stacey McDonald Independent Director Cameron Proctor Independent Director James Surbey Independent Director Auditors The Bank of Nova Scotia Royal Bank of Canada National Bank of Canada Canadian Imperial Bank of Commerce Bank of Montreal ATB Financial Business Development Bank of Canada Wells Fargo Bank, N.A., Canadian Branch United Overseas Bank Limited ICICI Bank Canada KPMG LLP , Chartered Professional Accountants Calgary, Alberta Reserves Evaluator Deloitte LLP Calgary, Alberta Bank Syndicate
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JANUARY 2026 | TSX BIR 32 Corporate Information Management Team Head Office Odyssey Trust Company 1230, 300 – 5th Avenue SW Calgary, Alberta T2P 3C4 T: 1-587-885-0960 (within Canada) 1-888-290-1175 (Toll Free) E: clients@odysseytrust.com Enquiries: https://odysseytrust.com/ca-en/help/ TSX: BIR Suite 1000, 600 – 3rd Avenue S.W. Calgary, Alberta T2P 0G5 T: 403-261-6401 E: birinfo@birchcliffenergy.com Spirit River Office 5604 – 49th Avenue Spirit River, Alberta T0H 3G0 T: 780-864-4624 Transfer Agent Gates Aurigemma Manager, General Accounting Jordon Cheung Drilling Manager Jesse Doenz Controller Andrew Fulford Surface Land Manager Lee Grant Manager of Engineering Dan Lundstrom Health and Safety Manager Kevin Matiasz Completions Manager Paul Messer Manager of Information Technology Tyler Murray Mineral Land, Acquisitions and Dispositions Manager Tam Nguyen Manager of Marketing Landon Poffenroth Montney Asset Manager Michelle Rodgerson Manager, Human Resources and Corporate Services Jeff Rogers Facilities Manager Victor Sandhawalia Manager of Finance Daniel Sharp Manager of Geology Greg Vreim Manager of Production
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JANUARY 2026 | TSX BIR 33 Slide 3: 1) Birchcliff’s guidance for its adjusted funds flow, free funds flow and total debt in 2026 is based on an annual average production rate of 82,500 boe/d in 2026, which is the mid-point of Birchcliff’s annual average production guidance range for 2026. See “Advisories – Forward-Looking Statements” for further information regarding the risks and assumptions relating to Birchcliff’s 2026 guidance and the commodity price, exchange rate and other assumptions for such guidance. 2) Non-GAAP financial measure. See “Advisories – Non-GAAP and Other Financial Measures”. 3) Assumes that an annual base dividend of $0.12 per common share is paid during 2026 and that there are 274.8 million common shares outstanding, with no special dividends paid. The declaration of future dividends is subject to the approval of the Board and is subject to change. 4) Capital management measure. See “Advisories – Non-GAAP and Other Financial Measures”. 5) Based upon the evaluation by Deloitte, independent qualified reserves evaluator, with an effective date of December 31, 2024 as contained in the report of Deloitte dated February 12, 2025 (the “2024 Deloitte Report”). See “Advisories – Presentation of Oil and Gas Reserves”. 6) See “Advisories – Oil and Gas Metrics” for a description of the methodology used to calculate reserves life index. Slide 4: 1) Non-GAAP ratio. See “ Advisories – Non-GAAP and Other Financial Measures”. 2) The declaration of future dividends is subject to the approval of the Board and is subject to change. Slide 5: 1) See “Advisories – Forward-Looking Statements” for further information regarding the risks and assumptions relating to the Corporation’s 2026 capital program. 2) On a DCCET basis, the average well cost in 2026 is estimated to be approximately $7.1 million, excluding DCCET costs in the Elmworth area. These costs can vary depending on factors such as the size of the associated multi-well pads, horizontal well length, the cost of construction, the existence of pipelines and other infrastructure and the distance to existing or planned pipelines and other infrastructure. 3) Other primarily includes capitalized G&A, Crown land sales and seismic. 4) Net property acquisitions and dispositions have not been included in the table above as these amounts are generally unbudgeted. See “Advisories – F&D Capital Expenditures” and “ Advisories – Forward-Looking Statements”. Slide 6: 1) See “Advisories – Forward-Looking Statements” for further information regarding the risks and assumptions relating to the Corporation’s 2026 capital program and guidance. Slide 7: 1) See “Advisories – Forward-Looking Statements” for further information regarding the risks and assumptions relating to the Corporation’s 2026 capital program and guidance. 2) Represents the volumes measured at the wellhead separator for the three days of production immediately after the well was considered stabilized after producing fracture treatment fluid back to surface in an amount such that flow rates of hydrocarbons became reliable. The natural gas volumes represent raw natural gas volumes as opposed to sales gas volumes. See “Advisories – Flow Test Rates and Production Rates”. Slide 8: 1) See “Advisories – Forward-Looking Statements” for further information regarding the risks and assumptions relating to Birchcliff’s 2026 guidance and the commodity price, exchange rate and other assumptions for such guidance. 2) Recorded net of extraction and other minor income. 3) Recorded as transportation expense for AECO and Dawn service. 4) Natural gas sales netback denotes the average realized natural gas sales price less fuel costs, natural gas transportation costs and any basis differential costs. Slide 9: 1) As compared to 2025 and based on an estimated annual average production rate of 80,000 boe/d in 2025. 2) Non-GAAP ratio. See “Advisories – Non-GAAP and Other Financial Measures”. 3) Non-GAAP financial measure. See “Advisories – Non-GAAP and Other Financial Measures”. Slide 10: 1) For illustrative purposes only and should not be relied upon as indicative of future results. The internal projections, expectations and beliefs underlying Birchcliff’s five-year outlook for 2026 to 2030 are subject to change in light of ongoing results and prevailing economic and industry conditions. Birchcliff’s F&D capital budgets for 2027 to 2030 have not been finalized and are subject to approval by the Board. Accordingly, the levels of F&D capital expenditures set forth herein are subject to change, which could have an impact on the forecasted production, adjusted funds flow, free funds flow, total debt and other metrics set forth herein. Changes in assumed commodity prices and variances in production forecasts can have an impact on the Corporation’s forecasts of adjusted funds flow and free funds flow and the Corporation’s other metrics for the five-year plan, which impact could be material. In addition, any acquisitions or dispositions completed over the course of the five-year plan could have an impact on Birchcliff’s forecasts and assumptions set forth herein, which impact could be material. For further information regarding the risks and assumptions relating to the Corporation’s five-year outlook and the commodity price, exchange rate and other assumptions for such outlook, see “Advisories – Forward-Looking Statements”. 2) Non-GAAP financial measure. See “Advisories – Non-GAAP and Other Financial Measures”. 3) Debt/AFF is equivalent to “total debt to adjusted funds flow” which is a Non-GAAP ratio. See “Advisories – Non-GAAP and Other Financial Measures”. Slide11: 1) For further information regarding the risks and assumptions relating to the Corporation’s five-year outlook, see “Advisories – Forward-Looking Statements”. 2) Non-GAAP financial measure. See “ Advisories – Non-GAAP and Other Financial Measures”. 3) Illustrates the expected impact of changes in AECO, NYMEX and WTI on the Corporation’s forecast of free funds flow for 2026 to 2030, holding all other variables constant. For further information regarding the risks and assumptions relating to the Corporation’s five-year outlook, see “Advisories – Forward-Looking Statements”. 4) Holding all other variables constant. The three natural gas hubs include AECO, Dawn and NYMEX HH. Endnotes
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JANUARY 2026 | TSX BIR 34 Slide 12: 1) For further information regarding the risks and assumptions relating to the Corporation’s five-year outlook, see “Advisories – Forward-Looking Statements”. 2) Non-GAAP financial measure. See “Advisories – Non-GAAP and Other Financial Measures”. Slide 17: 1) For 2022, 2023 and 2024 represents the cumulative volumes for each well brought on production, measured at the wellhead for the initial 365 days of production. For 2025, represents the cumulative volumes for each well brought on production to-date. See “Advisories – Flow Test Rates and Production Rates”. 2) For 2022, 2023 and 2024 IP365 boe/d and IP365 CGR bbls/MMcf, represents the cumulative volumes for each well brought on production, measured at the wellhead for the initial 365 days of production. For 2025 IP365 boe/d and IP365 CGR bbls/MMcf, represents the cumulative volumes to- date plus internal forecasts for the days remaining to achieve 365 days of production. See “Advisories – Flow Test Rates and Production Rates”. Slide 22: 1) Source: Public filings, National Bank Financial. Slide 27: 1) See “Advisories – Presentation of Oil and Gas Reserves”. 2) Represents the net present value of the future net revenue (before income taxes, discounted at 10%) of Birchcliff’s PDP, total proved and total proved plus probable reserves, as applicable, as estimated by Birchcliff’s independent qualified reserves evaluators, using forecast prices and costs. Estimates of future net revenue do not represent fair market value. Slide 28: 1) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”. 2) See “Advisories – Oil and Gas Metrics” for a description of the methodology used to calculate F&D costs. 3) Birchcliff’s F&D capital expenditures were $273.1 million in 2024. Birchcliff’s F&D capital expenditures included $18.8 million spent on strategics priorities in the Corporation’s Elmworth area for which there was no production or reserves assigned at year-end 2024. 4) Birchcliff added 23.7 MMboe of PDP reserves in 2024, after adding back 2024 actual production of 28.1 MMboe and including all other PDP reserves adjustments in 2024, excluding acquisitions and dispositions. 5) Birchcliff’s proved and proved plus probable reserves decreased in 2024, after adding back 2024 actual production of 28.1 MMboe. As a result of the year-over-year decrease in proved and proved plus probable reserves, the calculation for F&D costs for these reserves categories was not applicable in 2024. 6) Birchcliff’s proved plus probable reserves decreased in 2022, after adding back 2022 actual production of 28.1 MMboe. As a result of the year-over-year decrease in proved plus probable reserves, the calculation for F&D costs for this reserves category was not applicable in 2022. 7) As a result of the year-over-year decrease in proved and proved plus probable reserves, the calculation for F&D operating netback recycle ratio for these reserves categories was not applicable in 2024. 8) As a result of the year-over-year decrease in proved plus probable reserves, the calculation for F&D operating netback recycle ratio for this reserves category was not applicable in 2022. Slide 29: 1) See “Advisories – Presentation of Oil and Gas Reserves”. 2) Net asset value per common share is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures”. Net asset value reflects the estimated long-term fair value of Birchcliff’s underlying reserves assets after settling outstanding financial obligations at a point in time. Net asset value is primarily impacted by the net present value (before income taxes, discounted at 10%) of the Corporation’s reserves as evaluated by Deloitte using forecast prices and costs and excludes any value from undeveloped land and seismic. For 2024, based on 279.9 million common shares, which includes 271.3 million basic common shares outstanding at December 31, 2024 and 8.6 million dilutive common shares from unexercised in-the-money stock options and performance warrants outstanding at December 31, 2024. 3) Represents the net present value of the future net revenue (before income taxes, discounted at 10%) of Birchcliff’s PDP, total proved and total proved plus probable reserves, as applicable, as estimated by Deloitte effective December 31, 2024, using forecast prices and costs. Estimates of future net revenue do not represent fair market value. 4) See “Advisories – Oil and Gas Metrics” for a description of the methodology used to calculate reserves life index. Slide 30: 1) Management type curves provided for illustrative purposes only. See “Advisories – Type Curves”. The EUR provided in this slide is an estimate only and there is no guarantee that the estimated amounts of hydrocarbons will be recovered. Actual light oil, condensate, NGLs and natural gas recovered may be greater than or less than the estimates provided herein and variances could be material. 2) See “Advisories – Oil and Gas Metrics” for a description of the methodology to calculate capital efficiency, PIR10, IRR and payout. 3) Represents the estimated per well net present value of the future net revenue (before income taxes, discounted at 10%) based on the type curves and other assumptions set forth in the slide. Estimates of future net revenue do not represent fair market value. There is no assurance that the forecast prices and costs assumptions will be attained and variances could be material. Endnotes
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JANUARY 2026 | TSX BIR Definitions “Board” means Birchcliff’s board of directors. “Deloitte” means Deloitte LLP, independent qualified reserves evaluator. “Goodfare Gas Plant” means Birchcliff’s proposed 100% owned and operated natural gas plant located in the Elmworth area of Alberta. “Gordondale Gas Plant” means the deep-cut gas processing facility owned by AltaGas located in the Gordondale area of Alberta. “COGE Handbook” means the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter), as amended from time to time. “CSA Staff Notice 51-324” means Canadian Securities Administrators’ Staff Notice 51-324 – Revised Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities. “GAAP” means generally accepted accounting principles for Canadian public companies, which are currently International Financial Reporting Standards as issued by the International Accounting Standards Board. “Pouce Coupe Gas Plant” means Birchcliff’s 100% owned and operated natural gas plant located in the Pouce Coupe area of Alberta. Abbreviations 35 Advisories 1P total proved 2P total proved plus probable AECO benchmark price for natural gas determined at the AECO ‘C’ hub in southeast Alberta bbl barrel bbls/d barrels per day bbls/MMcf barrels per million cubic feet Bcf/d billion cubic feet per day boe barrel of oil equivalent boe/d barrel of oil equivalent per day CGR condensate to gas ratio condensate pentanes plus (C5+) DCCE drill, case, complete & equip DCCET drill, case, complete, equip & tie-in D/AFF debt to adjusted funds flow E estimated EUR estimated ultimate recovery FDC future development capital FFF free funds flow F&D finding and development G&A general and administrative expense, net GJ gigajoule GJ/d gigajoules per day HH Henry Hub IP initial production IRR internal rate of return LL lateral length LNG liquefied natural gas m metre Mboe thousand barrels of oil equivalent MMboe million barrels of oil equivalent Mcf thousand cubic feet Mcf/d thousand cubic feet per day MM millions $MM millions of dollars MMBtu million British thermal units MMcf million cubic feet MMcf/d million cubic feet per day MPa megapascal MSW price for mixed sweet crude oil at Edmonton, Alberta MTPA million tonnes per annum NGLs natural gas liquids consisting of ethane (C2), propane (C3) and butane (C4) and specifically excluding condensate NPV10 net present value discounted at 10% NYMEX New York Mercantile Exchange OPEC Organization of the Petroleum Exporting Countries PDP proved developed producing PIR10 profit-to-investment ratio discounted at 10% Q quarter TPM tonnes per metre TSX Toronto Stock Exchange T&M transportation and other expense WTI West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma, for crude oil of standard grade WCSB Western Canadian Sedimentary Basin $000s thousands of dollars
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JANUARY 2026 | TSX BIR 36 Non-GAAP and Other Financial Measures This presentation uses various “non-GAAP financial measures”, “non-GAAP ratios” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below. Non-GAAP Financial Measures NI 52-112 defines a non-GAAP financial measure as a financial measure that: (i) depicts the historical or expected future financial performance, financial position or cash flow of an entity; (ii) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity; (iii) is not disclosed in the financial statements of the entity; and (iv) is not a ratio, fraction, percentage or similar representation. The non-GAAP financial measures used in this presentation are not standardized financial measures under GAAP and might not be comparable to similar measures presented by other companies. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP financial measures as indicators of Birchcliff’s performance. Set forth below is a description of the non-GAAP financial measures used in this presentation. Adjusted Funds Flow and Free Funds Flow Birchcliff defines “adjusted funds flow” as cash flow from operating activities before the effects of decommissioning expenditures, retirement benefit payments and changes in non-cash operating working capital. Birchcliff eliminates settlements of decommissioning expenditures from cash flow from operating activities as the amounts can be discretionary and may vary from period to period depending on its capital programs and the maturity of its operating areas. The settlement of decommissioning expenditures is managed with Birchcliff’s capital budgeting process which considers available adjusted funds flow. Birchcliff eliminates retirement benefit payments from cash flow from operating activities as such payments reflect costs for past service and contributions made by eligible executives under the Corporation’s post-employment benefit plan, which are not indicative of the current period. Changes in non-cash operating working capital are eliminated in the determination of adjusted funds flow as the timing of collection and payment are variable and by excluding them from the calculation, the Corporation believes that it is able to provide a more meaningful measure of its operations and ability to generate cash on a continuing basis. Management believes that adjusted funds flow assists management and investors in assessing Birchcliff’s financial performance after deducting all operating and corporate cash costs, as well as its ability to generate the cash necessary to fund sustaining and/or growth capital expenditures, repay debt, settle decommissioning obligations, buy back common shares and pay dividends. Birchcliff defines “free funds flow” as adjusted funds flow less F&D capital expenditures. Management believes that free funds flow assists management and investors in assessing Birchcliff’s ability to generate shareholder value and returns through a number of initiatives, including, but not limited to, debt repayment, common share buybacks, the payment of common share dividends, acquisitions and other opportunities that would complement or otherwise improve the Corporation’s business and enhance long-term shareholder value. The most directly comparable GAAP financial measure to adjusted funds flow and free funds flow is cash flow from operating activities. The following table provides a reconciliation of cash flow from operating activities to adjusted funds flow and free funds flow for the periods indicated: Advisories Twelve months ended December 31 ($000s) 2024 Cash flow from operating activities 203,710 Change in non-cash operating working capital 17,269 Decommissioning expenditures 1,964 Retirement benefit payments 13,851 Adjusted funds flow 236,794 F&D capital expenditures (273,084) Free funds flow (36,290)
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JANUARY 2026 | TSX BIR Birchcliff has disclosed in this presentation forecasts of adjusted funds flow and free funds flow for 2025, which are forward-looking non-GAAP financial measures. The equivalent historical non-GAAP financial measures are adjusted funds flow and free funds flow for the twelve months ended December 31, 2024. Birchcliff anticipates that, on an annualized basis, the forward-looking non-GAAP financial measures for adjusted funds flow and free funds flow disclosed herein will generally exceed their respective historical amounts primarily due to a higher commodity price forecast and a higher annual average production forecast over the relevant period as compared to 2024. The commodity price assumptions on which the Corporation’s 2025 guidance is based and the commodity price assumptions on which the Corporation’s five-year outlook is based are set forth under the heading “Advisories – Forward-Looking Statements”. Cash Costs Birchcliff defines “cash costs” as the aggregate of operating, transportation & other, general & administrative and interest expenses. Management believes that the cash costs measure provides a more transparent picture of the ongoing cash costs associated with Birchcliff’s business by excluding non-recurring, non-cash or non-operational costs including royalties, depletion, depreciation and accretion, stock-based compensation and other cash and non-cash expenses. The following table provides a breakdown of Birchcliff’s cash costs for the year ended December 31, 2024: Net Asset Value Birchcliff defines “net asset value” as property, plant and equipment, plus reserves premium adjustment (less reserves discount adjustment) for its PDP, total proved and total proved plus probable reserves (as the case may be), less total debt and plus the value of unexercised in-the-money stock options and performance warrants outstanding at the end of the period. Management believes that net asset value assists management and investors in assessing the long-term fair value of Birchcliff’s underlying reserves assets after settling its outstanding financial obligations. The most directly comparable GAAP financial measure to net asset value is property, plant and equipment. The following table provides a reconciliation of property, plant and equipment to net asset value for the periods indicated: 37 Advisories Proved Developed Producing Total Proved Total Proved Plus Probable As at December 31 ($000s) 2024 2023 2024 2023 2024 2023 Property, plant and equipment 3,218,506 3,055,958 3,218,506 3,055,958 3,218,506 3,055,958 Reserves premium (discount) adjustment(1) (940,756) (435,894) 1,140,662 2,349,659 2,345,325 3,779,459 Total debt (535,557) (382,306) (535,557) (382,306) (535,557) (382,306) Unexercised securities 34,961 16,717 34,961 16,717 34,961 16,717 Net asset value 1,777,154 2,254,475 3,858,572 5,040,028 5,063,235 6,469,828 (1) Represents the premium or discount, as the case may be, between the net present value of future net revenue (before income taxes, discounted at 10%) of Birchcliff’s PDP, total proved and total proved plus probable reserves, as the case may be, and the property, plant and equipment disclosed on the financial statements. Twelve months ended December 31 ($000s) 2024 Operating expense 90,890 Transportation and other expense 146,961 General and administrative expense, net 40,653 Interest expense 36,827 Cash Costs 315,331
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JANUARY 2026 | TSX BIR Operating Netback Birchcliff defines “operating netback” as petroleum and natural gas revenue less royalty expense, operating expense and transportation and other expense. Operating netback is a key industry performance indicator and one that provides investors with information that is commonly presented by other oil and natural gas producers. Management believes that operating netback assists management and investors in assessing Birchcliff’s operating profits after deducting the cash costs that are directly associated with the sale of its production, which can then be used to pay other corporate cash costs or satisfy other obligations. The following table provides a breakdown of Birchcliff’s operating netback for the periods indicated: Transportation and Other Expense Birchcliff defines “transportation and other expense” as transportation expense plus marketing purchases less marketing revenue. Birchcliff may enter into certain marketing purchase and sales arrangements with the objective of reducing any unused transportation or fractionation fees associated with its take-or-pay commitments and/or increasing the value of its production through value-added downstream initiatives. Management believes that transportation and other expense assists management and investors in assessing Birchcliff’s total cost structure related to transportation and marketing activities. The most directly comparable GAAP financial measure to transportation and other expense is transportation expense. The following table provides a reconciliation of transportation expense to transportation and other expense for the periods indicated: Non-GAAP Ratios NI 52-112 defines a non-GAAP ratio as a financial measure that: (i) is in the form of a ratio, fraction, percentage or similar representation; (ii) has a non-GAAP financial measure as one or more of its components; and (iii) is not disclosed in the financial statements of the entity. The non-GAAP ratios used in this presentation are not standardized financial measures under GAAP and might not be comparable to similar measures presented by other companies. Set forth below is a description of the non-GAAP ratios used in this presentation. Adjusted Funds Flow Per Basic Common Share Birchcliff calculates “adjusted funds flow per basic common share” as aggregate adjusted funds flow in the period divided by the weighted average basic common shares outstanding at the end of the period. Management believes that adjusted funds flow per basic common share assists management and investors in assessing Birchcliff’s financial strength on a per common share basis. Net Asset Value Per Common Share Birchcliff calculates “net asset value per common share” as the net asset value in each category of reserves divided by the aggregate of the basic common shares outstanding and in-the-money dilutive common shares attributable to stock options and performance warrants outstanding at the end of the period. Management believes that net asset value per common share assists management and investors in comparing Birchcliff’s common share trading price to the underlying fair market value of its net assets on a per common share basis. 38 Advisories Twelve months ended December 31 ($000s) 2024 2023 2022 Petroleum and natural gas revenue 586,856 740,359 1,340,180 Royalty expense (39,608) (70,257) (161,226) Operating expense (90,890) (105,809) (101,581) Transportation and other expense (146,961) (157,079) (154,924) Operating netback 309,397 407,214 922,449 Twelve months ended December 31 ($000s) 2024 Transportation Expense 149,534 Marketing purchases 51,496 Marketing revenue (54,069) Transportation and other expense 146,961
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JANUARY 2026 | TSX BIR Operating Netback Per Boe Birchcliff calculates “operating netback per boe” as aggregate operating netback in the period divided by the production (boe) in the period. Operating netback per boe is a key industry performance indicator and one that provides investors with information that is commonly presented by other oil and natural gas producers. Management believes that operating netback per boe assists management and investors in assessing Birchcliff’s operating profitability and sustainability by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis. Operating Netback Recycle Ratio Birchcliff calculates “operating netback recycle ratio” as operating netback per boe in the period divided by F&D costs, for its PDP, proved and proved plus probable reserves, as the case may be, in the period. Management believes that operating netback recycle ratio assists management and investors in assessing Birchcliff’s ability to profitably find and develop its PDP, proved and proved plus probable reserves. Per Unit Cash Costs Birchcliff calculates “per unit cash costs” as cash costs divided by production (boe) in the period. Management believes that per unit cash costs assist management and investors in assessing Birchcliff’s realized efficiencies and cost reductions associated with changing production. Total Debt to Annual Adjusted Funds Flow Birchcliff calculates “total debt to annual adjusted funds flow” as total debt at the end of the year divided by annual adjusted funds flow in that year. Management believes that total debt to annual adjusted funds flow assists management and investors in assessing Birchcliff’s overall debt position in respect of its cash generated in the year and the strength of the Corporation’s balance sheet. Birchcliff uses this ratio in its capital allocation decisions, including capital spending levels, returns to shareholders and other financial considerations. Transportation and Other Expense Per Boe Birchcliff calculates “transportation and other expense per boe” as aggregate transportation and other expense in the period divided by the production (boe) in the period. Management believes that transportation and other expense per boe assists management and investors in assessing Birchcliff’s cost structure as it relates to its transportation and marketing activities by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis. Capital Management Measures NI 52-112 defines a capital management measure as a financial measure that: (i) is intended to enable an individual to evaluate an entity’s objectives, policies and processes for managing the entity’s capital; (ii) is not a component of a line item disclosed in the primary financial statements of the entity; (iii) is disclosed in the notes to the financial statements of the entity; and (iv) is not disclosed in the primary financial statements of the entity. Set forth below is a description of the capital management measure used in this presentation. Total Debt Birchcliff calculates “total debt” at the end of the period as the amount outstanding under the Corporation’s credit facilities plus working capital deficit (less working capital surplus) plus the fair value of the current asset portion of financial instruments less the current portion of other liabilities discounted to the end of the period. The current portion of other liabilities has been excluded from total debt as these amounts have not been incurred and reflect future commitments in the normal course of operations. Management believes that total debt assists management and investors in assessing Birchcliff’s overall liquidity and financial position at the end of the period. The following table provides a reconciliation of the amount outstanding under the Corporation’s credit facilities, as determined in accordance with GAAP, to total debt for the periods indicated: 39 Advisories As at ($000s) December 31, 2024 Revolving term credit facilities 566,857 Working capital surplus(1) (88,953) Fair value of financial instruments – asset(2) 71,038 Other liabilities(2) (13,385) Total debt 535,557 (1) Current liabilities less current assets. (2) Reflects the current portion only.
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JANUARY 2026 | TSX BIR Presentation of Oil and Gas Reserves Deloitte prepared the 2024 Deloitte Report. In addition, Deloitte and/or McDaniel & Associates Consultants Ltd. (or their predecessors) prepared reserves evaluations in respect of Birchcliff’s oil and natural gas properties for the previous years disclosed herein. Such evaluations were prepared in accordance with the standards contained in NI 51-101 and the COGE Handbook that were in effect at the relevant time. The estimates of reserves and future net revenue herein are extracted from the relevant evaluation. There are numerous uncertainties inherent in estimating quantities of oil, natural gas and NGLs reserves and the future net revenue attributed to such reserves. The reserves and associated future net revenue information set forth in this presentation are estimates only. In general, estimates of economically recoverable oil, natural gas and NGLs reserves and the future net revenue therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserves recovery, the timing and amount of capital expenditures, marketability of oil, natural gas and NGLs, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially from actual results. For these reasons, estimates of the economically recoverable oil, natural gas and NGLs reserves attributable to any particular group of properties, the classification of such reserves based on risk of recovery and estimates of future net revenue associated with reserves prepared by different engineers, or by the same engineer at different times, may vary. Birchcliff’s actual production, revenue, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to Birchcliff’s reserves estimated by Birchcliff’s independent qualified reserves evaluator represent the fair market value of those reserves. There is no assurance that the forecast prices and costs assumptions will be attained and variances could be material. Actual oil, natural gas and NGLs reserves may be greater than or less than the estimates provided herein and variances could be material. With respect to the disclosure of reserves contained herein relating to portions of Birchcliff’s properties, the estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. In this presentation, unless otherwise stated all references to “reserves” are to Birchcliff’s “gross” company reserves as such term is defined in NI 51-101. The information set forth in this presentation relating to reserves and future net revenue constitutes forward-looking statements and is subject to certain risks and uncertainties. See “Advisories – Forward-Looking Statements”. Certain terms used herein are defined in NI 51-101, CSA Staff Notice 51-324 and/or the COGE Handbook and, unless the context otherwise requires, shall have the same meanings in this presentation as in NI 51-101, CSA Staff Notice 51-324 or the COGE Handbook, as the case may be. Currency Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars, all references to “$” and “CDN$” are to Canadian dollars and all references to “US$” are to United States dollars. Boe Conversions Boe amounts have been calculated by using the conversion ratio of 6 Mcf of natural gas to 1 bbl of oil. Boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. MMBtu Pricing Conversions $1.00 per MMBtu equals $1.00 per Mcf based on a standard heat value Mcf. Oil and Gas Metrics This presentation contains metrics commonly used in the oil and natural gas industry, including F&D costs, reserves life index, capital efficiency, PIR10, IRR, operating netback, operating netback recycle ratio, net asset value and net asset value per common share, which have been determined by Birchcliff as set out below. These oil and gas metrics do not have any standardized meanings or standard methods of calculation and therefore may not be comparable to similar measures presented by other companies. As such, they should not be used to make comparisons. Management uses these oil and gas metrics for its own performance measurements and to provide investors with measures to compare Birchcliff’s performance over time; however, such measures are not reliable indicators of Birchcliff’s future performance, which may not compare to Birchcliff’s performance in previous periods, and therefore should not be unduly relied upon. • With respect to F&D costs: o F&D costs for PDP, proved or proved plus probable reserves, as the case may be, are calculated by taking the sum of: (i) exploration and development costs (F&D capital expenditures) incurred in the period; and (ii) where appropriate, the change during the period in FDC for the reserves category; divided by the applicable additions to the reserves category after adding back production in the period. F&D costs exclude the effects of acquisitions and dispositions. o In determining the F&D costs for PDP, proved or proved plus probable reserves, as the case may be, the estimated reserves additions during the period and the change during the period in estimated FDC are based upon the evaluations of Birchcliff’s reserves prepared by Deloitte effective December 31 of such year. o The aggregate of the F&D capital expenditures incurred in the most recent financial year and the change during that year in estimated FDC generally will not reflect total F&D costs related to reserves additions for that year. o F&D costs may be used as a measure of the Corporation’s efficiency with respect to finding and developing its reserves. 40 Advisories
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JANUARY 2026 | TSX BIR • Reserves life index is calculated by dividing PDP, proved or proved plus probable reserves, as the case may be, estimated by Birchcliff’s independent qualified reserves evaluator at December 31, 2024, by 77,500 boe/d (which represents the mid-point of Birchcliff’s previous annual average production guidance range for 2025) determined on an annualized basis. Reserves life index may be used as a measure of the Corporation’s sustainability. • Capital efficiency is calculated on an average well basis as DCCE capital expenditures divided by the IP365 boe/d for the applicable well(s). Birchcliff defines “IP365 boe/d” as the estimated average daily field production in the first 365 days a well is on- stream. Where field production data is not available for a well, Birchcliff uses the forecasted production data for that well. Capital efficiency is determined at the individual well level and then aggregated and averaged for the year. This measure does not have a standardized meaning or standard method of calculation and therefore may not be comparable to similar measures presented by other companies. Management believes that capital efficiency assists management and investors in assessing Birchcliff’s asset performance, execution and ability to generate shareholder value. • PIR10 is calculated by dividing the net present value of a well (before income taxes, discounted at 10%) by the individual well cost on a DCCE capital expenditures basis. PIR10 may be used to assist in capital allocation decisions. • IRR reflects the discount rate that makes the present value of future cash flows (revenues after royalty expense, operating expense and transportation and marketing expense) generated from a well equal to the present value of the capital invested, which is comprised of DCCE and any later capital expenditures for such well. IRR is the rate of growth an investment is expected to generate and management believes that IRR assists management and investors in assessing profitability of capital investments. • Payout is calculated as the amount of time (measured in years) for the operating netback of a well to equal the DCCE capital expenditures for such well. • For information regarding operating netback, operating netback recycle ratio, net asset value and net asset value per common share and how such metrics are calculated, see “Non-GAAP and Other Financial Measures”. Type Curves This presentation references certain management type curves and well economics, which are based on the historical production from the Corporation’s assets in Pouce Coupe and Gordondale. Such type curves and well economics are useful in understanding management's assumptions of well performance in making investment decisions in relation to development drilling in certain areas and for determining the success of the performance of wells, however such type curves and well economics are not necessarily determinative of the production rates and performance of existing and future wells and such type curves do not reflect the type curves used by Deloitte in estimating the Corporation’s reserves volumes. The type curves can differ as a result of varying horizontal well length, stage count and stage spacing and such differences may be material. The type curves included in this presentation represent the average type curves expected by management. There is no certainty that such results will be achieved or that the Corporation’s results will achieve these type curves, well economics and the EUR volumes described. Production With respect to the disclosure of Birchcliff’s production contained in this presentation: (i) references to “light oil” mean “light crude oil and medium crude oil” as such term is defined in NI 51-101; (ii) references to “liquids” mean “light crude oil and medium crude oil” and “natural gas liquids” (including condensate) as such terms are defined in NI 51-101; and (iii) references to “natural gas” mean “shale gas”, which also includes an immaterial amount of “conventional natural gas”, as such terms are defined in NI 51-101. In addition, NI 51-101 includes condensate within the product type of natural gas liquids. Birchcliff has disclosed condensate separately from other natural gas liquids as the price of condensate as compared to other natural gas liquids is currently significantly higher and Birchcliff believes presenting the two commodities separately provides a more accurate description of its operations and results therefrom. With respect to the disclosure of Birchcliff’s production contained in this presentation, all production volumes have been disclosed on a “gross” basis as such term is defined in NI 51-101, meaning Birchcliff’s working interest (operating or non-operating) share before the deduction of royalties and without including any royalty interests of Birchcliff. Flow Test Rates and Production Rates References in this presentation to short-term production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which the referenced well will continue to produce and decline thereafter and are not indicative of the long-term performance or the ultimate recovery of such wells or future wells in the area. With respect to the production rates for the Corporation’s recently completed well in the Elmworth area disclosed herein, such rates represent the volumes for that well measured at the wellhead separator for the three days of production immediately after the well was considered stabilized after producing fracture treatment fluid back to surface in an amount such that flow rates of hydrocarbons became reliable (approximately 10.5 days). The production rates excluded the hours and days when the well did not produce. Approximate casing pressure for the well was stabilized at approximately 12 Mpa, however to-date, the data should be considered preliminary. The natural gas volumes represent raw volumes as opposed to sales volumes. F&D Capital Expenditures References in this presentation to “F&D capital expenditures” denotes exploration and development expenditures as disclosed in the Corporation’s financial statements in accordance with GAAP and is primarily comprised of capital for land, seismic, workovers, drilling and completions, well equipment and facilities and capitalized G&A costs and excludes any acquisitions, dispositions, administrative assets and the capitalized portion of cash incentive payments that have not been approved by the Board. Management believes that F&D capital expenditures assists management and investors in assessing Birchcliff’s capital cost outlay associated with its exploration and development activities for the purposes of finding and developing its reserves. 41 Advisories
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JANUARY 2026 | TSX BIR Third-Party Information This presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by Birchcliff to be true. Although Birchcliff believes such data to be reliable, it has not independently verified any of the data from third-party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources or ascertained the underlying economic and other assumptions relied upon by such sources. While Birchcliff believes that such market, industry and economic data is accurate, 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. Forward-Looking Statements Certain statements contained in this presentation 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 presentation relate to future events or Birchcliff’s future plans, strategy, operations, 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” , “maintain” , “deliver” 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 presentation contains forward‐looking statements relating to: • Birchcliff’s plans and other aspects of its anticipated future financial performance, results, operations, focus, objectives, strategies, opportunities, priorities and goals, including that Birchcliff is focused on creating long-term shareholder value; • the information set forth on the slide “Corporate Snapshot – Birchcliff Overview” and elsewhere in this presentation as it relates to Birchcliff’s guidance for 2026, including forecasts of annual average production, adjusted funds flow, F&D capital expenditures, free funds flow, annual base dividend and total debt at year end; • the information set forth on the slides “Corporate Snapshot – Birchcliff Overview” , “Corporate Reserves – Significant Reserves Volumes and Value” and “Corporate Reserves – Significant Intrinsic Value” and elsewhere in this presentation as it relates to Birchcliff’s reserves, including: estimates of reserves, reserves life index and the net present values of future net revenue associated with Birchcliff’s reserves; and that Birchcliff is focused on converting its deep inventory of 1P and 2P reserves to PDP reserves; • the information set forth on the slide “Corporate Snapshot – Why Invest in Birchcliff” , including: that Pouce Coupe and Gordondale drive free funds flow with multi-decade drilling inventory; that the Elmworth asset provides significant future value aligned with strong natural gas demand outlook; that Birchcliff is prioritizing debt reduction and will significantly reduce its interest costs; that Birchcliff continues to target <1.0x total debt to annual adjusted funds flow; that Birchcliff has financial flexibility with $850 million in credit capacity and strong banking relationships; that Birchcliff has substantial torque to commodity prices; that Birchcliff’s annual base dividend of $0.12 per common share is sustainable through commodity price cycles; that Birchcliff is focused on growing per-share value and total return to shareholders; and that there is the potential for opportunistic share buybacks; • the information set forth on the slide “2026 Outlook – Capital Program Details” and elsewhere in this presentation as it relates to Birchcliff’s 2026 capital program and its exploration, production and development activities and the timing thereof, including: estimates of capital expenditures (including Birchcliff’s expected capital spending allocation and average well costs in 2026); the number and types of wells to be drilled and brought on production; the number and location of well pads; targeted product types and zones; the focus of, the objectives of, the anticipated results from and expected benefits of the 2026 capital program; and details with respect to planning and execution of the 2026 capital program; • the information set forth on the slide “Greater Pouce – Free Funds Flow Generating Asset” , including: the strategic value associated with Greater Pouce (including: that it will deliver profitable production growth in 2026, generating substantial free funds flow in 2027+; that filling infrastructure improves operating netbacks and margins, enhancing overall profitability; and that multi-decade, low-risk drilling inventory sustains production levels at ~87,500 boe/d when fully utilized); the 2026 development plan for Greater Pouce (including: that Birchcliff plans to bring onstream 26 to 32 wells utilizing two drilling rigs, executing a level-loaded program; that at the Pouce Coupe Gas Plant, the Corporation plans to perform a plant turnaround and facility optimization project in Q2 2026; and that in Gordondale, Birchcliff plans to bring onstream 3 to 5 wells, targeting high rate-of-return, liquids-rich lower Montney zones); and the 2026 capital program highlights (including: that Birchcliff’s flexible $300 – $350 million capital program with the ability to adjust in response to commodity price volatility; that Birchcliff will balance its liquids-rich and gas weighted portfolio will deliver high rate-of-return wells; that Birchcliff will utilize longer wells and larger pads to optimize capital efficiency and continue to drive down costs; and that continuing to optimize infrastructure will maximize field-wide throughput, runtime and liquids recovery); 42 Advisories
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JANUARY 2026 | TSX BIR 43 Advisories • the information set forth on the slide “Elmworth – Strategic Growth Asset”, including: the strategic value associated with Elmworth (including: that Elmworth is a growth asset with significant future value driven by low supply cost; and that Birchcliff has Ksi Lisims LNG optionality supported by strong natural gas diversification); the 2026 development plan for Elmworth (including: that Birchcliff will complete a horizontal land retention well and perform a short flow test; that Birchcliff will drill a horizontal land retention well; that Birchcliff will advance the planning for the first phase (100 MMcf/d) of its 100% owned and operated Goodfare Gas Plant; and that Birchcliff is targeting an FID in late 2026 or early 2027); and the 2026 capital program highlights (including: that the $25 million F&D capital program will progress and develop Birchcliff’s Elmworth land base; and that Birchcliff will progress asset appraisal and delineation plans to support its FID decision); • the information set forth on the slide “Natural Gas Market and Diversification”, including: forecasts and estimates of natural gas market exposure, realized sales prices, costs and netbacks in 2026; and that 54% of Birchcliff’s natural gas volumes in 2026 will be effectively sold in the Henry Hub and Dawn markets and 46% sold at AECO; • the information set forth on the slide “Infrastructure Optimization” , relating to the benefits of fully utilizing the Corporation’s infrastructure, including: that 9% production growth fills plant capacity at 87,500 boe/d; statements regarding improved netbacks and a 10% reduction in per unit cash costs; that Birchcliff is continuing to optimize margins; the estimated reductions in per unit cash costs; that an approximately $1.15/boe reduction in per unit cash costs with the plant full translates to an additional $37 million per year in free funds flow; and that by fully utilizing its owned and operated infrastructure, Birchcliff improves its operating netbacks and margins and generates significant free funds flow; • the information set forth on the slides “Five-Year Outlook – Greater Pouce and Elmworth” and “Five-Year Outlook – Greater Pouce” and elsewhere in this presentation as it relates to Birchcliff's updated five-year outlook for 2026 to 2030, including: forecasts of production, F&D capital expenditures, adjusted funds flow, free funds flow, total debt, total debt to adjusted funds flow and the expected impact of changes in commodity prices on Birchcliff’s forecast of free funds flow over the five-year period; that the Elmworth asset has significant growth potential, with the scale to support production well above what is contemplated in this five-year outlook should commodity prices warrant; that, with no fixed price hedging in place, for every $0.10 pricing change in each of the three natural gas hubs, Birchcliff’s estimated FFF for 2026 changes by $19.2 million (in aggregate) offering significant torque to increased commodity prices; and that Greater Pouce with decades of inventory continues to deliver shareholder value with free funds flow that will strengthen the balance sheet, creating the flexibility to fund Elmworth growth while enhancing long-term resilience; • the information set forth on the slides “Canadian West Coast LNG Opportunity” as it relates to the Ksi Lisims LNG project and other LNG projects either under construction or in development on Canada’s West Coast and in the United States, including: the size and timing of completion of such projects; and that 12 Bcf/d of growth in North American LNG export capacity is expected by 2030; • the information set forth on the slide “Greater Pouce Well Economics” and elsewhere in this presentation as it relates to the future costs, performance and other characteristics of Birchcliff’s oil and natural gas properties and expected results from its assets, including: that the Pouce Coupe asset base offers a mix of profitable dry-gas and liquids-rich opportunities; and statements regarding the potential or prospectivity of Birchcliff’s properties, including estimates of EUR, CGR, capital efficiency, NPV10, PIR10, IRR and payout; and • Birchcliff’s anticipation that, on an annualized basis, the forward-looking non-GAAP financial measures for adjusted funds flow and free funds flow disclosed herein will generally exceed their respective historical amounts primarily due to a higher commodity price forecast and a higher annual average production forecast over the relevant periods as compared to 2024. Information relating to reserves is forward-looking as it involves the implied assessment, based on certain estimates and assumptions, that the reserves exist in the quantities predicted or estimated and that the reserves can profitably be produced in the future. See “Advisories – Presentation of Oil and Gas Reserves”. With respect to the forward-looking statements contained in this presentation, assumptions have been made regarding, among other things: prevailing and future commodity prices and differentials, exchange rates, interest rates, inflation rates, royalty rates and tax rates; the state of the economy, financial markets and the exploration, development and production business; the political environment in which Birchcliff operates; tariffs and trade policies; the regulatory framework regarding royalties, taxes, environmental, climate change and other laws; the Corporation’s ability to comply with existing and future laws; future cash flow, debt and dividend levels; future operating, transportation, G&A and other expenses; Birchcliff’s ability to access capital and obtain financing on acceptable terms; the timing and amount of capital expenditures and the sources of funding for capital expenditures and other activities; the sufficiency of budgeted capital expenditures to carry out planned operations; the successful and timely implementation of capital projects and the timing, location and extent of future drilling and other operations; results of operations; Birchcliff’s ability to continue to develop its assets and obtain the anticipated benefits therefrom; the performance of existing and future wells; reserves volumes and Birchcliff’s ability to replace and expand reserves through acquisition, development or exploration; the impact of competition on Birchcliff; the availability of, demand for and cost of labour, services and materials; the approval of the Board of future dividends; the ability to obtain any necessary regulatory or other approvals in a timely manner; the satisfaction by third parties of their obligations to Birchcliff; the ability of Birchcliff to secure adequate processing and transportation for its products; Birchcliff’s ability to successfully market natural gas and liquids; the results of the Corporation’s risk management and market diversification activities; and Birchcliff’s natural gas market exposure. In addition to the foregoing assumptions, Birchcliff has made the following assumptions with respect to certain forward-looking statements contained in this presentation: • With respect to Birchcliff’s 2026 guidance, such guidance assumes the following commodity prices and exchange rate: an average WTI price of US$60.00/bbl; an average WTI-MSW differential of CDN$5.40/bbl; an average AECO price of CDN$2.60/GJ; an average Dawn price of US$3.40/MMBtu; an average NYMEX HH price of US$3.60/MMBtu; and an exchange rate (CDN$ to US$1) of 1.37. In addition, Birchcliff’s 2026 guidance is based on the following assumptions:
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JANUARY 2026 | TSX BIR 44 Advisories o Birchcliff’s production guidance assumes that: the 2026 capital program will be carried out as currently contemplated; no unexpected outages occur in the infrastructure that Birchcliff relies on to produce its wells and that any transportation service curtailments or unplanned outages that occur will be short in duration or otherwise insignificant; the construction of new infrastructure meets timing and operational expectations; existing wells continue to meet production expectations; and future wells scheduled to come on production meet timing, production and capital expenditure expectations. o Birchcliff’s forecast of F&D capital expenditures assumes that the 2026 capital program will be carried out as currently contemplated and excludes any potential acquisitions, dispositions and the capitalized portion of cash incentive payments that have not been approved by the Board. The amount and allocation of capital expenditures for exploration and development activities by area and the number and types of wells to be drilled and brought on production is dependent upon results achieved and is subject to review and modification by management on an ongoing basis throughout the year. Actual spending may vary due to a variety of factors, including commodity prices, economic conditions, results of operations and costs of labour, services and materials. o Birchcliff’s forecasts of adjusted funds flow and free funds flow assume that: the 2026 capital program will be carried out as currently contemplated and the level of capital spending for 2026 set forth herein is met; and the forecasts of production, production commodity mix, expenses and natural gas market exposure and the commodity price and exchange rate assumptions set forth herein are met. Birchcliff’s forecast of adjusted funds flow takes into account its financial basis swap contracts outstanding as at January 13, 2026 and excludes cash incentive payments that have not been approved by the Board. o Birchcliff’s forecast of year-end total debt assumes that: (i) the forecasts of adjusted funds flow and free funds flow are achieved, with the level of capital spending for 2026 met and the payment of an annual base dividend of approximately $33 million; (ii) any free funds flow remaining after the payment of dividends, asset retirement obligations and other amounts for administrative assets, financing fees and capital lease obligations is allocated towards debt reduction; and (iii) there are no buybacks of common shares, no significant acquisitions or dispositions completed by the Corporation, no equity issuances and no further proceeds received from the exercise of stock options during 2026. The forecast of total debt excludes cash incentive payments that have not been approved by the Board. o Birchcliff’s forecast of its natural gas market exposure assumes: (i) 175,000 GJ/d being sold on a physical basis at the Dawn price; and (ii) 70,000 MMBtu/d being contracted on a financial basis at an average fixed basis differential price between AECO 7A and NYMEX HH of US$0.96/MMBtu. Birchcliff’s natural gas market exposure takes into account its financial basis swap contracts outstanding as at January 13, 2026. • With respect to Birchcliff’s updated five-year outlook for 2026 to 2030, such outlook assumes the following commodity prices and exchange rate: an average WTI price of US$60.00/bbl in 2026 and US$62.50/bbl in 2027 to 2030; an average WTI-MSW differential of CDN$5.40/bbl in 2026 to 2030; an average AECO price of CDN$2.60/GJ in 2026 and CDN$3.00/GJ in 2027 to 2030; an average Dawn price of US$3.40/MMBtu in 2026 and US$3.80/MMBtu in 2027 to 2030; an average NYMEX HH price of US$3.60/MMBtu in 2026 and US$4.00/MMBtu in 2027 to 2030; and an exchange rate (CDN$ to US$1) of 1.37 in 2026 to 2030. In addition, Birchcliff’s updated five-year outlook and plan is based on the following assumptions: o Birchcliff’s forecast production estimates are subject to similar assumptions set forth herein for Birchcliff’s 2026 production guidance. o Birchcliff’s forecasts of F&D capital expenditures assume: (i) that the Corporation’s capital programs will be carried out as currently contemplated and exclude any potential acquisitions, dispositions and the capitalized portion of cash incentive payments that have not been approved by the Board; (ii) that the Corporation makes a positive final investment decision on the Goodfare Gas Plant with the capacity and other specifications currently contemplated; and that the estimates of capital expenditures associated with the construction of the Goodfare Gas Plant are accurate; and (iii) that the number of wells planned to be brought on production in the five-year outlook are brought on production as contemplated, which forecast is subject to similar assumptions regarding wells drilled and brought on production as set forth herein. The amount and allocation of capital expenditures for infrastructure projects and exploration and development activities by area and the number and types of wells to be drilled and brought on production is dependent upon results achieved and is subject to review and modification by management on an ongoing basis throughout the five-year period. Actual spending may vary due to a variety of factors, including commodity prices, economic conditions, results of operations and costs of labour, services and materials. o Birchcliff’s forecasts of adjusted funds flow and free funds flow assume that: the Corporation’s capital programs will be carried out as currently contemplated and the level of capital spending for each year set forth herein is met; and the forecasts of production, production commodity mix, expenses and natural gas market exposure and the commodity price and exchange rate assumptions set forth herein are met. Birchcliff’s forecasts of adjusted funds flow take into account its financial basis swap contracts outstanding as at January 13, 2026 and exclude cash incentive payments that have not been approved by the Board. o Birchcliff’s forecasts of total debt and total debt to annual adjusted funds flow ratio assume that: (i) the forecasts of adjusted funds flow and free funds flow are achieved, with the level of capital spending for each year met and the payment of an annual base dividend of approximately $33 million each year; (ii) any free funds flow remaining after the payment of dividends, asset retirement obligations and other amounts for administrative assets, financing fees and capital lease obligations is allocated towards debt reduction; and (iii) there are no buybacks of common shares, no significant acquisitions or dispositions completed by the Corporation, no equity issuances and no further proceeds received from the exercise of stock options during the five-year period. The forecast of total debt excludes cash incentive payments that have not been approved by the Board.
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JANUARY 2026 | TSX BIR 45 Advisories o Birchcliff’s updated five-year outlook disclosed herein supersedes its previous five-year outlook for 2025 to 2029 (the “Previous Plan”) as disclosed by the Corporation on January 22, 2025. Primarily as a result of higher commodity price and production forecasts, Birchcliff’s updated five-year outlook now forecasts higher adjusted funds flow and free funds flow over a five-year period. The forecasts of F&D capital expenditures under the Corporation’s updated five-year outlook are higher in 2026 to 2029 as compared to the Previous Plan, primarily as a result of the Corporation developing its Elmworth area, including construction of the first phase of the Goodfare Gas Plant. The Corporation’s forecasted average annual production under its updated five-year outlook is higher than in the Previous Plan, primarily as a result of fully utilizing existing infrastructure in Pouce Coupe and Gordondale approximately one year ahead of the Previous Plan and including production from the Elmworth area in 2029 to 2030 that was not contemplated in the Prior Plan. • With respect to statements regarding future wells to be drilled or brought on production and the construction of the Goodfare Gas Plant, such statements assume: the continuing validity of the geological and other technical interpretations performed by Birchcliff’s technical staff, which indicate that commercially economic volumes can be recovered from Birchcliff’s lands as a result of drilling future wells; and that commodity prices and general economic conditions will warrant proceeding with the drilling of such wells and construction. • With respect to estimates of reserves volumes and the net present values of future net revenue associated with Birchcliff’s reserves, the key assumption is the validity of the data used by Deloitte in the 2024 Deloitte Report. 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: 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; volatility of crude oil and natural gas prices; fluctuations in commodity prices and exchange, interest and inflation rates; risks associated with increasing costs, whether due to high inflation rates, supply chain disruptions or other factors; an inability of Birchcliff to generate sufficient cash flow from operations to meet its current and future obligations; an inability to access sufficient capital from internal and external sources on terms acceptable to the Corporation; risks associated with Birchcliff’s credit facilities, including a failure to comply with covenants under the agreement governing the credit facilities and the risk that the borrowing base limit may be redetermined; fluctuations in the costs of borrowing; operational risks and liabilities inherent in oil and natural gas operations; the risk that weather events such as wildfires, flooding, droughts or extreme hot or cold temperatures forces the Corporation to shut-in production or otherwise adversely affects the Corporation’s operations; the occurrence of unexpected events such as fires, explosions, blow-outs, equipment failures, transportation incidents and other similar events; an inability to access sufficient water or other fluids needed for operations; the risks associated with supply chain disruptions; uncertainty that development activities in connection with Birchcliff’s assets will be economic; an inability to access or implement some or all of the technology necessary to operate its assets and achieve expected future results; geological, technical, drilling, construction and processing problems; uncertainty of geological and technical data; horizontal drilling and completions techniques and the failure of drilling results to meet expectations for reserves or production; delays or changes in plans with respect to exploration or development projects or capital expenditures; risks that the Goodfare Gas Plant may not be constructed, commissioned or utilized as currently contemplated or at all; the uncertainty of estimates and projections relating to production, revenue, costs and reserves; the accuracy of cost estimates and variances in Birchcliff’s actual costs and economic returns from those anticipated; incorrect assessments of the value of acquisitions and exploration and development programs; the risks posed by pandemics, epidemics, geopolitical events and global conflict and their impacts on supply and demand and commodity prices; actions taken by OPEC and other major oil producers and the impact such actions may have on supply and demand and commodity prices; stock market volatility; loss of market demand; changes to the regulatory framework in the locations where the Corporation operates, including changes to tax laws, Crown royalty rates, environmental and climate change laws (including emissions and “greenwashing”), carbon tax regimes, incentive programs and other regulations that affect the oil and natural gas industry; political uncertainty and uncertainty associated with government policy changes; actions by government authorities; risks associated with tariffs, export taxes, trade policies, export restrictions and trade barriers and trade disputes or wars (including new tariffs or changes to existing international trade arrangements); an inability of the Corporation to comply with existing and future laws and the cost of compliance with such laws; dependence on facilities, gathering lines and pipelines; uncertainties and risks associated with pipeline restrictions and outages to third-party infrastructure that could cause disruptions to production; the lack of available pipeline capacity and an inability to secure adequate and cost-effective processing and transportation for Birchcliff’s products; an inability to satisfy obligations under Birchcliff’s firm marketing and transportation arrangements; shortages in equipment and skilled personnel; the absence or loss of key employees; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, equipment and skilled personnel; management of Birchcliff’s growth; environmental and climate change risks, claims and liabilities; potential litigation; default under or breach of agreements by counterparties and potential enforceability issues in contracts; claims by Indigenous peoples; the reassessment by taxing or regulatory authorities of the Corporation’s prior transactions and filings; unforeseen title defects; third-party claims regarding the Corporation’s right to use technology and equipment; uncertainties associated with the outcome of litigation or other proceedings involving Birchcliff; uncertainties associated with counterparty credit risk; risks associated with Birchcliff’s risk management and market diversification activities; risks associated with the declaration and payment of future dividends, including the discretion of the Board to declare dividends and change the Corporation’s dividend policy and the risk that the amount of dividends may be less than currently forecast; the failure to obtain any required approvals in a timely manner or at all; the failure to complete or realize the anticipated benefits of acquisitions and dispositions and the risk of unforeseen difficulties in integrating acquired assets into Birchcliff’s operations; negative public perception of the oil and natural gas industry; the Corporation’s reliance on hydraulic fracturing; market competition, including from alternative energy sources; changing demand for petroleum products; the availability of insurance and the risk that certain losses may not be insured; breaches or failure of information systems and security (including risks associated with cyber-attacks); risks associated with artificial intelligence; risks associated with the ownership of the Corporation’s securities; the accuracy of the Corporation’s accounting estimates and judgments; and the risk that any of the Corporation’s material assumptions prove to be materially inaccurate (including the Corporation’s commodity price and exchange rate assumptions for 2026 to 2030).
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JANUARY 2026 | TSX BIR 46 Advisories The declaration and payment of any future dividends are subject to the discretion of the Board and may not be approved or may vary depending on a variety of factors and conditions existing from time to time, including commodity prices, free funds flow, current and forecast commodity prices, fluctuations in working capital, financial requirements of Birchcliff, applicable laws (including solvency tests under the Business Corporations Act (Alberta) for the declaration and payment of dividends) and other factors beyond Birchcliff’s control. The payment of dividends to shareholders is not assured or guaranteed and dividends may be reduced or suspended entirely. In addition to the foregoing, the Corporation’s ability to pay dividends now or in the future may be limited by covenants contained in the agreements governing any indebtedness that the Corporation has incurred or may incur in the future, including the terms of the Corporation’s credit facilities. The agreement governing the credit facilities provides that Birchcliff is not permitted to make any distribution (which includes dividends) at any time when an event of default exists or would reasonably be expected to exist upon making such distribution, unless such event of default arose subsequent to the ordinary course declaration of the applicable distribution. Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other risk factors that could affect Birchcliff’s results of operations, financial performance or financial results are included in Birchcliff’s annual information form and annual management’s discussion and analysis for the financial year ended December 31, 2024 under the heading “Risk Factors” and in other reports filed with Canadian securities regulatory authorities. This presentation contains information that may constitute future-oriented financial information or financial outlook information (collectively, “FOFI”) about Birchcliff’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. Birchcliff’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. Birchcliff has included FOFI 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 such information may not be appropriate for other purposes. Management has included the above summary of assumptions and risks related to forward-looking statements provided in this presentation 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 and FOFI contained in this presentation are expressly qualified by the foregoing cautionary statements. The forward-looking statements and FOFI contained herein are made as of the date of this presentation. Unless required by applicable laws, Birchcliff does not undertake any obligation to publicly update or revise any forward-looking statements or FOFI, whether as a result of new information, future events or otherwise.