Closing - July 13, 2016

Birchcliff Energy Ltd. has closed its previously announced bought-deal financing (the “Offering“) through a syndicate of underwriters co-led by National Bank Financial Inc., Cormark Securities Inc., GMP Securities L.P. and Scotia Capital Inc. and including CIBC World Markets Inc., HSBC Securities (Canada) Inc., TD Securities Inc., Raymond James Ltd., BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Macquarie Capital Markets Canada Ltd., AltaCorp Capital Inc., Haywood Securities Inc., Integral Wealth Securities Limited and Peters & Co. Limited.

The Corporation issued 107,520,000 subscription receipts (including 6,000,000 Subscription Receipts issued upon the exercise in full of the over-allotment option granted to the Underwriters) at a price of $6.25 per Subscription Receipt for gross proceeds of $672.0 million.

Initial Announcement - June 22, 2016

In connection with its latest Montney acquisition, Birchcliff Energy Ltd. is has entered into an agreement with a syndicate of underwriters, co-led by NBF, Cormark, GMP Securities L.P. and Scotia Capital Inc., pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 84,800,000 subscription receipts of the Corporation at a price of $6.25 per Subscription Receipt for aggregate gross proceeds of $530.0 million. Concurrent with the Bought Deal Financing, Mr. Seymour Schulich has committed that he (or entities controlled by him) will purchase 3,000,000 Subscription Receipts at a price of $6.25 per

Subscription Receipt for aggregate gross proceeds of $18.75 million pursuant to a non-brokered  private placement. In addition, it is expected that certain directors, officers and employees of the Corporation and their families will participate in the Bought Deal Financing.

If the Over-allotment Option is fully exercised, gross proceeds from the Bought Deal Financing will be approximately $609.5 million.