CORPORATE OVERVIEW PEOPLE, FOCUS & EXECUTION August 11, 2021 3
CORPORATE OVERVIEW Corporate Snapshot & Select Guidance Q2 2021 average production 75,265 boe/d Light oil (% of production) 2,766 bbls/d (4%) Condensate (% of production) 6,070 bbls/d (8%) NGLs (% of production) 7,647 bbls/d…
CORPORATE OVERVIEW Corporate Snapshot & Select Guidance Continued Long-term (drawn) debt as at June 30, 2021 721 million Total debt as at June 30, 2021 (1) 771 million Credit facilities limit as at June 30, 2021 850 million…
CORPORATE OVERVIEW 2021E NATURAL GAS MARKETING AECO 3.46 0.05 0.48 2.93 13% 43% Dawn 6% 4.00 0.15 Alliance 1.30 3.60 2.55 38% 0.03 0.43 3.14 Note: All Birchcliff gas realizes a Henry Hub 9% heat premium(1)…
CORPORATE OVERVIEW KEYS TO SUCCESS Executives with proven track record, continuity since inception and significant ownership Management Highly experienced Management Team with excellent technical knowledge and a long history with…
LOOKING FORWARD 2021 CAPITAL PROGRAM 2021 Capital Program - Capital Expenditures by Classification Classification Capital (MM) DCCET Pouce Coupe(1) 93 - 102 (1) 38 - 41 Gordondale (2) 22 - 24 Additional Well Completions…
LOOKING FORWARD 2021 CAPITAL PROGRAM 2021 Capital Program - Wells Drilled and Brought on Production Total w ells drilled in 2021 Total w ells brought on production in 2021(1) Pouce Coupe Montney D1 horizontal natural gas wells 7…
LOOKING FORWARD FIVE YEAR PLAN THEMES Maximizing free funds flow and strengthening Birchcliffs balance sheet over the five year period Fully utilizing the available processing capacity of Birchcliffs existing infrastructure…
LOOKING FORWARD FIVE YEAR PLAN PRODUCTION AS PER JANUARY 20, 2021 PRESS RELEASE Filling existing infrastructure drives down per-unit costs and maximizes efficiencies 100,000 Average Production (boe/d) 95,000 90,000 85,000…
LOOKING FORWARD FIVE YEAR PLAN FINANCIAL AS PER JANUARY 20, 2021 PRESS RELEASE 600 500 400 Full utilization of millions existing infrastructure 300 drives significant free 200 cash flow growth 100 0 2021 2022 2023 2024…
TRACK RECORD OF EXECUTION PRODUCTION HISTORY 90,000 79,000 - 81,000 77,977 76,401 80,000 77,096 Compound per-share production growth of 10% per year since 2005. 70,000 (11% since PC Gas Plant Phase I 67,963 Average Production…
TRACK RECORD OF EXECUTION CORPORATE RESERVES (1) 1,200,000 7,000 PDP - Reserves 1,100,000 TP - Reserves 2P - Reserves 6,000 1,000,000 PDP - NPV10 On a per share basis PDP, 1P and 900,000 TP - NPV10 2P reserves have…
TRACK RECORD OF EXECUTION PROVEN TRACK RECORD AS A LOW COST PRODUCER 5 Year Profitability Breakdown: 2016 2017 2018 2019 2020 Average Average AECO (CAD/GJ) 2.05 2.04 1.42 1.67 2.11 1.86 Average WTI (USD/bbl) 43.32 50.95 64.77…
TRACK RECORD OF EXECUTION PROVEN TRACK RECORD AS A LOW COST FINDER 12 PDP F&D 1P F&D 2P F&D Adjusted funds flow 10 netback(1) recycle ratios 0.6x F&D Cost (/boe) 8 1.3x 1.4x 1.6x 1.5x 1.3x 1.8x 0.9x 6 1.0x 1.3x 2.0x…
ENVIRONMENTAL, SOCIAL AND GOVERNANCE PEER EMISSIONS METRICS(1)(2)(3)(4) August 11, 2021 17
ENVIRONMENTAL, SOCIAL AND GOVERNANCE COMMITMENT TO ENVIRONMENTAL STEWARDSHIP Waste heat recovery units at the Pouce Coupe Gas Plant take the equivalent of 5,000 cars off the road annually Peer-leading water storage and…
ENVIRONMENTAL, SOCIAL AND GOVERNANCE INVESTING IN OUR PEOPLE AND THE COMMUNITY 4.25 million donated to more than 100 local community groups and organizations in the last 5 years Continued partnerships with local communities…
MONTNEY/DOIG RESOURCE PLAY MONTNEY/DOIG - A WORLD CLASS RESOURCE PLAY 440 gross (437.7 net) Montney/Doig horizontal wells producing as of Dec 31, 2020 Resource density. Stacked resource up to 300 metres thick. Large areal…
MONTNEY/DOIG RESOURCE PLAY MONTNEY/DOIG MINERALOGY LEADS TO EXCELLENT FRACABILITY The Montney/Doig Resource Play rock type is composed of a Some other Resource Plays have a high percentage of clays high percentage of hard…
MONTNEY/DOIG RESOURCE PLAY BIRCHCLIFF MONTNEY/DOIG RESOURCE PLAY Large contiguous land base with 415.7 (394.6 net) sections prospective for the Montney/Doig as at December 31, 2020 Birchcliff has contiguous land block at Pouce…
MONTNEY/DOIG RESOURCE PLAY MONTNEY/DOIG MULTI LAYER OPPORTUNITY August 11, 2021 23
MONTNEY/DOIG RESOURCE PLAY SCIENCE & TECHNOLOGY PAD August 11, 2021 24
MONTNEY/DOIG RESOURCE PLAY BIRCHCLIFF MONTNEY/DOIG INVENTORY 2020YE Note: Location inventory includes three (3) 100% W.I. existing wells that have proved non-producing reserves. (2 in Pouce Coupe and 1 in Elmworth) August 11,…
MONTNEY/DOIG RESOURCE PLAY 2020 LIQUIDS SUMMARY 2020 Well Rates (IP60) MULTI-INTERVAL CUBE-STYLE DEVELOPMENT Discovery of Extension to the Gordondale Light Oil Pool In Q3 2020, Birchcliff brought the production on from its…
MONTNEY/DOIG RESOURCE PLAY 2021 CAPITAL PROGRAM 2021 Budget Locations & Well Rates (IP60) MULTI-INTERVAL CUBE-STYLE DEVELOPMENT 2021 Capital Program Major Themes Capital Program focused on low-risk drilling opportunities to…
POUCE COUPE POUCE COUPE OVERVIEW Proven asset in development phase Wells show high initial deliverability, low terminal decline and stable long term production Predictable results with improving gas rates & liquids yields 100%…
POUCE COUPE 10-WELL 14-06 PAD RAW PRODUCTION (BOE/D) 10-well pad continuing to build on multi- interval cube-style development success 14-06 Pad Initial Results IP 30(1) IP 60(1) Aggregate production rate (boe/d) 9,612 8,794…
POUCE COUPE POUCE COUPE 2021 TYPE CURVE *Assumptions: Fx 1.25 CAD/USD *All economics are before tax; reference date is January 1, 2021 August 11, 2021 30
POUCE COUPE MULTI-INTERVAL CUBE-STYLE DEVELOPMENT August 11, 2021 31
GORDONDALE GORDONDALE OVERVIEW High oil & NGLs weighting Strategic infrastructure Low base production decline The 2021 drilling program included 8 (8.0 net) horizontal oil and natural gas wells including 2 Montney D1 natural gas…
GORDONDALE 4-WELL 05-07 PAD RAW PRODUCTION (BOE/D) Successful extension of the Montney C interval into Gordondale as well as continued success on Montney D1 & D2 intervals 05-07 Pad Initial Results IP 30(1) IP 60(1)…
GORDONDALE GORDONDALE BASE PRODUCTION HISTORY(1) Birchcliff Last well drilled in 2014 (on-stream 2015) Added Field Acquisition with peak production of 35,000 boe/d Compression (22,000 BOE/d) Scheduled AltaGas Plant…
GORDONDALE GORDONDALE 2021 HALO OIL TYPE CURVE *Assumptions: Fx 1.25 CAD/USD *All economics are before tax; reference date is January 1, 2021 August 11, 2021 35
D&C CONTINUOUS PERFORMANCE IMPROVEMENT POUCE COUPE DRILLING PERFORMANCE August 11, 2021 36
D&C CONTINUOUS PERFORMANCE IMPROVEMENT ENGINEERED COMPLETIONS FOR MONTNEY/DOIG DEVELOPMENT Industry Range Birchcliff Best Practices Oil Birchcliff Best Practices Gas Liner type Openhole or Cemented Cemented Cemented Fluid CO2,…
POUCE COUPE NATURAL GAS PLANT Production Processed through the PC Gas 2018 2019 2020 H1/21 Plant 31% Average daily production, net to Birchcliff: Natural gas (Mcf) 250,011 263,108 239,419 239,768 69% Oil, condensate & NGLs…
POUCE COUPE NATURAL GAS PLANT KEY STRATEGIC Corporate Operating Costs vs. % of Natural Gas Sales Volumes Processed at the PC Gas Plant 8.00 100% Corporate Operating Cost (/boe) ADVANTAGES Volume Through PC Gas Plant…
BUILDING ON OUR PAST Forecasted annual average production of Birchcliffs average daily production was 76,401 boe/d in 79,000-81,000 boe/d in 2020 compared to 2,793 boe/d in 2005, a compounded 2021 annual growth rate of 25% per year…
BUILDING ON OUR PAST Birchcliff has increased production at a compound annual growth rate of 25% since 2005. Operating & Cash Costs* 20 18 Operating and cash costs have 16 decreased by 72% and 41% since 14 12 2008…
BUILDING ON OUR PAST Reserves Growth 1,200 4,800 Birchcliff has added significant 1,000 4,000 low cost reserves since 800 3,200 commencing operations in boe/1,000shares MMboe 600 2,400 2005. On a per common share 400…
APPENDIX CANADAS LNG ADVANTAGE Cleaning Our Worlds Environment, a 2.0 Bcf/d LNG Facility Could; Displace 50 million tonnes of carbon emissions from coal-fired power generation Replace approximately 10 large-scale coal fired power…
APPENDIX PROXIMAL TO INFRASTRUCTURE WITH LONG TERM EXPOSURE TO LNG EXPORT Montney/Doig Birchcliff Montney/Doig Production Resource Play Owned Infrastructure Pouce Coupe Gas Plant Nova Pipeline System North American…
APPENDIX MONTNEY/DOIG WELL LOCATIONS Existing and Potential Future Drilling Locations by Interval at December 31, 2020 Average Proved Plus Probable Reserves plus Cumulative Gross Number of 2P Net Number of 2P Production…
APPENDIX SERIES A PERPETUAL PREFERRED SHARES Preferred Share Details Series A Number of Shares 2,000,000 Issue Date August 8, 2012 TSX Trading Symbol BIR.PR.A Issue / Par Price 25.00 per share Quarterly Dividend 0.523375 per…
APPENDIX SERIES C PREFERRED SHARES Preferred Share Details Series C Number of Shares 1,533,108 Issue Date June 14, 2013 TSX Trading Symbol BIR.PR.C Issue / Par Price 25.00 per share Quarterly Dividend 0.4375 per share Yield at…
CORPORATE INFORMATION OFFICERS AUDITORS A. Jeffery Tonken KPMG LLP, President, CEO and Chairman of the Board Chartered Professional Accountants Calgary, Alberta Myles R. Bosman Vice-President, Exploration and Chief Operating…
ADVISORIES PRESENTATION OF OIL AND GAS RESERVES AND RESOURCES: Deloitte prepared the 2019 Deloitte Reserves Report, the 2019 Consolidated Reserves Report and the 2020 Deloitte Reserves Report. McDaniel prepared the 2019 McDaniel…
ADVISORIES Transportation and other expense denotes transportation expense plus marketing purchases minus marketing revenue on a per boe basis. Birchcliff may enter into certain marketing purchase and sales arrangements with the…
THANK YOU TEAM BIRCHCLIFF Jeffrey Akeroyd, Bradley Alexander, Karen Allen, Diana Almeida, Tracy Anderson, Camille Ashton, Gaetano Aurigemma, Angela Belbeck, Tyrus Bender, Riley Berge, Lindsey Berlinger, Daniel Blattler, Calvin…
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