Birchcliff Energy Ltd. Announces the Filing of Its Audited Financial Statements and Other Disclosure Documents for the Year Ended December 31, 2023

CALGARY, Alberta, March 13, 2024 (GLOBE NEWSWIRE) -- Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce that it has filed its annual audited financial statements (the “financial statements”) and related management’s discussion and analysis and its annual information form (the “AIF”) for the financial year ended December 31, 2023 (collectively, the “Annual Filings”). The AIF contains the reserves data and other oil and gas information as required by National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The financial and reserves information contained in the Annual Filings is consistent with the unaudited financial and reserves information disclosed in the press release issued by Birchcliff on February 14, 2024.

The Annual Filings are available electronically on Birchcliff’s website at www.birchcliffenergy.com and on SEDAR+ at www.sedarplus.ca.

CAPITAL PROGRAM UPDATE

Birchcliff’s disciplined capital budget of $240 million to $260 million for 2024 reflects its commitment to maintaining a strong balance sheet, while focusing on sustainable shareholder returns and the continued development of the Corporation’s world-class asset base. Birchcliff expects to bring 29 wells on production in 2024 as part of its capital program, which utilizes its latest wellbore and completions design and targets high rate-of-return wells with strong capital efficiencies and attractive paybacks.

As previously announced, Birchcliff is delaying the drilling of 13 wells until late Q2 and into Q3 2024, with these wells expected to come on production in Q4 2024, aligned with the anticipated improvement in commodity prices. Birchcliff is closely monitoring commodity prices and this deferral provides it with the flexibility to further adjust its 2024 capital program if necessary.

In Pouce Coupe, the Corporation completed the drilling of its 5-well 04-30 pad in December 2023 and the wells were turned over to production through Birchcliff’s permanent facilities in late February 2024. This pad was drilled in the Lower Montney and targeted high-rate natural gas.

In February 2024, Birchcliff completed the drilling of its 5-well 16-17 pad in Pouce Coupe and the wells are anticipated to be turned over to production in April 2024. This pad targeted condensate-rich natural gas with three wells drilled in the Lower Montney and two wells in the Upper Montney.

In Gordondale, Birchcliff completed the drilling of its 2-well 02-27 pad targeting liquids-rich natural gas wells in the Lower Montney in early March 2024, with the wells anticipated to be turned over to production in Q2 2024.