Birchcliff Energy Ltd. Receives TSX Approval for Renewal of Normal Course Issuer Bid

Executive Summary

• Birchcliff Energy Ltd. received TSX approval to commence a new normal‑course issuer bid (NCIB) allowing the purchase and cancellation of up to 26,769,197 common shares (≈10% of its public float).
• The NCIB will run from Nov 27 2025 through Nov 26 2026, with daily purchase limits tied to average trading volume.
• Proceeds from the bid are intended to reduce share dilution and potentially enhance shareholder value; no purchases have been made under the prior NCIB period (Nov 27 2024 – Nov 26 2025).

Key Details

• Maximum shares purchasable: 26,769,197 common shares (10% of public float as of Nov 13 2025).
• Public float reference: 267,691,970 shares on Nov 13 2025; total issued & outstanding shares were 273,379,956.
• Bid period: Commences Nov 27 2025, terminates no later than Nov 26 2026.
• Purchase method: Open‑market transactions on the TSX and/or alternative Canadian trading systems at prevailing market prices; private agreements permitted under issuer‑bid exemption orders (at a discount to market).
• Daily purchase limit: 252,391 shares (≈25% of average daily volume of 1,009,567 shares for the six‑month period ended Oct 31 2025).
• Shares purchased will be cancelled immediately after acquisition.
• Purpose: Reduce outstanding share count to improve per‑share metrics and offset dilution from stock option exercises.
• Prior NCIB: Approved to purchase up to 13,489,975 shares (Nov 27 2024 – Nov 26 2025); no purchases were made under that prior bid.

Notable Quotes

• “Birchcliff believes that at times, the market price of its common shares may not reflect the underlying value of the Corporation’s business and that purchasing its common shares for cancellation may represent an attractive opportunity to allocate capital resources to reduce the number of common shares outstanding, thereby increasing the value of the remaining common shares and shareholders’ ownership in the underlying business.” – Chris Carlsen, President & CEO

Materiality Assessment: Material – Positive (share repurchase program that can materially affect share count and shareholder value).