RE:Jeff confirmedhttps://files.constantcontact.com/fba1e4ff001/bc36fbf5-6450-4cd6-971d-2bfc59677f4d.pdf?rdr=true
Calgary, Alberta (January 18, 2023) – Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce that its board of directors has declared a quarterly cash dividend of $0.20 per common share for the quarter ending March 31, 2023. Birchcliff is also pleased to announce its five-year plan for 2023 to 2027 and its 2023 budget and guidance.
“Our board of directors has approved a new five-year plan for 2023 to 2027, which is designed to generate substantial free funds flow, deliver significant returns to shareholders and establish a meaningful cash position, while achieving disciplined production growth of 10% over the five-year period(1) . The five-year plan provides for potential cumulative free funds flow( 2) of approximately $2.0 billion by the end of the five-year period, which provides us with the ability to deliver significant shareholder returns. Our board of directors has also approved the previously announced increase to our annual base dividend to $0.80 per common share for 2023, which will be declared and paid quarterly at the rate of $0.20 per common share. The five-year plan contemplates potential significant excess free funds flow after our targeted finding and development (“F&D”) capital expenditures and the payment of the base dividend, providing us with significant flexibility to further increase shareholder returns and invest in our business, depending on commodity prices,”(3) commented Jeff Tonken, Chief Executive Officer of Birchcliff.