Birchcliff Energy : Annual Information Form for the Year Ended December 31, 2023

BIRCHCLIFF ENERGY LTD.

Year Ended December 31, 2023

ANNUAL INFORMATION FORM

March 13, 2024

TABLE OF CONTENTS
GLOSSARY OF TERMS	1
ABBREVIATIONS AND CONVERSIONS	4
CONVENTIONS	4
PRESENTATION OF OIL AND GAS RESERVES	4
SPECIAL NOTES TO READER	6
BIRCHCLIFF ENERGY LTD	12
GENERAL DEVELOPMENT OF THE BUSINESS	12
DESCRIPTION OF THE BUSINESS	15
STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION	26
DIVIDEND AND DISTRIBUTION POLICY	40
DESCRIPTION OF CAPITAL STRUCTURE	41
MARKET FOR SECURITIES	43
ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER	43
DIRECTORS AND OFFICERS	43
AUDIT COMMITTEE	49
INDUSTRY CONDITIONS	50
RISK FACTORS	60
LEGAL PROCEEDINGS AND REGULATORY ACTIONS	89
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS	90
TRANSFER AGENT AND REGISTRAR	90
MATERIAL CONTRACTS	90
INTERESTS OF EXPERTS	90
ADDITIONAL INFORMATION	91

APPENDIX A - APPENDIX B - APPENDIX C ─

REPORT ON RESERVES DATA BY INDEPENDENT QUALIFIED RESERVES EVALUATOR OR AUDITOR REPORT OF MANAGEMENT AND DIRECTORS ON OIL AND GAS DISCLOSURE

AUDIT COMMITTEE CHARTER

GLOSSARY OF TERMS

In this Annual Information Form, the capitalized terms set forth below have the following meanings:

"2022 IQRE Price Forecast" has the meaning set forth under the heading "Statement of Reserves Data and Other Oil and Gas Information - Reconciliation of Changes in Reserves".

"2023 IQRE Price Forecast" has the meaning set forth under the heading "Statement of Reserves Data and Other Oil and Gas Information - Disclosure of Reserves Data".

"2026 Agreement" has the meaning set forth under the heading "Description of the Business - Marketing and Risk Management - Light Oil and NGLs".

"2030 ERP" has the meaning set forth under the heading "Industry Conditions - Climate Change Regulation - Federal".

"ABCA" means the Business Corporations Act (Alberta). "AER" means the Alberta Energy Regulator.

"AI" means artificial intelligence. "AltaGas" means AltaGas Ltd.

"AltaGas Facility" means the deep-cut sour gas processing facility in Gordondale, Alberta owned and operated by AltaGas.

"Annual Information Form" means this annual information form of the Corporation dated March 13, 2024 for the year ended December 31, 2023.

"APEGA" means the Association of Professional Engineers and Geoscientists of Alberta.

"BC EAO" has the meaning set forth under the heading "Industry Conditions - Transportation Constraints and Market Access - Natural Gas and LNG Updates".

"Birchcliff" or the "Corporation" means Birchcliff Energy Ltd.

"Blueberry Decision" has the meaning set forth under the heading "Industry Conditions - Indigenous Rights". "Board" means the board of directors of the Corporation.

"BRFN" has the meaning set forth under the heading "Industry Conditions - Indigenous Rights".

"BRFN Agreement" has the meaning set forth under the heading "Industry Conditions - Indigenous Rights". "Cabinet" means the cabinet of the Federal Government.

"CAPP" means the Canadian Association of Petroleum Producers. "CCUS" means carbon capture utilization and storage.

"CER" means the Canada Energy Regulator.

"CNEAA" has the meaning set forth under the heading "Industry Conditions - Climate Change Regulation - Federal".

"COGE Handbook" means the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter), as amended from time to time.

"Common Shares" means the common shares of the Corporation. "condensate" means pentanes plus (C5+).

"Consensus Agreement" has the meaning set forth under the heading "Industry Conditions - Indigenous Rights". "COR" means a certificate of recognition.

"Credit Facilities" means, collectively, the Syndicated Credit Facility and the Working Capital Facility.

"CSA Staff Notice 51-324" means the Canadian Securities Administrators' Staff Notice 51-324 - Revised Glossary to NI 51-101Standards of Disclosure for Oil and Gas Activities.

"Defendants" has the meaning set forth under the heading "Legal Proceedings and Regulatory Actions". "Deloitte" means Deloitte LLP, independent qualified reserves evaluators of Calgary, Alberta.

"Deloitte Report" has the meaning set forth under the heading "Statement of Reserves Data and Other Oil and Gas Information - Disclosure of Reserves Data".

"Directive 060" has the meaning set forth under the heading "Industry Conditions - Climate Change Regulation - Alberta".

"EHSS" has the meaning set forth under the heading "Description of the Business - Environmental, Social and Governance - Governance".

"EM Program" has the meaning set forth under the heading "Description of the Business - Environmental, Social and Governance - Health, Safety and Environmental Programs".

"ESG" means environmental, social and governance.

"ESTMA" means the Extractive Sector Transparency Measures Act (Canada). "Federal Government" means the federal Government of Canada.

"Federal Methane Regulations" has the meaning set forth under the heading "Industry Conditions - Climate Change Regulation - Federal".

"GAAP" means generally accepted accounting principles for Canadian public companies, which are currently IFRS Accounting Standards.

"GGPPA" has the meaning set forth under the heading "Industry Conditions - Climate Change Regulation - Federal". "GHG" means greenhouse gas.

"Gordondale Processing Arrangement" means the long-term natural gas processing arrangement effective January 1, 2018 for natural gas processed at the AltaGas Facility.

"H&S Program" has the meaning set forth under the heading "Description of the Business - Environmental, Social and Governance - Health, Safety and Environmental Programs".

"IFRS" means International Financial Reporting Standards as issued by the International Accounting Standards Board. "leases" has the meaning set forth under the heading "Industry Conditions - Land Tenure - Mineral Rights".

"Modernized Framework" has the meaning set forth under the heading "Industry Conditions - Royalties and Incentives - The Royalty Framework in Alberta - Crown Royalties".

"Modern Slavery Act" means the Fighting Against Forced Labour and Child Labour in Supply Chains Act (Canada).

"Montney/Doig Resource Play" means Birchcliff's Montney and Doig formations resource play located northwest of Grande Prairie, Alberta.

"NGTL System" means the natural gas and transportation system owned by NOVA Gas Transmission Ltd., a subsidiary of TCPL.

"NI 51-101"means National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. "NI 51-102"means National Instrument 51-102 - Continuous Disclosure Obligations.

"NI 52-110" means National Instrument 52-110 - Audit Committees. "NIT" means Alberta Nova Inventory Transfer.

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"OBPS" has the meaning set forth under the heading "Industry Conditions - Climate Change Regulation - Federal". "OPEC" means the Organization of the Petroleum Exporting Countries.

"Order" has the meaning set forth under the heading "Directors and Officers - Cease Trade Orders, Bankruptcies, Penalties or Sanctions".

"other NGLs" means natural gas liquids consisting of ethane (C2), propane (C3) and butane (C4) and specifically excluding condensate.

"Pembina Facility" means Pembina Pipeline Corporation's fractionation facility at Redwater, Alberta.

"Pouce Coupe Gas Plant" means Birchcliff's 100% owned and operated natural gas processing plant located in Pouce Coupe, Alberta.

"Preferred Shares" means the preferred shares of the Corporation as a class.

"Previous Framework" has the meaning set forth under the heading "Industry Conditions - Royalties and Incentives

- The Royalty Framework in Alberta - Crown Royalties".

"Prior Deloitte Report" means the reserves report prepared by Deloitte dated February 15, 2023 with an effective date of December 31, 2022.

"Rockies" means Rockies LNG GP Corp.

"Seismic Protocol Regions" has the meaning set forth under the heading "Risk Factors - Hydraulic Fracturing".

"Series A Preferred Shares" means the cumulative redeemable preferred shares, Series A of the Corporation, which were issued on August 8, 2012 and redeemed by the Corporation on September 30, 2022.

"Series B Preferred Shares" means the cumulative redeemable preferred shares, Series B of the Corporation, which were issuable on the conversion of the Series A Preferred Shares.

"Series C Preferred Shares" means the cumulative redeemable preferred shares, Series C of the Corporation, which were issued on June 14, 2013 and redeemed by the Corporation on September 30, 2022.

"Sovereignty Act" has the meaning set forth under the heading "Industry Conditions - Climate Change Regulation - Federal".

"Steelhead" has the meaning set forth under the heading "Legal Proceedings and Regulatory Actions".

"Steelhead Claim" has the meaning set forth under the heading "Legal Proceedings and Regulatory Actions". "Steelhead Patent" has the meaning set forth under the heading "Legal Proceedings and Regulatory Actions". "Syndicated Credit Facility" means the Corporation's extendible revolving term credit facility.

"TC Energy" means TC Energy Corporation.

"TCPL" means TransCanada PipeLines Limited, a subsidiary of TC Energy.

"TIER" has the meaning set forth under the heading "Industry Conditions - Climate Change Regulation - Alberta". "TSX" means the Toronto Stock Exchange.

"UNDRIP" has the meaning set forth under the heading "Industry Conditions - Indigenous Rights".

"UNDRIP Act" has the meaning set forth under the heading "Industry Conditions - Indigenous Rights".

"UNFCCC" has the meaning set forth under the heading "Industry Conditions - Climate Change Regulation - Federal". "Working Capital Facility" means the Corporation's extendible revolving working capital facility.

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ABBREVIATIONS AND CONVERSIONS

Abbreviations

The abbreviations set forth below have the following meanings:

Oil and Natural Gas Liquids	Natural Gas
bbl	barrel	GJ/d	gigajoules per day
bbls	barrels	LNG	liquefied natural gas
bbls/d	barrels per day	Mcf	thousand cubic feet
C3+	propane plus	Mcf/d	thousand cubic feet per day
Mbbls	thousand barrels	MMBtu	million British thermal units
NGLs	natural gas liquids	MMcf	million cubic feet
		MMcf/d	million cubic feet per day
Other
AECO	benchmark price for natural gas determined at the AECO 'C' hub in southeast Alberta
boe	barrel of oil equivalent
boe/d	barrel of oil equivalent per day
CO2	carbon dioxide
CO2e	carbon dioxide equivalent
H2S	hydrogen sulphide
km	kilometres
Mboe	thousand barrels of oil equivalent
NYMEX	New York Mercantile Exchange
WTI	West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma, for crude oil of standard grade
$000s	thousands of dollars

Conversions

The following table sets forth certain conversions between Standard Imperial Units and the International System of Units (or metric units):

From	To	Multiply By
Mcf	cubic metres	28.317
cubic metres	cubic feet	35.315
bbls	cubic metres	0.159
cubic metres	bbls	6.289
feet	metres	0.305
metres	feet	3.281
miles	kilometres	1.609
kilometres	miles	0.621
acres	hectares	0.405
hectares	acres	2.471

CONVENTIONS

Certain terms used herein are defined in NI 51-101, CSA Staff Notice 51-324 or the COGE Handbook and, unless the context otherwise requires, shall have the same meanings in this Annual Information Form as in NI 51-101, CSA Staff Notice 51-324 or the COGE Handbook, as the case may be.

Unless otherwise indicated, all information contained herein is given at or for the year ended December 31, 2023. Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars, all references to "$", "CDN$" or "dollars" are to Canadian dollars and all references to "US$" are to United States dollars. Unless otherwise indicated, all financial information contained in this Annual Information Form has been presented in accordance with GAAP. Words importing the singular number only include the plural, and vice versa, and words importing any gender include all genders.

PRESENTATION OF OIL AND GAS RESERVES

Deloitte prepared the Deloitte Report and the Prior Deloitte Report. Such evaluations were prepared in accordance with the standards contained in NI 51-101 and the COGE Handbook that were in effect at the relevant time.

With respect to any disclosure of reserves contained herein relating to portions of Birchcliff's properties, the estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as

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estimates of reserves and future net revenue for all properties, due to the effects of aggregation. Estimates of future net revenue, whether calculated without discount or using a discount rate, do not represent fair market value.

Unless otherwise indicated, all volumes of Birchcliff's reserves presented herein are on a gross basis.

Reserves Categories

Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable.

Reserves are classified according to the degree of certainty associated with the estimates:

• "Proved reserves" are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
• "Probable reserves" are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

Levels of Certainty for Reported Reserves

The qualitative certainty levels referred to in the definitions above are applicable to "individual reserves entities", which refers to the lowest level at which reserves calculations are performed, and to "reported reserves", which refers to the highest level sum of individual entity estimates for which reserves estimates are presented. Reported reserves should target the following levels of certainty under a specific set of economic conditions:

• at least a 90% probability that the quantities actually recovered will equal or exceed the estimated proved reserves; and
• at least a 50% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable reserves.

A quantitative measure of the certainty levels pertaining to estimates prepared for the various reserves categories is desirable to provide a clearer understanding of the associated risks and uncertainties. However, the majority of reserves estimates are prepared using deterministic methods that do not provide a mathematically derived quantitative measure of probability. In principle, there should be no difference between estimates prepared using probabilistic or deterministic methods.

Development and Production Status of Reserves

Each of the reserves categories (proved and probable) may be divided into developed and undeveloped categories:

• "Developed reserves" are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (e.g., when compared to the cost of drilling a well) to put the reserves on production. The developed category may be subdivided into producing and non‐producing.
  o "Developed producing reserves" are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut‐in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.
  o "Developed non‐producing reserves" are those reserves that either have not been on production, or have previously been on production but are shut‐in and the date of resumption of production is unknown.
• "Undeveloped reserves" are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved and probable) to which they are assigned.

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In multi‐well pools it may be appropriate to allocate total pool reserves between the developed and undeveloped categories or to subdivide the developed reserves for the pool between developed producing and developed non‐ producing. This allocation should be based on the estimator's assessment as to the reserves that will be recovered from specific wells, facilities, and completion intervals in the pool and their respective development and production status.

Interest in Reserves, Production, Wells and Properties

"Gross" means: (a) in relation to Birchcliff's interest in production or reserves, Birchcliff's working interest (operating or non‐operating) share before deduction of royalties and without including any royalty interests of Birchcliff; (b) in relation to wells, the total number of wells in which Birchcliff has an interest; and (c) in relation to properties, the total area of properties in which Birchcliff has an interest.

"Net" means: (a) in relation to Birchcliff's interest in production or reserves, Birchcliff's working interest (operating or non‐operating) share after deduction of royalty obligations, plus Birchcliff's royalty interests in production or reserves; (b) in relation to Birchcliff's interest in wells, the number of wells obtained by aggregating Birchcliff's working interest in each of its gross wells; and (c) in relation to Birchcliff's interest in a property, the total area in which Birchcliff has an interest multiplied by the working interest owned by Birchcliff.

Forecast Prices and Costs

"Forecast prices and costs" mean future prices and costs that are: (a) generally accepted as being a reasonable outlook of the future; (b) if, and only to the extent that, there are fixed or presently determinable future prices or costs to which Birchcliff is legally bound by a contractual or other obligation to supply a physical product, including those for an extension period of a contract that is likely to be extended, those prices or costs rather than the prices and costs referred to in paragraph (a).

SPECIAL NOTES TO READER

Boe Conversions

Boe amounts have been calculated by using the conversion ratio of 6 Mcf of natural gas to 1 bbl of oil. Boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Production

With respect to the disclosure of Birchcliff's production contained in this Annual Information Form: (i) references to "light oil" mean "light crude oil and medium crude oil" as such term is defined in NI 51-101; (ii) references to "liquids" mean "light crude oil and medium crude oil" and "natural gas liquids" (including condensate) as such terms are defined in NI 51-101; and (iii) references to "natural gas" mean "shale gas", which also includes an immaterial amount of "conventional natural gas", as such terms are defined in NI 51-101. In addition, NI 51-101 includes condensate within the product type of natural gas liquids. In certain cases, Birchcliff has disclosed condensate separately from other natural gas liquids as the price of condensate as compared to other natural gas liquids is currently significantly higher and Birchcliff believes presenting the two commodities separately provides a more accurate description of its operations and results therefrom.

F&D Capital Expenditures

Unless otherwise indicated, references in this Annual Information Form to "F&D capital expenditures" denotes exploration and development expenditures as disclosed in the Corporation's financial statements in accordance with GAAP, and is primarily comprised of capital for land, seismic, workovers, drilling and completions, well equipment and facilities and capitalized general and administrative costs and excludes any net acquisitions and dispositions, administrative assets and the capitalized portion of cash incentive payments that have not been approved by the Board.

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Third-Party Information

Certain market, independent third-party and industry data contained in this Annual Information Form is based upon information from government or independent industry publications and reports or is based on estimates derived from such publications and reports. Government and industry publications and reports generally indicate that they have obtained their information from sources believed to be reliable, but the Corporation has not conducted its own independent verification of such information. While the Corporation believes this data to be reliable, market and industry data is subject to variations and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. The Corporation has not independently verified any of the data from independent third-party sources referred to in this Annual Information Form or ascertained the underlying assumptions relied upon by such sources. Actual outcomes may vary materially from any forecasts contained in such publications and reports, and the prospect for material variation can be expected to increase as the length of the forecast period increases.

Forward-Looking Statements

Certain statements contained in this Annual Information Form constitute forward-looking statements and forward- looking information (collectively referred to as "forward-lookingstatements") within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this Annual Information Form relate to future events or Birchcliff's future plans, strategy, operations, performance or financial position and are based on Birchcliff's current expectations, estimates, projections, beliefs and assumptions. Such forward-looking statements have been made by Birchcliff in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be forward-looking statements. Such forward-looking statements are often, but not always, identified by the use of words such as "seek", "plan", "focus", "future", "outlook", "position", "expect", "project", "intend", "believe", "anticipate", "estimate", "forecast", "guidance", "potential", "proposed", "predict", "budget", "continue", "targeting", "may", "will", "could", "might", "should", "would", "on track", "maintain", "deliver" and other similar words and expressions.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on such forward-looking statements. Although Birchcliff believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and Birchcliff makes no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.

In particular, this Annual Information Form contains forward‐looking statements relating to:

• Birchcliff's plans and other aspects of its anticipated future financial performance, results, operations, focus, objectives, strategies, opportunities, priorities and goals, including: that Birchcliff is focused on the Montney/Doig Resource Play and the exploration and development of its assets on the play; that Birchcliff's vision is to be an industry-leading producer of profitable and sustainable natural gas and liquids from the Montney/Doig Resource Play, with the objective of increasing shareholder value over the long-term; that Birchcliff is committed to maintaining a strong balance sheet, while focusing on sustainable shareholder returns and the strategic and responsible development of its assets; that the Corporation's Montney land position in the Elmworth area of Alberta provides Birchcliff with significant future inventory and a large potential future development area which can be responsibly developed over time, leveraging the extensive knowledge that Birchcliff has gained in developing its Pouce Coupe and Gordondale assets; that part of Birchcliff's long-term strategy is to continue to explore and delineate the Montney/Doig Resource Play, both geographically and stratigraphically; that the Corporation's other properties may be used for future exploration and development; and that Birchcliff continues to identify, develop and utilize new technology, systems and processes that it believes will help reduce its environmental footprint and create a safer work environment;

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• Birchcliff's 2024 capital program and the Corporation's proposed exploration and development activities and the timing thereof, including: estimates of F&D capital expenditures; the number and locations of wells to be drilled and brought on production; and that the Corporation's exploration and development activities for 2024 are expected to focus on the drilling of wells on the Montney/Doig Resource Play;
• potential acquisitions and dispositions of assets, including that the Corporation may in the future complete financings of equity or debt (which may be convertible into equity) for the purposes of financing acquisitions;
• that multi-well pad drilling allows the Corporation to reduce its environmental footprint and helps it to keep its per well costs low;
• the performance and other characteristics of Birchcliff's oil and natural gas properties and expected results from its assets, including: that the Corporation's assets on the Montney/Doig Resource Play are large enough to provide Birchcliff with an extensive inventory of potential future drilling opportunities; and statements regarding the potential or prospectivity of Birchcliff's properties;
• Birchcliff's processing, transportation and marketing arrangements, strategies and activities, including: that Birchcliff's excess transportation capacity on the NGTL System gives it the ability to increase its natural gas production and also allows the Corporation's current volumes to flow during most pipeline maintenance periods; that the Corporation's short-term Alliance arrangements help it to mitigate the impact of production curtailments on the NGTL System; that the Corporation enters into firm service arrangements for the transportation and processing of its natural gas, oil and NGLs production volumes in order to secure access to the infrastructure necessary to transport and process such volumes and renews, amends or enters into new firm service agreements from time to time; and the Corporation's belief that it should generally secure firm transportation sufficient for its current growth plans;
• Birchcliff's risk management strategy and use of risk management techniques, including that the Corporation continues to look for opportunities for various physical delivery sales contracts and financial instruments in order to provide it with geographical market diversification;
• Birchcliff's competitive position;
• the treatment under and the impact of existing and proposed governmental regulatory regimes and tax laws, including climate change and GHG legislation, including: the Corporation's expectation that current and future climate change regulations will have the effect of increasing the Corporation's operating expenses and, in the long-term, potentially reducing the demand for oil, natural gas and NGLs, resulting in a decrease in the Corporation's profitability and a reduction in the value of its assets or requiring impairments for financial statement purposes;
• estimates of decommissioning obligations;
• the information set forth under the heading "Statement of Reserves Data and Other Oil and Gas Information" and elsewhere in this Annual Information Form as it relates to the Corporation's reserves, including: estimates of reserves; estimates of the net present values of future net revenue associated with Birchcliff's reserves; forecasts for prices, inflation and exchange rates; development plans for the Corporation's undeveloped reserves and the timing for the development of such reserves, including the number of wells forecast to be drilled and forecast facility expansions; that other than the factors identified in this Annual Information Form, the Corporation does not anticipate that any significant economic factors or significant uncertainties will affect any particular components of its reserves data; abandonment and reclamation costs; future development costs, the anticipated funding of such costs and the Corporation's expectation that interest or other funding costs would not make the development of any of its properties uneconomic; statements regarding wells that are currently non-producingand the anticipated timing for such wells to be brought on production; the amount of undeveloped lands on which Birchcliff expects the rights to explore, develop and exploit will expire within one year and that such expiries are not expected to materially affect the reserves attributable to Birchcliff's lands; that there are not expected to be any significant factors or uncertainties that would affect Birchcliff's properties to which no reserves have been attributed and that abandonment and reclamation costs associated with these properties are not expected to be material; Birchcliff's forward

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