Gordondale — light oil & shale gas project

Gordondale is Birchcliff's second core Montney operating area, geologically situated in the light oil and liquids-rich trends of the Montney Resource Play. Effective July 1, 2024 Birchcliff assumed operatorship of a third-party natural gas processing facility supporting Gordondale; the underlying take-or-pay commitment was reclassified as a Gas Processing Lease ($17.7M / $0.61 per boe in 2025 vs $8.8M / $0.31 per boe in 2024 partial-year). 2025 production: 21,817 boe/d (27% of corporate) vs 22,531 boe/d in 2024 (-3%) due to natural decline from a 4-well light oil pad brought on production in Q2 2024. Q4 2025: 21,949 boe/d (26% of corporate). Liquids-to-gas ratio 103.4 bbl/MMcf (vs Pouce Coupe at 18.2 - much more liquids-rich). 2025 F&D capex allocation: $41.8M drilling + share of $70.3M facilities. Q4 2025 F&D drilling $7.4M (15% of Q4 F&D).