CALGARY, Alberta – 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 $0.02 per common share for the quarter ending September 30, 2022. The dividend will be payable on October 3, 2022 to shareholders of record at the close of business on September 15, 2022. The ex-dividend date is September 14, 2022. The dividend has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada).
On August 4, 2022, Birchcliff announced the redemption of all of its issued and outstanding cumulative redeemable preferred shares, Series A (the “Series A Preferred Shares”) and cumulative redeemable preferred shares, Series C (the “Series C Preferred Shares”) on September 30, 2022 for an aggregate redemption price of approximately $88.2 million. Additionally, the Corporation announced that its board of directors had declared a quarterly cash dividend of $0.527677 per Series A Preferred Share and $0.441096 per Series C Preferred Share, which dividends will be paid on October 3, 2022 to the holders of record at the close of business on September 15, 2022. The dividends have been designated as eligible dividends for the purposes of the Income Tax Act (Canada). These will be the final quarterly dividends on the Series A and Series C Preferred Shares.