04:43 PM EST, 01/22/2025 (MT Newswires) -- Birchcliff Energy ( BIREF ) said Wednesday afternoon issued its budget and guidance for 2025, along with an updated five-year outlook and capital allocation strategy for 2025 to 2029.

The company said it plans a flexible capital budget for finding and developing expenditures in the range of $260 million to $300 million. This budget is set to produce an annual average production of 76,000 to 79,000 barrels of oil equivalent per day, up from the 75,403 boepd it averaged in the third quarter. The company added that it expects to end 2025 with total debt ranging between $410 million and $450 million.

The board also declared a quarterly cash dividend of $0.03 per share for the first quarter, down from $0.10 per share for quarter ended Dec. 31. The dividend will be paid on March 31 to shareholders of record on March 14.

Birchcliff's updated five-year outlook forecasts that it will reach a production target of about 87,500 boepd in the second half of 2027. By the end of the five-year period, the company expects to generate cumulative free funds flow of around $635 million, with excess free funds flow of $470 million, after paying cumulative dividends of approximately $165 million.

The company's shares closed down $0.13 to $5.82 on the Toronto Stock Exchange.