Dividend Information

Amount: Cdn $0.22
Ex-Dividend Date: 2010-07-13
Record Date: 2010-07-15
Payment Date: 2010-07-30

Location

Head Office
Suite 901, 1015 4th Street S.W.
Calgary, Alberta, Canada
Telephone: (403) 262-5307
info@bonterraenergy.com
BNEC$36.350.240.665%

Last updated: Jul 29, 2010 15:24 ET

Fundamentals

Annual Highlights

Annual Highlights

  2009 2008 2007
Financial ($000s, except $ per share/unit)      
Revenue – realized oil and gas sales 85,712 121,730 96,431
Cash flow from operations 38,893 69,570 51,433
     Per Share/Unit Basic 2.16 4.07 3.04
     Per Share/Unit Diluted 2.15 4.06 3.04
     Payout Ratio(1) 79% 77% 87%
Funds Flow(2) 66,504 70,448 53,815
     Per Share/Unit Basic 3.69 4.13 3.18
     Per Share/Unit Diluted 3.67 4.12 3.18
     Payout Ratio(1) 46% 76% 83%
Cash Payments per Share/Unit(1) 1.70 3.12 2.64
Net Earnings 68,563 55,426 30,350
     Per Share/Unit Basic 3.81 3.25 1.79
     Per Share/Unit Fully Diluted 3.78 3.23 1.79
Capital Expenditures and Acquisitions 5,640 45,407 19,300
Total assets 293,987 265,301 142,326
Working Capital Deficiency 10,162 23,878 58,766
Long-term Debt 59,823 79,910 -
Shareholders'/Unitholders' Equity 118,874 56,777 44,376
Shares/Units Outstanding (000s) 18,620 17,258 16,928
 
Operations      
Oil and Liquids (barrels per day) 3,141 3,073 3,113
     Average Price ($ per barrel) 59.82 87.54 70.31
Natural Gas (MCF per day) 11,120 7,637 6,627
     Average Price ($ per MCF) 4.15 8.21 6.75
Total BOE per day (2) 4,994 4,346 4,218
 
Reserves      
Oil and Liquids (barrels in 000s)
Proved Developed Producing (Gross)(3) 15,519 15,534 14,468
     Proved (Gross) 19,220 17,991 17,472
     Proved plus Probable (Gross) 27,568 22,867 21,910
Natural Gas (MCF in 000s)
     Proved Developed Producing (Gross) 32,103 32,108 19,863
     Proved (Gross) 36,642 36,571 24,125
     Proved plus Probable (Gross) 49,539 50,245 32,465
Reserve Life Index (4) (Oil, liquids and natural gas @ 6:1) (years)
     Proved Developed Producing (Gross) 11.7 12.5 11.3
     Proved (Gross) 14.2 14.4 13.7
     Proved plus Probable (Gross) 20.1 18.7 17.4
Reserves in BOE's per Weighted Average Outstanding Share/Unit
     Proved Developed Producing (Gross) 1.16 1.22 1.05
     Proved (Gross) 1.41 1.41 1.27
     Proved plus Probable (Gross) 1.99 1.83 1.62
 

(1) Cash dividend/disbursement payments per share/unit are based on payments made in respect of production months as opposed to month paid.

(2) Funds flow is not a recognized measure under GAAP. For these purposes, the Company defines funds flow as funds provided by operations before changes in non-cash operating working capital items but including gain on sale of property, adjustments of investment tax credit receivable, and excluding restricted cash and asset retirement obligations settled.

(3) Barrels of oil equivalent (BOE) are calculated using a conversion ratio of 6 MCF to 1 barrel of oil. The conversion is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead and as such may be misleading if used in isolation.

(3) Gross reserves relate to the Company’s ownership of reserves before deducting any royalties.

(4) The reserve life index is calculated by dividing the reserves (BOE) by the annualized fourth quarter average production rate (2009 - 4,881 BOE per day; 2008 - 4,587 BOE per day; 2007 - 4,295 BOE per day).

Quarterly Comparisons

Quarterly Comparisons

2009
  Q4 Q3 Q2 Q1
Financial ($000s except $ per share)
Revenue – realized oil and gas sales 29,946   20,965 20,501  19,300
Cash flow from operations 13,673  9,350  9,238 6,632
      Per Share Basic 0.76  0.50  0.52 0.38
      Per Share Diluted 0.75  0.50  0.52 0.38
      Payout Ratio(1) 66%  87%  77% 94%
Funds Flow(2) 37,598 10,753 9,780 8,376
     Per Share Basic 2.07 0.58 0.55 0.49
     Per Share Diluted 2.06 0.57 0.55 0.49
     Payout Ratio(1) 24% 76% 73% 74%
Cash payments per share(1) 0.50 0.44 0.40 0.36
Net Earnings  52,136 5,790  4,544 6,093
          Per Share Basic  2.88  0.32  0.26 0.35
          Per Share Diluted 2.85  0.32  0.26 0.35
Capital Expenditures and Acquisitions       (16,976) 17,660  2,255 2,696
Total Assets  293,987 273,543  258,393 260,732
Working Capital Deficiency  10,162 14,455  13,989 14,909
Long-term Debt  59,823 81,386  71,573 89,383
Shareholders'/Unitholders' Equity  118,874 74,025  72,332 56,377
Operations(2)
Oil and Liquids (barrels per day) 3,182  3,084  3,029 3,268
Natural Gas (MCF per day)            10,193  10,881  11,551 11,877
Total BOE per day (3) 4,881  4,898  4,954 5,245
 

(1) Cash dividend/disbursement payments per share are based on payments made in respect of production months as opposed to the month paid.
(2) Funds flow is not a recognized measure under GAAP. For these purposes, the Company defines funds flow as funds provided by operations before changes in non-cash operating working capital items but including gain on sale of property, adjustments of investment tax credit receivable, and excluding restricted cash and asset retirement obligations settled.
(3) Barrels of oil equivalent (BOE) are calculated using a conversion ratio of 6 MCF to 1 barrel of oil. The conversion is based on an energy equivalency method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead and as such may be misleading if used in isolation.                                                          

                

2008
  4th 3rd 2nd 1st
Financial ($000 except $ per share/unit)
Revenue – realized oil and gas sales 22,613 34,226 34,398 30,493
Cash flow from operations  10,336 22,492 20,530 16,212
      Per Share/Unit Basic  0.59 1.31 1.21 0.96
      Per Share/Unit Fully Diluted  0.59 1.30 1.20 0.96
Cash payments per share/unit (1)  0.62 0.96 0.84 0.70
Payout Ratio (1)  105% 73% 69% 73%
Net Earnings  10,585 21,125 12,912 10,804
          Per Share/Unit Basic   0.62 1.23 0.76 0.64
          Per Share/Unit Fully Diluted  0.62 1.22 0.75 0.64
Capital Expenditures and Acquisitions       30,405 6,038 2,543 6,421
Total Assets  265,301 150,120 153,247 150,169
Working Capital Deficiency  23,878 47,499 57,148 57,810
Long-term Debt 79,910 - - -
Shareholders'/Unitholders' Equity  56,577 57,623 46,612 48,136
Operations (2)
Oil and Liquids (barrels per day)  3,055 2,998 3,099 3,153
Natural Gas (MCF per day)             8,817 7,233 7,272 7,139

Total BOE per day (3)

  4,525 4,204 4,221 4,343
 

(1) Cash payments per share/unit are based on payments made in respect of production months within the quarter.
(2) 2009 and 2008 quarterly volumes have been adjusted for prior period adjustments related to various 13th month reviews and joint venture audits that were completed during the thir quarter of 2009.
(3) BOE is calculated using a conversion ratio of 6 MCF to 1 barrel of oil. The conversion is based on an energy equivalency method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead and as such may be misleading if used in isolation.                                                                              

2007
  4th 3rd 2nd 1st
Financial ($000 except $ per unit)
Revenue – realized oil and gas sales 26,573 23,794 23,462 22,602
Adjusted Distribution Base (1) 15,842 13,149 11,695 13,129
          Per Unit Basic 0.94 0.78 0.69 0.78
          Per Unit Fully Diluted 0.94 0.77 0.69 0.78
Cash Distributions 0.66 0.66 0.66 0.66
Payout Ratio 70% 85% 96% 85%
Net Earnings (2) 8,372 8,945 5,371 7,662
          Per Unit Basic (2) 0.49 0.53 0.32 0.45
          Per Unit Fully Diluted (2) 0.49 0.53 0.32 0.45
Capital Expenditures andAcquisitions 7,213 2,763 1,699 7,625
Total Assets 143,239 138,140 139,432 140,926
Working Capital Deficiency 58,766 50,041 49,595 49,2881
Unitholders' Equity 44,218 50,820 51,920 57,6461
Operations
Oil and Liquids (barrels per day) 3,098 3,054 3,074 3,227
Natural Gas (MCF per day) 7,176 6,196 6,663 6,470
Total BOE per day 4,295 4,086 4,184 4,305
 

(1) Adjusted distribution base (formally funds flow from operations) is not a recognized measure under GAAP. Management believes that in addition to cash flow from operations, adjusted distribution base is a useful supplemental measure as it demonstrates the Trust’s ability to generate the funds necessary to make trust distributions, repay debt or fund future growth through capital investment. Investors are cautioned, however, that this measure should not be construed as an indication of the Trust’s performance. The Trust’s method of calculating this measure may differ from other issuers and accordingly, it may not be comparable to that used by other issuers. For these purposes, the Trust defines adjusted distribution base as funds provided by operations before changes in non-cash operating working capital items excluding gain on sale of property and asset retirement expenditures.

The Canadian Institute of Chartered Accountants (CICA) published recommendations regarding disclosure of a measure called Standardized Distributable Cash. Please refer to page 9 of this report for the reconciliation between adjusted distribution base and standardized distributable cash.

(2) All four quarters of 2007 have been amended to remove the use of hedge accounting as of the beginning of the year. Net earnings for the year 2007 have not changed.