Bonterra’s development of its Cardium assets continues to evolve in order to maximize recoveries and minimize costs. Per well capital costs to drill, complete and tie-in (DC&T) were lowered in 2015 by approximately 27% through a combination of increased technology, pad drilling and lower industry cost structure. Bonterra’s improved operational efficiencies contributed to significant structural cost reductions that can be maintained through future cost fluctuations. Further, increased collaboration on frac design and reservoir simulations enabled the Company to streamline drilling and completion techniques while building important intellectual capital that supports enhanced efficiencies going forward. Bonterra successfully reduced 2015 operating expenses (opex) per BOE by approximately 14% over 2014 through a combination of field optimizations leading to reduced well maintenance, more efficient produced-water handling and decreased chemical costs.

CORPORATE OVERVIEW

  • Average Working Interest – 76%
  • Reserve Life Index (P+P) – 20 years
  • Proved + Probable Reserves – 90.6 MBOE
  • Land Position – >200 net sections
  • Booked Locations – 230+ net booked

2015 RESULTS

  • Average Daily Production 12,656 BOE per day; 74% oil & liquids
  • Drilled 20 gross (16.7 net) operated and completed and tied-in 24 gross (22.2 net) operated wells (of which 10 were drilled in 2014 but not completed until 2015)
  • P+P reserves increased 13% to 90.6 MMBOE
  • Reserves (P+P) per share increased 11% to 2.78 BOE per share