Bonterra’s development of its Cardium assets continues to evolve in order to maximize recoveries and minimize costs. Through disciplined execution, Bonterra successfully reduced operating costs by 2% on a per BOE basis (which was already reduced by 14% in 2015) and general and administrative expenses by 12% from the same period a year ago. Bonterra realized a 14% further reduction in capital levels required for drilling, completions and infrastructure in 2016, building on what had been achieved in 2015. By utilizing pad drilling from sites with existing infrastructure, achieving fewer drilling days per well, better efficiencies in the field and general service cost reductions, Bonterra was able to grow reserves with attractive capital efficiencies. During 2016, the Company maintained its natural gas production firm service commitments at more than 90% which will reduce transportation curtailments associated with interruptible service, therefore decreasing restrictions on oil production.

CORPORATE OVERVIEW

  • Average Working Interest – 76%
  • Reserve Life Index (P+P) – ~20 years
  • Proved + Probable Reserves – 94.9 MBOE
  • Land Position – ~209 net sections
  • Booked Locations – 250+ net booked

2016 RESULTS

  • Average Daily Production 12,650 BOE per day; 70% oil & liquids
  • Drilled 21 gross (18.7 net) operated wells, and brought 18 on production, and brought 6 gross (4.5 net) wells on production that were drilled and completed in late 2015. Also, 2 (0.1 net) non-operated wells were drilled and tied-in
  • P+P reserves increased 5% to 94.9 MMBOE
  • Reserves (P+P) per share increased 3% to 2.85 BOE per share