Core Operating Areas

Bonterra continues to provide value to shareholders through its holdings in the Pembina Cardium in central Alberta, one of Canada’s largest oil fields. The pool is characterized by stable production, high quality oil and high netbacks with less than 13 percent of original oil in place having been produced. Since 2012, Bonterra has increased its land position in the Cardium through several key acquisitions and this concentrated asset base now represents approximately 97.1 percent of Bonterra’s Proved plus Probable (P+P) reserves.

The Pembina Cardium area offers significant development potential and ongoing value creation. The revitalization of the Cardium through horizontal drilling and completion technology has marked an evolution in the Company’s pool exploitation strategy from conventional development to a more resource play-based development program. However, Bonterra’s fundamental operational strategy remains unchanged; provide production and reserves growth on both a total and per share basis, effectively manage costs and seek out new operational efficiencies.

Bonterra's principal asset is a large, concentrated position held in the Pembina and Willesden Green Cardium fields in central Alberta. Bonterra has over 200 net sections of land and over 20 years of drilling inventory including 230+ net booked and 770+ net identified low-risk locations. Access to infrastructure supports high netback, low-decline and light oil production growth. The evolution of Cardium development from conventional vertical development to horizontal development has facilitated improved recoveries and decreased costs. The Company will continue to concentrate its efforts on maintaining a sustainable pace development, capturing operational efficiencies and improving production rates to increase profitability across its operations. Bonterra also holds non-core positions in the Shaunavon area in Saskatchewan, and the Prespatou area of Northeast B.C.

Cardium

Bonterra’s development of its Cardium assets continues to evolve in order to maximize recoveries and minimize costs.

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While Bonterra is focused in the Cardium in Alberta, the Company has non-core properties in Saskatchewan and British Colombia.

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