Pembina Cardium

Bonterra’s development of its Cardium assets continues to evolve in order to maximize recoveries and minimize costs. Through disciplined execution, Bonterra has continued to control operating costs, general and administrative expenses and adjust capital levels required for drilling, completions and infrastructure in the context of the commodity price environment. 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 has successfully grown reserves with attractive capital efficiencies. Currently, around 90 percent of Bonterra’s natural gas production is derived from the solution gas that is present within oil wells which will help reduce transportation curtailments associated with interruptible service, therefore decreasing restrictions on oil production.


  • Reserve Life Index (P+P) – ~21 years
  • Proved + Probable Reserves – 101.1 MBOE
  • Land Position – ~312 net sections
  • Booked Locations – 298 net booked
  • Corporate Decline – ~21%
  • Operated Production – 92%


  • Average Daily Production 12,305 BOE per day
  • $36.1 million directed to net debt reduction, having closed the year with net debt of $292.8 million
  • Drilled 30 gross (23.7 net) wells, with 27 gross (20.7 net) wells tied-in and placed on production, and the remaining three gross (3.0 net) wells commenced production in early Q1 2020
  • Total proved reserves increased by 0.9 million BOE to 81.5 million BOE (67 percent oil and liquids)
  • Total proved plus probable (“P+P”) reserves were maintained at 101.1 million BOE (67 percent oil and liquids)
  • Total proved reserves per fully diluted share totaled 2.44 BOE, a 1.0 percent increase over 2.42 BOE in 2018