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.


  • 2021 Reserve Life Index (P+P) – ~21 years
  • 2021 Proved + Probable Reserves – 97.4 MBOE
  • Land Position – ~312 net sections
  • Booked Locations – 298 net booked
  • Corporate Decline – ~21%
  • Operated Production – 92%


  • Averaged 12,747 BOE per day of production in 2021, representing a 21 percent increase over 2020. Volumes in the fourth quarter averaged 13,810 BOE per day, an increase of 37 percent relative to the same period in 2020.
  • Invested $67.3 million in capital during 2021, $17.6 million of which was invested in the fourth quarter. Approximately $51.1 million was directed to drilling 37 gross (35.4 net) operated wells, with 35 gross (33.2 net) operated wells tied-in and placed on production during the year. Bonterra’s operational performance drove a six percent improvement in per well drilling, completion, and equipping costs compared to 2020.
  • Demonstrated the Company’s ongoing focus on responsible environmental initiatives in 2021 by directing $4.5 million to the successful abandonment of 221 net wells, supported by the Alberta Site Rehabilitation Program, and issuing Bonterra’s inaugural environmental, social and governance (“ESG”) report.
  • Total proved ("TP") reserves increased by four percent year-over-year in 2021 to total 78.2 million BOE (64 percent oil and liquids)
  • Total proved plus probable ("TPP") increased by four percent year-over-year in 2021 to total 97.4 million BOE (65 percent oil and liquids)
  • TP reserves per fully diluted share totaled 2.25 BOE in 2021 while TPP per fully diluted share was 2.80 BOE