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. During 2017, the Company maintained its natural gas production firm service transportation commitments at approximately 90 percent. 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.
- Average Working Interest – 76%
- Reserve Life Index (P+P) – ~21 years
- Proved + Probable Reserves – 99.8 MBOE
- Land Position – ~221 net sections
- Booked Locations – 278 net booked
- Average Daily Production 12,827 BOE per day; 70% oil & liquids
- Drilled 30 gross (27.9 net) operated horizontal wells, and complete and tie-in 33 gross (29.6 net) wells, where 3 (1.7 net) wells were drilled in 2016, but not completed until 2017.
- P+P reserves increased 5% to 99.8 MMBOE
- Reserves (P+P) per share increased 5% to 3.00 BOE per share