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. During 2018, 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.

CORPORATE OVERVIEW

  • Average Working Interest – 76%
  • Reserve Life Index (P+P) – ~21 years
  • Proved + Probable Reserves – 101.2 MBOE
  • Land Position – ~221 net sections
  • Booked Locations – 294 net booked

2018 RESULTS

  • Average Daily Production 13,206 BOE per day; 69% oil & liquids
  • Drilled, completed and tied-in 27 gross (26.9 net) operated and seven gross (1.1 net) non-operated horizontal wells in the light oil Pembina Cardium pool
  • P+P reserves increased 1% to 101.2 MMBOE
  • Reserves (P+P) per share increased 1% to 3.04 BOE per share