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Bonterra Energy Corp. Announces Extension of Bank Line Redetermination Date, Corporate Update and Confirms New Board Nominees
Bonterra Energy Corp. Announces Extension of Bank Line Redetermination Date, Corporate Upd...
About this update from Bonterra Energy Corp.
[{"type":"text","content":"\n\n\n\nBonterra Energy Corp. Announces Extension of Bank Line Redetermination Date, Corporate Update and Confirms New Board Nominees\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, April 30, 2020\n\n\n\nCALGARY, April 30, 2020 /CNW/ - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) (\"Bonterra\" or the \"Company\") today confirms its syndicate of lenders has extended the annual borrowing base redetermination date on its credit facility, and announces two new Director nominees to stand for election at the Company's upcoming 2020 Annual General & Special Meeting (\"AGSM\") of shareholders. \nEXTENSION OF BANK LINE REDETERMINATION DATE\nBonterra's syndicate of lenders has confirmed an extension to the Company's annual bank facility review and redetermination date to May 29th from April 28th 2020. This extension affords both the Company and its syndicate additional time to assess the ongoing impacts of COVID–19 and the recent actions from OPEC+ on commodity pricing.  \nCORPORATE UPDATE\nAs a result of the significant ongoing uncertainty in market conditions, Bonterra is withdrawing its 2020 corporate guidance previously provided in the Company's press release on February 12, 2020 and in its management's discussion and analysis for the year ended December 31, 2019 dated March 10, 2020. The Company has no immediate plans to start up drilling and completion activity until there is better clarity on future commodity prices.\nThe Company has responded to this unprecedented volatility by continuing to preserve shareholder value in the following manner:\nThe Company is taking steps to reduce production levels to protect against selling oil at negative margins and to preserve long term value; The Company has implemented significant cost saving initiatives to reduce monthly operating and general and administrative costs; The Company has applied for the Federal Government's Canada Emergency Wage Subsidy (CEWS), whereby the Company would be eligible for a subsidy of 75 percent of employee's wages (u...