Business
Bonterra Energy Corp. Provides Operational Update and Announces Credit Facility Redetermination
Bonterra Energy Corp. Provides Operational Update and Announces Credit Facility Redetermi...
About this update from Bonterra Energy Corp.
[{"type":"text","content":"\n \n \n \n Bonterra Energy Corp. Provides Operational Update and Announces Credit Facility Redetermination\n \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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n May 31, 2022\n \n \n /CNW/ - Bonterra Energy Corp. (\n \n www.bonterraenergy.com\n \n ) (TSX: BNE) (\"Bonterra\" or the \"Company\") is pleased to provide an operational update and confirm that it has finalized its credit facility redetermination with its syndicate of lenders.\n \n \n \n Operational Update\n \n \n \n Bonterra is pleased with the progress and success realized from its 2022 drilling program to date, targeting high rate-of-return, low-risk light oil opportunities. The Company brought on production 24 gross (19.6 net) wells through the first five months of 2022, to be followed by post-spring breakup drilling and completion operations which are scheduled to commence in late June, 2022. Annual production is anticipated to average 13,500 BOE per day\n \n 1\n \n (mid-point of annual guidance) based on a capital expenditure budget of approximately\n \n $70 million\n \n , which is\n \n $5 million\n \n higher than previously announced annual guidance due to inflationary cost pressures.\n \n \n The Company's significant torque to oil prices combined with increasing production volumes is expected to drive forecasted 2022 free funds flow\n \n 2\n \n of approximately\n \n $165 million\n \n , based on an average forward strip WTI oil price of approximately\n \n US$103\n \n for the remainder of the year. Bonterra anticipates a net debt to funds flow leverage ratio\n \n 2\n \n of approximately 0.5x by year end 2022. For further informa...