Bonterra Oil & Gas Ltd. Announces Cash Dividend for December Payable January 30, 2009

About this update from Bonterra Energy Corp.

[{"type":"text","content":"\n\n\n\nCALGARY, Jan. 6 /CNW/ - Bonterra Oil & Gas Ltd. (www.bonterraenergy.com)\n(TSX: BNE) announces that the monthly cash dividend to all holders of common\nshares for the month of December will be reduced to $0.16 from the previous\namount of $0.20 (reduction of 20 percent) and will be paid on January 30,\n2009. The record date for the dividend is January 15, 2009, and the\nex-dividend date is January 13, 2009.\n\n\nThe dividend level is paid monthly and is subject to commodity prices and\nproduction levels. During 2008, Bonterra was able to increase the dividend\n(formerly paid as a distribution) due to the substantial increase in commodity\nprices, most notably in crude oil. However, the continuing significant\ndecrease in oil and natural gas prices has resulted in a decrease in cash\nflow. This reduction is necessary to preserve balance sheet strength.\n\n\nThe Board of Directors will continue to monitor commodity prices and\nproduction volumes and will adjust dividend levels up or down in accordance\nwith cash flow. Bonterra currently intends to continue to pay out between 75\nand 80 percent of its cash flow and retain the remainder for capital\nexpenditures.\n\n\nCertain information set forth in this press release, including\nmanagement's assessment of Bonterra's future plans and operations, contains\nforward-looking statements. By their nature, forward-looking statements are\nsubject to numerous risks and uncertainties, some of which are beyond\nBonterra's control, including the impact of general economic conditions,\nindustry conditions, volatility of commodity prices, currency fluctuations,\nimprecision of reserve estimates, environmental risks, competition from other\nindustry participants, the lack of availability of qualified personnel or\nmanagement, stock market volatility and ability to access sufficient capital\nfrom internal and external sources. Readers are cautioned that the assumptions\nused in the preparation of such information, although considered reasonable at\nthe time of preparation, may prove to be imprecise and, as such, undue\nreliance should not be placed on forward-looking statements. Bonterra's actual\nresults, performance or achievement could differ materially from those\nexpressed in, or implied by these forward-looking statements, and,\naccordingly, no assurance can be given that any of ...

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