Bonterra Oil & Gas Ltd. Announces Cash Dividend for January Payable February 27, 2009

About this update from Bonterra Energy Corp.

[{"type":"text","content":"\n\n\n\nCALGARY, Feb. 9 /CNW/ - Bonterra Oil & Gas Ltd. (www.bonterraenergy.com)\n(TSX: BNE) announces that the January monthly cash dividend will be reduced to\n$0.12 from the previous amount of $0.16 (reduction of 25 percent) and will be\npaid on February 27, 2009. The record date for the dividend is February 18,\n2009, and the ex-dividend date is February 13, 2009.\n\n\nThe dividend is paid monthly and is subject to commodity prices and\nproduction levels. The significant decline in natural gas prices and the\nexpiration of risk management contracts substantially reduced cash flow. This\nreduction was partially offset by marginal increases in crude oil prices and\nlevels of production. The reduction in dividend is necessary to preserve\nbalance 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 annual cash flow and retain the remainder for capital\nexpenditures and/or debt retirement.\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 the events anticipated by\nthe forward-looking statements will trans...

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