Bonterra Oil & Gas Ltd. Announces Cash Dividend for November Payable December 31, 2008

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[{"type":"text","content":"\n\n\n\nCALGARY, Dec. 4 /CNW/ - Bonterra Oil & Gas Ltd. (www.bonterraenergy.com)\n(TSX: BNE.UN) announces that the monthly cash dividend to all holders of\ncommon shares for the month of November will be reduced to $0.20 from the\nprevious amount of $0.26 (approximate reduction of 23 percent) and will be\npaid on December 31, 2008. The record date for the dividend is December 15,\n2008 and the ex-dividend date is December 11, 2008.\n\n\nThe dividend level is paid monthly and subject to commodity prices and\nproduction levels. During 2008, Bonterra was able to increase the dividend\n(formerly paid as a distribution) four times to a level of $0.32 per month due\nto the substantial increase in commodity prices, most notably in crude oil.\nHowever, the recent significant decrease in oil and natural gas prices has\nresulted in a decrease in cash flow. Bonterra has revised its budgeted outlook\nfrom Cdn $115 per barrel of oil to Cdn $60 per barrel of oil and as such, a\nreduction is necessary to preserve balance sheet strength and maintain\nBonterra's financial flexibility to pursue potential opportunities to further\nadd long-term value for its shareholders.\n\n\nThe Board of Directors will continue to monitor production volumes (that\nwill be higher in the fourth quarter of 2008 due to acquisitions and\ndrilling), dividend levels, payout ratios, and capital expenditures on a\nmonthly basis. 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...

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