Bonterra Oil & Gas Ltd. Announces Significant Year-end Corporate Reserves Growth

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[{"type":"text","content":"\n\n\n\nCALGARY, Feb. 12 /CNW/ - Bonterra Oil & Gas Ltd. ("Bonterra" or "the\ncompany") (www.bonterraenergy.com) (TSX: BNE) is pleased to announce the\nresults of its independent reserve report prepared by Sproule Associates\nLimited with an effective date of December 31, 2008.\n\n\nHighlights:\n\n- Bonterra increased its reserve base in 2008 by 12.1 percent on a total\n proved (TP) basis and 14.4 percent on a proved plus probable (P+P)\n basis to total 24.1 million barrels of oil equivalent (boe) and\n 31.2 million boe, respectively, through a combination of improved\n operations, organic development and acquisitions.\n\n- Reserves per share increased 13.0 percent to 1.83 boe per share at\n December 31, 2008 compared to 1.62 boe per unit in 2007 on a P+P\n basis.\n\n- Average daily production in 2008 totaled 4,346 boe per day, an\n increase of three percent when compared with 2007 levels. Average\n daily production in the fourth quarter of 2008 totaled 4,587 boe\n per day, an increase of 6.8 percent when compared to the fourth\n quarter of 2007.\n\n- Bonterra's low decline production is supported by its high-quality\n reserve base. The reserve life index (RLI) in 2008 increased to\n approximately 14.4 years on a TP basis and 18.7 years on a P+P basis\n versus the 2007 RLI of approximately 13.7 years on a TP basis and\n 17.4 years on a P+P basis.\n\n- Bonterra continues to focus on the efficient development of its asset\n base. Finding and development (F&D) costs including future development\n costs in 2008 decreased from our three year averages and continue to\n be among the lowest in the industry. F&D costs including acquisitions\n in 2008 were $8.68 per boe on a TP basis and $7.48 per boe on a P+P\n basis compared with the previous three year average (2005-2007) of\n $14.27 per boe on a TP basis and $11.07 per boe on a P+P basis.\n\nCorporate Reserves Information:\n\nBonterra engaged the services of Sproule Associates Limited to prepare a\nreserve evaluation with an effective date of December 31, 2008. The reserves\nare located in the provinces of Alberta, British Columbia (BC) and\nSaskatchewan. Bonterra's main oil producing areas are located in the Pembina\narea of Alberta, northeast BC and the Shaunavon area of Saskatchewan. The\ngross reserve figures for the following tables represent Bonte...

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