Bonterra Energy Corp. · TSX:BNE
Bonterra Energy — Investor Presentation (August 2025)
27 slides from Bonterra Energy's investor presentation, August 2025
Slide 1: Our Strong Foundation Accelerates Transformation
Our Strong Foundation TSX:BNE Accelerates Transformation. August 2025 Corporate Presentation Grounded in Energy.
Slide 2: Bonterra at a glance
AT A GLANCE Bonterra at a glance Charlie Lake New Core Area: • High-quality asset base Light Oil, Natural Gas & NGLs • Stable and predictable Cardium light oil focused play with large remaining oil in Charlie Lake asset in Northern Alberta place, long reserve life and low-risk drilling inventory is
Slide 3: Why Bonterra? Compelling Value Proposition
W HY BONTERRA? Bonterra Compelling Value Proposition • Emerging plays projected to account for approximately 20% of corporate Successful Pivot into production in 20251 01 High Impact Plays • 450+ identified locations2 relative to 11 net drills (locations) in 2025 budget • Improved capital efficienci
Slide 4: 2025 Q2 Highlights
QUARTER IN REVIEW 2025 Q2 Highlights Record quarterly production averaging 16,399 BOE1 per day driven by successful H1 01 Record Production capital program including 3 well Charlie Lake pad and 2 well Cardium program. 02 Net Debt Reduction Reduced Net Debt by 9% ($16.2 Millon) quarter over quarter.
Slide 5: 2025 Revised Guidance
FREE FUNDS FLOW FOCUS 2025 Revised Guidance Fully-funded 2025 Capital Program Designed to Maximize Free Funds Flow 2025 Adjusted Free Funds Flow Sensitivity (AFFO)2 H1 Actual Pricing H2 Pricing Sensitivity Operating & Financial1 REVISED GUIDANCE FFF (MM$C) 33 15,000 – 15,200 35 Average Daily Product
Slide 6: 2025 Priorities
STRATEGIC PRIORIT IES 2025 Priorities Maximize Free Funds Flow Pursue Growth Maximize Free Deliver Results in Balance Sheet 01 Funds Flow 02 the Charlie Lake 03 Focus 04 Through Acquisitions Focus on maximizing Free Follow up on 2024 success Free Funds Flow to be Target accretive acquisition
Slide 7: Financial Discipline
Financial Discipline Bonterra.
Slide 8: Balance Sheet Refinancing
REFINANCIN G TRANSACTION Balance Sheet Refinancing $135MM 10.50% Senior Secured 2nd Lien Note Offering Closed January 28, 2025 Strategic Rationale Use of Proceeds Long Term • • Repay in full amounts owing under the second lien term loan (January 28, 2025) Repay in full the Company's senior unsecured
Slide 9: Emerging Plays Driving Improved Capital Efficiencies
SUSTAINABILITY FOCUS Emerging Plays Driving Improved Capital Efficiencies 2025 capital allocation focused on expansion in the Charlie Lake Production Net wells on production and CAPEX (MM$C) CARDIUM CHARLIE LAKE MONTNEY Forecast1 45 $126 Forecast1 $101 14.8 15.0 -15.2 $80 $65-$70 100 $67 40 16.0 14.
Slide 10: Balance Sheet Focused
FINANCIAL DISCIPLINE Balance Sheet Focused 2025 Focus on Free Funds Flow generation to enhance financial flexibility Debt reduction and Production Growth Bank Debt (MM$C) Net Debt (MM$C) Production (Mboe/d) $400 Forecast1 16.0 $150 Million Net Debt reduction forecasted $316 15.0 15.0-15.2 from 2020
Slide 11: Return of Capital
FINANCIAL DISCIPLINE Return of Capital Focus on financial flexibility to support a sustainable return of capital model Return of capital initiated via NCIB Shareholder Return Share Buy-Backs via Normal Course Issuer Bid (“NCIB”) $ Framework Bonterra is of the view that its intrinsic value is not bei
Slide 12: Pembina Cardium
Pembina Cardium Base Cash Flow Engine
Slide 13: Pembina Cardium: Stable cash flow engine
PEMBINA CARDIUM Pembina Cardium Stable cash flow engine Asset highlights Cardium development Obsidian / Inplay Pembina Cardium Transaction (announced February 19, 2025) 3 One of Canada’s largest oil plays 92% Transaction Value 2 $320 million Sizeable, concentrated position at Pembina and Operated Ke
Slide 14: Charlie Lake
Charlie Lake High Impact Light Oil Play
Slide 15: Charlie Lake: Increasing operational scale
CHARLIE LAKE Charlie Lake Increasing operational scale Asset highlights Charlie Lake development 100/13-05-083-11W6/00 New Battery Economic and de-risked asset 100% IP30peak: 860 boe/d constructed in Q1 2025 Long-term development runway with highly Operated Oil/Liq: 32% economic horizontal drilling
Slide 16: Montney
Montney Emerging Scalable Resource
Slide 17: Montney: Encouraging early-stage results
MONTNEY Montney Encouraging early-stage results Asset highlights Montney development World class asset 100% Top decile light oil play in the Western Operated Canadian Sedimentary Basin Production Large development runway Large development runway providing scalable 54 reserve growth and significant p
Slide 18: Montney Characteristics
MONTNEY Montney Characteristics Doig Future Robust Reservoir Profile Upper Target D4 Montney D3 Reservoir Characteristics Primary Target • Depth 1,925m TVD D3 • Porosity: 8% Avg • Net Pay 70m Gross (20m > 6% porosity) Middle Montney Future • Reservoir Pressure: 19,000 to 20,000 Kpa Target • Oil wind
Slide 19: Play Comparison Summary
CORPORATE INVENTORY Play Comparison Summary1 Robust corporate drilling inventory supports growth and sustainability Corporate inventory economic comparison @ $70 WTI2 Rate of Return (%) Payout (yrs) 1.0 1.0 MTNY3 CHLK CHLK CRDM 116 119 0.9 0.9 (2.5 mile) (3.0 mile) (2.0 mile) (1.0 mile) 95 93 CAPEX3
Slide 20: 2024 Reserves Evaluation
ROBUST RESERVES 2024 Reserves Evaluation Robust Reserves Underpin Shareholder Value and Value Creation Oil BOE NPV BT 10% (1) Reserve Category (Mbbl) (Mboe) (thousands) 80% Total Proved Reserves on Volume Proved Developed Producing 16,218 34,385 572,134 Proved Developed Non-Producing 2,144 3,633 50,
Slide 21: NAV Highlights Value Proposition
NET ASSET VALUE NAV Highlights Value Proposition Bonterra offers shareholders torque to oil and exposure to a significant low risk drilling inventory YE2024 Net Asset Value Net Asset Value per Share ($/sh) @ US$75WTI / $3.00 GJ AECO (1) Flat Price Sensitivities Proved Developed Total Proved Total Pr
Slide 22: Management Team / Board of Directors
ENHANCED TEAM & STRONG GOVERANNCE Management Team / Board of Directors Leadership Team Board of Directors Patrick G. Oliver Steve D. Ewens D. Michael G. Stewart Patrick G. Oliver President & CEO VP, Engineering Director, Chair Director, CEO Over 35 years of experience in the Western Joined Bonterra
Slide 23: Corporate Information & Contacts
Corporate Information & Contacts S T OCK E XCHA NGE LIS T IN G INDEPENDENT RESERVE ENGINEER TSX: Sproule Associates Limited BNE LEGAL COUNSEL Borden Ladner Gervais LLP CALGARY (HEAD OFFICE ) Suite 800, 215 – 9th Ave SW Calgary, AB T2P 1K3 BANKS AUDITORS 403.262.5307 info@bonterraenergy.com CIBC Delo
Slide 24: Appendix
Appendix Z — Bonterra.
Slide 25: Risk Management: Weighted Average Oil Hedges
SUSTAINABILITY FOCUS Risk Management: Weighted Average Oil Hedges Supports Sustainability CRUDE OIL FIXED USD Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q2-2026 Q2-2026 Volume bbl/d 250 250 - - - - Price USD $/bbl 71.75 71.75 - - - - ~30% hedged for CRUDE OIL COLLARS USD Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q2-2026
Slide 26: Advisories
Advisories FORWARD LOOKING INFORMATION: Actual results, performance or achievements could differ materially from those Throughout this presentation the Company uses the terms and ratios, such as “funds expressed in, or implied by, this forward-looking information and, accordingly, no flow”, “capital
Slide 27: Advisories
Advisories FREE FUNDS FLOW EBITDA Field and cash netback are calculated on per unit basis as follows: Management utilizes free funds flow to assess the amount of funds available for EBITDA is a non-IFRS financial measure. EBITDA is a measure showing net earnings Three months ended Six months ended f
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