Bonterra Energy Corp. · TSX:BNE
Bonterra Energy — Investor Presentation (May 2026)
26 slides from Bonterra Energy's investor presentation, May 2026
Slide 1: High-Impact Assets. Disciplined Growth. Efficient Capital.
High-Impact Assets. Disciplined Growth. Efficient Capital. May 2026 TSX: BNE OTCID: BNEFF Canadian Energy
Slide 2: Advisories
Advisories FORWARD LOOKING INFORMATION: impact of climate-related financial disclosures on financial results; the ability as at December 31, 2025 presented in accordance with NI 51-101 is of the Company to raise capital, maintain its syndicated bank facility and contained within our annual informati
Slide 3: Advisories
Advisories Oil and Gas Metrics published by the Alberta Energy Regulator, effective December 31, 2025. such unbooked drilling locations, other unbooked drilling locations are farther Accordingly, Bonterra cannot confirm that OOIP disclosed herein has been away from existing wells where management ha
Slide 4: TSX: BNE - Overview
AT A GLANCE TSX: BNE - Overview Bonanza Charlie Lake New Core Area: • Stable and predictable Cardium light oil focused base production at Pembina with Light Oil, Natural Gas & NGLs high impact light oil focused resource plays in the Charlie Lake at Bonanza and the Montney at Wembley Charlie Lake ass
Slide 5: 2025 Highlights
AT A GLANCE 2025 Highlights Reshaped asset portfolio is now complemented by a structurally improved, stronger and more resilient balance sheet 01 Record Production • Production averaged 15,513 BOE1 per day in 2025 • 2025 drilling campaign delivered high impact results across both the Cardium and Cha
Slide 6: 2026 Q1 Highlights
AT A GLANCE 2026 Q1 Highlights Front loaded capital quarter with a constructive oil price backdrop positions the company to accelerate free funds flow in 2026 First Quarter Results • Production averaged 15,463 BOE4 per day in Q1 2026 impacted by 01 Production ~400boe/d of unplanned downtime Producti
Slide 7: 2026 Guidance
2026 GUIDANCE 2026 Guidance Designed to deliver 8% YoY production growth1 while generating 14% free funds flow yield2 PRELIMINARY GUIDANCE 2026 PRODUCTION Operating & Financial1 US$60/bbl WTI / $3.00/GJ AECO CONTRIBUTION Cardium Charlie Lake Montney Average Daily Production (BOE 16,200 – 16,400 per
Slide 8: 2026 Priorities
STRATEGIC PRIORIT IES 2026 Priorities Growth and free funds flow generation at US$60/bbl WTI and $3.00/GJ AECO Free Funds Flow Production Growth Accelerate Charlie Pursue Growth Allocation to Debt 01 with Free Funds 02 Lake and Montney 03 Repayment and 04 Through Flow Development Acquisitions Share
Slide 9: Emerging Plays Driving Improved Capital Efficiencies
PIVOTIN G CAPITAL TO HIGH IMPACT PLAYS Emerging Plays Driving Improved Capital Efficiencies 2026 capital allocation focused on expansion in the Charlie Lake, delineation of the Montney and optimization of the Cardium Production (Mboe/d) & Capex (C$MM) CARDIUM CHARLIE LAKE MONTNEY CAPEX (C$MM) Foreca
Slide 10: NAV Highlights Value Proposition
NET ASSET VALUE NAV Highlights Value Proposition Bonterra offers shareholders torque to oil and exposure to a significant low risk drilling inventory YE2025 Net Asset Value Net Asset Value per Share ($/sh) @ US$75WTI / $2.50 GJ AECO (1) Flat Price Sensitivities Proved Developed Total Proved Total Pr
Slide 11: Light Oil Asset Portfolio
Light Oil Asset Portfolio Pembina Cardium Cash Flow Engine Bonanza Charlie Lake High Impact Results Wembley Montney Emerging Scalable Resource
Slide 12: Pembina Cardium Stable Cash Flow Engine
PEMBINA CARDIUM Pembina Cardium Stable Cash Flow Engine Asset Highlights Cardium Development One of Canada’s largest oil plays 10,200 boe/d 2026 Program: The Pembina Cardium Pool has an estimated Est 2026 • 6 gross (5.5 Net) operated production locations planned original oil in place (OOIP) of 10.6
Slide 13: Bonanza Charlie Lake Increasing Size and Scale
BONANZA CHARLIE LAKE Bonanza Charlie Lake Increasing Size and Scale Asset Highlights Bonanza Charlie Lake Development 2026 Program: Economic and de-risked asset 4,700 boe/d • 3 gross (2.7 net) locations Long-term development runway with highly Est 2026 on stream H1 2026 production economic horizonta
Slide 14: Wembley Montney Encouraging Early-Stage Results
W EMBLEY MONTNEY Wembley Montney Encouraging Early-Stage Results Asset Highlights Wembley Montney Development World class asset 1,400 boe/d The Montney a premier resource play in North Est 2026 America Production Large development runway 100% Large development runway providing scalable Operated rese
Slide 15: Play Comparison Summary
CORPORATE INVENTORY Play Comparison Summary1 Sproule 2P Type Curve Comparison @ $70 WTI2 Rate of Return (%) Payout (yrs) 1.6 MTNY3 CHLK CRDM 227% (2.0 mile) (2.0 mile) (1.0 mile) 1.1 CAPEX C$M 7,750 4,400 2,500 0.6 Hz Length mile 2.0 2.0 1.0 85% 54% Oil & Liq Ratio % 38% 52% 59% IP30 boe/d 636 930 3
Slide 16: 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 Andy J. Mah Stacey E. McDonald President & CEO VP, Engineering Director, Chair Director Over 35 years of experience in the Western Joined Bonterra in 2014. Mr. E
Slide 17: Corporate Information & Contacts
Corporate Information & Contacts CALGARY (HEAD OFFICE ) S T OCK E XCHA NGE LIS T IN G Suite 800, 215 – 9th Ave SW TSX: BNE Calgary, AB T2P 1K3 OTCID: BNEFF 403.262.5307 INDEPENDENT RESERVE ENGINEER info@bonterraenergy.com bonterraenergy.com Linkedin icon - Free download on Twitter X Logo PNG Vector
Slide 18: Appendix
Appendix Z — Bonterra.
Slide 19: Bonanza Charlie Lake and Wembley Montney
CHARLIE LAKE & MONTNEY Bonanza Charlie Lake and Wembley Montney Charlie Lake Land Map Montney Land Map 4,700 boe/d 1,400 boe/d Est 2026 Est 2026 Production Production 100% 100% Operated Operated Production Production 159 71.8 Net sections land Net sections Land position position 880 Mboe2 Strong Pay
Slide 20: Charlie Lake Results
(2)20 (1) - 500 1,000 1,500 2,000 0 500 1,000 2,000 1,500 Peer 1 Montney Peer 1 Montney March 2026 1 Peer 2 Charlie Lake Peer 2 Montney November 2025 2 Peer 3 Charlie Lake Peer 3 Charlie Lake Alberta top 20 new oil wells PIVOTIN G CAPITAL TO HIGH IMPACT PLAYS Peer 4 Montney Peer 4 Montney Peer 5 Mon
Slide 21: 2025 Reserves Evaluation
ROBUST RESERVES 2025 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 15,419 34,326 468,500 Proved Developed Non-Producing 1,619 3,047 36,
Slide 22: 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 At Debt / EBITDA levels of Bonterra is of the view that i
Slide 23: Risk Management: Weighted Average Oil Hedges
SUSTAINABILITY FOCUS Risk Management: Weighted Average Oil Hedges Supports Sustainability CRUDE OIL FIXED USD Q2-2026 Q3-2026 Q4-2026 Q1-2027 Q2-2027 Q3-2027 Q4-2027 Volume bbl/d 3,000 1,750 1,750 500 500 500 500 Price USD $/bbl 62.82 60.68 60.68 75.00 75.00 75.00 75.00 CRUDE OIL FIXED CAD Q1-2026 Q
Slide 24: 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 25: Advisories
Advisories USE OF NON-IFRS FINANCIAL MEASURES: Throughout this presentation the Company uses the terms and ratios, such as “funds CAPITAL EXPENDITURES FREE FUNDS FLOW YIELD flow”, “capital expenditures”, “free funds flow”, “adjusted free funds flow”, free funds flow yield”, “net debt”, “adjusted net
Slide 26: Advisories
Advisories USE OF NON-IFRS FINANCIAL MEASURES (CONTINUED): netback, proceeds on sale of investments and other income less office and administration, employee compensation, interest expense and current income taxes. Cash netback per BOE is a non-IFRS ratio, calculated as EBITDA cash netback divided b