Bonterra Energy Corp. · TSX:BNE
Bonterra Energy — Investor Presentation (November 2025)
24 slides from Bonterra Energy's investor presentation, November 2025
Slide 1: Our Strong Foundation Accelerates Transformation
Our Strong Foundation TSX:BNE Accelerates Transformation. November 2025 Grounded in Energy.
Slide 2: Advisories
Advisories FORWARD LOOKING INFORMATION: as how such laws and regulations may limit growth or operations within the reserves, as applicable. The locations that Bonterra drills will ultimately oil and gas industry; the impact of climate-related financial disclosures on depend upon the availability of
Slide 3: 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 4: 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 <10 net drills (locations) in 2025 budget • Improved capital efficienc
Slide 5: 2025 YTD Highlights
Q1 – Q3 IN REVIEW 2025 YTD Highlights Reshaped Asset Portfolio is now Complemented by a Structurally Improved, Stronger and more Resilient Balance Sheet 01 Record Production Production averaged 15,600 BOE1 per day during the first 9 months of 2025 2 Gross (2.0 net) Cardium wells - Combined Gross IP3
Slide 6: 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 ORIGINAL GUIDANCE REVISED GUIDANCE Sensitivity2,3 Operating & Financial1 $70WTI / $2.25 AECO $70WTI / $2.25 AECO H1 Actual Pricing and H2 Flat Pricing Adju
Slide 7: 2025 Priorities
STRATEGIC PRIORIT IES 2025 Priorities Maximize Free Funds Flow Pursue Growth Maximize Free Deliver Results in Balance Sheet 01 Funds Flow 02 the Charlie Lake 03 Focus 04 Through Acquisitions Focus on maximizing Free Follow up on 2024 success Free Funds Flow to be Target accretive acquisition
Slide 8: Asset Portfolio
Asset Portfolio Pembina Cardium Cash Flow Engine Charlie Lake High Impact Light Oil Play Montney Emerging Scalable Resource
Slide 9: Pembina Cardium
PEMBINA CARDIUM Pembina Cardium Stable cash flow engine Asset highlights Cardium development One of Canada’s largest oil plays 92% Sizeable, concentrated position at Pembina and Operated Willesden Green Cardium fields Production Long runway Estimated original oil in place (OOIP) of 10.6 19.4 years2
Slide 10: Charlie Lake
CHARLIE LAKE Charlie Lake Increasing operational scale Asset highlights Charlie Lake development 100/13-05-083-11W6/00 New Battery Economic and de-risked asset 100% IP30peak: 860 boe/d constructed in Q1 2025 Long-term development runway with highly Operated Oil/Liq: 32% economic horizontal drilling
Slide 11: Montney
MONTNEY Montney Encouraging early-stage results Asset highlights Montney development World class asset 100% Top decile light oil play in the Western Operated Canadian Sedimentary Basin Production Large development runway Large development runway providing scalable 56 reserve growth and significant p
Slide 12: Emerging Plays Driving Improved Capital Efficiencies
SUSTAINABILITY FOCUS Emerging Plays Driving Improved Capital Efficiencies 2025 capital allocation focused on expansion in the Charlie Lake Production Net wells on production and CAPEX (MM$C) CARDIUM CHARLIE LAKE MONTNEY Forecast1 45 $126 Forecast1 $101 14.8 15.0 -15.2 $80 $65-$70 100 $67 40 16.0 14.
Slide 13: NAV Highlights Value Proposition
NET ASSET VALUE NAV Highlights Value Proposition Bonterra offers shareholders torque to oil and exposure to a significant low risk drilling inventory YE2024 Net Asset Value Net Asset Value per Share ($/sh) @ US$75WTI / $3.00 GJ AECO (1) Flat Price Sensitivities Proved Developed Total Proved Total Pr
Slide 14: 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 15: 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 16: Appendix
Appendix Z — Bonterra.
Slide 17: 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 18: 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 19: Play Comparison Summary
CORPORATE INVENTORY Play Comparison Summary1 Robust corporate drilling inventory supports growth and sustainability Corporate inventory economic comparison @ $70 WTI2 MTNY3 CHLK CHLK CRDM (2.5 mile) (3.0 mile) (2.0 mile) (1.0 mile) CAPEX3 M$C 8,134 5,400 4,500 2,350 Hz Length mile 2.5 3.0 2.0 1.0 Oi
Slide 20: 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 21: 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 22: Risk Management: Weighted Average Oil Hedges
SUSTAINABILITY FOCUS Risk Management: Weighted Average Oil Hedges Supports Sustainability CRUDE OIL FIXED USD Q4-2025 Q1-2026 Q2-2026 Q3-2026 Q4-2026 Volume bbl/d 750 1,000 1,000 500 500 Price USD $/bbl 65.92 61.52 61.52 60.04 60.04 ~30% hedged for CRUDE OIL COLLARS USD Q4-2025 Q1-2026 Q2-2026 Q3-20
Slide 23: Advisories
Advisories USE OF NON-IFRS FINANCIAL MEASURES: CAPITAL EXPENDITURES NET DEBT Throughout this presentation the Company uses the terms and ratios, such as “funds flow”, “capital expenditures”, “free funds flow”, “adjusted free funds flow”, “net debt”, Management utilizes capital expenditures or CAPEX
Slide 24: Advisories
Advisories USE OF NON-IFRS FINANCIAL MEASURES (CONTINUED): ADDITIONAL INFORMATION: FIELD AND CASH NETBACK Additional information regarding reserves and risk factors, are available in the Company’s Annual Information Form for the year ended December 31, Field netback is a non-IFRS financial measure,
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