Bonterra Energy Corp. · TSX:BNE
Bonterra Energy — Investor Presentation (February 2025)
26 slides from Bonterra Energy's investor presentation, February 2025
Slide 1: Our Strong Foundation Accelerates Transformation
TSX:BNE Our Strong Foundation Accelerates Transformation. February 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 Development ready Charlie Lake asset place, long reserve life and low-risk drilling inventory in No
Slide 3: 2025 Guidance
FREE FUNDS FLOW FOCUS 2025 Guidance Fully-funded 2025 Capital Program Designed to Maximize Free Funds Flow Operating & Financial1 Average Daily Production (BOE per day)1 14,600 – 14,800 Oil and NGL Weighting (percent) 52 - 54 Net Capital Expenditures (millions) $65 - $75 Asset Retirement Obligations
Slide 4: 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 Targeting Free Funds flow of Follow up on 2024 success Free Funds Flow to be Target accretive acquisi
Slide 5: Financial Discipline
Financial Discipline Bonterra.
Slide 6: Junior Debt Refinancing
REFINANCIN G TRANSACTION Junior Debt 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 d
Slide 7: Stable Production + Modest Growth
SUSTAINABILITY FOCUS Stable Production + Modest Growth1 2025 capital allocation driven by capital efficiencies to maximize free funds flow Production and Capital Expenditures (CAPEX) Forecast (1) Based on WTI US $70.00 per barrel; AECO Natural gas price of $2.25 per GJ; CAD/USD exchange rate of $0.7
Slide 8: Stable Production + Modest Growth
SUSTAINABILITY FOCUS Stable Production + Modest Growth1 2025 capital allocation driven by capital efficiencies on the Charlie Lake Production Net wells on production Forecast Forecast (1) Based on WTI US $70.00 per barrel; AECO Natural gas price of $2.25 per GJ; CAD/USD exchange rate of $0.72 ; Cana
Slide 9: Balance Sheet Focused
FINANCIAL DISCIPLINE Balance Sheet Focused 2025 Focus on Free Funds Flow generation to enhance financial flexibility Debt reduction and Production Growth Forecast $165 Million Net Debt reduction forecasted from 2020 to 2025 39% Production growth forecasted From 2020 to 2025 $94 Million Liquidity for
Slide 10: Return of Capital
FINANCIAL DISCIPLINE Return of Capital Focus on financial flexibility to support a sustainable return of capital model Sustainable return of capital framework key metrics Forecasted leverage targets Shareholder Return Return of Capital Forecast $ Framework $135 - $145 Net Debt Target Up to 25% o
Slide 11: Pembina Cardium
Pembina Cardium Base Cash Flow Engine
Slide 12: Pembina Cardium – optimization focus
PEMBINA CARDIUM Pembina Cardium – optimization focus 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 years bill
Slide 13: Charlie Lake
Charlie Lake High Impact Light Oil Play
Slide 14: Charlie Lake – increasing operational scale
CHARLIE LAKE Charlie Lake – increasing operational scale Asset highlights Charlie Lake development Economic and de-risked asset 100% Long-term development runway with highly Operated economic horizontal drilling locations. Ample Production gas egress options in the area. Top-tier well economics 118
Slide 15: Montney
Montney Emerging Scalable Resource
Slide 16: 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 52 reserve growth and significant
Slide 17: Montney Characteristics
MONTNEY Montney Characteristics Doig Future Upper Robust Reservoir Profile Montney Target D4 Development D3 Reservoir Characteristics ➢ 100/04-03-074-06W6 • Depth 1,925m TVD Primary Target • 2-mile lateral • Porosity: 8% Avg • Drilled in Q3 2023: $3.5 Million • Net Pay 70m Gross (20m > 6% porosity)
Slide 18: Play Comparison Summary
CORPORATE INVENTORY Play Comparison Summary1 Robust corporate drilling inventory supports growth and sustainability Corporate inventory economic comparison2 MTNY CHLK CHLK CRDM (2.0 mile) (3.0 mile) (2.0 mile) Tier 1 CAPEX3 M$C 7,500 5,400 4,500 2,550 Hz Length mile 2.0 3.0 2.0 1.0 Liq Ratio % 54% 4
Slide 19: 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 20: 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 (1,2) Flat Price Sensitivities (4) Proved Developed Total Proved To
Slide 21: 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 22: 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 CALGARY (HEAD OFFICE ) Borden Ladner Gervais LLP Suite 901, 1015 – 4th St SW Calgary, AB T2R 1J4 BANKS AUDITORS 403.262.5307 info@bonterraenergy.com CIBC Delo
Slide 23: Appendix
Appendix Z — Bonterra.
Slide 24: >30% hedged for next 9 months
SUSTAINABILITY FOCUS Risk Management: Weighted Average Oil Hedges Supports Sustainability Fixed Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Volume bbl/d 900 - 250 250 250 - Price USD $/bbl 81.13 - 71.75 71.75 71.75 - >30% hedged for Collars Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 next 9
Slide 25: Advisories
Advisories FORWARD LOOKING INFORMATION: FUNDS FLOW AND FUNDS FLOW PER SHARE Certain statements contained in this presentation of Bonterra Energy Corp. Actual results, performance or achievements could differ materially from those Management considers funds flow from operations to be a key measure to
Slide 26: Advisories
Advisories FREE FUNDS FLOW EBITDA FIELD AND CASH NETBACK 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 Field netback is a non-IFRS financial measure, calculated as oil and gas sales, fu
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