Bonterra Energy Corp. · TSX:BNE
Bonterra Energy — Investor Presentation (March 2026)
27 slides from Bonterra Energy's investor presentation, March 2026
Slide 1: High-Impact Assets. Disciplined Growth. Efficient Capital.
High-Impact Assets. Disciplined Growth. Efficient Capital. March 2026 TSX: BNE Canadian Energy
Slide 2: Advisories
Advisories FORWARD LOOKING INFORMATION: financial results; the ability of the Company to raise capital, maintain its This presentation discloses metrics commonly used in the oil and natural syndicated bank facility and refinance indebtedness upon maturity; the gas industry, such as "reserve life ind
Slide 3: TSX: BNE - at a glance
AT A GLANCE TSX: BNE - at a glance Charlie Lake New Core Area: • Stable and predictable Cardium light oil focused base production with emerging Light Oil, Natural Gas & NGLs high impact light oil focused resource plays in the Charlie Lake and the Montney Charlie Lake asset in Northern Alberta • 450+
Slide 4: 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 5: 2026 Preliminary Guidance
2026 GUIDANCE 2026 Preliminary Guidance Designed to Deliver 8% YoY Production Growth1 while Generating 14% Free Funds Flow Yield2 PRELIMINARY GUIDANCE Operating & Financial1 US$60/bbl WTI / $3.00/GJ AECO Average Daily Production (BOE 16,200 – 16,400 per day)1,3 Oil and NGL Weighting (percent) 50 – 5
Slide 6: 2026 Priorities
STRATEGIC PRIORIT IES 2026 Priorities Growth and Free Funds Flow Generation at US$60/bbl WTI and $3.00/GJ AECO Free Funds Flow Production Growth Accelerate Charlie Pursue Growth Allocation to Debt 01 with Free Funds 02 Lake and Montney 03 Repayment and 04 Through Flow Development Acquisitions Share
Slide 7: Emerging Plays Driving Improved Capital Efficiencies
PIVOTIN G CAPITAL TO HIGH IMPACT PLAYS Emerging Plays Driving Improved Capital Efficiencies 2026 Capital allocation focused on Expansion in the Charlie Lake, Delineation of the Montney and Optimization of the Cardium Production Net wells on production and CAPEX (MM$C) Forecast Forecast High impact e
Slide 8: 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 9: Asset Portfolio
Asset Portfolio Pembina Cardium Cash Flow Engine Charlie Lake High Impact Light Oil Play Montney Emerging Scalable Resource
Slide 10: Pembina Cardium
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: Sizeable, concentrated position at Pembina and Est 2026 • 6 gross (5.5 Net) operated Production locations planned Willesden Green Cardium fields •
Slide 11: Bonanza Charlie Lake
BONANZA CHARLIE LAKE Bonanza Charlie Lake Increasing size and scale Asset highlights Charlie Lake development 2026 Program: Economic and de-risked asset 4,700 boe/d • 7 gross (6.6 net) operated Long-term development runway with highly Est 2026 locations planned to be Production brought onstream in 2
Slide 12: Acquisition Expanding Charlie Lake Core Area
STRATEGIC PRIORIT IES Acquisition Expanding Charlie Lake Core Area Immediately accretive strategic asset acquisition adjacent to its existing Charlie Lake operations in the Bonanza area HIGHLIGHTS • Purchase Price: $15.7 Million • Low Decline Production: 760 BOE per day1 of existing production in lo
Slide 13: Montney
MONTNEY Montney Encouraging early-stage results Asset highlights Montney development World class asset 1,400 boe/d Top decile light oil play in the Western Est 2026 Canadian Sedimentary Basin Production Large development runway 100% Large development runway providing scalable Operated reserve growth
Slide 14: 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 15: 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 16: 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 INDEPENDENT RESERVE ENGINEER 403.262.5307 info@bonterraenergy.com Sproule International Limited bonterraenergy.com Linkedin icon - Free download
Slide 17: Appendix
Appendix Z — Bonterra.
Slide 18: Why Bonterra? Compelling Value Proposition
W HY BONTERRA? Bonterra Compelling Value Proposition • Emerging plays projected to account for approximately 35% of corporate production in 2026 1 Successful Pivot into • 450+ identified locations2 relative to <15 net drills (locations) in 2026 budget 01 High Impact Plays • Improved capital efficien
Slide 19: 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 20: 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 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: Risk Management: ~30% hedged for the second half of 2026
SUSTAINABILITY FOCUS Risk Management: Weighted Average Oil Hedges Supports Sustainability CRUDE OIL FIXED USD Q1-2026 Q2-2026 Q3-2026 Q4-2026 Q1-2027 Volume bbl/d 1,586 3,000 1,750 1,750 - Price USD $/bbl 61.30 62.82 60.68 60.68 - ~30% hedged for CRUDE OIL COLLARS USD Q1-2026 Q2-2026 Q3-2026 Q4-2026
Slide 23: 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 Middle • Net Pay 70m Gross (20m > 6% porosity) Montney Future Target • Reservoir Pressure: 19,000 to 20,000 225m Kpa D1 •
Slide 24: Charlie Lake Characteristics
CHARLIE LAKE Charlie Lake Characteristics Upper Stacked Reservoirs Charlie Lake Reservoir Characteristics Boundary • Depth 1,380m TVD Lake • Porosity: 10-20% Avg • Net Pay: 3-5 + m • Reservoir Pressure: 11,000 Kpa E Lower Charlie Braeburn Member • Subcrop / Stratigraphic traps Lake D 40 m C B A 24 B
Slide 25: Charlie Lake Results
PIVOTIN G CAPITAL TO HIGH IMPACT PLAYS Charlie Lake Results Alberta Top 20 New Oil Wells (Nov 2025 Data) 25 BONTERRA ENERGY CORP. Source: GeoScout Production data to November 30, 2025. Peers Include: Whitecap; CNRL; Tamarack Valley; Archer; Prairie Thunder; Orlen, Parallax, Enercapita, Islander.
Slide 26: Advisories
Advisories USE OF NON-IFRS FINANCIAL MEASURES: CAPITAL EXPENDITURES FREE FUNDS FLOW YIELD Throughout this presentation the Company uses the terms and ratios, such as “funds flow”, “capital expenditures”, “free funds flow”, “adjusted free funds flow”, free funds flow yield”, “net debt”, “EBITDA”, “ne
Slide 27: 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