Bonterra Energy Corp. · TSX:BNE
Bonterra Energy — Investor Presentation (December 2025)
25 slides from Bonterra Energy's investor presentation, December 2025
Slide 1: Our Strong Foundation Accelerates Transformation
Our Strong Foundation TSX:BNE Accelerates Transformation. December 2025 Grounded in 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: 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: 2025 YTD Highlights
AT A GLANCE 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 • 2025 drilling campaign delivered high impact results a
Slide 5: Why Bonterra? Compelling Value Proposition
W HY BONTERRA? Bonterra Compelling Value Proposition • Emerging plays projected to account for approximately 35% of corporate Successful Pivot into production in 20261 01 High Impact Plays • 450+ identified locations2 relative to <15 net drills (locations) in 2026 budget • Improved capital efficienc
Slide 6: 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 / $3.00/GJ AECO Average Daily Production (BOE per day)1,3 16,200 – 16,400 Oil and NGL Weighting (percent) 50 – 5
Slide 7: Emerging Plays Driving Improved Capital Efficiencies
PIVOTIN G CAPITAL TO HIGH IMPACT PLAYS Emerging Plays Driving Improved Capital Efficiencies 2026 Capital allocation focused on Expansion in the Charlie Lake, Delineation of the Montney and Optimization of the Cardium Production Net wells on production and CAPEX (MM$C) CARDIUM CHARLIE LAKE MONTNEY Fo
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: 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: $15.7 Million • Low Decline Production: 760 BOE per day1 of existing production in lo
Slide 10: Asset Portfolio
Asset Portfolio Pembina Cardium Cash Flow Engine Charlie Lake High Impact Light Oil Play Montney Emerging Scalable Resource
Slide 11: Pembina Cardium
PEMBINA CARDIUM Pembina Cardium Stable cash flow engine Asset highlights Cardium development One of Canada’s largest oil plays 2026 Program: 92% Sizeable, concentrated position at Pembina and • 6 gross (5.5 Net) operated Operated locations planned Willesden Green Cardium fields Production • 6 gross
Slide 12: Bonanza Charlie Lake
BONANZA CHARLIE LAKE Bonanza Charlie Lake Increasing size and scale Asset highlights Charlie Lake development 2026 Program: Economic and de-risked asset 100% • 5 gross (4.6 net) operated Long-term development runway with highly Operated locations planned to be economic horizontal drilling locations.
Slide 13: Montney
MONTNEY Montney Encouraging early-stage results Asset highlights Montney development World class asset 100% Top decile light oil play in the Western Operated Canadian Sedimentary Basin Production Large development runway Large development runway providing scalable 56 reserve growth and significant p
Slide 14: NAV Highlights Value Proposition
NET ASSET VALUE NAV Highlights Value Proposition Bonterra offers shareholders torque to oil and exposure to a significant low risk drilling inventory YE2024 Net Asset Value Net Asset Value per Share ($/sh) @ US$75WTI / $3.00 GJ AECO (1) Flat Price Sensitivities Proved Developed Total Proved Total Pr
Slide 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 D. Michael G. Stewart Stacey E. McDonald President & CEO VP, Engineering Director, Chair (outgoing) Director Over 35 years of experience in the Western Joined Bo
Slide 16: 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 17: Appendix
Appendix ZL ~ Bonterra.
Slide 18: 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 19: 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 20: 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 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: 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 24: Advisories: Use of Non-IFRS Financial Measures
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 25: Advisories: Use of Non-IFRS Financial Measures (continued)
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
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