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April 2021 Corporate Presentation – Bonterra Energy Corp

Bonterra Energy Corp · Apr 1, 2021 · 19 slides

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  1. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 1
    CORPORATE PRESENTATION TSX: BNE APRIL 2021 1
  2. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 2
    Corporate Snapshot Financial TSX: BNE Common Shares Outstanding 33.5 million Insider Ownership 15% Tax Pools at Dec 31, 2020 422 million Tax Horizon 2023 2020 Exit Net Debt 316 million Bank Line 300 million Drawn 252 million at…
  3. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 3
    Focused on Free Funds Flow Generation Bonterras focus will remain on generating strong, sustainable, free funs flow which can be directed to debt reduction and capital spending when supported by commodity prices DISCRETIONARY As…
  4. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 4
    Financial Flexibility Drives Production Growth Bonterra is one of the first Canadian energy producers to qualify and be approved for both the EDC and BDC government support programs, a condition of which is financial viability. 45…
  5. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 5
    Forecast Activity Levels 2021-2022 Focused on accelerated value creation by deploying 65 - 75 Million to Bonterras drilling program and abandonment initiatives PLANNED DRILL PROGRAM (1) PLANNED ABANDONMENT PROGRAM (1) 36 Net…
  6. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 6
    Forecast Production Priming the pump for future free funds flow BASE PRODUCTION 2020 CAPEX 2021 CAPEX 2022 CAPEX 16,000 14,000 12,000 10,000 8,000 6,000 SHUT IN PRODUCTION 4,000 2020 CAPEX SUSPENDED 45 MILLION…
  7. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 7
    2021 - 2022 Cash Flow Analysis Positioned to generate significant free funds flow while meaningfully deleveraging over the next two years YEAR 2021 ESTIMATED PRODUCTION boe/d 13,000 OIL & LIQUID RATIO % 68% PRICE SCENARIO STRIP 50…
  8. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 8
    Free Funds Flow Sensitivity 2021 - 2022 Bonterras asset base generates significant free funds flow FREE FUNDS FLOW HEDGE LOSS (3) 100 90 80 77 60 63 62 40 20 45 14 14 20 25 14 3 8 15 0 6 (5) STRIP 50 55 60 65…
  9. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 9
    Forecast Debt Structure and Price Sensitivity Significant torque to oil prices amplifies efforts to deleverage when combined with increasing production Bank Debt BDC Debt Sub Debt D/CF 350 7.0 300 20 6.0 20 20 46 20 46 20 46…
  10. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 10
    Deep Drilling Inventory Concentrated assets in the Pembina Cardium oil pool support efficient operations and offer exposure to significant upside through a large inventory of low-risk, highly economic undrilled locations Pembina &…
  11. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 11
    Pembina Cardium Features Original-Oil-in-Place per Section Recovery Factor 0 to 5,000 Mbbl 0% 5,000 to 10,000 Mbbl 5% 10,000 to 20,000 Mbbl 10% 20,000 to 25,000 Mbbl 15% 25,000+ Mbbl 20% 25% Pembina is the largest…
  12. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 12
    Pembina Cardium Geology Shale Conglomerate Sandstone Bioturbated Mudstone Sandstone Shale Interbedded sandstone and shale with local conglomerate and prevalent underlying low permeability bioturbated mudstone…
  13. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 13
    Average BNE Cardium Economics Cardium wells are repeatable, predictable and generate strong returns even in a weak commodity price environment 200 Reserves per well (MBOE) 140 150 IP (12 months) (boe/d) 110 BOE/D 100 50 0…
  14. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 14
    Our Responsibility Environmental, Social and Governance HEALTH, SAFETY AND ENVIRONMENT (HS&E) Apply minimal disturbance drilling techniques to reduce the overall impact to the environment 99% routine gas conservation Fugitive emission…
  15. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 15
    Strategy: Positioned for Success Our proven track record has been built on a model of generating long-term, sustainable value through disciplined capital allocation aligned with prevailing commodity prices Insiders own 15%…
  16. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 16
    Appendix 16
  17. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 17
    Risk Management / Hedge Strategy WTI CRUDE OIL HEDGE HEDGE STRATEGY PERIOD INSTRUMENT CURRENCY VOLUME (bbl) FLOOR (/bbl) CEILING (/bbl) Target to hedge 30% of pre-royalty volumes JAN 2021 - DEC 2021 COSTLESS COLLAR USD 2,250 36.67…
  18. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 18
    Reserves Summary December 31, 2020 NPV BT 10% (1) Reserve Category Oil (Mbbl) BOE (Mboe) (millions) Proved Developed Producing 18,442 33,243 401,988 Proved Developed Non-Producing 1,748 2,571 21,224 Proved Undeveloped 22,877…
  19. April 2021 Corporate Presentation – Bonterra Energy Corp – slide 19
    Corporate Information OFFICERS BANKS George F. Fink CIBC CEO & Chairman of the Board National Bank of Canada Robb D. Thompson The Toronto Dominion Bank CFO & Corporate Secretary Alberta Treasury Branches Adrian Neumann Business…

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