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May 2022 Corporate Presentation – Bonterra Energy Corp

Bonterra Energy Corp · May 1, 2022 · 19 slides

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Slides

  1. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 1
    CORPORATE PRESENTATION TSX: BNE MAY 2022 1
  2. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 2
    Corporate Snapshot Financial TSX: BNE Common Shares Outstanding MM 35 Insider Ownership % 15 Tax Pools at December 31, 2021 MM 374 Tax Horizon Year 2022 Q1 2022 Net Debt MM 261 Bank Line MM 200 PEMBINA Available MM 62 & Drawn…
  3. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 3
    Focused on Free Funds Flow Generation Bonterra remains focused on generating sustainable free funds flow which can be directed to debt reduction, capital spending and returns to shareholders when supported by commodity prices The…
  4. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 4
    Production and Activity Forecast Forecasted 5% production growth year over year will generate significant free funds flow BASE PRODUCTION 2020 CAPEX 2021 CAPEX 2022 CAPEX 16,000 14,000 12,000 10,000 BOE/D 8,000 6,000…
  5. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 5
    Free Funds Flow Price Sensitivity Bonterra is forecasted to generate 165 Million Free Funds Flow in 2022 under current strip pricing ANNUAL FREE FUNDS FLOW (MM) 180 160 165 140 Free Funds Flow (MMC) 120 100 121 102…
  6. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 6
    Forecast Debt Structure & Price Sensitivity 165 Million of debt repayment forecasted in 2022 under current strip pricing with Debt to Funds Flow ratio improving to 0.5 : 1 Bank Debt BDC Debt Subordinated Debt 240 200 59 160…
  7. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 7
    Bank Liquidity Forecast and Sensitivity Bank Facility percentage draw forecasted to be reduced to less than 5% by Year End 2022 under current strip prices DRAWN LIQUIDITY 240 200 197 104 134 153 160 FACILITY (MMC) 120…
  8. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 8
    Cardium Assets 8
  9. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 9
    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…
  10. May 2022 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. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 11
    Pembina Cardium Geology Shale Conglomerate Sandstone Bioturbated Mudstone Sandstone Shale Interbedded sandstone and shale with local conglomerate and prevalent underlying low permeability bioturbated mudstone…
  12. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 12
    Average BNE Cardium Economics Cardium wells are repeatable, predictable and generate strong returns 200 Reserves per well (MBOE) 140 150 IP (12 months) (boe/d) 110 BOE/D 100 50 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17…
  13. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 13
    Our Responsibility Environmental, Social and Governance ENVIRONMENTAL RESPONSIBILITY Apply minimal disturbance drilling techniques to reduce the overall impact to the environment Employ a vigorous asset integrity program to ensure the…
  14. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 14
    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%…
  15. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 15
    Appendix 15
  16. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 16
    Risk Management / Hedge Strategy WEIGHTED AVERAGE OIL HEDGE HEDGE STRATEGY COLLAR Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Target to hedge 30% of pre-royalty volumes VOLUME bbl/d 2,800 2,100 2,200 2,500 1,500 Fulfill bank hedge covenant…
  17. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 17
    Reserves Summary December 31, 2021 NPV BT 10% (1) Reserve Category Oil (Mbbl) BOE (Mboe) (millions) Proved Developed Producing 18,522 32,495 542,915 Proved Developed Non-Producing 2,335 3,562 55,012 Proved Undeveloped 22,613…
  18. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 18
    Appendix Strip as at 05/04/2022 2022 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 AVERAGE WTI USD/bbl 82.98 91.63 108.26 101.64 107.82 107.82 106.25 104.39 102.37 100.56 98.74 96.98 100.79…
  19. May 2022 Corporate Presentation – Bonterra Energy Corp – slide 19
    Corporate Information OFFICERS BANKS George F. Fink CIBC CEO National Bank of Canada Robb D. Thompson The Toronto Dominion Bank CFO & Corporate Secretary Alberta Treasury Branches Adrian Neumann Business Development Bank of Canada…

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