Building resilience TSX:BNE in Canadian energy, from the ground up. December 2023 Corporate Presentation Grounded in Energy.
AT A GLANCE Its Time to Revisit Bonterra. Period. Montney One of Canadas longest standing junior oil and Future Development Opportunity Light Oil, Natural Gas & NGLs gas companies, featuring top-tier operations. Emerging Montney…
W HY BONT ERRA Multiple Strategic Advantages Long-Life & Liquids-Weighted Asset Base High netbacks & IRRs from Cardium asset Compelling Value Opportunity Substantial drilling inventory…
S T R A T E G IC P R IO R IT IE S Staying Grounded in Energy Maintain Operational Exercise Financial Pursue Prudent M&A + Set the Stage for a Return Excellence Discipline Exploration of Capital Model Cardium execution = steady Focus…
Operational Excellence
Expansive Drilling Inventory OPERATIONAL EXCELLENCE Pembina Cardium: Cash Flow Engine Drayton Valley One of Canadas Largest Oil Plays 92% Operated Production Sizeable, concentrated position at Pembina and Willesden Green Cardium…
O P E R A T IO N A L E X C E L L E N C E Repeatability Drives Strong Returns Cardium Type Curve 113 MBOE Reserves per well 200 150 112 Boe/d IP365 BOE/D 100 0.9 Years 50 Before Tax Payout 80 WTI 0 1 2 3 4 5 6 7 8…
ROBUST RESERVES 2022 Reserves Evaluation Robust Reserves Underpin Shareholder Value and Value Creation Reserve Category Oil (Mbbl) BOE (Mboe) NPV BT 10% (1) (millions) 80% Total Proved Reserves on Volume Proved Developed…
V A L U E P R O P O S IT IO N NAV Highlights Value Proposition Bonterra offers shareholders torque to oil and exposure to a significant low risk drill inventory YE2022 Net Asset Value Net Asset Value per Share ( Dec 18, 2023…
E X P A N D IN G O U R F O O T P R IN T Montney Development High Impact Optionality 100/04-03-074-06W6/00 First Montney Test Well (100/04-03-074-06W6/00) Successfully drilled in Q3 2023; currently exploring options to tie-in to…
E X P A N D IN G O U R F O O T P R IN T Montney Deep Dive Doig Upper Future Target D4 Montney Primary Target D3 Reservoir Characteristics Internal D3 Type Curve D3 Depth 1,925m TVD 80 identified Montney D3 locations…
Financial Discipline
S U S T A IN A B IL IT Y F O C U S 2024 Guidance Fully-funded 2024 Capital Program Designed to Maximize Free Funds Flow With Modest Production Growth Operating & Financial1 Average Daily Production (BOE per day) 13,800 14,2002…
S U S T A IN A B IL IT Y F O C U S Stable Production + Modest Growth Production Profile Net Wells Drilled & Brought on Production 16,000 45 40 14,000 4 35 38 12,000 Average Production (Boe/d) 34 3 30 32 10,000 30…
F IN A N C IA L D IS C IP L IN E Enhanced Liquidity Debt Reduction With Stable Production Profile 200 Million 350 14,500 Forecast Net Debt reduction from Q1 2021 to Dec 31, 2023 14,000 300 13,500 250 13,000 33%…
F IN A N C IA L D IS C IP L IN E Debt Metrics Drive Dividend Implementation 2024 Net Debt and Debt/EBITDA Sensitivity to WTI Prices 13 MM 37 MM 58 MM Annual Free Funds Flow Annual Free Funds Flow Annual Free Funds Flow 1.0x 1.0x…
S U S T A IN A B IL IT Y F O C U S Return of Capital Model: Getting Back to Our Roots Base Case Focus on financial flexibility to support a sustainable Free Funds Flow Allocation return of capital model Sustainable Return of…
E X P A N D IN G O U R F O O T P R IN T The Right Acquisitions Targeted M&A Strategy Bonterra actively reviewing opportunities with goal to expand the operational footprint Specific and disciplined criteria for assessing acquisition…
S U S T A IN A B IL IT Y F O C U S A Long History of Focus on Value At our core is a deep commitment to value creation Experienced Team reignited with Loyal investor base and We are committed to a new vigour by CEO and return of…
ENHANCED T EAM & ST RONG GOVERANNCE Strong Leadership Team Leadership Team Board of Directors Patrick G. Oliver Brad A. Curtis D. Michael G. Stewart Patrick G. Oliver President & CEO Senior VP, Business Development Director, Chair…
Corporate Information & Contacts S T O C K E X C H A N G E L IS T IN G IN D EPEN D EN T R ESER VE EN G IN EER TSX: Sproule Associates Limited BNE LEGAL COUNSEL C A L G A R Y ( H E A D O F F IC E ) Borden Ladner Gervais LLP…
Appendix
S U S T A IN A B IL IT Y F O C U S Risk Management: Weighted Average Oil Hedges Fixed Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Supports Sustainability Volume bbl/d 500 - - - - Price USD /bbl 90.25 - - - - 30% hedged for Collars…
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