Our Strong Foundation T SX: BNE Accelerates Transformation. January 2025 Corporate Presentation Grounded in Energy.
A T A G LA N C E 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 Development ready Charlie…
F R E E F U N D S F LO W F O C U S 2025 Guidance Fully-funded 2025 Capital Program Designed to Maximize Free Funds Flow Operating & Financial1 Average Daily Production (BOE per day) 1 14,600 14,800 Oil and NGL Weighting…
S T R AT E GI C P R I OR I T I E S 2025 Priorities Maximize Free Funds Flow Pursue Growth Maximize Free Deliver Results in Balance Sheet 01 Funds Flow 02 the Charlie Lake 03 Focus 04 Through Acquisitions Targeting Free Funds…
Financial Discipline
R E F I N AN C I N G T R AN S AC T I O N Junior Debt 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…
S U ST A I N AB I LI T Y F OC U S Stable Production + Modest Growth1 2025 capital allocation driven by capital efficiencies to maximize free funds flow Production and Capital Expenditures (CAPEX) Forecast (1) Based on WTI US…
S U ST A I N AB I LI T Y F OC U S Stable Production + Modest Growth1 2025 capital allocation driven by capital efficiencies on the Charlie Lake Production Net wells on production Forecast Forecast (1) Based on WTI US 70.00…
F I N A N C I AL D I SC I P LI N E Balance Sheet Focused 2025 Focus on Free Funds Flow generation to enhance financial flexibility Debt reduction and Production Growth Forecast 165 Million Net Debt reduction forecasted from…
F I N A N C I AL D I SC I P LI N E Return of Capital Focus on financial flexibility to support a sustainable return of capital model Sustainable return of capital framework key metrics Forecasted leverage targets Shareholder…
Pembina Cardium Base Cash Flow Engine
P EM B I N A C A R D I U M Pembina Cardium optimization focus Asset highlights Cardium development One of Canadas largest oil plays 92% Sizeable, concentrated position at Pembina and Operated Willesden Green Cardium fields…
Charlie Lake High Impact Light Oil Play
C H A R LI E LA KE Charlie Lake increasing operational scale Asset highlights Charlie Lake development Economic and de-risked asset 100% Long-term development runway with highly Operated economic horizontal drilling locations.…
Montney Emerging Scalable Resource
M O N T N EY 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…
M O N T N EY Montney Characteristics Doig Future Upper Robust Reservoir Profile Montney Target D4 Development D3 Reservoir Characteristics 100/04-03-074-06W6 Depth 1,925m TVD Primary Target 2-mile lateral Porosity: 8% Avg…
C O R PO R AT E I N VE N T O R Y Play Comparison Summary1 Robust corporate drilling inventory supports growth and sustainability Corporate inventory economic comparison2 MTNY CHLK CHLK CRDM (2.0 mile) (3.0 mile) (2.0 mile) Tier…
R O BU S T R ES ER V ES 2023 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…
V AL U E P R OP OS I T I O N NAV Highlights Value Proposition Bonterra offers shareholders torque to oil and exposure to a significant low risk drilling inventory YE2023 net asset value Net asset value per share (/sh) US75 WTI…
E N H AN C E D T EA M & S T R ON G G OV ER A N N C E Management Team / Board of Directors Leadership Team Board of Directors Patrick G. Oliver Steve D. Ewens D. Michael G. Stewart Patrick G. Oliver President & CEO VP, Engineering…
Corporate Information & Contacts S T OC K EX C H AN G E L I ST I N G I N D E PE N D EN T R E SE R VE EN G I N EE R TSX: Sproule Associates Limited BNE L EG AL C OU N S EL C A LG AR Y (H E AD O F F I C E) Borden Ladner Gervais…
Appendix
S U ST A I N AB I LI T Y F OC U S Risk Management: Weighted Average Oil Hedges Supports Sustainability Fixed Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Volume bbl/d 900 - 250 250 250 - Price USD /bbl 81.13 - 71.75 71.75…
Advisories FORWARD LOO KING INFORMATIO N: FUNDS FLO W AND FUNDS FLO W PER SHARE Certain sta temen ts contained in this pre sen tation of Bon ter ra Ene rgy Corp. Actual results, per for ma nce or achievements could differ materially from…
Advisories FRE E FUNDS FLO W EBITDA FIE LD AND CAS H NETBACK Manag ement utilizes free funds flow to assess the amoun t of funds available for EBITDA is a non-IFRS financial measure. EBITDA is a measure showing net ear nings Field…
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