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Bonterra Energy closes strategic Pembina Cardium asset acquisition


Published Apr 16, 2015
Bonterra Energy Corp.

Bonterra Energy Corp. has closed the previously announced acquisition of certain Cardium focused assets in the Pembina area of Alberta (the "Assets") from a senior oil and gas producer for $172 million prior to normal closing adjustments, financed mainly through bank debt.

With the closing, Bonterra has acquired approximately 1,800 boe/d of high-netback, low decline, conventional oil and natural gas liquids production that is complementary to the Company's existing Pembina Cardium operations, as well as approximately 9.9 million boe of total proved and 13.0 million boe of proved plus probable reserves.

A significant portion of the acquired land is under waterflood for pressure maintenance, which contributes to the low production decline rate of 7% and is expected to reduce Bonterra's overall corporate decline rate by approximately 3%. The Assets also offer a sizeable and attractive future drilling inventory, with 136 net potential low-risk, high-quality horizontal drilling locations identified by the Company, of which only twelve have been assigned reserves in the current reserve report.

Tags: Bonterra Energy Corp.




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