Bonterra Energy Corp. announces record production in fourth quarter and full year 2012 and provides an operational update
Wednesday, Feb 06, 2013
Bonterra Energy Corp. (Bonterra) (www.bonterraenergy.com
) (TSX:BNE) is pleased to provide an operational update including 2012 highlights, the results of its independent reserve report prepared by Sproule Associates Limited with an effective date of December 31, 2012 and its 2013 budget and guidance.
In 2012, Bonterra maintained its focus on providing investors with a sustainable pace of development, continued growth on a per share basis and stable monthly income through its dividend policy paying out $3.12 per share during the year. The company will maintain this corporate strategy in 2013 by continuing to pursue the development of its lower risk, high return opportunities; predominantly through its horizontal drilling program on its significant Cardium light oil play.
In addition, Bonterra recently completed the acquisition of Spartan Oil Corp. (Spartan), increasing its current production to approximately 13,500 BOE per day that due to a present flush production will reduce to an average of approximately 12,000 BOE per day from the January 25, 2013 acquisition date to December 31, 2013. The company's large, concentrated asset base in the Cardium now totals 250.3 gross (193.7 net) sections, positioning Bonterra as one of the most dominant light-oil, dividend paying companies in the Canadian energy sector. The company currently estimates that it has a greater than 10 year drilling inventory (using four wells per section) that will allow Bonterra to sustain its current business model offering both solid growth and yield to its shareholders.
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