Operations
Overview
Building on the strength of Bonterra’s asset base, disciplined approach to capital management and exceptional team, we are focused on expanding our operating footprint, formulating new core areas to increase the Company’s drilling inventory, while targeting sustainable growth in production, reserves and funds flow.
Operational Excellence is at Our Core
With more than two decades of hands-on expertise developing the Cardium, Bonterra has proven operational excellence.
Cardium
Our principal asset is a large, concentrated position held in the Pembina Cardium, one of Canada’s largest oil fields, in central Alberta at the Pembina and Willesden Green fields.
- Pembina Cardium is the largest conventional oil field in Canada with an estimated original oil in place (OOIP) of 10.6 billion barrels and <15% produced to date
- Cardium pool offers stable production, quality light oil and robust netbacks
- Bonterra operates ~93% of our Cardium production and the majority of our related oil and gas processing facilities
- An evolution of our pool exploitation strategy in the Cardium aligns with a more resource play-based program, and along with new horizontal drilling and completion technologies, has facilitated improved recoveries and decreased costs
- Utilizing pad drilling from sites with existing infrastructure enables improved efficiencies in the field and general service cost reductions, driving reserves growth with attractive capital efficiencies
100.7 million BOE
2023 Proved + Probable Reserves
19.4 years
2023 Reserve Life Index (Proved + Probable)
312 net sections
Land Position
284
Net Booked Locations
Approx. 21%
Corporate Decline
92%
Operated Production
Charlie Lake
A meaningful growth asset in this substantially de-risked, highly economic play
In the light oil Charlie Lake, Bonterra’s land position totals 74,240 net acres (116 net sections) with an overall 94 percent working interest. The area features a long-term development runway with highly economic horizontal drilling locations. The Company’s operational expertise with Cardium light oil development is directly applicable to Charlie Lake, contributing to an increasing and sustainable free cash flow profile.
Montney
One of Canada’s highest impact and most economic plays.
Bonterra’s Montney asset at Valhalla includes a 45 section (28,880 acre), 100% working interest land base situated north of Grand Prairie, Alberta. The Montney is recognized as one of Canada’s highest impact and most economic plays. Our initial Montney exploration project is underway, with testing and delineation expected to provide greater optionality and an expanded potential development runway for the future.
Other Assets
Prespatou
Northeast British Columbia
Shaunavon
Southwest Saskatchewan
The wells in this area are generally long-life with stable, low-decline production profiles and Bonterra is optimizing the existing waterflood program to further increase profitability from the existing property.