Reported Earnings • Aug 13
Second quarter 2026 earnings released: EPS: CA$0.57 (vs CA$0.036 loss in 2Q 2025) Second quarter 2026 results: EPS: CA$0.57 (up from CA$0.036 loss in 2Q 2025). Revenue: CA$87.1m (up 56% from 2Q 2025). Net income: CA$20.7m (up CA$22.0m from 2Q 2025). Profit margin: 24% (up from net loss in 2Q 2025). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Announcement • Aug 13
Bonterra Energy Corp. Updates Production Guidance for 2026 Bonterra Energy Corp. updated production guidance for 2026. With the closing of the tuck-in acquisition and the successful first-half Bonanza Charlie Lake step-out program, the Company plans to accelerate infrastructure spending and drill one additional Charlie Lake well in the second half of 2026, planned to come onstream in the middle of the fourth quarter. Revised production guidance for 2026 outlined below: Annual average production range increased to 16,600 to 16,800 BOE per day2 (from 16,200 to 16,400 BOE per day), weighted approximately 50 to 52% to oil and liquids. New Risk • Aug 12
New major risk - Revenue and earnings growth Earnings have declined by 63% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 63% per year over the past 5 years. Minor Risk Currently unprofitable and not forecast to become profitable next year (CA$6.9m net loss next year). Announcement • Apr 08
Bonterra Energy Corp. to Report Q1, 2026 Results on May 14, 2026 Bonterra Energy Corp. announced that they will report Q1, 2026 results on May 14, 2026 Announcement • Mar 13
Bonterra Energy Corp. Reaffirms Production Guidance for the Year 2026 Bonterra Energy Corp. reaffirmed production guidance for the year 2026. For the year 2026, the company expects Annual average production range of 16,200 to 16,400 BOE per day, weighted approximately 50 to 52% to oil and liquids. Announcement • Mar 10
Bonterra Energy Corp., Annual General Meeting, May 20, 2026 Bonterra Energy Corp., Annual General Meeting, May 20, 2026. Announcement • Jan 14
Bonterra Energy Corp. to Report Q4, 2025 Results on Mar 12, 2026 Bonterra Energy Corp. announced that they will report Q4, 2025 results on Mar 12, 2026 Announcement • Dec 17
Bonterra Energy Corp. (TSX:BNE) entered into a definitive agreement to acquire Asset Adjacent to Charlie Lake Operations for CAD 15.7 million. Bonterra Energy Corp. (TSX:BNE) entered into a definitive agreement to acquire Asset Adjacent to Charlie Lake Operations for CAD 15.7 million on December 15, 2025. A cash consideration of CAD 15.7 million will be paid by Bonterra Energy Corp, subject to customary closing adjustments. The transaction will be funded through the revolving credit facility. The transaction is expected to close before December 31, 2025. The Acquisition is immediately accretive to production, cash flow and free cash flow per share. Announcement • Nov 13
Bonterra Energy Corp. Maintains Production Guidance for the Full Year 2025 Bonterra Energy Corp. maintains production guidance for the full year 2025. For the year, Bonterra is maintaining its previously revised annual production guidance of 15,000 BOE to 15,200 BOE per day and annual capital expenditure guidance of $65 to $70 million. Announcement • Oct 16
Bonterra Energy Corp. Announces Board Changes Bonterra Energy Corp. announced that D. Michael G. Stewart will be retiring from the Board of Directors as Chair and a director on January 5, 2026, after four and a half years of exceptional service. The Bonterra Board of Directors thanked Michael for the positive impact he had on the Company during his tenure as Chair from 2021 to date. Michael was instrumental in helping guide strategy and improve overall Board performance by prioritizing governance and strong Board and committee mandates. Michael's retirement marks the next chapter in a storied business career with numerous executive level roles and vast experience serving on numerous public boards. The Company announced that Andy J. Mah has accepted an offer to serve on the Board as Chair and a director to fill the vacancy created by Mr. Stewart's retirement. Mr. Mah is a well-known oil and gas executive in the Calgary business community and brings with him an exemplary career background of executive and board roles. Most recently, Andy was the CEO of Advantage Energy Ltd. from 2009-2021 and was instrumental in transforming the company from a royalty trust to a pure play Montney producer reaching production levels of approximately 50,000 boe/d under his leadership. Andy's board experience is highlighted by his current board role at Pembina Pipeline Corp. and prior board service at Advantage Energy Ltd. Andy also serves on the board of a private oil and gas junior, Enercapita Energy Ltd. Announcement • Aug 16
Bonterra Energy Corp. Revises Its Production Guidance for the Full Year 2025 Bonterra Energy Corp. revised its production guidance for the full year 2025. For the year company has increased its 2025 annual production guidance to a range of 15,000 to 15,200 BOE per day from its original guidance range of 14,600 to 14,800 BOE per day. Announcement • Jul 21
Bonterra Energy Corp. to Report Q2, 2025 Results on Aug 14, 2025 Bonterra Energy Corp. announced that they will report Q2, 2025 results on Aug 14, 2025 Announcement • May 16
Bonterra Energy Corp. Provides Earnings and Production Guidance for 2025 Bonterra Energy Corp. provided earnings and production guidance for 2025. For the period, the company expects capital guidance remaining unchanged at $65 million to $75 million with production tracking above the upper end of guidance of 14,800 BOE per day. Bonterra's priorities for the remainder of 2025 include the continued execution of a successful capital program to optimize production and returns, generate free funds flow to facilitate debt reduction, fund its NCIB from a debt neutral position, and continue to pursue strategic acquisitions within its core areas to enhance scale and cost efficiencies. Announcement • Apr 09
Bonterra Energy Corp. to Report Q1, 2025 Results on May 15, 2025 Bonterra Energy Corp. announced that they will report Q1, 2025 results on May 15, 2025 Announcement • Mar 18
Bonterra Energy Corp., Annual General Meeting, May 21, 2025 Bonterra Energy Corp., Annual General Meeting, May 21, 2025. Announcement • Mar 14
Bonterra Energy Corp. Reaffirms Production Guidance for the Year 2025 Bonterra Energy Corp. reaffirmed production guidance for the year 2025. Annual average production of 14,600 and 14,800 BOE per day, weighted approximately 52% to 54% to oil and liquids. Announcement • Mar 01
Bonterra Energy Corp. to Report Q4, 2024 Results on Mar 14, 2025 Bonterra Energy Corp. announced that they will report Q4, 2024 results Pre-Market on Mar 14, 2025 Announcement • Dec 13
Bonterra Energy Corp. Provides Production Guidance for the Year 2025 Bonterra Energy Corp. provided production guidance for the year 2025. For the year, the company expects average daily production to be in the range of 14,600 BOE per day - 14,800 BOE per day. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: CA$0.11 (vs CA$0.36 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.11 (down from CA$0.36 in 3Q 2023). Revenue: CA$62.0m (down 17% from 3Q 2023). Net income: CA$4.26m (down 68% from 3Q 2023). Profit margin: 6.9% (down from 18% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 1.1% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Announcement • Nov 14
Bonterra Energy Corp. Revises Production Guidance for 2024 Bonterra Energy Corp. revised production guidance for 2024. Bonterra upwardly revised its 2024 annual guidance range with average production between 14,600 to 14,800 BOE per day, from the 13,800 to 14,200 BOE per day previously announced. New Risk • Nov 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 83% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 83% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (€85.6m market cap, or US$91.8m). New Risk • Sep 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €88.8m (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €2.48, the stock trades at a trailing P/E ratio of 3.8x. Average forward P/E is 5x in the Oil and Gas industry in Germany. Total loss to shareholders of 25% over the past three years. Recent Insider Transactions • Sep 08
CEO, President & Director recently bought €53k worth of stock On the 5th of September, Patrick Oliver bought around 20k shares on-market at roughly €2.65 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Patrick has been a buyer over the last 12 months, purchasing a net total of €262k worth in shares. Announcement • Aug 23
Bonterra Energy Corp. to Report Q3, 2024 Results on Nov 12, 2024 Bonterra Energy Corp. announced that they will report Q3, 2024 results After-Market on Nov 12, 2024 Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: CA$0.20 (vs CA$0.24 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.20 (down from CA$0.24 in 2Q 2023). Revenue: CA$64.6m (down 3.2% from 2Q 2023). Net income: CA$7.31m (down 17% from 2Q 2023). Profit margin: 11% (down from 13% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 90% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 38%. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Aug 14
Bonterra Energy Corp. Reiterates Production Guidance for the Year 2024 Bonterra Energy Corp. reiterated production guidance for the year 2024. The company reiterated previously announced 2024 annual guidance targeting 13,800 to 14,200 BOE per
day average production, stemming from a $90 million to $100 million 2024 capital expenditure budget. Announcement • May 30
Bonterra Energy Corp. to Report Q2, 2024 Results on Aug 13, 2024 Bonterra Energy Corp. announced that they will report Q2, 2024 results After-Market on Aug 13, 2024 Reported Earnings • May 16
First quarter 2024 earnings released: EPS: CA$0.02 (vs CA$0.21 in 1Q 2023) First quarter 2024 results: EPS: CA$0.02 (down from CA$0.21 in 1Q 2023). Revenue: CA$57.9m (down 9.2% from 1Q 2023). Net income: CA$848.0k (down 89% from 1Q 2023). Profit margin: 1.5% (down from 12% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to decline by 87% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • May 16
Bonterra Energy Corp. Reiterates Production Guidance for the Year 2024 Bonterra Energy Corp. reiterated production guidance for the year 2024. For the period, the company estimates production volumes between 13,800 and 14,200 BOE per day average production. Recent Insider Transactions • Apr 11
Independent Director recently sold €70k worth of stock On the 5th of April, John Campbell sold around 15k shares on-market at roughly €4.63 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €77k more than they sold in the last 12 months. Announcement • Mar 12
Bonterra Energy Corp. to Report Q1, 2024 Results on May 14, 2024 Bonterra Energy Corp. announced that they will report Q1, 2024 results on May 14, 2024 New Risk • Mar 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 16% Last year net profit margin: 24% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 08
Full year 2023 earnings released: EPS: CA$1.21 (vs CA$2.20 in FY 2022) Full year 2023 results: EPS: CA$1.21 (down from CA$2.20 in FY 2022). Revenue: CA$279.0m (down 14% from FY 2022). Net income: CA$44.9m (down 43% from FY 2022). Profit margin: 16% (down from 25% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Mar 08
Bonterra Energy Corp., Annual General Meeting, May 22, 2024 Bonterra Energy Corp., Annual General Meeting, May 22, 2024. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €3.96, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 63% over the past three years. Announcement • Feb 16
Bonterra Energy Corp. Reiterates Production Guidance for the Year 2024 Bonterra Energy Corp. reiterated production guidance for the year 2024. For the period, production volumes are expected to average between 13,800 and 14,200 BOE per day. Announcement • Jan 17
Bonterra Energy Corp. to Report Q4, 2023 Results on Mar 07, 2024 Bonterra Energy Corp. announced that they will report Q4, 2023 results on Mar 07, 2024 Announcement • Dec 13
Bonterra Energy Corp. Provides Production Guidance for the Year 2024 Bonterra Energy Corp. provided production guidance for the year 2024. For the year, the company expects average daily production to be in the range of 13,800 BOE per day to 14,200 BOE per day. Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: CA$0.36 (vs CA$0.49 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.36 (down from CA$0.49 in 3Q 2022). Revenue: CA$72.1m (up 1.8% from 3Q 2022). Net income: CA$13.5m (down 24% from 3Q 2022). Profit margin: 19% (down from 25% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 43% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 64% per year whereas the company’s share price has increased by 69% per year. Announcement • Nov 09
Bonterra Energy Corp. Provides Production Guidance for the Year 2023 Bonterra Energy Corp. provided production guidance for the year 2023. The company anticipates full year 2023 average production will reach or exceed the upper end of the annual guidance range of 13,500 per day to 13,700 BOE per day. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €4.49, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 450% over the past three years. Announcement • Sep 10
Bonterra Energy Corp. to Report Q3, 2023 Results on Nov 08, 2023 Bonterra Energy Corp. announced that they will report Q3, 2023 results After-Market on Nov 08, 2023 Board Change • Sep 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Dave Humphreys was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 22
Bonterra Energy Corp. Announces Appointment of Dave Humphreys to its Board of Directors Bonterra Energy Corp. announced the appointment of Mr. Dave Humphreys to the Company's Board of Directors effective August 21, 2023. Mr. Humphreys' executive leadership and advisory experience in the oil and natural gas industry spans more than 38 years and includes several successful, growth-oriented E&P companies, including his current role as Executive Vice President, Operations at Birchcliff Energy Ltd. His comprehensive management experience underpins a proven track record of building and guiding strong technical teams in the areas of executive leadership; operations; drilling and completions; health and safety; corporate governance; and sustainability. As an active and engaged member of the energy industry, Dave currently serves on the Board of Governors of the Explorers and Producers Association of Canada ("EPAC") and was its Chair in 2020. He is a member of both the Institute of Corporate Directors ("ICD") and the Association of Professional Engineers and Geoscientists of Alberta ("APEGA"), is a director of Energy Safety Canada ("ESC") and sits on the Safety Standards Council ("SSC"), and holds a Hydrocarbon Engineering Technology diploma from NAIT. Announcement • Aug 11
Bonterra Energy Corp. Reaffirms Production Guidance for the Full Year 2023 Bonterra Energy Corp. reaffirmed production guidance for the full year 2023. Annual average production volumes are trending towards the high end of the previously provided guidance range of between 13,500 and 13,700 BOE per day, and are expected to be weighted approximately 60% to oil and liquids. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: CA$0.24 (vs CA$0.93 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.24 (down from CA$0.93 in 2Q 2022). Revenue: CA$67.0m (down 32% from 2Q 2022). Net income: CA$8.84m (down 74% from 2Q 2022). Profit margin: 13% (down from 34% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 76% per year, which means it is significantly lagging earnings growth. Announcement • Jul 07
Bonterra Energy Corp. to Report Q2, 2023 Results on Aug 10, 2023 Bonterra Energy Corp. announced that they will report Q2, 2023 results After-Market on Aug 10, 2023 Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €4.08, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 363% over the past three years. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: CA$0.21 (vs CA$0.30 in 1Q 2022) First quarter 2023 results: EPS: CA$0.21 (down from CA$0.30 in 1Q 2022). Revenue: CA$66.3m (down 18% from 1Q 2022). Net income: CA$7.64m (down 27% from 1Q 2022). Profit margin: 12% (down from 13% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 82% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €3.68, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 4x in the Oil and Gas industry in Europe. Total returns to shareholders of 642% over the past three years. Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: CA$2.20 (vs CA$5.32 in FY 2021) Full year 2022 results: EPS: CA$2.20 (down from CA$5.32 in FY 2021). Revenue: CA$316.4m (up 40% from FY 2021). Net income: CA$79.0m (down 56% from FY 2021). Profit margin: 25% (down from 79% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has increased by 95% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 09
Bonterra Energy Corp. Provides Production Guidance for the Full Year 2023 Bonterra Energy Corp. provided production guidance for the full year 2023. For the year, production volumes are expected to average between 13,500 BOE and 13,700 BOE per day, weighted approximately 60% to oil and liquids. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO, President & Director Pat Oliver was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: CA$0.49 (vs CA$0.22 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.49 (up from CA$0.22 in 3Q 2021). Revenue: CA$79.9m (up 39% from 3Q 2021). Net income: CA$17.7m (up 143% from 3Q 2021). Profit margin: 22% (up from 13% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Board Change • Nov 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO, President & Director Pat Oliver was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO, President & Director Pat Oliver was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €4.92, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 16x in the Oil and Gas industry in Germany. Total returns to shareholders of 95% over the past three years. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: CA$0.93 (vs CA$4.68 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.93 (down from CA$4.68 in 2Q 2021). Revenue: CA$97.9m (up 84% from 2Q 2021). Net income: CA$33.5m (down 79% from 2Q 2021). Profit margin: 34% (down from 296% in 2Q 2021). The decrease in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Announcement • Aug 10
Bonterra Energy Corp. Affirms Production Guidance for the Year 2022 Bonterra Energy Corp. affirmed production guidance for the year 2022. The first half of 2022 enabled the Company to build momentum for continued positive results and performance. This supports affirming Bonterra's previously communicated 2022 production guidance of 13,300 to 13,700 BOE per day with an increased capital expenditure budget range of $70 million to $75 million, due to additional infrastructure costs and inflationary pressures. Announcement • Jun 14
Bonterra Energy Corp. to Report Q2, 2022 Results on Aug 09, 2022 Bonterra Energy Corp. announced that they will report Q2, 2022 results at 4:00 PM, US Eastern Standard Time on Aug 09, 2022 Reported Earnings • May 12
First quarter 2022 earnings released: EPS: CA$0.30 (vs CA$0.05 loss in 1Q 2021) First quarter 2022 results: EPS: CA$0.30 (up from CA$0.05 loss in 1Q 2021). Revenue: CA$66.4m (up 47% from 1Q 2021). Net income: CA$10.5m (up CA$12.2m from 1Q 2021). Profit margin: 16% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • May 12
Bonterra Energy Corp. Reaffirms Production Guidance for the Year 2022 Bonterra Energy Corp. reaffirmed production guidance for the year 2022. Based on a successful first quarter of 2022, the Company reaffirmed its previously announced 2022 production guidance of 13,300 to 13,700 BOE per day based on a capital expenditure budget range of $55 million to $65 million. Recent Insider Transactions • Apr 02
Independent Chairman of the Board recently sold €141k worth of stock On the 30th of March, Donald Michael Stewart sold around 15k shares on-market at roughly €9.27 per share. In the last 3 months, there was an even bigger sale from another insider worth €156k. Donald Michael has been a seller over the last 12 months, reducing personal holdings by €105k. Announcement • Apr 02
Bonterra Energy Corp. to Report Q1, 2022 Results on May 10, 2022 Bonterra Energy Corp. announced that they will report Q1, 2022 results After-Market on May 10, 2022 Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 18% share price gain to €8.75, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 19x in the Oil and Gas industry in Europe. Total returns to shareholders of 114% over the past three years. Reported Earnings • Mar 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CA$5.32 (up from CA$9.19 loss in FY 2020). Revenue: CA$215.5m (up 89% from FY 2020). Net income: CA$179.3m (up CA$486.2m from FY 2020). Profit margin: 83% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Oil reserves and sales price Proven reserves: 39.019 MMbbls Average sales price/bbl: US$74.53 Gas reserves and sales price Proven reserves: 153.669 Bcf Average sales price/mcf: US$3.97 LNG reserves and sales price Proven reserves: 5.982 MMbbls Average sales price/bbl: US$43.86 Combined production and costs Oil equivalent production: 4.653 MMboe (3.87 MMboe in FY 2020) Average production cost/Boe: US$15.19 (US$15.12/Boe in FY 2020) Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 29%, compared to a 61% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 22% per year. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 16% share price gain to €7.25, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 95% over the past three years. Recent Insider Transactions • Feb 17
Independent Director recently sold €103k worth of stock On the 14th of February, John Campbell sold around 17k shares on-market at roughly €6.12 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €7.2m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improved over the past week After last week's 18% share price gain to €6.20, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 51% over the past three years. Announcement • Feb 11
Bonterra Energy Corp. Provides Earnings Guidance for the Fourth Quarter and Full Year of 2021 Bonterra Energy Corp. provided earnings guidance for the fourth quarter and full year of 2021. Averaged approximately 12,747 BOE per day of production in 2021, representing a 21% increase over 2020 and in-line with the stated guidance range of 12,800 to 13,200 BOE per day. Volumes in the fourth quarter of 2021 are expected to average approximately 13,810 BOE per day, an increase of 37% compared to the fourth quarter of 2020. Announcement • Dec 17
Bonterra Energy Corp. Provides Production Guidance for the Year 2022 Bonterra Energy Corp. provided production guidance for the year 2022. The company expects 5% production growth year-over-year. Annual 2022 production volumes are expected to grow and average between 13,300 and 13,700 BOE per day. The Company's 2022 guidance also anticipates a significant well abandonment program targeting 120 wells based on expenditures between $4 million and $5 million, supporting Bonterra's ongoing commitment to environmental, social and governance ("ESG") initiatives. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS CA$0.22 (vs CA$0.16 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CA$57.5m (up 108% from 3Q 2020). Net income: CA$7.30m (up CA$12.5m from 3Q 2020). Profit margin: 13% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year and the company’s share price has also fallen by 11% per year. Recent Insider Transactions • Aug 18
Insider recently sold €4.3m worth of stock On the 13th of August, William Oberndorf sold around 1m shares on-market at roughly €4.19 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €6.9m more than they bought in the last 12 months. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS CA$4.68 (vs CA$0.18 loss in 2Q 2020) Second quarter 2021 results: Revenue: CA$45.9m (up 122% from 2Q 2020). Net income: CA$157.4m (up CA$163.3m from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 35% per year, which means it has not declined as severely as earnings. Announcement • Jun 26
Bonterra Energy Corp. Provides Operational Update Bonterra Energy Corp. provided an update on the progress realized to date from its successful 2021 drilling program, which is designed to target high rate-of-return, low-risk light oil opportunities. Based on effective development in the first half of 2021, current corporate production is estimated at 13,200 BOE per day1, with the second half 2021 development drilling program having commenced by the end of June. The Company's significant torque to oil prices combined with increasing production is expected to continue to accelerate efforts to deleverage. With forward strip WTI oil price averaging approximately USD 71 for the remainder of 2021 and USD 65 in 2022, supported in part by Bonterra's current hedges, combined with a low decline production profile and strong free cash flow generation, the Company anticipates a net debt to cash flow target leverage ratio of between 1.0 to 1.5 by year end 2022. Announcement • May 12
Bonterra Energy Corp. Reiterates Production Guidance for the Full Year 2021 Bonterra Energy Corp. reiterated production guidance for the full year 2021. Bonterra reiterated its previously issued guidance, including plans to maintain a fully-funded capital program between $65 and $75 million targeting high rate-of-return, low-risk light oil opportunities. Based on this capital program, the Company expects 2021 annual production to average between 12,800 to 13,200 BOE per day, an increase of approximately 30% over fourth quarter 2020. Announcement • Mar 20
Bonterra Energy Corp., Annual General Meeting, May 20, 2021 Bonterra Energy Corp., Annual General Meeting, May 20, 2021. Announcement • Mar 19
Bonterra Energy Corp. Names D. Michael G. Stewart to Board of Directors Bonterra Energy Corp. announced the appointment of Mr. D. Michael G. Stewart to its Board of Directors, effective March 17, 2021. Bonterra believes Mr. Stewart's extensive energy experience and expertise across all facets of corporate governance will provide invaluable contributions to the Board. Reported Earnings • Mar 10
Full year 2020 earnings released: CA$9.19 loss per share (vs CA$0.66 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: CA$113.6m (down 40% from FY 2019). Net loss: CA$306.9m (down CA$328.8m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Mar 10
Revenue misses expectations Revenue missed analyst estimates by 0.3%. Over the next year, revenue is forecast to grow 58%, compared to a 34% growth forecast for the Oil and Gas industry in Germany. Recent Insider Transactions • Feb 25
Insider recently sold €3.1m worth of stock On the 19th of February, William Oberndorf sold around 2m shares on-market at roughly €2.04 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.8m more than they bought in the last 12 months. Is New 90 Day High Low • Feb 12
New 90-day high: €1.82 The company is up 102% from its price of €0.90 on 13 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 35% over the same period. Recent Insider Transactions • Jan 23
Chairman & CEO recently bought €38k worth of stock On the 15th of January, George Fink bought around 22k shares on-market at roughly €1.72 per share. This was the largest purchase by an insider in the last 3 months. George has been a buyer over the last 12 months, purchasing a net total of €237k worth in shares. Is New 90 Day High Low • Jan 05
New 90-day high: €1.35 The company is up 89% from its price of €0.71 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.96 per share. Announcement • Dec 19
Bonterra Energy Corp. to Report Q4, 2020 Results on Mar 09, 2021 Bonterra Energy Corp. announced that they will report Q4, 2020 results After-Market on Mar 09, 2021 Is New 90 Day High Low • Dec 12
New 90-day high: €1.12 The company is up 35% from its price of €0.83 on 11 September 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 40% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.05 per share. Is New 90 Day High Low • Nov 18
New 90-day high: €1.07 The company is up 15% from its price of €0.93 on 20 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 34% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.06 per share. Reported Earnings • Nov 11
Third quarter 2020 earnings released: CA$0.16 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: CA$27.5m (down 36% from 3Q 2019). Net loss: CA$5.21m (loss widened 308% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 128% per year but the company’s share price has only fallen by 55% per year, which means it has not declined as severely as earnings. Announcement • Nov 03
Bonterra Energy Corp. Announces Approval of EDC and BDC Programs by its Lending Syndicate and Extension of the Revolving Credit Facility to Finalize Banking Documentation Bonterra Energy Corp. announced it has received approval from its syndicate of lenders for the Export Development Canada ("EDC") and Business Development Bank of Canada ("BDC") programs and to extend the revolving period applicable to the Company's existing credit facility to November 13, 2020 from October 30, 2020. The purpose of this short-term extension affords Bonterra and associated parties the time required to finalize definitive documentation pertaining to the BDC second lien non-revolving four-year term facility for $45 million (the "BDC Term Facility") and the reserve-based lending commitment from EDC of up to $38.4 million (the "EDC Commitment"). Announcement • Sep 30
Obsidian Energy Ltd. (TSX:OBE) entered into a non-binding business proposal to acquire Bonterra Energy Corp. (TSX:BNE) ) for CAD 38.3 million. Obsidian Energy Ltd. (TSX:OBE) entered into a non-binding business proposal to acquire Bonterra Energy Corp. (TSX:BNE) for CAD 38.3 million on August 31, 2020. Obsidian's board will offer an exchange ratio of 2 common shares of Obsidian per common share of Bonterra. Upon completion, Bonterra shareholders will hold 48% in the pro forma entity. Obsidian currently intends to take such action as is necessary, including effecting a compulsory acquisition or a subsequent acquisition transaction, to acquire all Bonterra shares not deposited under the offer such that, after giving effect to such compulsory acquisition or subsequent acquisition transaction, Obsidian shall own all of the issued and outstanding Bonterra shares. The current intention of Obsidian is to acquire shares under compulsory acquisition at the same consideration that is being offered pursuant to the offer. On September 21, 2020, the offer was commenced. Bonterra Energy acknowledges receipt of the unsolicited offer from Obsidian. The offer is open for 105 days and there is no immediate need to take any action. The offer is open for acceptance until January 4, 2021.
The transaction is subject to Bonterra shares validly deposited to the offer, and not withdrawn, represent at least 66.67% of the outstanding shares; and certain regulatory and third party approvals shall have been obtained, including Obsidian shareholders approving, as required by the rules of the Toronto Stock Exchange, the issuance of the Obsidian shares to be distributed by Obsidian in connection with the offer, and other customary conditions. The offer and sale of Obsidian shares pursuant to the offer is subject to a registration statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission (the “SEC”) under the U.S. Securities Act of 1933, as amended. Bonterra shareholders are advised to take no action on the offer and not tender shares until receiving further communication and a recommendation from the Board, who will consider the offer with the company’s advisors and the special committee. The transaction has been unanimously approved by the Board of Obsidian. Bonterra’s Board of Directors has put together a committee of independent directors to review and evaluate Obsidian’s offer. The transaction will be robust accretion across all equity metrics resulting in significant per share value appreciation.
Tudor, Pickering, Holt & Co., LLC acted as the financial advisor to Obsidian in the transaction. Peters & Co., Limited acted as the financial advisor to Bonterra Energy in the transaction. Obsidian has engaged Tudor, Pickering, Holt &Co. Securities - Canada, ULC as its financial advisor, Stikeman Elliott LLP, Bennett Jones LLP and Paul, Weiss, Rifkind, Wharton &Garrison LLP as its legal counsel and Longview Communications & Public Affairs as transfer agent. Kingsdale Advisors acted as an Information Agent for Obsidian. Borden Ladner Gervais LLP acted as legal advisor to Bonterra. Laurel Hill Advisory Group, LLC acted as information agent to Bonterra. Is New 90 Day High Low • Sep 26
New 90-day low: €0.72 The company is down 14% from its price of €0.84 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 62% over the same period. 
