News Releases

Bonterra Oil & Gas Ltd. Announces Cash Dividend for January Payable February 27, 2009

Feb 9, 2009 - 12:00 ET

CALGARY, ALBERTA--(Marketwire - Feb. 9, 2009) - Bonterra Oil & Gas Ltd. (www.bonterraenergy.com) (TSX:BNE) announces that the January monthly cash dividend will be reduced to $0.12 from the previous amount of $0.16 (reduction of 25 percent) and will be paid on February 27, 2009. The record date for the dividend is February 18, 2009, and the ex-dividend date is February 13, 2009.


The dividend is paid monthly and is subject to commodity prices and production levels. The significant decline in natural gas prices and the expiration of risk management contracts substantially reduced cash flow. This reduction was partially offset by marginal increases in crude oil prices and levels of production. The reduction in dividend is necessary to preserve balance sheet strength.

The Board of Directors will continue to monitor commodity prices and production volumes and will adjust dividend levels up or down in accordance with cash flow. Bonterra currently intends to continue to pay out between 75 and 80 percent of its annual cash flow and retain the remainder for capital expenditures and/or debt retirement.

Certain information set forth in this press release, including management's assessment of Bonterra's future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Bonterra's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Bonterra's actual results, performance or achievement could differ materially from those expressed in, or implied by these forward-looking statements, and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Bonterra will derive therefrom. Bonterra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Bonterra Oil & Gas Ltd.
George F. Fink
President, and CEO
(403) 262-5307
Fax: (403) 265-7488

or

Bonterra Oil & Gas Ltd.
Garth E. Schultz
Vice President - Finance, and CFO
(403) 262-5307
Fax: (403) 265-7488

or

Bonterra Oil & Gas Ltd.
Kirsten Kulyk
Manager, Investor Relations
(403) 262-5307
Fax: (403) 265-7488
info@bonterraenergy.com
www.bonterraenergy.com

 

 
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