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CALGARY, AB – Bonterra Energy Corp. ( www.bonterraenergy.com ) ( TSX: BNE ) (“Bonterra” or the “Company”) and its Board of Directors reiterates its recommendation that shareholders reject Obsidian Energy Ltd. ’s (“Obsidian”) conditional unsolicited bid to acquire all of the issued and outstanding common shares of Bonterra in exchange for shares of Obsidian (the “Hostile Bid”) and continues to strongly recommend that Bonterra shareholders take no action and REJECT the Hostile Bid by NOT TENDERING their shares. Bonterra remains focused on generating strong, sustainable, free funds flow which can be directed to debt reduction and capital spending. Bonterra’s strategic plan as a stand-alone entity is expected to grow production by approximately 30%, returning the average annual production to pre–COVID levels of 13,000 BOE per day 1 in 2021. Bonterra’s bank syndicate supports the Company’s current plan and has extended the maturity date of its senior credit facility to the end of 2021 at the current borrowing base. The strong commitment of $45 million from the Business Development Bank of Canada (“BDC”) strengthens Bonterra’s liquidity profile and provides options and funding for development drilling and abandonment programs designed to enhance value for shareholders. Bonterra is dedicated to responsible corporate […]
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