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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: johnlw who wrote (14836)	3/12/2010 11:31:40 AM
From: Cal Gary	Read Replies (2) of 24921

Checking into Bonterra (from their recent Q4 NR): In 2009, Bonterra drilled seven Pembina Cardium horizontal wells (5.5 net), eight vertical Pembina Cardium wells (6.9 net) and participated in drilling two natural gas wells (0.4 net). Bonterra recorded a 100 percent success rate with its 2009 drilling program. The Company"s first horizontal well was drilled in 2008 and was placed on production in Q1 2009. Bonterra has completed and tied in three (2.1 net) horizontal Cardium oil wells and six (4.9 net) vertical oil wells in 2009. The additional four (3.4 net) horizontal Cardium oil wells and two (2.0 net) vertical wells were placed on production in the first week in Q1 2010. In November, the Company engaged the services of a second drilling rig and in March a third drilling rig was added and will continue its Pembina Cardium horizontal well drilling program with all rigs until road bans are imposed in March 2010. The acquisition of Cobalt Energy Ltd. (Cobalt) effective July 1, 2009 resulted in only a modest increase in production but provided the Company with additional ownership in potential Pembina Cardium horizontal drilling opportunities. Even with the above mentioned disposition, the company was able to increase its Q4 crude oil production through its 2009 Pembina Cardium horizontal and vertical drill programs. The Company"s fourth quarter production in 2009 saw increases in crude oil of 98 barrels per day and a decline in natural gas of 688 MCF per day production over Q309. Exit production for the four (2.73 net) producing Pembina Cardium horizontal wells was approximately 456 (311 net) BOE per day. The Q4 natural gas decline is mainly due to shut in and restricting production of some of the Company"s gas wells as well as natural production declines. Bonterra expects 2010 production to average between 5,700 and 6,000 BOE per day.

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