Bonterra Energy Corp.（“Bonterra”或“公司”）欣然宣布其最新的 Charlie Lake 油井结果、一项战略性的 Charlie Lake 收购以及其 2026 年初步预算指导。

- 最新两口查理湖油井将于2025年第四季度投产，平均单井30天峰值产量约为每日1,325桶油当量（BOE）
。- 已达成最终协议，将通过收购现有作业区相邻的油田，扩大在查理湖的核心区域，预计新增约760桶油当量/日（BOE/D）的产量和21个顶级钻井位置
。- 2026年初步预算指导为每日16,200至16,400桶油当量（BOE/D），并由7500万至8000万美元的资本项目支持。

查理湖油井成果：

公司已完成最新两口油井的完井作业。 2025年第四季度，公司将完成1.8口净井（毛井）的钻探。这些井采用三英里水平段，并提高了压裂强度，与公司之前在查理湖钻探的井相比，压裂强度有所增加。目前，这些井的早期结果令人鼓舞，平均30天峰值产量为每日2,650桶油当量（BOE），其中包括约1,100桶/日的轻质原油、100桶/日的天然气凝析液和870万立方英尺/日的常规天然气。公司在同一地面位置还钻探了一口井（0.9口净井），计划于2026年第一季度完工并投产

。Bonterra在查理湖油田迄今为止的作业和成果巩固了其作为该油田作业者继续扩大规模的决心。

通过战略收购扩大查理湖核心区域

公司欣然宣布，已与一家私营公司达成最终协议，将以1570万美元现金收购位于大博南扎地区、毗邻其现有查理湖油田的资产，具体金额需根据惯例进行交割调整（以下简称“收购”）。此次收购将立即提升公司产量、现金流和每股自由现金流。收购

亮点：

- 低递减基础产量：现有低递减油藏日产量约为760桶油当量¹，采用注水开发；
- 扩大区域面积：在大博南扎地区新增41个净区块，与现有查理湖油田作业区域相邻；
- 查理湖钻井储备：已确定21个优质钻井位置，与现有查理湖钻井储备互补，此外还在多伊格组地层拥有3个低风险加密钻井位置；协同
基础设施：公司战略性地拥有并运营着未充分利用的压缩、储罐和集输管道等基础设施，这为收购的土地和邻近现有土地创造了即刻的半周期钻井机会，并为大博南扎地区提供了新的天然气加工选择。<sup>

1</sup> 产量包括约240桶/日轻质和中质原油、40桶/日凝析油和2885千立方英尺/日常规天然气。

此次收购使公司在大博南扎查理湖地区（见下图）的土地持有量增加了36%，并巩固了其在博南扎查理湖核心区域的地位。 “此次交易是继Bonterra历史上产量最高的两口井之后进行的，是对我们现有业务的补充，并为Bonterra的查理湖资产显著增加了钻井深度和质量，”总裁兼首席执行官帕特里克·奥利弗表示，“在我们核心领域进行创新性收购一直是我们团队的重点，我们很高兴通过此次战略交易扩大我们在查理湖的钻井储备，并期待在2026年将钻井资金投入到收购的资产中。”

Bonterra计划于2026年利用收购的基础设施和土地，在查理湖钻探两个油田。

交易完成后，公司已获得银行财团的承诺，将其循环信贷额度从1.25亿美元增加到1.5亿美元，这将提高交易完成后的流动性。该交易将通过循环信贷额度进行融资，预计将于 2025 年 12 月 31 日前完成。

大博南扎地区

2026 年初步预算：实现 8% 的年产量增长^1,2和 14% 的自由资金流收益率^4,5。

继 2025 年公司业绩强劲增长之后，公司通过加拿大高收益债券市场完成了关键的融资，为其资产负债表进行了再融资，并通过对产量和资本的积极预期调整展现了强劲的运营业绩，并扩大了其在查理湖和蒙特尼地区的业务，公司董事会（“董事会”）已批准其 2026 年初步预算（“预算”）以及以下概述的相关指导：

- 批准的资本支出范围为 7500 万至 8000 万美元；
- 年均日产量为 16,200 至 16,400 桶油当量²，其中石油和液体的权重约为 50% 至 52%；
- 预计资金流⁵在 1.05 亿美元至 1.1 亿美元之间（每股 2.87 美元³ 至 3.00 美元³）；
- 自由资金流⁵约为 2100 万美元（每股 0.55 美元³），自由资金流收益率约为 14%⁴,⁵，以每桶 60 美元的 WTI 原油价格和每吉焦 3.00 美元的 AECO 原油价格为基准；
- 2026 年分配 800 万美元用于弃置和复垦义务（⁴RO）。
预计到 2026 年底，净债务与 EBITDA 比率约为 1.3 倍。预算和

指引详情：

2026 年预算旨在通过进一步投资开发和勘探其 Charlie Lake 和 Montney 资产，以及通过有针对性的注水项目和开发钻井继续优化公司的 Cardium 资产，从而产生可观的自由资金流。公司将继续秉持稳健的杠杆管理策略，并将2026年自由资金流主要用于偿还债务和回购股票。

公司2026年计划资本支出预计分配如下：

- 约60%用于查理湖核心区域，用于完成2025年资本计划中结转的1口（净0.9口）已钻未完井（DUC）的完井作业、6口（净5.7口）井的钻井和完井作业以及支持该区域长期开发的基建项目；
- 约10%用于蒙特尼区域，用于完成2025年资本计划中结转的1口（净1口）已钻未完井（DUC）的完井作业；
- 约25%用于卡迪姆核心区域，用于注水项目以及开发钻井和完井作业；
- 约5%用于土地和设施维护。

为降低风险并在市场波动期间增强稳定性，Bonterra已对其预计原油产量（扣除特许权使用费后）的约31%和天然气产量（均截至2026年上半年）进行了套期保值。未来六个月，Bonterra已锁定WTI原油价格在每桶55.00美元至72.50美元之间，日产量约为1750桶；天然气价格在每吉焦1.75美元至3.30美元之间，日产量约为10750吉焦。此外，Bonterra 还通过固定价格合同，确保了 2026 年最后六个月每天 500 桶 WTI 原油的价格为每桶 60.04 美元，以及 2026 年最后六个月和 2027 年第一季度每天 6,679 吉焦天然气的价格为每吉焦 3.10 美元至 3.30 美元，这些天然气供应量均为每日 6,679 吉焦。

Bonterra的预算旨在使公司能够负责任地管理资本部署速度，并在分配资本时优先考虑回报最高的项目。Bonterra计划定期审查预算，并可能根据当时的商品价格环境调整资本支出的金额和时间。

Bonterra Energy Corp. (“Bonterra” or the “Company”) is pleased to announce its latest Charlie Lake well results, a strategic Charlie Lake acquisition and its 2026 preliminary budget guidance.

- LATEST TWO CHARLIE LAKE WELLS ONSTREAM IN Q4 2025 WITH AVERAGE 30-DAY SINGLE WELL PEAK RATES OF APPROXIMATELY 1,325 BOE PER DAY
- ENTERED INTO A DEFINITIVE AGREEMENT TO EXPAND CORE AREA POSITION IN THE CHARLIE LAKE THROUGH A PROPERTY ACQUISITION ADJACENT TO EXISTING OPERATIONS ADDING APPROXIMATELY 760 BOE/D OF PRODUCTION AND 21 TOP TIER DRILLING LOCATIONS
- PRELIMINARY 2026 BUDGET GUIDANCE OF 16,200 TO 16,400 BOE PER DAY SUPPORTED BY $75 TO $80 MILLION CAPITAL PROGRAM

CHARLIE LAKE WELL RESULTS

The Company has finished completion operations on its latest two gross (1.8 net) wells in the fourth quarter of 2025. These wells were executed with three-mile laterals and increased fracture stimulation intensity as compared to the Company’s previously drilled Charlie Lake wells and are showing encouraging early-stage results averaging 30-day peak rates at a combined 2,650 BOE per day, including approximately 1,100 barrels per day of light crude oil, 100 barrels per day of natural gas liquids and 8.7 mmcf per day of conventional natural gas. The Company has an additional well (0.9 net) drilled from the same surface location which is planned to be completed and brought on production in the first quarter of 2026.

Bonterra’s execution and results to date in the Charlie Lake play have solidified its intention to continue increasing size and scale as an operator in the play moving forward.29dk2902l

EXPANSION OF CHARLIE LAKE CORE AREA THROUGH STRATEGIC ACQUISITION

The Company is pleased to announce that it has entered into a definitive agreement with a private company to acquire an asset adjacent to its existing Charlie Lake operations in the Greater Bonanza Area for total cash consideration of $15.7 million, subject to customary closing adjustments (the “Acquisition”). The Acquisition is immediately accretive to production, cash flow and free cash flow per share.

Acquisition Highlights:

- Low decline base production: Approximately 760 BOE per day1 of existing production in low decline oil pools under waterflood;
- Increased area footprint: 41 net sections of land in the Greater Bonanza Area offsetting existing Charlie Lake operations;
- Charlie Lake drilling inventory: 21 identified top tier drilling locations complementary to its existing Charlie Lake inventory in addition to 3 low risk infill locations in the Doig formation; and
- Synergistic infrastructure: Strategic owned and operated infrastructure footprint of underutilized compression, batteries and gathering pipelines creates immediate half cycle drilling opportunities on the acquired lands and proximal existing lands and offers new gas processing optionality in the Greater Bonanza Area.

1 Volumes are comprised of approximately 240 bbl/d light and medium crude oil, 40 bbl/d NGLs and 2,885 mcf/d of conventional natural gas.

The acquisition increases the Company’s Greater Bonanza Charlie Lake Area (map below) land holdings by 36% and strengthens its footprint in its Charlie Lake core area at Bonanza. “Coming off the two most productive wells in Bonterra’s history, this transaction complements our existing operations and adds meaningful depth and quality of drilling inventory to Bonterra’s Charlie Lake asset”, said Patrick Oliver, President and CEO, “Accretive acquisitions in our core areas have been a focus of our team and we are pleased to expand our Charlie Lake inventory position through this strategic transaction and look forward to deploying drilling capital on the acquired assets in 2026.”

Bonterra plans to drill two gross Charlie Lake locations utilizing a combination of acquired infrastructure and lands from the Acquisition in 2026.

Upon closing, the Company has commitments in place from its banking syndicate to increase its revolving credit facility borrowing base capacity from $125 to $150 million which will increase liquidity post-closing. The transaction will be funded through the revolving credit facility and is expected to close before December 31, 2025.

Greater Bonanza Area

PRELIMINARY 2026 BUDGET: DELIVERING 8% YOY PRODUCTION GROWTH1,2 AND 14% FREE FUNDS FLOW YIELD4,5

Following a strong year in 2025 where the Company executed a pivotal capital raise through the Canadian high yield bond market in the refinancing of its balance sheet, demonstrated strong operational performance through positive guidance revisions on both production and capital, and increased its presence in the Charlie Lake and Montney plays, the Company’s Board of Directors (the “Board”) has approved its 2026 preliminary budget (the “Budget”) along with the associated guidance outlined below:

- Approved capital expenditure range of $75 to $80 million;
- Annual average production of 16,200 and 16,400 BOE per day2, weighted approximately 50 to 52 percent to oil and liquids;
- Funds Flow5 expected between $105 million to $110 million ($2.87 per share3 to $3.00 per share3);
- Free Funds Flow5 of approximately $21 million ($0.55 per share3) generating approximately 14% Free Funds Flow Yield4,5 anchored on US$60 per barrel WTI and $3.00 per GJ AECO;
- $8 million allocated to abandonment and reclamation obligations (“ARO”) in 2026; and
- Net Debt to Last Twelve Months’ EBITDA ratio5 expected to be approximately 1.3x at year end 2026.

BUDGET AND GUIDANCE DETAILS

The 2026 Budget is structured to generate meaningful Free Funds Flow through further investment in the development and delineation of its Charlie Lake and Montney assets, and continuing to optimize the Company’s Cardium asset through targeted waterflood projects and development drilling. The Company remains committed to a disciplined approach to managing leverage levels and will focus use of Free Funds Flow to debt repayment and share buybacks in 2026.

The allocation of the Company’s 2026 planned capital expenditures is expected to be:

- approximately 60 percent towards the Charlie Lake core area, directed to the completion activities of 1 gross (0.9 net) drilled and uncompleted (DUC) well carried over from the 2025 capital program, the drilling and completion activities of 6 gross (5.7 net) wells and infrastructure projects to support the area’s long term development;
- approximately 10 percent towards the Montney, directed to the completion of 1 gross (1 net) drilled and uncompleted (DUC) well carried over from the 2025 capital program;
- approximately 25 percent towards the Cardium core area, directed to waterflood projects and development drilling and completions activities; and
- approximately 5 percent to land and facilities maintenance.

To mitigate risk and add stability during periods of market volatility, hedges have been put in place on approximately 31 percent of Bonterra’s expected crude oil and 21 percent of its natural gas production, both net of royalties, through the first half of 2026. Through the next six months, Bonterra has secured WTI prices between $55.00 USD to $72.50 USD per bbl on approximately 1,750 bbls per day; and natural gas prices between $1.75 to $3.30 per GJ on approximately 10,750 GJ per day. In addition, Bonterra has secured WTI pricing of $60.04 USD per barrel for 500 barrels per day for the final six months of 2026, and natural gas prices between $3.10 and $3.30 per GJ for 6,679 GJ per day covering the final six months of 2026 and the first quarter of 2027, through fixed-price contracts.

Bonterra’s budget is designed to enable the Company to responsibly manage the pace of capital deployment and prioritize the best return projects in allocating capital. Bonterra plans to regularly review the Budget and may elect to adjust the amount and timing of capital spending depending on the prevailing commodity price environment.