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BRIEF-Bonterra Energy Announces Fully-Funded 2020 Budget, 2019 Reserves Information And Operational Highlights

Published 2020-02-12, 07:23 p/m
© Reuters.  BRIEF-Bonterra Energy Announces Fully-Funded 2020 Budget, 2019 Reserves Information And Operational Highlights
BNE
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Feb 12 (Reuters) - Bonterra Energy Corp BNE.TO :

* ANNOUNCES FULLY-FUNDED 2020 BUDGET, 2019 RESERVES INFORMATION AND 2019 OPERATIONAL HIGHLIGHTS

* BOARD OF DIRECTORS HAS APPROVED AN INITIAL 2020 CAPITAL BUDGET SET AT APPROXIMATELY $70 MILLION

* ANNUAL AVERAGE PRODUCTION VOLUMES ARE EXPECTED TO RANGE BETWEEN 12,300 AND 12,600 BOE PER DAY

* BONTERRA ENERGY- 2020 CAPITAL PROGRAM FORECASTS ALLOCATION OF ABOUT $65 MILLION TO DRILL, COMPLETE AND TIE-IN 34.9 GROSS (29.9 NET) WELLS

* BONTERRA ENERGY- 2020 CAPITAL PROGRAM FORECASTS ALLOCATION OF ABOUT $5 MILLION FOR INFRASTRUCTURE COSTS

* EXPECTS TO DIRECT FREE FUNDS FLOW TO FURTHER REDUCE OUTSTANDING BANK DEBT

* BONTERRA ENERGY- ANTICIPATES GENERATING $86 MILLION IN CORPORATE FUNDS FLOW AND INCURRING APPROXIMATELY $4 MILLION IN DIVIDEND PAYMENTS FOR YEAR 2020

* BONTERRA ENERGY- CO MAY ELECT TO ADJUST AMOUNT & TIMING OF CAPITAL SPENDING TO ENSURE OPTIMAL RETURNS WHILE SEEKING TO FURTHER REDUCE ITS DEBT LEVELS

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