Aug 31 (Reuters) - Bonterra Energy Corp BNE.TO :
* OBSIDIAN ENERGY PROPOSES COMBINATION TRANSACTION TO BONTERRA ENERGY CORP
* OBSIDIAN ENERGY LTD - FAILED TO MAKE ANY MEANINGFUL PROGRESS ENGAGEMENT BETWEEN CO, BONTERRA ENERGY CORP
* OBSIDIAN ENERGY LTD - FAILED TO MAKE ANY MEANINGFUL PROGRESS WITH BONTERRA ENERGY, IN PART, DUE TO BONTERRA'S DESIRE TO HAVE CO SIGN A "STANDSTILL"
* OBSIDIAN ENERGY LTD - ENVISION A SHORT PERIOD OF EXCLUSIVITY FOR CO, BONTERRA ENERGY TO CONDUCT ANY ADDITIONAL DUE DILIGENCE
* OBSIDIAN ENERGY - ENVISION SHORT PERIOD OF EXCLUSIVITY FOR CO, BONTERRA TO NEGOTIATE CUSTOMARY, APPROPRIATE DEFINITIVE TRANSACTION DOCUMENTATION
* OBSIDIAN ENERGY - IF BONTERRA BOARD FEELS MARKET CHECK OR SIMILAR PROCESS IS NECESSARY, CO IS PREPARED TO PERMIT A "GO-SHOP" PERIOD
* OBSIDIAN ENERGY LTD - LOOK TO BONTERRA ENERGY CORP'S RESPONSE TO PROPOSED COMBINATION TRANSACTION IN ANY EVENT ON OR BEFORE SEPTEMBER 4
* OBSIDIAN ENERGY - ABSENT EXPEDITIOUS ENGAGEMENT BY BONTERRA OVER COMING DAYS, CO IS PREPARED TO PURSUE ALL OPTIONS TO CONSUMMATE PROPOSED TRANSACTION
* OBSIDIAN ENERGY - FORESEE THAT PRO FORMA ENTITY FROM PROPOSED TRANSACTION WITH BONTERRA WOULD LOOK TO BENEFIT FROM A STABLE BALANCE SHEET STRUCTURE
* OBSIDIAN ENERGY LTD - BOARD WOULD BE PREPARED TO OFFER AN EXCHANGE RATIO OF 2.0 COMMON SHARES OF CO PER COMMON SHARE OF BONTERRA
* OBSIDIAN ENERGY LTD - WILL CONSIDER AN INCREASED EXCHANGE RATIO IN EVENT BONTERRA IS ABLE TO DEMONSTRATE ADDITIONAL VALUE