CALGARY, AB, May 14, 2024 /CNW/ - Bonterra Energy Corp. (TSX:BNE) ("Bonterra" or the "Company") is pleased to announce its financial and operating results for the quarter ended March 31, 2024. The related unaudited condensed financial statements and notes, as well as management's discussion and analysis ("MD&A"), are available on SEDAR+ at www.sedarplus.ca and on Bonterra's website at www.bonterraenergy.com. FINANCIAL AND OPERATIONAL HIGHLIGHTS As at and for the three months ended($000s except $ per share) March 31, 2024 December 31, 2023 March 31, 2023 FINANCIAL Revenue - realized oil and gas sales 68,589 81,739 77,263 Funds flow(1) 27,018 40,442 29,342 Per share - basic 0.73 1.09 0.79 Per share - diluted 0.72 1.08 0.79 Cash flow from operations 21,654 44,596 24,018 Per share - basic 0.58 1.20 0.65 Per share - diluted 0.58 1.19 0.64 Net earnings(2) 848 14,973 7,640 Per share - basic 0.02 0.40 0.21 Per share - diluted 0.02 0.40 0.20 Capital expenditures 32,924 14,009 60,223 Oil and gas property acquisition(2) 24,234 - - Total assets 984,464 967,870 963,890 Net debt(3) 176,360 140,400 183,674 Bank debt 38,688 14,822 12,388 Shareholders' equity 529,605 528,258 488,762 OPERATIONS Light oil -bbl per day 6,622 7,306 7,068 -average price ($ per bbl) 88.96 97.01 95.71 NGLs -bbl per day 1,468 1,619 1,155 -average price ($ per bbl) 46.08 48.12 54.54 Conventional natural gas -MCF per day 36,594 37,214 31,448 -average price ($ per MCF) 2.65 2.73 3.78 Total barrels of oil equivalent per day (BOE)(4) 14,189 15,128 13,464 (1) Funds flow is not a recognized measure under IFRS. For these purposes, the Company defines funds flow as funds provided by operations including proceeds from sale of investments and investment income received excluding the effects of changes in non-cash working capital items and decommissioning expenditures settled. (2) On March 1, 2024, the Company acquired the Charlie Lake Assets for cash consideration of $23.6 million and $0.3 million in non-core mineral rights, including closing adjustments. The Charlie Lake Assets have been accounted for as an asset acquisition, which resulted in an increase of $24.2 million in PP&E and the assumption of $0.3 million in decommissioning liabilities. (3) Net debt is not a recognized measure under IFRS. The Company defines net debt as current liabilities less current assets plus long-term bank debt, subordinated debentures and subordinated term debt. (4) BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 MCF: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does ...