Having successfully executed the largest capital program in the Company's history during Q1, which featured numerous wells performing above type curve estimates, Bonterra entered Q2 2023 with strong production from wells drilled late in Q1 2023. The Company remained on strategy with debt reduction, the continued pursuit of accretive acquisitions and positioning for a shareholder return of capital launch in the coming quarters. We executed within guidance across all metrics under our control and continued to focus on enhancing financial flexibility with safe, responsible and efficient operations, highlighted byquarter-over-quarter increases in production, cash flow and net earnings while driving net debt lower. ("Bonterra" or the "Company") solid operating and financial results for the three and six month periods ended June 30, 2023. am pleased to provide an update for our stakeholders on Bonterra Energy Corp's.A BOE conversion ratio of 6 MCF: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. BOE may be misleading, particularly if used in isolation.The Company defines net debt as current liabilities less current assets pluslong-term bank debt, subordinated debt, subordinated debentures and subordinated term debt. Net debt 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 innon-cash working capital items and decommissioning expenditures settled. Funds flow is not a recognized measure under IFRS. Total barrels of oil equivalent per day (BOE) ($ 000s except for $ per share and $ per BOE) BONTERRA ENERGY REPORTS SECOND QUARTER 2023
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