CALGARY, June 1, 2020 /CNW/ - Bonterra Energy Corp.
(www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company")
today confirms it has executed an agreement with its syndicate of
lenders to extend the annual borrowing base redetermination date on
its credit facility from May
29th to June
30th, 2020. This extension affords both the
Company and its lending syndicate additional time to evaluate the
impact of current market dynamics, including the proposed programs
initiated by the Federal Government through Export Development
Canada and Business Development Bank of Canada, and establish a credit facility
renewal that underpins Bonterra's ongoing financial flexibility.
The extension agreement includes an amendment requiring unanimous
lender consent for any advance that results in the aggregate
principal amount outstanding under the credit facility to exceed
$300 million. As at March 31, 2020, Bonterra was drawn $261 million on the Company's $325 million credit facility.
Bonterra Energy Corp. is a conventional oil and gas corporation
with operations in Alberta,
Saskatchewan and British Columbia, focused on its strategy of
long-term, sustainable growth and value creation for shareholders.
The Company's shares are listed on The Toronto Stock Exchange under
the symbol "BNE".
Cautionary Statements
This summarized news release should not be considered a suitable
source of information for readers who are unfamiliar with Bonterra
Energy Corp. and should not be considered in any way as a
substitute for reading the full report. For the full report,
please go to www.bonterraenergy.com
Forward Looking Information
Certain statements contained in this release include statements
which contain words such as "anticipate", "could", "should",
"expect", "seek", "may", "intend", "likely", "will", "believe" and
similar expressions, relating to matters that are not historical
facts, and such statements of our beliefs, intentions and
expectations about development, results and events which will or
may occur in the future, constitute "forward-looking information"
within the meaning of applicable Canadian securities legislation
and are based on certain assumptions and analysis made by us
derived from our experience and perceptions. Forward-looking
information in this release includes, but is not limited to:
business strategy and outlook; expectations regarding the potential
impact of COVID-19; expectations regarding the potential impact of
government support programs, and other such matters.
All such forward-looking information is based on certain
assumptions and analyses made by us in light of our experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors we believe are
appropriate in the circumstances. The risks, uncertainties, and
assumptions are difficult to predict and may affect operations, and
may include, without limitation: foreign exchange fluctuations;
equipment and labour shortages and inflationary costs; general
economic conditions; industry conditions; changes in applicable
environmental, taxation and other laws and regulations as well as
how such laws and regulations are interpreted and enforced; the
ability of oil and natural gas companies to raise capital; the
effect of weather conditions on operations and facilities; the
existence of operating risks; volatility of oil and natural gas
prices; oil and gas product supply and demand; risks inherent in
the ability to generate sufficient cash flow from operations to
meet current and future obligations; increased competition; stock
market volatility; opportunities available to or pursued by us; and
other factors, many of which are beyond our control.
Actual results, performance or achievements could differ
materially from those expressed in, or implied by, this
forward-looking information and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
information will transpire or occur, or if any of them do, what
benefits will be derived there from. Except as required by law,
Bonterra disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise.
The forward-looking information contained herein is expressly
qualified by this cautionary statement.
Numerical Amounts
The reporting and the functional currency of the Company is
the Canadian dollar.
The TSX does not accept responsibility for the
accuracy of this release.
SOURCE Bonterra Energy Corp.
