The Offer is open for 105 days and there is no
immediate need to take any action.
Your Board of
Directors will provide a recommendation on or before October 6th.
CALGARY, AB, Sept. 21, 2020 /CNW/ - Bonterra Energy Corp.
(www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company")
acknowledges receipt of the unsolicited offer from Obsidian Energy
Ltd. ("Obsidian") to purchase all the issued and outstanding common
shares of Bonterra (the "Offer"). The Offer is open for 105 days
and there is no immediate need to take any action.
Bonterra's board of directors (the "Board") has put together a
committee of independent directors (the "Special Committee") to
review and evaluate Obsidian's offer. Bonterra's Board will provide
a formal recommendation in a directors' circular to Bonterra
shareholders on or before October 6,
2020.
Do Not Take Any Action at This Time
Bonterra shareholders are advised to TAKE NO ACTION on
the Offer and NOT TENDER SHARES until receiving further
communication and a recommendation from the Board, who will
consider the Offer with the Company's advisors and the Special
Committee. The Special Committee will conduct a full review of the
Offer to determine what is in the best interests of Bonterra and
its shareholders.
Advisors
Legal counsel to Bonterra is Borden Ladner Gervais LLP; Peters
& Co. Limited is acting as financial advisor; and Laurel Hill
Advisory Group is serving as Bonterra's strategic communications
advisor and information agent.
Shareholder Questions
Shareholders with questions are encouraged to call Bonterra's
information agent, Laurel Hill Advisory Group at 1-877-452-7184
(+1-416-304-0211 outside North
America) or email assistance@laurelhill.com.
We encourage shareholders to subscribe to Bonterra Energy
news releases through our website to ensure timely updates at
https://bonterraenergy.mediaroom.com/email-alerts.
About Bonterra
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. The Company's
shares are listed on The Toronto Stock Exchange under the symbol
"BNE".
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.
The TSX does not accept responsibility for the
accuracy of this release.
SOURCE Bonterra Energy Corp.
