Bonterra Energy Corp T.BNE

If Oil averages $77

[CashFlowADay]

BNE will be a big winner in 2024.

[kavern23]

You think todays reserve report is that great?

[kavern23]

I am very glad to own nothing right now...BNE does give insight into Yangarra's reserve report in some aspects...yikes for Yangarra... What makes BNE report tough for me to analyze is they give their FDA cost per BOE on Total proved reserves instead of on Proved Developed Producing... And thus the recyle ratio is Total Proved instead of on Proved Developed producing...... But a 1 recycle

[kavern23]

Typo...meant is recycle ratio under 1 for proved developed producing....as Total proved is going to be higher and that only got 1

[Resilience2]

?  PDP has FDC already paid. What do you mean?  R.

[kavern23]

Resilence....Obsidian released their recyle ratio for PDP...many companies do: "The strength and profitability of our assets was demonstrated through 2023 recycle ratios of 1.8x for PDP, 1.6x for 1P and 1.9x for 2P," I interpret the data to be showing alot of oil reserves from each new BNE well is produced very quickly...in the first year..... It also calls into question how

[Resilience2]

Well. They're not plowing it all into the same asset.  They have kept float low and acreage is increasing with no dilution.  furthermore reserves/RR are influenced by 1 time items:  1. Gas plant expansion  2. Pipeline integrity  3. Rose Creek area revision  4. Vertical grouping reserves vs individual well reserves  5. 7% inflation BNE is pre

[TheRexmember]

Interesting that they addressed Rose Creek right now. I think there is a lot of opportunity in that area with new seismic.

[Resilience2]

Why do you think that?  And is that only Cardium related or also Belly River?  R.

[TheRexmember]

A few different options.  there are Manville pools, leduc Reef pools and local hot spots for both cardium and Belly River.  Tenaz has a big field as far East as Leduc, Aspenleaf has a big boomer basically drilled right under the Leduc #1 discovery hole, although it is an ERH well.  I think BNE just needs to update the seismic and redo the geology. That is a big chunk of land

[Resilience2]

Interesting.  I have raised Belly River with them as well and they do have a large technical document. I am hoping they might try something this year i/o cardium with oil prices high and gas prices tanking. 95% liquids and low decline. But that's probabably too optimistic. Do you have contact with managment? otherwise would be good to stress the buyback at these prices at least to the

[TheRexmember]

I have spoken with our ceo a few times. Probably my favourite guy to call directly. He tells you what the plan is, why it is the plan and then goes out and does it. Answered every question I had.  he is coming around to buybacks now. A sub 5.00 stock price is stupidly accretive.  I like your Belly River idea. Must be a few exploration gems in that land package. And those are

[TheRexmember]

I was reading your note again and it twigged something Pat said about launching a buyback program that at least covered their warrant obligations. Not sure if he was referring to those or just the employee stock program. The conversation was at least 6 months ago.   

[Resilience2]

I have mentioned this a few times to them, and have emphasized it again a week or so ago. That would be great in my view and a no-brainer. Few quicker ways to add sustainability and value than making sure dilution stays low and making a profit in the progress (3,3 mln warrants, or part of that; buy at ~ $ 5 and sell @ $ 7,75 around oct 2025 when the warrants expire).  While supporting the