CALGARY, ALBERTA--(Marketwired - June 25, 2014) - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX:BNE) is pleased to announce that the Board of Directors has approved an increase to the monthly dividend from $0.29 per share to $0.30 per share ($3.60 per share annually) beginning with the June dividend payable July 31, 2014. The dividend is considered an "eligible dividend" for tax purposes.
The Board has also approved an increase to the 2014 capital expenditure budget from $120 million to $140 million. The increase in the capital budget will be used to:
- Drill an additional 6 gross (5 net) wells in Q4 2014. These wells are anticipated to be completed and on production in January 2015;
- Expand oil processing and gas handling capacities in the Carnwood area; and
- Participate in the proposed drilling of an additional 4 gross (1.1 net) non-operated wells.
The additional $20 million in capital expenditures will not have a material impact in 2014, and will mainly impact 2015 operations. The Company's guidance numbers, therefore, have not been adjusted for 2014.
Bonterra Energy Corp. is a conventional oil and gas corporation with operations in Alberta, Saskatchewan and British Columbia. The shares are listed on the Toronto Stock Exchange under the symbol "BNE".