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May 2020TSX: BNE

CORPORATE PRESENTATION

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Forward Looking InformationCertain statements contained in this Presentation include statements which contain words such as “anticipate”, “could”, “should”, “expect”, “seek”, “may”,“intend”, “likely”, “will”, “believe” and similar expressions, statements 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 themeaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience andperceptions. Forward-looking information in this Presentation includes, but is not limited to: expected cash provided by continuing operations; future capitalexpenditures, including the amount and nature thereof; oil and natural gas prices and demand; expansion and other development trends of the oil and gasindustry; business strategy and outlook; expansion and growth of our combined business and operations; and maintenance of existing supplier and partnerrelationships; supply channels; accounting policies; credit risks; and other such matters. Forward-looking information in this Presentation also includes, but is notlimited to, the timing and amount of future dividend payments by Bonterra.

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, andassumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations; equipment and labourshortages and inflationary costs; general economic conditions; industry conditions; changes in applicable environmental, taxation and other laws and regulationsas 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 weatherconditions on operations and facilities; the existence of operating risks; volatility of oil and natural gas prices; oil and gas product supply and demand; risksinherent 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. The foregoing factors are not exhaustive.

Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, noassurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits will bederived there from. Except as required by law, Bonterra disclaims any intention or obligation to update or revise any forward-looking information, whether as aresult of new information, future events or otherwise.

The term barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel(6mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does notrepresent a value equivalency at the wellhead. All BOE conversions in the report are derived from converting gas to oil in the ratio mix of six thousand cubic feetof gas to one barrel of oil.

The forward-looking information contained herein is expressly qualified by this cautionary statement.

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Forward Looking Information

DRILLING LOCATIONS:

This presentation discloses drilling locations in three categories: (i) proved locations; (ii) probable locations; and (iii) unbooked locations. Proved locations andprobable locations, which are sometimes collectively referred to as “booked locations”, are derived from the Company’s most recent independent reserves evaluationas prepared by Sproule as of December 31, 2018 and account for drilling locations that have associated proved or probable reserves, as applicable. Unbookedlocations are internal estimates based on the Company’s prospective acreage and an assumption as to the number of wells that can be drilled per section based onindustry practice and internal review. Unbooked locations do not have attributed reserves or resources. Of the 700+ Net drilling locations identified herein, 294 arenet proved locations, 4 are net probable locations and 400+ are net unbooked locations. Unbooked locations have specifically been identified by management as anestimation of our multi-year drilling activities based on evaluation of applicable geologic, seismic, and engineering, production and reserves data on prospectiveacreage and geologic formations. There is no certainty that we will drill all unbooked drilling locations and if drilled there is no certainty that such locations will resultin additional oil and gas reserves, resources or production. The locations that Bonterra drills will ultimately depend upon the availability of capital, regulatoryapprovals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results and other factors. While certain of the unbooked drilling locations have beenderisked by drilling existing wells in relative close proximity to such unbooked drilling locations, the majority of other unbooked drilling locations are farther away fromexisting wells where management has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilledin such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.

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Corporate Snapshot

Financial TSX: BNE

Common Shares Outstanding 33.3 million

Insider Ownership 15%

Current Monthly Dividend <Currently Suspended>

Tax Pools at March 31, 2020 $411 million

Tax Horizon ~2022

Q1 2020 Exit Net Debt ~$301 million

Bank Line $325 million ($261 million drawn at Q1 2020 exit)

Operational

Oil and Liquids Production Weighting 67% (59% oil / 8% liquids)

Natural Gas Production Weighting 33%

Average Corporate Production Decline Rate ~21%

Reserve Life Index (PDP) 8 years

Reserve Life Index (1P) 17 years

Reserve Life Index (2P) 21 years

$96.3Million of Funds Flow Generated in 2019

$36.1Million of Free Funds Flow Generated in 2019

11%Reduction in Net Debt in 2019 vs 2018

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Consistent Strategy

DISCRETIONARY CAPITAL

ALLOCATION

DEBT REPAYMENT

FREE CASH FLOW GENERATION

As debt is reduced, focus on generating long-term, sustainable value

Excess free cash flow will be directed to reduce overall debt; with lower leverage, assess

increases to the capital budget

Low corporate decline rate ensures minimal capital required to sustain

production, which supports maximizing free cash flow

Bonterra’s focus will remain on generating strong, sustainable free cash flow which can be

directed to debt reduction and capital spending when supported by commodity prices

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Fundamentals Support Stability

Disciplined Oil Exposure

Low CostOperations

VALUE CREATION

Focus onBalance Sheet

Concentrated Asset Base:

Significant Low Risk Drilling Inventory:

Established and Controlled Infrastructure:

~21% Corporate Decline:

Free Cash Flow Generation:

Bonterra’s proven track record has been built on a model of generating long-term, sustainable

value through disciplined capital allocation aligned with prevailing commodity prices

Light oil focused with Pembina & Willesden Green Areas representing ~97% of production

700+ net locations identified and 298 net locations booked (43%)(1)

Minimal facility capital required to scale up production; 92% of production is operated

Strategy underway to reduce debt to funds flow ratio through capital allocation,

cost control, dividend suspension

Leads to low maintenance capital which supports free

cash flow generation

(1) Please see disclaimers for drilling locations in forward looking statements.

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Jan 31 China announces over 10,000 COVID-19 cases

Feb 12Bonterra announces 2020E capital budget,

focused on all-in payout <100% of funds flow

Feb 18COVID-19 cases increasing outside of China,

creating global demand uncertainty

Feb 27 Bonterra commences initial shut-ins

Mar 9WTI falls 20% after OPEC and Russia remove

production restrictions

Mar 10Bonterra announces capex reduction to $25 MM,

dividend suspension, and additional shut-ins

Mar 13 North American wide lockdowns initiated

Apr 13OPEX+ and allies announce production cut of ~9.7

Mmboe/d in May and June

Apr 21Bonterra announces refreshed Board with

nominations for Ms. Ricci and Mr. Campbell

Apr 30Bonterra announces facility review extension and

application to federal loan/support programs

May 1

Bonterra initiates G&A savings measures

including reduced work week and compensation,

and began the submission process with

applications to oilfield service providers under

the Site Rehabilitation Program for 150+ wells

-

$15.00

$30.00

$45.00

$60.00

$75.00

1-Jan-20 31-Jan-20 1-Mar-20 31-Mar-20 1-May-20

WTI

WTI (US$/bbl)

Bonterra: ongoing evaluation of all cost cutting measures, shut-in

volumes evaluated weekly

Timely Reaction to Macro Conditions

Source: FactSet.

WTI Price Performance Since January 1, 2020 Key Events

B

A

C

E

D

F

E

G

F

GH

HI

US$61.06/bbl

US$19.78/bbl

I

Bonterra events

COVID-19 events

OPEC+ events

B

A C

D

JK

K

J

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Responding to the Current EnvironmentCOVID-19, oil price collapse, and uncertain future required Bonterra to pivot quickly,

positioning to weather the storm while maintaining our commitment to our stakeholders

• Balancing people and culture with cost saving initiatives reduces G&A by ~$225,000/month

• Responsible cost structure with lean organization; only averaged 38 full time employees each of the last 8 years

• Implementation of modified work weeks and adjusted compensation.

• Applied for Canadian Emergency Wage Subsidy - subsidy of 75% of employee’s wages (to max of $847 / employee / week) until August 31, 2020.

• Optimizing operations and reducing costs

• Reduced lease costs.

• Reduced OPEX of ~ $1.5 million per month resulting mainly from shut-in production decisions.

• Utilizing oilfield service contractors to access AB Government Site Rehabilitation Program for well abandonment program

• Plan to pursue federal credit support backstops through Economic Development Canada and Business Development Bank of Canada

• The Companies CEO temporary reduced the interest rate from 5.5% to 3.0% on his $12 Million loan to the company; equates to monthly savings of $26,000

• Low corporate decline of approximately 21% supports minimal maintenance capital requirements

~$1.75 million per month forecast savings

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Strong Pre-COVID-19 Viability

Note: Peers include BTE, CJ, CPG, GXE, SGY, TOG, TVE, WCP, and YGR.(1)Estimates as per Peters & Co. research, as at January 13, 2020.(2)Total payout is calculated based on estimated capital spending required to keep average production flat year over year, plus dividends, as a percentage of cash flow.

Bonterra’s low decline asset base is well positioned for an oil price recovery

2020E Decline Rate (%) (1)

Company A 11%

Bonterra 22%

Company B 23%

Company C 23%

Company D 24%

Company E 27%

Company F 30%

Company G 34%

Company H 35%

Company I 36%

2020E Total Payout Ratio (%) (1)(2)

Bonterra 76%

Company F 83%

Company A 85%

Company G 87%

Company H 88%

Company I 89%

Company C 91%

Company E 92%

Company B 94%

Company D 103%

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Long-Term Opportunities in the CardiumConcentrated assets in the Pembina Cardium oil pool support efficient operations and offer exposure

to significant upside through a large inventory of low-risk, highly economic undrilled locations

Pembina & Willesden Green Lands by the Numbers

473 grossSections of land (312 net)

92%Operated Production

101.2 MBOEP+P Reserves

21 yearsReserve Life Index (P+P)

700+ netInternally identified multi-zone locations

298 netBooked locations

KeystoneWest Pembina

Cynthia

BlueRapids

Rose Creek

Carnwood

Willesden Green

Ferrier

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Pembina Cardium Features

Original Oil in Place per Section Recovery Factor

5,000 to 10,000 Mbbl

10,000 to 20,000 Mbbl

20,000 to 25,000 Mbbl

0 to 5,000 Mbbl

25,000+ Mbbl

5%

10%

15%

0%

20%

25%

• Pembina is the largest conventional oilfield in Canada with large oil-in-place and low recovery to date, offering long-term stable production, high-quality oil and attractive netbacks

• Majority of Bonterra land covers areas with significant remaining original-oil-in-place

• Opportunity to increase recovery factors can contribute to sizable increases in reserves and production

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Pembina Cardium Geology

Conglomerate

Sandstone

Sandstone

Bioturbated

Mudstone

Shale

Shale

• Interbedded sandstone and shale with local conglomerate and prevalent underlying low permeability bioturbated mudstone

• Depths range from 1,200 m TVD in NE Pembina to 2,000m TVD in SW Pembina

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Average BNE Cardium Economics

WTI $USD/bbl $ 33.55 $ 40.65 $ 47.75 $ 54.85 $ 61.95

BNE Realized Price (1,2) $CAD/bbl $ 35.00 $ 45.00 $ 55.00 $ 65.00 $ 75.00 DCET(3) M$C $ 1,760 $ 1,760 $ 1,980 $ 2,200 $ 2,200BT Payout Years 4.4 2.1 1.7 1.4 1.0

Rate of Return % 11% 37% 51% 64% 102% BT NPV10 M$C $ 42 $ 680 $ 1,104 $ 1,532 $ 2,180Capital Efficiency S/boepd $15,856 $15,856 $17,838 $19,820 $19,820 Recycle Ratio 1.3 1.7 2.0 2.2 2.6

(1) Realized Oil Price calculated as follows: (WTI Oil Price – Differential) x FX rate – (Quality Adjustment) (2) Assumptions: Edmonton light differential: U$6.00; FX: 0.71 CAD/US; Quality adjustment C$3.80/bbl; BNE Realized Gas $2.50/mcf; BNE Realized Liquids: 50% of realized oil(3) Drill, Complete, Equip, Tie-In & Facilities

BNE Type Curve: Full Cycle Capital and Price Sensitivities

Reserves per well (MBOE) 165

IP (12 months) (boe/d) 111

Cardium wells are repeatable, predictable and generate strong returns even in a weak

commodity price environment

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11,558

8,874

10,948 10,615 10,268 9,970 9,798 9,560 9,344

1,3273,144 550 472 470 604 510 508

507

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

boe/d Optimized Production

Shut-in Production

2020 - Taking Steps to Preserve Value

2020E Optimized Production (1)

~$2.5 million improvement in 2020 Net Operating Income projected with a pragmatic approach to shut-in analysis

Shut-in Cost Savings (1)

250 Mboe of reserves expected to be preserved

Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

Non-Optimized Production

Revenue ($'000) $5,454 $4,352 $7,702 $7,598 $7,630 $7,507 $7,461 $7,254 $7,373

Expenses ($'000) ($5,746) ($5,568) ($5,591) ($5,579) ($5,517) ($5,439) ($5,455) ($5,337) ($5,368)

NOI ($'000) ($292) ($1,216) $2,111 $2,019 $2,113 $2,068 $2,007 $1,917 $2,005

Optimized Production

Revenue ($'000) $4,881 $3,248 $7,327 $7,253 $7,273 $7,077 $7,084 $6,879 $6,984

Expenses ($'000) ($4,642) ($3,719) ($5,089) ($5,072) ($5,013) ($4,893) ($4,903) ($4,798) ($4,821)

NOI ($'000) $238 ($471) $2,238 $2,181 $2,260 $2,185 $2,180 $2,081 $2,163

NOI Improvement ($'000) $530 $745 $127 $162 $148 $117 $174 $164 $158

(1) Analysis at strip pricing as at May 5, 2020, excluding hedging gains.

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2020 2021 2020 2021 2020 2021

ANNUAL AVERAGE WTI OIL PRICE (1) USD/bbl 34.83 36.24 37.00 50.00 40.00 60.00

ANNUAL AVERAGE BNE REALIZED PRICE (1) $/bbl 35.36 36.46 38.38 55.59 42.55 69.49

OIL PRODUCTION bbl/d 5,950 4,552 6,155 6,666 6,281 7,070

GAS PRODUCTION mcf/d 22,098 18,254 22,259 20,283 22,325 20,790

LIQ PRODUCTION bbl/d 1,011 850 1,019 939 1,022 962

TOTAL PRODUCTION boe/d 10,644 8,445 10,884 10,986 11,023 11,497

NET NEW WELLS ON PRODUCTION # 9.0 1.0 12.0 30.0 17.0 30.0

FUNDS FLOW AT MM$C 23.6 5.0 30.9 69.8 41.1 109.9

CAPEX (2) MM$C (22.5) (0.8) (27.9) (62.2) (37.3) (66.8)

ABANDONMENTS (3) MM$C (1.5) (3.0) (1.5) (3.0) (1.5) (3.0)

DIVIDEND MM$C (1.0) (0.0) (1.0) (0.0) (1.0) (0.0)

DISCRETIONARY CASH MM$C (1.4) 1.2 0.5 4.6 1.3 40.0

YE BANK DEBT ESTIMATE MM$C 272.8 271.6 271.0 266.4 270.1 230.1

FURTHER RECOVERY

MAY 19 2020 STRIP RECOVERY PRICING PRICING

2020/2021 Cash Flow AnalysisIn response to COVID-19, Bonterra has taken steps to protect its balance sheet. Upon price

improvement, Bonterra would initiate reactivation of shut-in production and resume drilling.

(1) Price Assumptions in Appendix p24(2) Bonterra expects to participate in the Site Rehabilitation Program in 2020 (https://www.alberta.ca/site-rehabilitation-program.aspx)

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Reserves Summary – Dec 31, 2019

Reserve Category Oil (Mbbl) BOE (Mboe)NPV BT 10% (1)

(millions)

Proved Developed Producing 22,227 38,136 586,445

Proved Developed Non-Producing 591 849 10,627

Proved Undeveloped 23,891 42,552 364,808

Total Proved 46,709 81,537 961,880

Proved + Probable Developed Producing 26,778 46,135 656,582

Proved + Probable Developed Non- Producing 853 1,286 13,446

Proved + Probable Undeveloped 30,243 53,656 558,207

Total Proved + Probable 57,874 101,077 1,228,235

(1) Sproule Pricing at Dec 31, 2019 (https://sproule.com/forecasts/archives/December-31-2019/)

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Detailed Engineering Review – Dec 31, 2019

Strong reserves with long-term production runway potential

• Total Proved reserves on a fully diluted per share basis to 2.44 BOE per share compared to 2.42 BOE per share from the prior year

• Increased total proved reserves by 0.9 million BOE to 81.5 million BOE (67% oil and liquids), total P+P reserves were maintained at 101.1 million BOE

• Total proved reserves represent 81% of total P+P reserves, which translates to a lower risk reserves base

• NPV 10% proved producing - $586.4 million; NPV 10% total proved - $961.9 million

• Growth in proved reserves before production of 5.4 million BOE resulted in production replacement of 120 percent

• Only 43% of identified Cardium undrilled well locations included in the reserve evaluation, providing meaningful long-term running room

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Consistent Reserves per Share Growth

Low risk asset base (80% total proved) supports P+P growth under a disciplined capital plan due to the predictable and reliable nature of the Cardium

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Bonterra’s demonstrated track record of growing reserves per share, including with lower

capital, is critical in supporting long-term sustainability

1.96

2.17

2.23

2.36

2.42 2.44

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

1.80

2.00

2.20

2.40

2.60

2014 2015 2016 2017 2018 2019

Cap

ital

exp

end

itu

res

($M

M)

Pro

ved

res

erve

s p

er c

om

mo

n s

har

e

Proved Reserves per Common Share Capital expenditures

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Strategic Track Record

Low risk asset base (80% total proved) supports P+P growth under a disciplined capital plan due to the predictable and reliable nature of the Cardium

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Bonterra’s demonstrated track record of reserves growth is critical in supporting long-term

sustainability

10%Increase in Proved Reserves

from 2016 to 2019

11%Decrease in Net Debt

2019 vs 2018

23 years2019 Reserve Life

Index (“RLI”)

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Our Responsibility – Environmental, Social and Governance

HEALTH, SAFETY AND ENVIRONMENT (HS&E)

• Apply minimal disturbance drilling techniques to reduce the overall impact to the environment

• 99% routine gas conservation

• Fugitive emission leak detection program in place to identify leaks or unintended release of gases with testing completed on 100% of facilities

• Installation of vapor recovery units since 2015 to eliminate emissions from tank farms

• Provide timely and effective responses to any incidents that may occur, enabling rapid recoveries and conducting thorough incident investigations - over 90% of spills are identified in less than 12 hours and with no claims through insurance

• Employ a vigorous asset integrity program to ensure the safe operation of our assets – 100% visual review of all pipelines alongwith scheduled annual testing of 100% of high risk/high consequence pipelines

SOCIAL RESPONSIBILITY

• Consult with internal and external stakeholders who are impacted by our operations and remain committed to working with involved parties to resolve any concerns or questions that may arise

• Winner of 2020 Pro-Local Award as a Company that has proven for years that it cares and supports Drayton Valley with support of local oil field services

• Member of Explorers and Producers Association of Canada (EPAC) supporting Canada’s conventional energy producers and industryemployees across Western Canada

PRIORITIZING CORPORATE GOVERNANCE

• Refreshed Board including new members, Ms. Ricci and Mr. Campbell, with complementary backgrounds

• Diverse board membership with 20% female representation; 80% independent

• All Board committees (Audit; Policy, Governance, Nominations; Compensation; Reserves) are majority independent with independent chairs

• Reduced average Board tenure by 29% to 7.5 years in 2020 (including Ms. Ricci & Mr. Campbell)

• Our governance policies include written documents such as a Diversity Policy, Business Code of Conduct and a Whistleblower policy

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Bonterra: Positioned for StabilityEstablished producer offering exposure to price upside through operational excellence and

conservative financial management

Insiders own ~15%

Industry low ~21% decline

Net debt reduced by 11% from 2018 to 2019

Low-risk asset base with 80% 1P reserves

Experienced & Aligned

Management

Low Corporate

Decline Rate

Reducing Debt

Low-Risk Drilling

Inventory

Shareholder Value

Creation

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Appendix

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Corporate Information

DIRECTORS

George F. Fink Randy M. JarockRodger A. TourignyJay J. CampbellJacqueline R. Ricci

Bonterra Energy Corp.

Suite 901, 1015 – 4th St SW

Calgary, AB T2R 1J4

Phone: 403.262.5307

HEAD OFFICE

OFFICERS

George F. Fink CEO & Chairman of the Board

Robb D. ThompsonCFO & Corporate Secretary

Adrian Neumann Chief Operating Officer

Brad A. CurtisSenior VP, Business Development

STOCK EXCHANGE LISTINGTSX: BNE

LEGAL COUNSELBorden Ladner Gervais LLP

BANKS

CIBC

National Bank of Canada

The Toronto Dominion Bank

Alberta Treasury Branches

Business Development Bank of Canada

REGISTRAR & TRANSFER AGENTOdyssey Trust Company of Canada

AUDITORSDeloitte LLP

INDEPENDENT RESERVE ENGINEERSproule Associates Limited

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Price Decks