As set out in further detail in the original take over bid circular dated September 21, 2020, as varied by a Notice of Extension, Variation and Change to be filed with Canadian securities regulators in due course this week (collectively, the “Offer Documents”), the Offer is subject to certain conditions, including: that the Bonterra Shares validly deposited to the Offer, and not withdrawn, represent more than 50% of the then outstanding Bonterra Shares (on a fully-diluted basis) and certain regulatory and third party approvals (as outlined in the Offer Documents) have been obtained, and other customary conditions. This news release contains references to debt and cash flow which do not have a standardized meaning prescribed by International Financial Reporting Standards and therefore are considered non-GAAP measures; accordingly, they may not be comparable to similar measures provided by other issuers. Additional details regarding the Offer can be found in Canada on SEDAR at www.sedar.com, in the United States on EDGAR at www.sec.gov and on the Company’s website at www.obsidianenergy.com. Bonterra Energy Corp. has released its operating and financial results for the three- and nine-month periods ended Sept. 30, 2020. 2018 Annual Information Form. Cash flow is funds flow from operations before changes in any non-cash working capital changes and decommissioning expenditures. Website: www.obsidianenergy.com, Investor Relations: The forward-looking statements contained in this document are expressly qualified by this cautionary statement. News release - English - Bonterra Energy Corp. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. Bonterra Energy Income Trust: Mailing Address: 901, 1015 - 4th Street S.W. The AIF, Financial Statements, and related MD&A can be accessed either on Bonterra’s website at www.bonterraenergy.com or under the Company’s profile on SEDAR at www.sedar.com. The Offer is subject to a registration statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission (the “SEC”) under the U.S. Securities Act of 1933, as amended. Management believes the Offer has always been compelling for Bonterra shareholders, providing strong operational synergies that are expected to lower corporate breakeven prices, improve the combined entity’s financial performance and drive significant anticipated share price improvement. The related unaudited condensed financial statements and notes, as well as management's discussion and analysis, are available on SEDAR and on Bonterra's website. Forward-looking statements are typically identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “forecast”, “budget”, “may”, “will”, “project”, “could”, “plan”, “intend”, “should”, “believe”, “outlook”, “objective”, “aim”, “potential”, “target” and similar words suggesting future events or future performance. SEDAR. The Offer is made exclusively by means of, and subject … Toll Free: 1-866-693-2707 Minimum tender condition lowered to 50% of Bonterra Energy Corp.'s outstanding shares. Debt is bank debt, notes and, solely in respect of Bonterra, subordinated debt (including the subordinated note(s) issued by Bonterra to private related party investors). It reached a new all-time high above $34,000 in 2021. The Company's shares are listed on … Obsidian Energy recommends that Bonterra shareholders accept the Company’s compelling Offer to acquire all Bonterra Shares by tendering their shares: two (2) Obsidian Shares for each Bonterra Share tendered. In Canada, recent consolidation announcements have spanned companies of all sizes, including the merger of large cap companies Cenovus Energy Inc. and Husky Energy Inc., and an accelerated pace of consolidation in the mid-cap space with recent transactions announced by Whitecap Resources Inc., Tamarack Valley Energy Ltd. and Tourmaline Oil Corp. Obsidian Energy’s Offer builds on this industry consolidation activity, creating a highly competitive, efficient combined entity that management believes will be uniquely positioned as the natural consolidator in the Cardium and be able to benefit from further consolidation opportunities. Filed on: 01-11-2021. The Registration Statement includes various documents related to such offer and sale. The AIF, Financial Statements, and related MD&A can be accessed either on Bonterra's website at www.bonterraenergy.com or under the Company's profile on SEDAR at www.sedar.com. “Our Offer is a compelling opportunity for Bonterra shareholders to be part of an efficient, competitive company with a solid future,” said Stephen Loukas, Obsidian Energy’s Interim President and CEO. The extension provides Bonterra shareholders an additional opportunity to fully evaluate the Offer’s ability to create a stronger, well-positioned company with a far superior future, reflect on recent changes in the relative value of Obsidian Energy and Bonterra, and recognize the positive impact of recent industry consolidation announcements on share price performance. We are aware that there is currently a sizeable percentage of Bonterra shareholders who have yet to decide on the Offer, and we believe the strength of the combination and the recent trading prices of Bonterra and Obsidian Energy make this a highly desirable transaction for Bonterra shareholders.”. Email: lottmann@longviewcomms.ca, OBSIDIAN ENERGY 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. Bonterra Resources Inc. Mailing Address: 2872 chemin Sullivan, suite 2 Val d'Or, Qc J9P 0B9: Head Office Address: 1055 Georgia St. Vancouver, BC V6E 4N7 Partner “Since we made our original offer, industry consolidation has accelerated over the past few months as boards seize opportunities to build increased scale, efficiency and resilience. Obsidian Energy also lowered the minimum tender condition of the Offer so that the Bonterra Shares validly deposited to the Offer, and not withdrawn, must represent greater than 50% (versus 66 2/3%) of the then outstanding Bonterra Shares (on a fully diluted basis). In addition, the share price reflected strong shareholder approval of the share issuance related to the Offer and recommendations in support of the Offer by independent proxy advisory firms to Obsidian Energy’s shareholders. Toll Free: 1-888-770-2633 Yahoo fait partie de Verizon Media. Calgary, Alberta Calgary, Alberta T2R 1J4: Head Office Address: 901, 1015 - 4th Street S.W. OBSIDIAN ENERGY URGES INVESTORS AND SHAREHOLDERS OF BONTERRA TO READ THE REGISTRATION STATEMENT AND ANY AND ALL OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE OFFER AND SALE OF OBSIDIAN SHARES AS THOSE DOCUMENTS BECOME AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE … The Company's shares are listed on The Toronto Stock Exchange under the symbol "BNE". Outside North America:  1-416-867-2272 The AIF, Financial Statements, and related MD&A can be accessed either on Bonterra's website at www.bonterraenergy.com or under the Company's profile on SEDAR at www.sedar.com. Additional details regarding the Offer can be found in Canada on SEDAR at www.sedar.com , in the United States on EDGAR at www.sec.gov and on the Company's website at www.obsidianenergy.com . Calgary, Alberta Bonterra shareholders are strongly encouraged to read the Offer Documents carefully and in their entirety, since they contain additional important information regarding Obsidian Energy and the terms and conditions of the Offer as well as detailed instructions on how Bonterra shareholders can tender their Bonterra Shares to the Offer. The forward-looking statements contained in this document speak only as of the date of this document. 2017 Annual Information Form. With respect to forward-looking statements contained in this document, Obsidian Energy has made assumptions regarding, among other things: that Obsidian Energy, which is subject to a short term extension on its senior revolving credit facility and Bonterra each continue to obtain extensions in respect of their facilities and otherwise continue to satisfy the applicable covenants under their respective senior revolving credit facilities, including following the completion of the Offer and any subsequent second step transaction, the ability to complete the Offer and the proposed combination, integrate Obsidian Energy’s and Bonterra’s businesses and operations and realize financial, operational and other synergies from the proposed combination; that each of Obsidian Energy, Bonterra and, following the completion of the Offer, the combined entity will have the ability to continue as a going concern and realize its assets and discharge its liabilities in the normal course of business; the impact of regional and/or global health related events, including the ongoing COVID-19 pandemic, on energy demand; that the combined entity’s operations and production will not be disrupted by circumstances attributable to the COVID-19 pandemic and the responses of governments and the public to the pandemic; that Bonterra’s publicly available information, including its public reports and securities filings as of December 18, 2020, are accurate and complete; global energy policies going forward, including the continued agreement of members of OPEC, Russia and other nations to adhere to existing production quotas or further reduce production quotas; Obsidian Energy’s ability to execute on its plans as described herein and in its other disclosure documents and the impact that the successful execution of such plans will have on Obsidian Energy and, following the combination, the combined entity and the combined entities’ respective stakeholders; that the current commodity price and foreign exchange environment will continue or improve; future capital expenditure levels; future crude oil, natural gas liquids and natural gas prices and differentials between light, medium and heavy oil prices and Canadian, West Texas Intermediate (WTI) and world oil and natural gas prices; future crude oil, natural gas liquids and natural gas production levels, including that we will not be required to shut-in additional production due to the continuation of low commodity prices or the further deterioration of commodity prices and our expectations regarding when commodity prices will improve such that shut-in properties can be returned to production; future exchange rates and interest rates; future debt levels; the ability to execute our capital programs as planned without significant adverse impacts from various factors beyond our control, including weather, wild fires, infrastructure access and delays in obtaining regulatory approvals and third party consents; the combined entity’s ability to obtain equipment in a timely manner to carry out development activities and the costs thereof; the combined entity’s ability to market its oil and natural gas successfully to current and new customers; the combined entity’s ability to obtain financing on acceptable terms; and the combined entity’s ability to add production and reserves through development and exploitation activities. Informations sur votre appareil et sur votre connexion Internet, y compris votre adresse IP, Navigation et recherche lors de l’utilisation des sites Web et applications Verizon Media. 2019 Annual Information Form. Kingsdale Advisors Phone: 403-777-2500 In particular, this document contains forward-looking statements pertaining to, without limitation, the following: that the Company will be changing the terms of its Offer and will make the requisite filings in due course in order to do so; the extension and revised terms that will be applicable to the Offer and the intended reason for those changes; the anticipated strategic, operational and financial benefits and synergies that may result from the proposed combination between Obsidian Energy and Bonterra; and that the combination is in the best interests of both company’s shareholders. SEDAR® Public Document Filings or information from prior years result in significant efficiencies of Bonterra Income. 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