CALGARY, ALBERTA--(Marketwire - Feb. 6, 2013) - Bonterra Energy Corp. (Bonterra) ([ www.bonterraenergy.com ]) (TSX:BNE) reports the results of the independent reserve report prepared by Sproule Associates Limited with an effective date of December 31, 2012 for Spartan Oil Corp.; provides a pro forma reserves summary; updates its 2013 operating cost guidance; and corrects its finding, development and acquisition costs excluding future development costs for 2012.

Highlights

• Proved plus Probable (P+P) reserves on a pro forma basis of 70.5 million BOE with approximately 78 percent oil and liquids.
• Approximately 74 percent of total reserves are classified as proved reserves with 26 percent classified as probable reserves.

Corporate Reserves Information (Spartan Oil Corp. Only)

Spartan Oil Corp. (Spartan) engaged the services of Sproule Associates Limited to prepare a reserve evaluation with an effective date of December 31, 2012. The gross reserve figures from the following tables represent Spartan's ownership interest before royalties and before consideration of the company's royalty interests at December 31, 2012. Tables may not add due to rounding.

Summary of Gross Oil and Gas Reserves as of December 31, 2012

Reconciliation of Company Gross Reserves by Principal Product Type as of December 31, 2012

Summary of Net Present Values of Future Net Revenue as of December 31, 2012

Pro Forma Reserves (Bonterra and Spartan)

Summary of Gross Oil and Gas Reserves as of December 31, 2012

Summary of Net Present Values of Future Net Revenue as of December 31, 2012

Update: Bonterra 2013 Operating Cost Guidance

Bonterra closed the acquisition of Spartan in January, 2013 and announced guidance based on the combined entity on February 5, 2013. The guidance reported included operating costs expected to average approximately $15.00 per BOE on an annualized basis. However, this only included Bonterra operating costs. On a consolidated basis of Bonterra and Spartan, the operating costs for the combined entity are expected to average $12.45 per BOE for the period commencing from the acquisition date of January 25, 2013 to December 31, 2013.

Correction: Finding, Development and Acquisition (FD&A) Costs

The Company has historically been active in its capital development program. Over three years, Bonterra has incurred the following FD&A ⁽³⁾ costs excluding Future Development Costs:

(1) Barrels of Oil Equivalent may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 MCF: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

(2) The aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserve additions for that year.

(3) FD&A costs are net of proceeds of disposal and the FD&A costs per BOE are based on reserves acquired net of reserves disposed of.

(4) Three year average is calculated using three year total capital costs and reserve additions on both a Proved and Proved plus Probable basis

Certain financial and operating information, such as finding and development costs and net asset values, included in this press release for the year ended December 31, 2012 are based on estimated unaudited financial results for the year and are subject to the same limitations as discussed under Forward Looking Statements set out below. These estimated amounts may change upon the completion of audited financial statements for the year ended December 31, 2012 and changes could be material. All reserve numbers provided above are Spartan's interest before royalties.

It should not be assumed that the estimates of future net revenue presented in the above tables represent the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions will be attained and variances could be material. Estimates of reserves and future net revenues for individual properties may not reflect the same confidence level as estimates of reserves and future net revenues for all properties due to the effects of aggregation.

Caution Regarding Engineering Terms:

Disclosure provided herein in respect of barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. In accordance with NI 51-101, a BOE conversion ratio of 6 MCF to 1 barrel has been used in all cases in this disclosure. This BOE conversion ratio is based on an energy equivalency conversion method primarily available at the burner tip and does not represent a value equivalency at the wellhead.

Caution Regarding Forward Looking Information:

Certain information set forth in this press release, including management's assessment of Bonterra's future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Bonterra's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Bonterra's actual results, performance or achievement could differ materially from those expressed in, or implied by these forward-looking statements, and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Bonterra will derive therefrom. Bonterra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contributing Sources

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