Bonterra Energy Corp. provided an update on the progress realized to date from its successful 2021 drilling program, which is designed to target high rate-of-return, low-risk light oil opportunities. Based on effective development in the first half of 2021, current corporate production is estimated at 13,200 BOE per day1, with the second half 2021 development drilling program having commenced by the end of June. The Company's significant torque to oil prices combined with increasing production is expected to continue to accelerate efforts to deleverage. With forward strip WTI oil price averaging approximately USD 71 for the remainder of 2021 and USD 65 in 2022, supported in part by Bonterra's current hedges, combined with a low decline production profile and strong free cash flow generation, the Company anticipates a net debt to cash flow target leverage ratio of between 1.0 to 1.5 by year end 2022.