Mr. Patrick Oliver reports

BONTERRA ENERGY ANNOUNCES APPROVAL OF ITS SECOND NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Bonterra Energy Corp.'s notice of intention to renew a normal course issuer bid for its outstanding common shares in accordance with the rules and policies of the TSX. This NCIB represents Bonterra's second such program and reflects the continuation of the company's disciplined return of capital strategy.

Bonterra is of the view that its intrinsic value is not being reflected in the current share price, and, as such, the NCIB is designed to underpin the company's market valuation, enhance per-share metrics for shareholders and provide a source of liquidity as may be needed. With a recently diversified and expanded core asset base, this strategic approach complements Bonterra's disciplined management of free funds flow and capital allocation, enabling the company to balance near-term shareholder return initiatives with continued production growth.

Under the NCIB, the company may purchase a maximum of 3,110,454 common shares of Bonterra, representing 10 per cent of its public float and approximately 8.5 per cent of its 36,574,980 outstanding common shares as of April 2, 2026, over a period of 12 months commencing April 15, 2026, and expiring April 14, 2027, or such earlier time as the bid is completed or terminated at the option of Bonterra. The actual number of common shares which may be repurchased pursuant to the NCIB will be determined by management of the company, and any common shares that are repurchased by Bonterra under the NCIB will be cancelled. The NCIB will be financed using Bonterra's cash resources or credit facilities, and is planned to be managed within the company's return of capital strategy. During the past 12 months, the company has purchased an aggregate of 749,900 common shares (of a maximum of 3,199,449) at a weighted-average price of $3.56 per common share.

Purchases under the NCIB will be made through the facilities of the TSX and/or alternative Canadian trading systems at the prevailing market price at the time of purchase and in accordance with TSX rules. The total number of common shares Bonterra is permitted to purchase is subject to a daily purchase limit of 18,351 common shares, representing 25 per cent of the average daily trading volume of 73,404 common shares on the TSX calculated for the six-month period ended March 31, 2026, subject to the exception that permits one block purchase per calendar week in excess of the daily purchase limit.

Bonterra has entered into an automatic share purchase plan with a broker, consistent with the structure utilized under its prior NCIB, to facilitate repurchases of its common shares. Under the company's ASPP, the broker may repurchase shares under the normal course issuer bid during the company's self-imposed blackout periods. Purchases will be made by the broker based upon the limits prescribed by the TSX and applicable securities laws and the terms of the plan and the parties' written agreement. Outside of these blackout periods, common shares may be purchased under the NCIB in accordance with management's discretion.

About Bonterra Energy Corp.

Bonterra is a conventional oil and gas corporation forging a grounded path forward for Canadian energy. Operations include a large, concentrated land position in Alberta's Pembina Cardium, one of Canada's largest oil plays. Bonterra's liquids-weighted Cardium production provides a foundation for implementing a return of capital strategy over time, which is focused on generating long-term, sustainable growth and value creation for shareholders. The emerging Charlie Lake and Montney resource plays are expected to provide enhanced optionality and an expanded potential development runway for the future. Its shares are listed on the Toronto Stock Exchange under the symbol BNE and on the OTCID under the symbol BNEFF.

We seek Safe Harbor.