Bonterra Energy Corp.

Bonterra Energy Corp.

November 14, 2008 23:59 ET

Bonterra Oil & Gas Ltd. (successor to Bonterra Energy Income Trust) Confirms Cash Dividend for October Payable November 28, 2008

CALGARY, ALBERTA--(Marketwire - Nov. 14, 2008) - Bonterra Oil & Gas Ltd. (successor to Bonterra Energy Income Trust) (www.bonterraenergy.com) is pleased to announce its dividend to holders of common shares for the month of October 2008. The record date for the dividend is November 24, 2008, and the ex-dividend date is November 20, 2008.

The dividend will be paid on November 28, 2008. The amount of the dividend will be $0.26 per common share as previously disclosed in the press release dated November 6, 2008. As the previously announced Plan of Arrangement closed on November 12, 2008, the payment is a dividend to shareholders and accordingly, no further distributions will be made to unitholders of Bonterra Energy Income Trust. Any unitholder who has traded units ex-distribution prior to the issuance of this press release is invited to contact Bonterra for further information

The dividend is considered an "eligible dividend" for tax purposes.

In addition, further to the press release dated November 12, 2008, pursuant to articles of reorganization which were filed in connection with a Plan of Compromise and Arrangement under the Companies' Creditors Arrangement Act (Canada) and the Canada Business Corporations Act, the former common shares of SRX Post Holdings Inc. (the predecessor name to Bonterra Oil & Gas Ltd.) were converted into Class A redeemable preferred shares on November 12, 2008. These Class A redeemable preferred shares may be redeemed and cancelled by Bonterra Oil & Gas Ltd. for no consideration.

Bonterra Oil & Gas Ltd. is a conventional oil and gas corporation with operations in Alberta and Saskatchewan. The common shares will not be listed and trading until the opening of trading on the TSX on Tuesday, November 18, 2008 under the symbol "BNE" and will be listed in substitution of the units of Bonterra Energy Income Trust.

Contact Information

  • Bonterra Oil & Gas Ltd.
    George F. Fink
    President, and CEO
    (403) 262-5307
    Fax: (403) 265-7488
    or
    Bonterra Oil & Gas Ltd.
    Garth E. Schultz
    Vice President - Finance, and CFO
    (403) 262-5307
    Fax: (403) 265-7488
    info@bonterraenergy.com
    www.bonterraenergy.com