FORWARD LOOKING INFORMATION

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2 FORWARD LOOKING INFORMATION Certain statements contained in this Presentation include statements which contain words such as anticipate, could, should, expect, seek, may, intend, likely, will, believe and similar expressions, statements relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about development, results and events which will or may occur in the future, constitute forward-looking information within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward-looking information in this Presentation includes, but is not limited to: expected cash provided by continuing operations; cash distributions; future capital expenditures, including the amount and nature thereof; oil and natural gas prices and demand; expansion and other development trends of the oil and gas industry; business strategy and outlook; expansion and growth of our business and operations; and maintenance of existing customer, supplier and partner relationships; supply channels; accounting policies; credit risks; and other such matters. All such forward-looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties, and assumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations; equipment and labour shortages and inflationary costs; general economic conditions; industry conditions; changes in applicable environmental, taxation and other laws and regulations as well as how such laws and regulations are interpreted and enforced; the ability of oil and natural gas trusts to raise capital; the effect of weather conditions on operations and facilities; the existence of operating risks; volatility of oil and natural gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash flow from operations to meet current and future obligations; increased competition; stock market volatility; opportunities available to or pursued by us; and other factors, many of which are beyond our control. The foregoing factors are not exhaustive. Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits will be derived therefrom. Except as required by law, Bonterra disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained herein is expressly qualified by this cautionary statement. 2

3 CURRENT SNAPSHOT Shares issued: ~ 18.9 million Market capitalization: ~ $801 million Directors/employees own ~26 percent Return percent of funds flow* to shareholders Current monthly dividend: $0.22/share Current annualized yield: 6.2 percent** Reserve Life Index (P+P): 20.1 years Production Profile: 70% oil / 30% nat. gas Drilling inventory in excess of 15 years Consistent production and reserves growth on a per share basis High netbacks Tax pools: ~ $431.5 million Debt: $91.8 million at September 30, 2010 (net of working capital) * Funds flow is not a recognized measure under GAAP. For these purposes, the Company defines funds flow as funds provided by operations before changes in non-cash operating working capital items but including gain on sale of property, adjustments of investment tax credit receivable, and excluding restricted cash and asset retirement obligations settled. ** Based on November 12, 2010 closing price of $

4 FINANCIAL & OPERATIONAL RESULTS HIGHLIGHTS (000s except per unit amounts) Nine months ended 06/30/2010 Year 2009 Year 2008 Year 2007 Funds flow $58,498 $66,504 $70,448 $53,815 Per share / unit basic $3.12 $3.69 $4.13 $3.18 Net earnings $35,651 $68,563 $55,426 $30,350 Per share / unit basic $1.90 $3.81 $3.25 $1.79 Reserve life index (P+P) years N/A BOE per day 5,476 4,994 4,346 4,218 Reserves in BOE per weighted average outstanding share / unit (P+P) N/A Working capital deficiency $17,891 $10,162 $23,878 $58,766 Bank debt $73,901 $59,823 $79,910 $ - 4

5 SHAREHOLDER VALUE $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 Combined Share Price Cumulative Dist./Div. $62.74 $42.36 $ Nov-10 * Based on November 12, 2010 closing price of $

6 INCREASING SHAREHOLDER VALUE Production per Share (BOE per share) Reserves per Share (BOE per share) (based on P+P reserves) production forecast: 5,500 to 5,800 BOE/day Total P+P Reserves of 35.8 million BOE 6

7 ACHIEVING TECHNICAL SUCCESS Finding and Development Cost Summary per BOE* $16.23 $7.00 $6.82 $11.01 $8.46 $6.62 $2.15 $ Year Average F&D costs / boe (Proved) F&D costs / boe (P+P) Recycle Ratio Peer-Average Recycle Ratio** * Includes Future Development Costs ** Peer-Average Recycle Ratio is based on the average of 16 oil and gas trusts/intermediate producers. RBC Capital Markets report dated April 26,

8 PEMBINA CARDIUM 8

9 PEMBINA CARDIUM HZ WELL ACTIVITY Location W.I. % Production Date Cumulative Oil Production to 10/31/10 (bbls) Initial Oil Production 30 days (bbls/day) Current Day Oil bbls per day (at 10/31/10) w February 2, , w August 1, , w October 15, , w October 29, , w December 18, , w January 2, , w5 100 January 3, , w5 100 February 6, , w5 100 February 22, , w5 100 April 1, , w5 100 April 1, , w5 75 May 1, , w May 1, , w5 100 May 4, , w May 4, , w5 100 May 2, , July 13, , August 17, , w5 75 August 25, , w5 100 October 21, , w5 100 October 5, , w5 75 Drilled Completed, waiting on third party for tie-in Drilled On production November 8, Drilled On Production November 5, Drilled On production November 4, Driled Completing, on recovery (Average Working Interests: 83.6 percent) 9

10 PEMBINA CARDIUM 10

11 LARGE OPPORTUNITY SET Net undrilled locations: Inventory of new locations currently identified (subject to commodity prices and the terms of the Alberta royalty plan): Horizontal Cardium (on Halo lands) Vertical Cardium Edmonton Sand * (greater than 1,000 potential vertical locations if drilled to 40 acre spacing. Working on converting to horizontal locations) Other: 15 (including Gething, Notikewin, Banff and Upper and Lower Shaunavon) * Only 63 net locations in 2009 reserve report Annual estimate of net wells that will be drilled over the next three years: 25 per year Coalbed methane future potential: Subject to government regulations and gas prices Acquiring land for long term growth projects at low prices in core areas >15 year inventory for Cardium, Edmonton Sand and other areas 11

12 LARGE CARDIUM EXPOSURE Bonterra is the third largest operator in the Pembina Cardium Approximately 160 gross (117 net) Cardium sections including 27.5 gross (23.9 net) in the Halo 89.2% of Proved plus Probable Reserves in Pembina. 84.6% of Proved plus Probable reserves in Cardium Greater than 1,000 gross potential vertical locations if drilled to 40 acre spacing; 63 locations with reserves assigned. Undetermined amount of these locations will become horizontal locations Up to 65 gross (60 net) potential additional locations at 4 wells per section on Halo lands with no reserves assigned for a total of 99 gross and 88 net horizontal wells 12

13 901, th Street SW Calgary, AB T2R 1J4 Telephone: (403) Fax: (403) Website: 13