RBC Capital Markets’ Cardium Conference February 23, 2010 TSX: BNE

2 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. F ORWARD L OOKING I NFORMATION

3 Shares issued: ~ 18.5 million Market capitalization: ~ $648 million Directors/employees own ~25 percent Return percent of funds flow* to shareholders Current monthly dividend: $0.18/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 14 years Consistent production and reserves growth on a per share basis High netbacks Tax pools: ~ $487 million * 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 excluding gain on sale of property and asset retirement expenditures. ** Based on February 19, 2010 closing price of $35.04 BNE (TSX): C URRENT S NAPSHOT

4 (Prior to Royalties) Proved (75.6% Oil & NGLs) Oil (Mbbl) Gas (MMcf) NGLs (Mbbl)BOE % of Total Corporate Company Total17,75236,6421,46825, Pembina Total16,59327,0891,38022, Pembina Cardium Conventional14,52220,0071,26819, Pembina Cardium Horizontal1, , Proved Plus Probable (77.0% Oil & NGLs) Company Total25,67549,5391,89335, Pembina Total24,15736,1841,78431, Pembina Cardium Conventional17,99625,0921,57423, Pembina Cardium Horizontal6,0562, , B ONTERRA R ESERVE S UMMARY * Tables may not add due to rounding

5 Mbbl / WellMBoe / Well (Typical 100% Gross) ProvedP+PProvedP+P ‘Halo’ Area with Successful Hz Producers ‘Halo’ Edge with Hz Production ‘Halo’ Area with Limited Hz Production History ‘Halo’ Area with Offsetting Vertical Well Production History Wells in Waterflooded Portion of Main Pembina Cardium Pool P EMBINA C ARDIUM H Z W ELL R ESERVES

F&D Costs per BOE (1)(2) 2008 F&D Costs per BOE (1)(2) 2007 F&D Costs per BOE (1)(2) 2009 Three Year Average 2008 Three Year Average Proved Reserve Additions $16.23$7.00$2.15$8.46$11.55 Proved plus Probable Reserve Additions $11.01$6.82$2.02$6.62$ FD&A Costs per BOE (1)(2)(3) 2008 FD&A Costs per BOE (1)(2)(3) 2007 FD&A Costs per BOE (1)(2)(3) 2009 Three Year Average 2008 Three Year Average Proved Reserve Net Additions $13.25$8.67$2.74$8.22$12.30 Proved Plus Probable Reserve Net Additions $8.93$7.47$2.68$6.36$9.45 FD&A C OSTS Notes: The above figures have been calculated in accordance with National Instrument (NI ) where the 2009 F&D Costs equate to the total exploration and development costs incurred by the Company of $28,726,000 (includes $5,814,000 for undeveloped land) as calculated according to GAAP plus or minus the yearly change in estimated future development costs as calculated by Sproule Associates Limited ($34,960,000 for proved and $51,538,000 for proved and probable). FD&A costs include acquisition costs of $7,105,000 as well as proceeds of disposition of $30,191,000. The following precautionary notes have been provided as required by NI (1) Barrels of Oil Equivalent may be misleading, particularly if used in isolation. A BOE conversion ratio of 6MCF:1bbl 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.

7 P EMBINA C ARDIUM

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9 A REA OF I NITIAL D EVELOPMENT

10 A REA OF D EVELOPMENT

11 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 Greater than 1,000 gross potential vertical locations if drilled to 40 acre spacing; 63 locations with reserves assigned Up to 65 gross (60 net) potential additional locations at 4 wells per section on ‘Halo’ lands with no reserves assigned T HE B ONTERRA A DVANTAGE

12 901, 1015 – 4 th Street SW Calgary, AB T2R 1J4 Telephone: (403) Fax: (403) Website: