Timeline

Twenty years in business is uncommon no matter how you slice it—twenty years in the commodity business is nothing less than incredible! We’ve navigated numerous commodity cycles and have become accustomed to the inherent uncertainty they create in our business. With each and every cycle, we’ve adapted and emerged stronger and wiser. Below is a look back at our journey and our resounding commitment to creating value for our shareholders.

1997

On November 4th, Bonavista appoints new management and Board of Directors and share price doubles that same week; new team grows production from 1,811 boe/d in October to an exit rate of 2,150 boe/d.

1998

Undeveloped land quadruples from 65,000 to 244,000 net acres while reserves double from 6.5 mmboe to 14.0 mmboe.

1999

Added reserves equal to 530% of annual production with a capital spending program exceeding $100 million and drilling 90 wells.

2000

Record return on equity of 57% with cash flow swelling 202% and production growing 71% reinforced by annual natural gas production exceeding 100 mmcf/d.

2001

Surpassed 10,000 bbls/d of oil and liquids production with the acquisition of 6,200 bbl/d of heavy oil production.

2002

The birth of our West Central core area by way of a 3,500 boe/d acquisition less than 100 miles north of Calgary. By year end, had exceeded: $1 billion of enterprise value, 1 million net acres of undeveloped land, $200 million of funds flow from operations and 100 employees.

2003

Conversion to an Energy Trust on July 2nd, Canada's fourth largest at the time, and subsequently spun out and managed NuVista Energy as an exploration focused company.

2004

Record acquisition activity of $606 million and total capital expenditures of $751 million supported by two public equity offerings totaling $382 million.

2005

Exceeded 50,000 boe/d of annual average production and surpassed $4 billion of enterprise value on the back of a record realized natural gas price of $8.55/mcf.

2006

Record distributions to shareholders of $3.87/share, representing $324 million of total distributions.

2007

First ever horizontal multistage well drilled and completed in the Saskatchewan Bakken light oil play.

2008

Record revenue of $1.2 billion, cash flow from operations of $644 million ($5.64/share) and net income of $438 million ($3.84/share).

2009

Began journey to concentrate assets in high quality core areas leading with the Hoadley acquisition resulting in another record capital spending program of $834 million, greater than 200 mmcf/d of natural gas production, and natural gas reserve book in excess of 1 bcf.

2010

Completed the next step of our asset concentration strategy by acquiring Deep Basin assets for $230 million, giving birth to our Deep Basin core area.

2011

Converted to a dividend-paying corporation while surpassing $2 billion of cumulative distributions to our shareholders since inception as an energy trust in 2003.

2012

Drilled our 100th Glauconite horizontal well and further concentrated our assets with a significant Deep Basin acquisition resulting in our drilling inventory exceeding 1,500 locations.

2013

Quarterly production exceeds 75,000 boe/d for the first time in corporate history; drilled an extended reach horizontal well to nearly 3,000 meters of horizontal length for the first time.

2014

Record exploration and development spending of $640 million resulting in record fourth quarter production in excess of 85,000 boe/d offset by non-core asset divestitures of 6,000 boe/d for $293 million of proceeds.

2015

Record annual production of 79,288 boe/d with a 20% reduction in operating expenses and a 20% reduction in abandoned wells.

2016

Reduced net debt by $433 million while spending only 58% of funds from operation. This added reserves which replaced 123% of annual production.

2017

Celebrate 20 years of efficiently providing energy to the citizens of Canada and the rest of the world!