Bonterra Oil & Gas Ltd. announces Amalgamation and Name Change to "Bonterra
Energy Corp."

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S./

CALGARY, Jan. 4 /CNW/ - Bonterra Oil & Gas Ltd. ("BOGL"); (www.bonterraenergy.com) (TSX:BNE) is pleased to announce that it has amalgamated with its wholly owned subsidiary Bonterra Energy Corp. ("BEC") pursuant to the provisions of the Canada Business Corporations Act to continue as one corporation under the name "Bonterra Energy Corp." effective January 1, 2010 ("New Bonterra").

Prior to the amalgamation, Bonterra Energy Income Trust, a trust which was wholly owned by BOGL, was wound-up and dissolved in accordance with subsection 88.1 of the Income Tax Act (Canada). As a result of the amalgamation and dissolution of Bonterra Trust, New Bonterra holds all of the assets formerly held by BEC and Bonterra Trust.

The common shares of New Bonterra will trade under the symbol "BNE" and it is anticipated that they will continue to trade under the name "Bonterra Oil & Gas Ltd." for three to four business days and thereafter will trade under the name "Bonterra Energy Corp.".

%SEDAR: 00003132E

SOURCE Bonterra Energy Corp.

For further information: For further information: George F. Fink, Chairman and Chief Executive Officer, Garth E. Schultz, Vice President, Finance and Chief Financial Officer, Bonterra Energy Corp., Suite 901, 1015 - 4th Street S.W., Calgary, Alberta, T2R 1J4, Phone: (403) 262-5307, Fax: (403) 265-7488

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Bonterra Energy Corp.

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