Bonterra Oil & Gas Ltd. Announces Cash Dividend for December Payable January 30, 2009

    CALGARY, Jan. 6 /CNW/ - Bonterra Oil & Gas Ltd. (
(TSX: BNE) announces that the monthly cash dividend to all holders of common
shares for the month of December will be reduced to $0.16 from the previous
amount of $0.20 (reduction of 20 percent) and will be paid on January 30,
2009. The record date for the dividend is January 15, 2009, and the
ex-dividend date is January 13, 2009.
    The dividend level is paid monthly and is subject to commodity prices and
production levels. During 2008, Bonterra was able to increase the dividend
(formerly paid as a distribution) due to the substantial increase in commodity
prices, most notably in crude oil. However, the continuing significant
decrease in oil and natural gas prices has resulted in a decrease in cash
flow. This reduction is necessary to preserve balance sheet strength.
    The Board of Directors will continue to monitor commodity prices and
production volumes and will adjust dividend levels up or down in accordance
with cash flow. Bonterra currently intends to continue to pay out between 75
and 80 percent of its cash flow and retain the remainder for capital

    Certain information set forth in this press release, including
management's assessment of Bonterra's future plans and operations, contains
forward-looking statements. By their nature, forward-looking statements are
subject to numerous risks and uncertainties, some of which are beyond
Bonterra's control, including the impact of general economic conditions,
industry conditions, volatility of commodity prices, currency fluctuations,
imprecision of reserve estimates, environmental risks, competition from other
industry participants, the lack of availability of qualified personnel or
management, stock market volatility and ability to access sufficient capital
from internal and external sources. Readers are cautioned that the assumptions
used in the preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements. Bonterra's actual
results, performance or achievement could differ materially from those
expressed in, or implied by these forward-looking statements, and,
accordingly, no assurance can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, or if any of them do
so, what benefits that Bonterra will derive therefrom. Bonterra disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.

    %SEDAR: 00017467E

For further information:

For further information: George F. Fink, President, and CEO or Garth E.
Schultz, Vice President - Finance, and CFO or Kirsten Kulyk, Manager, Investor
Relations, Telephone: (403) 262-5307, Fax: (403) 265-7488, Email:

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Bonterra Energy Corp.

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