BNE Bonterra Energy Corp

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES OF AMERICA


Bonterra Energy Corp. (Bonterra) (www.bonterraenergy.com) (TSX:BNE) has been
notified by the Canada Revenue Agency (CRA) that Bonterra's taxation years,
since the November 18, 2008 conversion of Bonterra Energy Income Trust to a
corporation, may be reassessed to eliminate certain tax pools. If such
reassessments are issued and maintained on appeal, Bonterra will owe total cash
taxes of approximately $25 million for the five taxation years since the
conversion.


In Management's view, the reassessment of companies with respect to the use of
tax pools is part of an overall initiative by the CRA. Management remains of the
opinion, that after careful consideration and consultation at the time of the
conversion, Bonterra's subsequent tax returns were correct as filed. If the
proposed reassessments are issued, management will vigorously defend Bonterra's
tax filing position. Any amounts paid to the CRA in connection with such
reassessments would be refunded on a successful appeal of the reassessments. 


Management confirms that the proposed reassessment will not affect the
Corporation's strategy going forward, nor the amount of the monthly dividend
distributions.


Bonterra Energy Corp. is a conventional oil and gas corporation with operations
in Alberta, Saskatchewan and British Columbia. The Common Shares are listed on
The Toronto Stock Exchange under the symbol "BNE".


Forward Looking Information

This press release contains certain statements or disclosures relating to
Bonterra that are based on the expectations of Bonterra as well as assumptions
made by and information currently available to Bonterra which may constitute
forward-looking information under applicable securities laws. In particular,
this press release contains forward-looking information related to the
reassessment and future taxes payable. Such forward looking information involves
material assumptions and known and unknown risks and uncertainties, certain of
which are beyond Bonterra's control. Many factors could cause the reassessment
and future taxes payable to be materially different from those expressed or
implied herein. Bonterra's Annual Information Form and other documents filed
with securities regulatory authorities (accessible through the SEDAR website at
www.sedar.com) describe the risks, material assumptions and other factors that
could influence actual results of Bonterra and accordingly the tax consequences
of its operations, which are incorporated herein by reference. Bonterra
disclaims any intention or obligation to publicly update or revise any forward
looking information, whether as a result of new information, future events or
otherwise, except as may be expressly required by applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Bonterra Energy Corp.
George F. Fink
CEO
(403) 262-5307
(403) 265-7488 (FAX)


Bonterra Energy Corp.
Robb D. Thompson
CFO
(403) 262-5307
(403) 265-7488 (FAX)


Bonterra Energy Corp.
Kirsten Lankester
Manager, Investor Relations
(403) 262-5307
(403) 265-7488 (FAX)
info@bonterraenergy.com
www.bonterraenergy.com

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