Calgary-based Bonterra Energy slashes monthly dividend to a penny as oil prices fall

Bonterra Energy Corp. is slashing its monthly dividend to a penny per share due to the drop in oil prices.

The energy company says the new rate will apply to its November dividend which is payable on Dec. 31.

Bonterra had been paying a monthly dividend of 10 cents per share.

The company says it is taking the steps to protect its balance sheet and prudently manage its debt, dividend and capital spending.

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It says it has seen its realized oil price fall to about $21.50 per barrel from $77.20 per barrel.

READ MORE: Rachel Notley says Alberta is ‘essentially giving oil away for free’ in Toronto speech 

Watch below: Premier Rachel Notley made a case for Alberta’s pipelines while addressing the Toronto Region Board of Trade on Monday, saying “Canada willfully holds Alberta’s economy hostage.”

5:56 ‘Canada willfully holds Alberta’s economy hostage’: Rachel Notley

Bonterra has operations in Alberta, Saskatchewan and B.C.