CALGARY - Bonterra Energy Corp. (TSX:BNE) is increasing its monthly dividend by a penny to 30 cents per share.
The dividend, which amounts to $3.60 annually, will be increased starting in June, and payable July 31, Bonterra announced Wednesday after markets closed.
The Calgary-based company says it also plans on increasing its capital spending to $140 million from $120 million.
The increase will be used to drill an additional six gross wells in the fourth quarter, which are expected to be completed and in production by early 2015. It will also be used to expand oil processing and gas handling capacity in the Carnwood, Alta., region.
Bonterra Energy is an oil and gas producer with operations in Alberta, Saskatchewan and British Columbia.
On the Toronto Stock Exchange, Bonterra closed up two cents at $61.02 on Wednesday.