Bonterra Oil & Gas Ltd. and Cobalt Energy Ltd. Announce Completion of the Acquisition of Cobalt Energy Ltd.

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Bonterra Oil & Gas Ltd. ("Bonterra"); (www.bonterraenergy.com) (TSX:BNE) and
Cobalt Energy Ltd. ("Cobalt") (TSX VENTURE:CB.A) (TSX VENTURE:CB.B) are pleased
to announce that the arrangement under the Business Corporations Act (Alberta)
involving Bonterra, Bonterra Energy Corp., and Cobalt and the shareholders of
Cobalt (the "Arrangement") has been completed effective today.


Summary of the Cobalt Arrangement 

Under the terms of the Arrangement, holders of class A common shares of Cobalt
received 0.011875 of a Bonterra common share, and holders of class B common
shares of Cobalt received 0.11875 of a Bonterra common share. As a result of the
Arrangement, Cobalt became a wholly-owned subsidiary of Bonterra. An aggregate
of 201,440 Bonterra common shares were issued to the holders of Cobalt shares.


Each of the former officers and directors of Cobalt has resigned and was
replaced by a nominee of Bonterra. It is anticipated that the Cobalt class A
common shares and class B common shares will be delisted from trading on the TSX
Venture Exchange within three to four business days.


A detailed description of the Arrangement is contained in the Cobalt's
management information circular dated June 1, 2009, a copy of which is available
on SEDAR at www.sedar.com. 


Advisory Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws with respect to the
timing of the delisting of the Cobalt class A shares and class B shares from the
TSX Venture Exchange. The forward-looking statements and information are based
on certain key expectations and assumptions made by Bonterra and Cobalt,
including expectations and assumptions concerning the timing of receipt of
regulatory approvals. Although Bonterra and Cobalt believe that the expectations
and assumptions on which such forward-looking statements and information are
based are reasonable, undue reliance should not be placed on the forward-looking
statements and information and there is no assurance that they will prove to be
correct. Since forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks and
uncertainties. These dates may change for a number of reasons, including, but
not limited to, inability to secure necessary regulatory approvals in the time
assumed. Accordingly, readers should not place undue reliance on the
forward-looking statements and information contained in this press release
concerning these times. Readers are cautioned that the foregoing list of factors
is not exhaustive. Additional information on these and other factors may be
accessed through the SEDAR website (www.sedar.com). The forward-looking
statements and information contained in this press release are made as of the
date hereof and Bonterra and Cobalt undertake no obligation to update publicly
or revise any forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by applicable
securities laws.