Is Bonterra Energy (BNE) halal?
Bonterra Energy Corp. (TSX: BNE) is a Calgary-based oil-and-gas producer whose ~C$171 million of interest-bearing debt runs about 80% of its roughly C$212 million market cap — a decisive debt-gate failure.
The two-gate Shariah screen
Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).
Gate one: the business — no haram lines identified
Bonterra Energy is a Calgary-based oil-and-gas producer with a single reportable segment: development and production of oil and natural gas in the Western Canadian Sedimentary Basin (Q2 2026 news release and MD&A, August 11, 2026). Its assets include the Pembina Cardium, Bonanza Charlie Lake, and Wembley Montney areas in Alberta; Q2 2026 production was a record 16,828 boe/d. The filings disclose no weapons, alcohol, gambling, conventional finance, tobacco, pork, or adult-entertainment lines.
Gate two: the ratios — debt gate fails decisively (~80% vs ~33% ceiling)
As at June 30, 2026 (Q2 2026 MD&A): bank debt of C$34.544 million (C$150 million facility, maturing May 31, 2028) plus subordinated notes of C$136.203 million (C$135 million principal, 10.5% fixed coupon, maturing January 28, 2030), for total interest-bearing debt of about C$170.7 million. With 35,925,193 shares at the September 29, 2026 quote of C$5.91, market cap is about C$212 million, so debt-to-market-cap is about 80% — decisively over the ~33% ceiling. Investment income was C$77,000 in Q2 2026 against revenue of C$97.227 million — about 0.08%, under the ~5% ceiling — so the FAIL comes from the debt gate alone. Interest expense for the quarter was C$4.386 million. Cash and lease liabilities were not separately disclosed in the MD&A.
What other screeners say
We could not verify any current rating for BNE from Zoya, Musaffa, or ShariaPortfolio in public sources. Our screener is independent and based on the company’s Q2 2026 news release and MD&A.
The bottom line
This screener gives Bonterra Energy Corp. (TSX: BNE) a FAIL. The oil-and-gas business has no verified haram lines, but interest-bearing debt of about C$170.7 million runs about 80% of its roughly C$212 million market cap — decisively over the ~33% ceiling. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
Sources
Frequently asked questions
Is Bonterra Energy stock halal?
This screener gives Bonterra Energy Corp. (TSX: BNE) a FAIL. The Calgary-based oil-and-gas producer has no haram business lines in its Q2 2026 filings, but its interest-bearing debt of about C$170.7 million is about 80% of its roughly C$212 million market cap — decisively over the ~33% ceiling used by AAOIFI-style screens.
What are Bonterra Energy's debt and market-cap figures?
As at June 30, 2026 (Q2 2026 MD&A): bank debt of C$34.5 million plus subordinated notes of C$136.2 million (C$135 million principal, 10.5% coupon, maturing January 28, 2030), for total interest-bearing debt of about C$170.7 million. Market cap is about C$212 million (C$5.91 (September 29, 2026 quote) × 35,925,193 shares). Debt-to-market-cap is about 80% — decisively over the ~33% ceiling.
How much interest income does Bonterra Energy earn?
In Q2 2026 (three months ended June 30, 2026), Bonterra disclosed investment income of C$77,000 in the MD&A 'Other Income' table, against oil-and-gas revenue of C$97.2 million — about 0.08%, well under the roughly 5% ceiling. The FAIL here comes from the debt gate, not the income gate.
What does Bonterra Energy do?
Bonterra Energy is a Calgary-based oil-and-gas producer with a single reportable segment: development and production of oil and natural gas in the Western Canadian Sedimentary Basin. Its assets include the Pembina Cardium, Bonanza Charlie Lake, and Wembley Montney areas in Alberta, with record quarterly production of 16,828 boe/d in Q2 2026. The filings disclose no weapons, alcohol, gambling, conventional finance, tobacco, pork, or adult-entertainment lines.
What do Zoya, Musaffa, and ShariaPortfolio say about BNE?
We could not verify any current rating for BNE from Zoya, Musaffa, or ShariaPortfolio in public sources. Our screener is independent and based on the company's Q2 2026 news release and MD&A.