Bonterra Energy Corp. announced Thursday it is cutting its monthly dividend, citing weak oil prices, in the latest sign that Canada’s energy sector is under intense pressure.

The Calgary-based oil and gas company said it will lower its monthly payout to $0.01 per share from $0.10 per share, beginning with its November dividend payable Dec. 31.

Bonterra said it is “taking necessary steps” to protect its balance sheet in the wake of the significant differential between Western Canada Select prices and the North American crude benchmark, West Texas Intermediate.

“Until there is a required rebalancing of supply and demand, which could occur through a number of factors including the willingness of provincial and federal governments to build pipelines taking oil to tidewater, further industry production shut-ins, additional crude by rail capacity coming online, the start-up of Enbridge Line 3 replacement and refinery demand increases, these steps remain necessary to protect the value of Bonterra for our shareholders,”  the company said in a release.

Bonterra has operations in Alberta, Saskatchewan and British Columbia.