Greenfields Petroleum Corporation Annual General Meeting Restructuring Process August 2016 TSX.V: GNF & GNF.DB
Bahar Acquisition and Restructuring Greenfields acquired the remaining 2/3 interests in Bahar Project on August 9th 2016. Greenfields restructured corporation on August 18, 2016. Settled subordinated senior debt 25MM Settled…
Bahar ERDPSA Offshore Shallow Water Caspian Sea, Azerbaijan The Neighborhood of Big Oil and Gas Billion Barrel and Multi TCF Fields Neft Dashlary Field 1,200 MMBO Gum-Deniz Field CUM 212 MMBO REM 329 MMBO(1) Guneshli Field…
Bahar ERDPSA closer look Contractor Parties Bahar Energy Limited (BEL) (80 %) BAKU wholly owned subsidiary of Greenfield Petroleum Corporation SOCAR Oil Affiliate (20%) 2016 July Gross Production 4,500 BOE/d Bahar Reserves…
Transportation Systems GAS Sold to SOCAR Gas Export Take or Pay Contract Realization: US3.96/mcf OIL All volumes sold to SOCAR Marketing pipeline shipped to Novarossiysk (or Supsa) liftings every 6 to 10 days…
Bahar Energy Limited (BEL) Reserves (GLJ 12/31/2015) Greenfields Proved Proved Total Total Total 2P Total 3P Interest Producing Developed Proved Probable 100% of BEL Oil 0.43 2.5 5.2 4.9 9.8 13.8 (MMbbls) Gas 5.3 90.6 93.7 107 156.3…
Key Highlights Greenfields alone funded 33.5MM into project (2014 & 2015) during period of partner default Dramatic operating costs reductions 89MM reduced to 20MM (11 per BOE) Reduced personnel & contract services Gum Deniz…
Bahar Gas Field Revised Structure Map Integrated structure map at top X series Minor tear faulting and crestal grabens 9
Bahar Gas Well Recompletions Phase 1 (51 recompletions over 5 years) X/Y: 421600 Meters 4445800 4445800 Net Pay - 4700 -4 0 50 5 5 4 65 meters PSG workover rig 50 - 4675 2 - - 45 - 44 7 on Bahar…
2016 Bahar Gas Well Activities 2016 First Initial Expected IP, Approved AFE Amount , Rig Well Platform Target Flow Operation Jan Feb Mar Apr May Jun Jul Aug S ep Oct Nov Dec MMCFPD US D Units 1 B-149 77 X upper & IXlow 3.6…
Bahar Field Workovers and Recompletions 2016 MODULAR RIGS for offshore gas platforms Each module weighs less than 4 tons Easily moved with crane Skidmounted draw works; fast installation Double lifting mast, hydraulically raised…
Gum Island Gum Deniz Oil Field Development Plan New Drill Plan Completed wells (5) Phase 1 (28 Wells) Phase 2 (55 Wells) Phase 3 (288 Wells) 20 Ac spacing Future oil well drilling to start with 1 KM Phase 1 at end of…
2016 Oil and Gas Well Activities 2016 ERA Proposed Initial ERA Proposed Initial Reserve from Estimated Cum Annual Economic Limit, first target, Production from Total Reserve, Cost Estimate, Rig PLATFORM Well MTD, m PBTD, m Target…
Next Steps: ReStart Development Maintain reduced operating costs Continue oil and gas recompletions and workovers successful and less expensive expanding program and adding more ESPs double existing production to 10,000 BOE/D…
Bahar and Gum Deniz Redevelopment (Phase 1) 16
Bahar Acquisition and Restructuring Greenfields acquired the remaining 2/3 interests in Bahar Energy Limited on August 9th 2016. Consideration of 66MM 6MM cash and forgiveness of 60MM default obligations Greenfields restructured…
Greenfields Debt Equity Structure 1/3 BEL Interest 3/3 BEL Interest Current Debt Equity Structure Future Debt Equity Structure (August 2016) Equity 22.1 MM Common shares Equity 166.5 MM Common shares Major Shareholders Major…
Greenfields Transaction Summary Net P2 Reserves tripled to 37.5 MBOE Total outstanding debt was reduced from USD84MM to USD47MM maturity was extended to March 2018 Cash available post restructuring of 5MM Available cash to be…
In Summary, The acquisition of the remaining portion of the Bahar Project allowed Greenfields to triple our reserves, and to reduce the corporations debt obligations by almost half. Going forward with control of the project, and…
Contact Information Greenfields Petroleum Corporation John Harkins CEO Phone: (832) 2340834 Facsimile: (877) 6446211 John.Harkinsgreenfieldspetroleum.com Wayne Curzadd CFO Phone: (832) 2340835 Facsimile: (877) 6446211…
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