Economics : Break-Even
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Viking Light Oil Leading Low Cost Oil Play
US WTI Half-Cycle Oil Breakeven(1)
Viking Hz. Dodsland 36.11
Cardium Pembina West ERH 36.25
Eagle Ford Oil East (Top Q) 38.78
Bone Spring (Top Q) 39.34
Spraberry Hz (Top Q) 39.75
MONTNEY
Montney Tower 40.73
Wolfcamp Delaware (Top Q) 40.74
Mississippian Hz. 41.20
Bakken Hz (<1,700m) 41.41
North Dakota Three Forks 41.94
900k gross / North Dakota Bakken (Top Q) 41.98
825k net acres Wolfcamp Midland (Top Q) 42.85
Shaunavon Lower Hz. 43.84
Viking Hz. Alberta 44.01
100% Saskatchewan
Eagle Ford Oil West (Top Q) 44.62
Bone Spring 46.56
CARDIUM
VIKING Cardium Hz. Pembina East 46.80
Lloydminster Hz. 48.00
Wolfcamp Delaware 48.09
Montney Ante Creek Hz. 48.10
Eagle Ford Oil East 50.14
Spraberry Hz 52.08
VIEWFIELD North Dakota Bakken 57.07
BAKKEN Wolfcamp Midland 59.65
SHAUNAVON Eagle Ford Oil West 60.59
ALBERTA MISSISSIPPIAN
BAKKEN North Dakota Three Forks 63.48
1. Peters & Co. Limited Research. 10% discount rate, C3.25/mcf AECO, US3.45/mcf NYMEX.
10
Teine Energy
September 2016
Breakeven Oil Price (C/bbl Ed. Par)
0
10
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30
40
50
60
70
80
90
RMP (Ante Creek) - Montney Oil
100
29
Crescent Point - Bakken (Waterflood) 34
Surge (Valhalla) - Doig 36
Kelt (La Glace) - Montney Oil 38
Source: CIBC Research.
Whitecap - Viking 39
Corporate Presentation
Crescent Point - Mississippian 39
Encana - Duvernay Oil 39
ARC (Tower) - Montney Oil 39
Crescent Point - Torquay 41
C3.13/Mcf (2018E) thereafter.
Northern Blizzard (Cactus) - Mannville 42
Whitecap - Cardium 42
Crescent Point - Bakken 43
Whitecap - Dunvegan Oil 43
Torc - Mississipian 43
Tamarack - Cardium 43
Northern Blizzard - Viking 44
Northern Blizzard (Winter) - Mannville 44
Whitecap (Valhalla) - Montney Oil 45
Spartan - Mississippian 45
Granite - (AB Bakken) 46
Bonterra (East Pem) - Cardium 46
Raging River - Viking 46
Trilogy (Kaybob) - Montney Oil 47
Lightstream - Mississippian 47
Husky - Bakken 48
Trilogy (Volatile Oil) - Duvernay 48
ARC (Ante Creek) - Montney Oil 49
ARC (Pembina) - Cardium 50
Torc - Torquay 50
Encana - Montney Oil 50
Surge - Upper Shaunavon 51
Twin Butte - Dina Cummings 51
Crescent Point - Viking 52
Twin Butte - Sparky 52
Vermilion - Mississippian 53
Lightstream - Bakken 53
Tourmaline - Charlie Lake 53
Baytex - Mannville Heavy 53
Longrun - Viking 54
Spartan - Viking 54
Cardinal - Glauconite Oil 54
Kelt (Karr) - Montney Oil 55
Crescent Point - Lower Shaunavon 55
Trilogy (Condensate/Gas) - Duvernay 55
Torc - Cardium 56
Lightstream (West Pem) - Cardium 56
Pengrowth (Lochend) - Cardium 56
2. NBZ play types use NBZ specific play blending and transportation costs. All other company plays use CIBC reserve estimates.
Birchcliff - Charlie Lake 56
Twin Butte - Lloydminster 56
Penn West - Viking 57
Baytex - Peace River Heavy (Cold) 57
Top Quartile Breakeven Economics (15% BT)
Crew (Tower) - Montney Oil 58
Bonavista - Cardium 59
RMP (Waskahigan) - Montney Oil 59
Kelt - Charlie Lake 59
Journey - Glauconite Oil 59
Penn West - Spearfish 60
Penn West - Cardium 60
Surge - Mannville Heavy 63
Husky - Cardium 64
Penn West - Peace River Heavy (Cold) 66
Vermilion (West Pem) - Cardium 67
Long Run - Montney Oil 68
Lightstream - Swan Hills 69
Crescent Point - Swan Hills 69
Pengrowth - Swan Hills 69
Baytex - Peace River Heavy (Thermal) 70
1. Assumes US4/bbl Edmonton Par-WTI differential, US12/bbl heavy-WTI differential. FX of 1.3889 US-C. AECO gas prices of C2.78/Mcf in year 1, C3.40/Mcf (2017E) and
Long Run - Cardium 72
Bellatrix Cardium 73
Torc (AB Bakken) 74
Athabasca - Duvernay 76
July 2016 12
Penn West - Slave Point 76
Northern Blizzard Resources Inc
July 2016
ITG Research:
... And Among the Lowest Break-Evens
Enerplus land position
Source: ITG, Breaking Down the Bakken, December 2014 54
Enerplus Corp
July 2015