Economics : Type Curve
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Saturns Viking Well Type Curve1
Prolonged, Sustained Production at Prairiedale, Coleville & Milton Provide
Repeatable Development Opportunity
Saturns ERH Viking Horizontal Type Curve1
140
120
100
Production Rate (bbls/d)
80
60
40
20
-
0 1 2 3 4 5 6 7 8 9 10 11
Normalized Time (Months)
SATURN CORPORATE AVERAGE Tier 2 - 20 Mbbls EUR Tier 4 - 32.5 Mbbls EUR Tier 6 - 50 Mbbls EUR Tier 8 - 75 Mbbls EUR
(1) See Disclaimer Type Curve
TSX.V: SOIL I FRA: SMK 9
Saturn Oil and Gas Inc.
February 2020
Technical Advancements Drive Productivity Improvement
Shift to ERH(1) Wells Drives Productivity 95%+ of Viking Development now
Improvements ERH Wells
400 100%
Viking Wells by Vintage 350 90%
80 80%
300
70%
70 250 60%
60 200 50%
40%
Oil Rate (bbl/d)
150
50
30%
100
40 20%
50 10%
30
0 0%
2012 2013 2014 2015 2016 2017 2018 2019
20
Net Wells Onstream (Left Axis)
10 ERH (%) (Right Axis)
0
- 5,000 10,000 15,000 20,000 25,000 Well Economics (2)
Cum Oil (bbl) WTI Oil Price 55/bbl 60/bbl
2019 Wells 2018 Wells 2017 Wells 2016 Wells Payout: 2.2 years 1.7 years
2015 Wells 2014 Wells 2013 Wells 2012 Wells
IRR: 33% 49%
(1) Extended Reach Horizontal (ERH) wells are to 1 mile long laterals drilled to a depth of approximately 700 Recycle Ratio: 1.7x 2.0x
metres.
(2) Individual well economics based on constant pricing and costs, and Baytexs assumptions regarding an expected Breakeven:
type curve that uses the following assumptions: well cost - 1 million; IP 365 - 44 boe/d; EUR - 48 mboe. MSW
US46/bbl
(10% IRR)
differential assumption US5/bbl.
24
Baytex Energy Corp.
January 2020
KARVE TYPE WELL DRILLING ECONOMICS SPROULE TIER 5
Sproule Tier 5 - 100% CROWN - 7 US DIFFERENTIAL
WTI FX WTI Capex EUR BT NPV 10 IRR Payout
US/bbl US/CDN CDN/bbl M/Well Mbbl M % Months
45 0.77 58.44 890 50 157 21% 38
50 0.77 64.94 890 50 319 33% 28
55 0.77 71.43 890 50 491 48% 20
60 0.77 77.92 890 50 695 70% 17
65 0.77 84.42 890 50 864 91% 13
Source: Karve Energy Inc.
See Reader Advisories Oil and Gas Information
10
Karve Energy Inc
August 2019