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INVESTOR PRESENTATION – Delphi Energy Corp.

Delphi Energy Corp. · Apr 5, 2015 · 35 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 1
    2015 APRIL 2015 CORPORATE PRESENTATION APRIL 2015 DELPHI ENERGY CORP.
  2. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 2
    DELPHI: A SUSTAINABLE BUSINESS MODEL Cash generating capability remains healthy in current environment Balanced revenue stream (2014: 49% Gas, 51% Condensate/NGLs) Significant commodity hedge position for 2015 and 2016 Efficient cost…
  3. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 3
    FOCUS: CONDENSATE-RICH BIGSTONE MONTNEY Bigstone Montney the driver of significant growth Built an 8,000 boe/d 138 gross sections Payout achieved on 5 Forecast average asset on net capital with a drilling wells (6 to 18 months) Montney…
  4. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 4
    BIGSTONE MONTNEY: A GREAT PIECE OF REAL ESTATE Montney land position has grown to 138.5 gross (117.1 net) sections since 2010 Delphi one of the largest Montney landowners on map sheet Delphi is a leader in the technical evolution…
  5. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 5
    BIGSTONE MONTNEY: ASSEMBLED 138 SECTIONS East Bigstone: 78 sections Held 4 sections of legacy Montney rights West Bigstone: 27 sections below existing DEE production 26.3 sections of Cretaceous added Sept/14 Added 12 sections of…
  6. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 6
    BIGSTONE MONTNEY: STRATEGIC INFRASTRUCTURE Rge25W5 Rge24 Rge23 Rge22 Rge19 Rge18 SemCAMS KA TCPL Delphi owns significant existing infrastructure in Alliance the Bigstone area Sour processing capacity at SemCAMS K3 Lower fee…
  7. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 7
    BIGSTONE MONTNEY: ALLIANCE FIRM SERVICE Alliance Capacity (mmcf/d) 70 60 Q4 Average Natural Gas Production 50 40 30 20 Staged firm service capacity to deliver natural gas to the Chicago gas market. Priority…
  8. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 8
    BIGSTONE MONTNEY: 19 WELLS DRILLED Drilled 3 HZ wells in 2012: To KA Sour Two mile HZs with laterals of 16-27 Plant 15-30 2,200 m to 3,000 m ATH 13-27 10-27 13-30 16-30 DEI Fracd using conventional gelled 4 wells 3 wells 13-23…
  9. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 9
    BIGSTONE MONTNEY: PRODUCTION GROWTH 2014 Production 10,549 boe/d Montney Production Ramped Up in 2014 Hythe Eleven fold increase in Montney production from 700 boe/d Bigstone Cretaceous in Feb 2013 to over 8,000 boe/d in Nov 2014…
  10. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 10
    BIGSTONE MONTNEY: RESERVES Montney Development Dec. 31, 2014 Categories 124% growth in PDP reserves over 2013 Increase in 2P value to 448.2 million and 2P Montney reserves to 50.7 mmboe 25% PDP Delphi Capital Efficiencies (proved…
  11. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 11
    BIGSTONE MONTNEY: WELL PERFORMANCE 3,000 18 Typecurve Total Sales (boe/d) Average 30+ Stage HZ Total Sales (boe/d) Typecurve Field Condensate (bbl/d) Average 30+ Stage HZ Field Condensate (bbl/d) 2,500 15 2,000 Production…
  12. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 12
    BIGSTONE MONTNEY: INDIVIDUAL WELL DATA Initial Production (IP) Rate Well Performance (1) Number IP30 IP30 IP30 IP90 IP180 IP270 IP365 Payout HZ Length of Fracs Total Sales FCond Rate Total NGL Total Sales Total Sales Total Sales Total…
  13. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 13
    BIGSTONE MONTNEY: PRODUCTION TRENDS Value creation remains robust on GLJ January 2015 Price Deck Type Well NPV = 13.2 million IRR = 74% PI = 2.4 Payouts = 18 months Lower intial gas rate: Decline profile less than type curve…
  14. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 14
    BIGSTONE MONTNEY: COMPARATIVES Well Depths 6,000 5,000 4,000 3,000 Metres 2,000 1,000 0 2012 2013 2014 TVD (m) Hz length (m) Well Costs 14,000 700 12,000 600 Cost per Frac Stage (000) 10,000 500 D&C…
  15. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 15
    BIGSTONE MONTNEY: COMPARATIVES Natural Gas Rate Field Condensate Rate Raw Gas Plus (Raw) Field Condensate Rate Delphi Energy East Bigstone Montney (17 wells) Delphi Energy East Bigstone Montney (17 wells) Delphi Energy East…
  16. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 16
    BIGSTONE MONTNEY: COMPARATIVES 70.00 Company F,D&A Costs per BOE (Proved) 60.00 50.00 40.00 30.00 Average - 22.07/boe 20.00 Delphi - 12.12/boe 10.00 0.00 Company Reported F,D&A Costs as compiled by Scotiabank…
  17. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 17
    BIGSTONE MONTNEY: ECONOMIC MODEL Two Section Montney Horizontal w/ 30 stage Slickwater Hybrid Completion Revised Type Well (1) Capital Total MM 9.2 Initial Production (day 1) Gas mmcf/d raw 7.0 Initial Field Condensate bbl/mmcf…
  18. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 18
    BIGSTONE MONTNEY: NETBACKS Liquids Yield (bbls/mmcf) Cash Netbacks Increasing with Montney Growth Field Condensate Plant Condensate Butane Propane Ethane 120 Montney Montney average liquids yield in 2014 of 95 100 bbls/mmcf (70% field…
  19. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 19
    BIGSTONE MONTNEY: 2015 DRILLING PROGRAM Area of 5 year / 70 well Development plan 1 4 East Bigstone 6 53 2 2015 Drilling Plans Include: Up to 6 HZ wells at East Bigstone 2 wells drilled in first half 20 million…
  20. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 20
    HEDGING PROGRAM: PROTECTING CASH FLOW Natural Gas (Cdn) 2015 2016 2017 Volume (mmcf/d) 33.4 10.9 2.4 % Hedged (1) 67 22 5 Fixed Price (Cdn /mcf) 3.61 3.68 3.96 Natural Gas (US) 2015 2016 2017 2018 Volume (mmcf/d) 6.0 20.0 15.0…
  21. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 21
    MARKET GUIDANCE 2014 2015 Guidance 1H 2015 Average Annual Production (boe/d) 10,549 11,500 - 12,000 11,000 11,500 Exit Production Rate (boe/d) 11,500 12,250 12,750 - AECO Natural Gas Price (Cdn per mcf) 4.48 3.50 2.60 WTI Oil…
  22. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 22
    DELPHI SUMMARY Current inventory of scalable development opportunities: Montney land base has grown to 138 sections Application of slickwater frac technology is successful Gas rates / NGL yields / costs Field operations benefiting…
  23. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 23
    APPENDIX APRIL 2015 DELPHI ENERGY CORP. 24
  24. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 24
    CORPORATE FOCUS: DEEP BASIN ASSET BASE Cash Generating Capability by Play Type Concentrated land base of over 300 sections Percent of Capital Recovered Bigstone Montney HZ Significant HZ drilling inventory on multiple Bigstone…
  25. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 25
    BIGSTONE MONTNEY: PLAY EVOLUTION East Bigstone Development/Manufacturing Mode +100 Locations East Bigstone 20 producing wells West Bigstone Upper Montney +100 Locations Area of Focus Fir 10 producing wells West Bigstone…
  26. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 26
    2012 TO 2014 PRODUCTION (BOE/D) Delphi Production Montney Production 12,000 8,000 Declines and 2012 28% Growth 10,000 Dispositions offset by 7,000 Montney growth 6,000 8,000 5,000 6,000 4,000 4,000 3,000 2,000 2,000 1,000…
  27. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 27
    2012 TO 2014 NETBACKS AND COSTS (/BOE) Legacy Netbacks Montney Netbacks 30.00 30.00 25.00 25.00 Fixed costs of facility spread over very few 20.00 20.00 volumes 15.00 15.00 10.00 10.00 5.00 5.00 0.00 0.00 2012 2013 2014 2012…
  28. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 28
    2012 TO 2014 RESERVE METRICS F,D&A-Proven (/BOE) Recycle Ratio-Proven 45 3.0 40 2.5 35 30 2.0 25 1.5 20 15 1.0 10 0.5 5 0 0.0 2012 2013 2014 2012 2013 2014 F,D&A-2P (/BOE) Recycle Ratio-2P 20 2.5 2.0 15 1.5 10 1.0…
  29. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 29
    WEST BIGSTONE MONTNEY: DE-RISKING West Bigstone Montney: 27 sections (100% WI) Athabasca Producing Upper and middle Montney thicken Delphi 9-4 Well Conventional Natural gas is sweet to marginally sour Gelled Oil Frac Condensate and…
  30. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 30
    BIGSTONE MONTNEY: WELL DESIGN Extended Reach Evolution of Montney Drilling Depths HZ Drilling 6000 Over 4,000 Montney wells drilled in last 5 years 5000 Ave. HZ Length Depth (m) Ave. TVD 2,700 4000 Two - single section HZ…
  31. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 31
    BIGSTONE MONTNEY: CUMULATIVE PRODUCTION 500 Cumulative Production 450 400 Type Well 350 300 Cumulative BOE's (MBOE) 250 200 150 100 50 All shut in days have been removed 0 0 50 100 150 200 250 300 350 400…
  32. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 32
    BIGSTONE MONTNEY: CUMULATIVE REVENUE Cumulative Revenue 22,000 New wells generating up to 3 times more revenue: 20,000 Higher condensate yields Lower decline profiles Faster payouts 18,000 Greater NPVs and ROR Type Well 16,000…
  33. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 33
    BIGSTONE MONTNEY: WELL PAYOUTS Slickwater Wells Achieving Payout 5 wells to date Payout achieved on approximately 20% of well EUR Average production at payout of 500- 700 boe/d Cash operating income after payout funding continuous…
  34. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 34
    BIGSTONE MONTNEY: WELL PAYOUTS Slickwater Wells Achieving Payout 6 of the first 9 Slickwater 30 stage wells will have achieved payout in 6 to 19 months Leading to self sustainability of Bigstone Montney Program APRIL 2015 DELPHI…
  35. INVESTOR PRESENTATION – Delphi Energy Corp. – slide 35
    300, 500 4th Avenue S.W. Calgary, Alberta T2P 2V6 Telephone: (403) 265-6171 Facsimile: (403) 265-6207 Email: infodelphienergy.ca Website: www.delphienergy.ca APRIL 2015 DELPHI ENERGY CORP. 36

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