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CORPORATE PRESENTATION – Tangle Creek Energy Ltd.

Tangle Creek Energy Ltd. · Oct 31, 2014 · 31 slides

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Slides

  1. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 1
    Building a High Quality, High Margin Energy Business Tangle Creek Energy Corporate Presentation October 2014
  2. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 2
    Tangle Creek Corporate Snapshot Concentrated, high margin energy business built in 3 years: Production 2014 average - 3,900 boe/d - forecast Q4 2014 5,000 boe/d 75% light sweet crude (36API) High Margin Operating netbacks of 50/boe…
  3. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 3
    Tangle Creek Corporate Profile Light tight oil Candidates for emerging tight rock technologies Business High margin low risk development opportunities Plan Operatorship, high working interests Concentrated assets, material land…
  4. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 4
    Board of Directors Chairman CEO Lauchlan Currie Glenn Gradeen Jim Pasieka Cam McVeigh ARC Financial Corp. Tangle Creek Energy McCarthy Ttrault Camcor Partners Inc. Dan Botterill Larry M Jones P.Eng. Independent Director…
  5. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 5
    Executive Team Vice President Vice President Chief Executive Vice President Engineering & Land Officer Exploration Chief Operating Officer Glenn Gradeen Alison Essery Cam Virginillo Mike McGeough Berkana, Rosetta, Ocelot…
  6. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 6
    Horizontal Drilling and Completion Technology Impact on Oil Production Multistage Fracturing System Modified http://www.loganinternationalinc.com/lcs/PDF/LCS_MS-Brochure_R1_web.pdf 6
  7. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 7
    Growing Conventional Oil Production New Technologies Source: ARC Energy Charts June 2014 7
  8. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 8
    Tangle Creek Kaybob Property Tangle Creek Energy First utilization of horizontal multistage technology on the Kaybob Dunvegan Play early mover application of new technology completions detailed technical review - unearthing high…
  9. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 9
    Dunvegan Stratigraphy Dunvegan depth is 1,600 to 1,800 m at Kaybob Total hole length is typically 3,000 m to 3,400 m Drill times are 9 to 11 days Dunvegan Carbonates Adapted from Canadian Discovery Digest 9
  10. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 10
    Kaybob Area Dunvegan Activity Source: CIBC March 2014 Dunvegan Drilling Dunvegan horizontals (green) Dunvegan horizontals (green) 10 10
  11. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 11
    Tangle Creek Kaybob Existing Wells & 2014 Drilling Program 2014 Q3Q4 Drilling Program 13 (11.5 net) Operated Wells Location TBD - 1 net non-Op Well Q1 2014 Dunvegan Hz Wells 5 (4.9 net) Operated Wells 2 (0.3 net) non-Operated…
  12. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 12
    Growing Light Oil Production 6,000 Forecast Actual 5,000 boe/d 75% Liquids 5,000 4,250 boe/d 74% Liquids 4,000 3,551 boe/d 72% Liquids 2,770 boe/d 3,000 70% Liquids 2,000 1,245 boe/d 67% Liquids 1,000 53 boe/d 76%…
  13. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 13
    Value Creation - Growing Cash Flows 85 0.60 75 0.49 0.50 0.41 80 65 0.40 55 67 Cash Flow (mm) 0.27 0.30 45 CFPS 35 0.17 0.20 38 25 0.10 15 15 0.00 5 -0.07 2011 2012 2013 2014 (Forecast) Annualized Q4…
  14. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 14
    Growing Reserves Total Proved Plus Probable 20 0.115 18.1 18 0.110 0.110 16 0.105 14 0.105 P+P boe reserves / Share mmbe (P+P Reserves) 12 10 9.3 0.100 0.096 8 0.095 6 4 0.090 2 1.5 0 0.085…
  15. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 15
    Current Status - Operational Confidence Well Performance is Predicable Average Well Well Count 15
  16. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 16
    Dunvegan Type Curves - Four Tiers & Half Cycle Economics (capex 2.8mm/well) 85 oil, 4.00 gas Sproule Sproule 201406Pricing Pricing Oil (kbbls) Total (kBoe) NPV10 PI NPV10 PI Tier 1 High 225 305 5,344 4,644 2.9 2.33 7,316 5,747…
  17. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 17
    Improving Well Performance - IP 90 by Quarter Drilled IP 90 by Quarter 500 20 19 446 450 18 400 16 350 14 13 315 308 300 12 260 Well Count 244 boe/d 250 10 9 190 197 200 181 8 7 150 6 5 4 4 100…
  18. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 18
    0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 Operated Well 1 Operated Well 2 Operated Well 3 Operated Well 4 Operated Well 5 Operated Well 6 Operated Well 7 Operated Well 8 Operated Well 9…
  19. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 19
    Continuous Improvement of Operating Costs OPEX ( / boe) 18.00 16.04 16.00 14.56 14.23 14.00 13.69 13.63 Estimate 12.80 12.18 11.95 11.75 12.00 11.64 11.50 10.83 10.00 8.00 6.00 4.00 2.00 0.00 Q4 -…
  20. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 20
    High Margin High Netback Production NOI ( / boe) 70.00 58.85 59.88 60.00 57.96 Estimate 53.63 50.00 45.14 44.01 43.79 41.89 41.44 38.91 39.17 40.00 32.50 30.00 20.00 10.00 0.00 Q4 - 2011 Q1 - 2012 Q2 -…
  21. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 21
    Value Creation Operating Margins & Competitive FDA Yield Strong Economic Performance 70.00 8.0x 7.1x 59.37 7.0x 60.00 6.0x 50.00 44.82 Recycle Ratio (NOI / F&D) 5.0x 40.00 38.38 / BOE 4.0x 3.1x 4.1x 30.00…
  22. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 22
    Construction of Three Multi-well Batteries Treating for over 6,000 bbls/d of pipeline spec oil Tangle Creeks 2,000 bbl/d battery & compressor station at 01-20-60-17w5 on-stream October 2012 22
  23. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 23
    Comparison of Dunvegan, Cardium, Montney, Viking Marine Sandstone Parameters Water Saturation (Sw) Similar marine oil plays have similar reservoir characteristics & benefit from new technology applications Dunvegan benefits…
  24. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 24
    Kaybob 2014 Drilling Program & New Initiatives 22+ Wells (net 17.6 budgeted) 7 (5.2 net) 8+ (6.5 net) 7+ (6.0 net) Oil Pipeline Tie-in H2_2013 Drills - Black Sec 20-60-19 - New Tier 2 Area Q1 2015 Locations Sec…
  25. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 25
    Kaybob Drilling Inventory Various Prices, Capital and Well Densities Drilling Inventory of Net Drilling Locations Capable of Achieving a 30% IRR 250 223.8 223.8 200 167.9 167.9 of Net Drilling Locations 150 118.8…
  26. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 26
    0 1,000 2,000 3,000 4,000 5,000 6,000 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 PDP Production Jul-15 Sep-15 Nov-15 Jan-16 PUD - 2014 Mar-16 May-16 Jul-16 Sep-16 PUD 2015 Nov-16…
  27. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 27
    Slave Point Production and TCE lands Nipisi Slave Point & Gilwood A 1,700 - 1,900 m TVD D Slave Point Production from older verticals and recent horizontals, total 18 MMBO Slave Point D pool with significant horizontal…
  28. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 28
    Positioning Tangle Creek for the Future 1. Second Core Operating Area Test well(s) at Nipisi 2. Acquisitions Oil & liquids rich gas opportunities under review in 3 separate areas. Land purchases, asset & corporate acquisitions Over…
  29. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 29
    Peer Group Comparison (Public Company Information) Recycle Ratios 3.x 3.0x Tangle Creek Energy = 2.8x 2.8x 2.6x 2.5x 2.5x 2.4x 2.4x 2.3x 2.3x 2.3x 2.2x Average Recycle = 1.9x 2.x 2.x 2.x 2.0x 1.9x 1.9x 1.8x 1.7x 1.5x 1.5x…
  30. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 30
    Tangle Creek Energy Conclusions Tangle Creek Competitive Advantages Technical, focused team Best in Class operator a complete full service team 1st to drill multistage horizontal on Dunvegan Oil Play 1st approval for Dunvegan…
  31. CORPORATE PRESENTATION – Tangle Creek Energy Ltd. – slide 31
    Contact: Tangle Creek Energy Ltd Glenn Gradeen John Pantazopoulos CEO CFO d: +1 (403) 648-4901 d: +1 (403) 648-4903 m: +1(403) 618-0434 m: +1(403) 828-8084 ggradeentanglecreekenergy.com jpantazopoulostanglecreekenergy.com 1400, 715 5th…

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