What We Do YIELD + GROWTH Innovate 0.96 /share Annual Dividend LIGHT OIL FOCUSED VALUE CREATION 82% Liquids Weighting* Repeat Grow MULTI-YEAR INVENTORY 10+ years Drilling Inventory Our Model The Results *Based on YE…
Growing a Resource Play Company We are long-term focused. Resource Play Resource Play Production Cardium Bakken Conventional Plays Time Repeatable organic growth combined with an attractive dividend yield Large…
Innovation is Our Culture By focusing on how we do things, we find ways to improve. PetroBakken Energy Ltd. May 2012 PetroBakken Energy Ltd. May 2012 5
Opportunity Portfolio Our strategy is focused with multi-year growth opportunities. Current Business Unit Location Inventory Bakken (Southeast 900 (light oil) SK) Cardium 580 (light oil) Conventional 350 (light oil)…
Reserves Summary 2012 Proved + Probable Reserves Mix 2012 Highlights: (207 MMboe) 2P Reserves of 207 MMboe 18% 6% Replaced 229% of production & increased reserves by 2% (net of dispositions of 16.9 MMboe) F&D costs (including FDC)…
Annual Reserves Growth 13% compounded annual growth rate in reserves since 2009 Light oil and liquids weighting above 80% 300 250 Volumes (MMboe) 200 150 100 50 0 2009 2010 2011 2012* Proved Developed Producing Total…
2013 Capital Forecast Our strategy for 2013. Business Net Wells* Capital 2013 capital expenditures of Units (Q1) (millions) 675 million, with 480 million allocated to drilling, completion Bakken 32 85 and tie-in activities (SE SK)…
Financial Highlights Our financial strength reflects strong execution. Strong annual cash flow generation allows us to pay a dividend and invest in growth capital Funds flow from operations 2011: 710 million (3.79/basic share) 2012:…
Financial Capacity to Grow We strive for a flexible and liquid balance sheet. Senior Secured Credit Facility1 (0.3 billion of available liquidity) Debt Capital Composition Term subject to further 1.4 billion extensions 1.1…
Corporate Production Base New production is layered onto maturing assets for growth. Base 2010 Incremental 2011 Incremental 2012 Incremental 60,000 * Asset Divestments 50,000 * ** 40,000 * * 30,000 20,000 2010 Base decline:…
High Performance Netbacks We have industry leading netbacks. Q4 2012 per BOE Profitability (excludes hedging) Q1 2013 average netback Operating Netback Operating Expense Royalties of 49.79/boe 80 Active hedging program 70…
We Repeat: Strong Well Economics Light-oil focused inventory generates strong economic returns. < 2 year capital payout 2x recycle ratio Saskatchewan Bakken 2 Cardium 3 Conventional 1 Drill, Complete, 1.3 2.9 3.8 Equip, Tie-in…
Business Unit Overview Cash generating potential in all our business units. Bakken Conventional Cardium 2012 Average Production (boepd) 17,766 5,592 16,566 2012 Realized Oil Price 84.22 81.50 83.01 (Average Oil Differential) (10%)…
SE Saskatchewan Asset Overview Cash flow generating resources. Maturing resource plays: generating surplus cash flow Significant remaining Bakken zone primary reserves to be recognized Estimated 1.69 billion barrels DPIIP Only 5%…
Cardium Business Unit Overview Solid Growth. Through three corporate acquisitions in early in 2010 we established our core positions in West Pembina, East Pembina, Garrington and Lochend Our land position continues to grow through…
Our Emerging Plays Program De-risking our inventory. This emerging play area is very active Industry activity is helping to de-risk our land By the end of 2012, we had drilled 10 wells In the first quarter of 2013, we drilled 8…
Our Emerging Play Sandbox PetroBakkens new resource play assets. NET POTENTIAL OIL FORMATION AREA SECTIONS LOCATIONS Nordegg Simonette/Kaybob 77 100-150 Montney Simonette/Kaybob 70 100-150 Beaverhill Lake Swan Hills Area 78(1)…
Evaluating the Swan Hills Play Activity at Deer Mountain and area: Farm-in agreements with Arcan Resources Ltd. have enabled us to secure up to 21.5 (11.25 net) additional sections of land within the prospective areas 8 (4.3 net)…
Our EOR Approach Our focus is on natural gas injection. Less operationally complex and less expensive than CO2 Natural gas High estimated components can be recovery of modified to reserves versus increase recoveries water…
EOR Techniques Being Piloted The results are real, received 2012 reserves recognition. Natural Gas Toe/Heel Pilot Pattern Production due to injection Primary production from injection well Well pattern production Producing well…
Positioned for the Future Generating value through light oil resource plays. WE INNOVATE Continuing to apply innovative ideas and refine successful practices gained from drilling and operating over 1,200 horizontal wells WE GROW…
Appendix 24
PetroBakken by the Numbers Trading symbol PBN: TSX April 30, 2013 closing price 8.60 Shares outstanding (basic, Q1) 194.4 million 4.2 million options/incentive shares Market capitalization 1.67 billion Avg. daily trading volume (3…
PetroBakken Debt Terms CAD1.4 billion revolving credit facility Initial maturity in June 2016 (extended by one year from June 2015 in Q2 2013) Facility is not re-determined annually next review is June 2016 Accordion feature allows…
Funds Flow From Operations Sensitivities Sensitivity to Production ( 90 WTI)* Production Level Revenue Operating Netback Funds Flow (boepd) (mm) (mm) (mm) 46,000 1,175 825 650 48,000 1,225 850 675 50,000 1,275 900 725 Funds Flow…
Hedging Activities Hedges as at April 1, 2013 Hedged Barrels Average Floor Average Ceiling (bbls/d) (US) (US) 2013 1H 16,504 78.82 114.93 2H 17,750 79.72 111.93 2014 1H 12,250 80.31 106.42 2H 9,000 80.56 105.78 2015 1H 4,000…
Innovate, Grow, Repeat in the Bakken We apply technology to lower costs and increase productivity. Bilateral wells are capital efficient for down-spacing CleanTechTM improves well performance and lowers water cuts in certain areas…
Outperforming in West Pembina Achieving industry leading results. PBN and Competitor West Pembina Hz Cardium Well Results (Rig Released After 2011/01/01) PBN Average Well (65 Wells) Competitor Average Well (209 Wells) 180 Calendar…
Innovate, Grow, Repeat in the Cardium By refining methodologies we keep getting better. West Pembina Average Normalized Production 2012 (55 wells) 2011 (77 wells) 2010 (28 wells) 400 350 300 Oil Rate (bopd) 250 200 150…
Future Growth Through EOR Innovation Advancing the practical application of the innovation curve. Secondary recovery is another value generation opportunity for PBN We are applying conventional EOR technologies in unconventional…
Strategic Location Selection All EOR natural gas pilot projects are in close proximity to our existing infrastructure allowing us to take advantage of our conserved solution gas EOR Natural Gas pilots on PBN Pipelines…
Natural Gas Opportunities Large land position in two gas rich regions of Northeast B.C. The Montney formation at Monias is liquids rich with 25 to 200 bbls of liquids per 1mmcf No current activities due to gas price environment Due…
Eighth Avenue Place 2800, 525 8th Avenue SW Calgary, Alberta T2P 1G1 PBN:TSX www.petrobakken.com 36
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