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CORPORATE PRESENTATION – Painted Pony Petroleum Ltd

Painted Pony Petroleum Ltd · May 15, 2014 · 34 slides

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Slides

  1. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 1
    Corporate Presentation MAY 15, 2014 TSX : PPY paintedpony.ca 1
  2. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 2
    The Painted Pony Position Positioned to be a leading gas supplier to Canadas west coast LNG exports High working interest, large, contiguous asset base Low cost, ideal heat content natural gas for Asian LNG import markets All…
  3. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 3
    Corporate Snapshot - Financial PPY TSX Trading Symbol 89.0 million Shares Outstanding (1) 96.3 million Fully Diluted Shares Outstanding (8.79 average strike price)(1) 6.05 - 12.14 52-Week Trading Range 980 million Market…
  4. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 4
    Corporate Snapshot 9,734 boe/d Q1 2014 Average Production (13% oil & liquids) 14,000 boe/d Q2 2014 Estimated Production (14% oil & liquids) 1.7 Tcfe Proved + Probable Reserves(1)G 1.5 billion NPV10 Proved + Probable Reserves(1)G…
  5. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 5
    2014 Operational Update 6 (6.0 net) Montney wells drilled to date in 2014 6 (6.0 net) Montney wells completed to date in 2014 All wells completed using open hole ball-drop technology 100% working interest 25 MMcf/d gas processing…
  6. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 6
    Impressive & Consistent Reserves Growth 350 3.28 3.50 Probable Reserves Proved Reserves 300 P+P Reserves Per Share 3.00 Reserves Per Share (boe/Share) 290.3 2.17 mmboe 250 2.50 145% compound annual growth in Reserves…
  7. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 7
    Impressive & Consistent Production Growth 15,000 Gas 175 Oil & Liquids Production Per Million Shares 12,000 140 boe per day / Million Shares 13,500 131% compound annual growth in Production (boe per day) boe/d…
  8. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 8
    Natural Gas Hedging: Risk Management Strategy 22.1 MMcf/d average fixed AECO price of 4.09/Mcf in Q2 2014 23.7 MMcf/d average fixed AECO price of 4.14/Mcf in Q3 2014 23.7 MMcf/d average fixed AECO price of 4.14/Mcf in Q4 2014…
  9. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 9
    Canadas Proposed West Coast LNG Projects Global LNG Supply Challenge(1) Proposed British Fort Nelson TransCanada Columbia Petronas Proposed PPY Land Spectra BG Group Fort St. John Prince Rupert Proposed TransCanada…
  10. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 10
    PPYs Advantage in the Montney Excellent rate of return at domestic gas prices Large contiguous land base located 100% in BC (the BC Advantage) High working-interest On existing & planned pipeline routes High-rate, sweet, liquids…
  11. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 11
    PPY Montney Strong Progress To Date PPY Montney Project 129,800 net acres (203 net sections)L 74% Average working interest 60 (39.6 net) Montney wells drilled to date. 42 (36.0 net) operated Montney wells 53 MMcfe/d (8,800…
  12. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 12
    Our Montney Advantage PPY lands situated in a Montnspot - thick, stacked, over-pressured and liquids rich gas Extremely thick - average 300 meters thick; up to 500 meters thickR Stacked reservoir layers proven commercial - upper,…
  13. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 13
    An Exceptional Stacked Gas Resource Play . . . Montney Horn River Exploitable Gas Column 324 m On equivalent Thickness Scale Upper Middle 300 m ThickR Future Hz Layer PPY Montney Attributes Horn River Attributes Sweet…
  14. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 14
    Stacked Exploitable Horizons Substantially De-risked PPY Well Test Results West PPY has a total of 60 (39.6 net) Blair Montney wells drilled to date Cypress Blair Upper Montney Paired Parallel-Well Pads Parallel well pair (1)…
  15. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 15
    Montney Reserves & Contingent Resources* (Dec. 31, 2013) PPY Montney Reserves & Resources Map Total Proved + Probable ReservesG Cypress NPV10% 1.4 billion West Blair Blair P+P reserves in 3 Montney layers 1.7 Tcfe (285 MMboe) P+P…
  16. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 16
    Continuing Cost Reduction from Technology Advances 8,000 PPY-operated Ball-Drop Completions Ball-Drop vs Perf & Plug Completions Comparison 7,000 6,000 35% Improvement at Producing Rate (Mcf/d) P240d 5,000 4,000 Blair…
  17. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 17
    Industry-Leading Unconventional BC Montney Well Performance Initial 3 Month Average Rate PPY Blair-Townsend Wells 47% Decline First Year Average Rate Top Decile Well Performance: Initial 3-month average rate (5.2 MMcf/d) 12th…
  18. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 18
    Situated in a High-Pressure Cell . . . 2900 PSI 4350 PSI 5800 PSI Approximate 12) Town Transition to High-Pressure Increasing Pressure Montney Normal Boundary Pressure Northern High-Pressure Cell 11 12 1 11) Blueberry 2 3 PPY…
  19. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 19
    Montney Development EconomicsR PPY Montney Well Production by Zone PPY Average Montney Well Production 7,000 7,000 Average of all PPY Montney Wells Lower Montney (24 wells) Ball-Drop Completions (8 Wells) 6,000 Middle Montney (6…
  20. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 20
    Montney Development Economics Flat Price SensitivitiesR 5.50 Flat NYMEX Flat NYMEX Pricing Sensitivities P+P reserves per well: 7 BcfR 5.00 Flat NYMEX Liquids: 14 bbls/MMcf IP30: 5.5 MMcf/d Drill, complete, and tie-in cost: 7.2…
  21. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 21
    2014 Montney Development Plan 2014 activities with 172 million in capital and interest costs Drill 21 (19.5 net) Montney wells & complete using ball-drop technology Completed construction of 100% working interest, 25 MMcf/d gas…
  22. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 22
    Montney Model for Production Growth Capital & Cash Year-End Total Average Debt to Cash NYMEX Net Montney Interest Flow Debt Production Flow Price Year Wells Drilled (mm) (mm) (mm) (boe/d) (D/CF x) (/MMBtu) 2014 19.5 172 110 102…
  23. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 23
    With an Impressive All-In Production Cost Price Received by PPY in Q1 North American Natural Gas Price Forecast, 2014 2014* 7.00 NYMEX Historical NYMEX Futures GLJ Jan. 1, 2014 6.00 5.00 4.00 4.33/Mcfe / Mcfe Operating…
  24. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 24
    Townsend Facility operational Q2 2014: 25 MMcf/d 2014: drill 6 (6.0 net) Montney wells Future facility: 2015: 190 MMcf/d Completed 2 (2.0 net) wells in Q1 2014 that were drilled in Q4 2013 New Montney gas producer:…
  25. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 25
    Blair-Daiber Spectra T-North Pipeline 2014: drill 15 (13.5 net) Montney wells Drilled 6 (6.0 net) wells to date in 2014 and completed 4 (4.0 net) wells West Blair Blair Blair well results: Recently completed 2 (2.0 net) wells at…
  26. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 26
    Industry Transactions Comparable Transactions* Painted Pony Comparable Transaction Valuation Acquisitions P+P Reserves Reserves Metric (/boe) ExxonCeltic 138.4 MMboe 24.19/boe1 PetronasProgress 323.0 MMboe 17.93/boe2…
  27. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 27
    Bakken, Torquay & Mississipian Assets: Expanding South 30 miles/50 km Viewfield Weyburn Kisbey Weyburn Huntoon Midale Hummingbird Border Torquay Play Estevan Trough Flat Lake Oungre Tableland Hoffer Taylorton…
  28. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 28
    Painted Pony: The Best Pony in the Race Excellent Montney Asset Base Excellent economics at domestic gas prices Large, contiguous land position located 100% in BC (203 net sections) High working interest (74%) High rate, liquids…
  29. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 29
    Appendices & Disclosures 29
  30. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 30
    Analyst Coverage Analyst Institution Target Price Date Jeremy McCrea AltaCorp Capital 17.00 May 14, 2014 Anthony Petrucci Canaccord Genuity Corp. 18.00 May 14, 2014 Adam Gill CIBC World Markets 14.00 May 14, 2014 Garett Ursu…
  31. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 31
    Canadas Proposed West Coast LNG Projects Proposed LNG Projects Capacity Exxon Imperial WCC LNG: 2022 4.0 Bcf/d Proposed British Fort Nelson Shell PetroChina, Mitsubishi, KOGAS TransCanada Columbia LNG Canada: 2019 3.2 Bcf/d…
  32. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 32
    Buckinghorse Shale Sweet Gas Resource Play 60 bcf/section per 100 m thickness* 800 m thick on PPY landsR Vertical well development at 16-32 800 m wells/section Zone is shallow, 400 m (1,300 ft) TVD low cost drilling…
  33. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 33
    PPY Corporate Overview Legal Burstall Winger Zammit LLP Auditor KPMG LLP Evaluation Engineers Sproule Associates Limited GLJ Petroleum Consultants Ltd. Banks National Bank of Canada Alberta Treasury Branch Canadian Imperial Bank…
  34. CORPORATE PRESENTATION – Painted Pony Petroleum Ltd – slide 34
    Endnotes MM: Millions R: Internal Company estimate prepared by a non-independent, qualified reserves evaluator, effective Dec. 31, 2013 L: Land as at May 14, 2014 G: Consolidated report by GLJ Petroleum Consultants Ltd. as at Dec. 31,…

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