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INVESTOR PRESENTATION – Bonavista Energy Corp

Bonavista Energy Corp · Aug 1, 2014 · 33 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 – Bonavista Energy Corp – slide 1
    Investor Presentation August 2014
  2. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 2
    CORPORATE IDENTITY Our foundation 4.1B Enterprise Value PEOPLE RESERVES PRODUCTION OPPORTUNITIES 380 Employees 399 mmboe* 76,500 boe/d 1,550 Locations 11% Insider Ownership 13 year RLI 92% Operated 91% Horizontal * Total…
  3. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 3
    CORPORATE IDENTITY Our asset base: BC AB SK MONTNEY Access to 4 million acres Ft St John 75 operated facilities Edmonton Over 6,500 km of operated pipelines DEEP BASIN 17 years of operational presence WEST CENTRAL…
  4. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 4
    CORPORATE IDENTITY Concentrated asset base: 2014 Q2 Production 2013 YE 2P Reserves 74,273 boe/day 399 mmboe 11% 13% 4% 4% 22% 18% 63% 65% West Central Deep Basin Eastern Northern West Central Deep Basin Eastern…
  5. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 5
    CONCENTRATION Concentration in focus areas: 0.8 million net acres January 1, 2014 2.0 million net acres DEEP DEEP BASIN BASIN Added approximately 25,000 net WEST WEST acres of land in CENTRAL CENTRAL the Deep Basin in 2014…
  6. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 6
    CONCENTRATION Exploration and development expenditures: 100% 90% 94% of 80% Expenditures ( millions) 70% 60% expenditures 50% allocated to 40% focus areas in 30% 2014 20% 10% 0% 2008 2009 2010 2011 2012 2013…
  7. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 7
    CONCENTRATION Lower cost production: 12.00 11.00 First half 2014 operating cost Operating Costs (/boe) 10.00 9.00 8.78/boe 8.00 7.00 Focus areas 6.00 operating at a cost 5.00 of 6.65/boe 4.00 2008 2009 2010 2011 2012…
  8. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 8
    EFFICIENCY Exploration and development capital efficiency: Finding and development costs* Production additions** (/boe, total proved + probable) (/boed) 15 35,000 30,000 14 25,000 35% 13 20,000 18% 15,000 12 10,000…
  9. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 9
    EFFICIENCY Measuring per barrel profitability*: 2.20 2.00 Improved 1.80 recycle ratio by Recycle Ratio 19% 1.60 19% to 1.9:1 1.40 1.20 2009 2010 2013 2012 2011 1.00 * Net operating income /…
  10. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 10
    EFFICIENCY Competitive cost structure: 35.00 30.00 30.00 25.00 Q1 2014 cash costs** (/boe) 3-year average FD&A *(/boe) 25.00 20.00 20.00 15.00 15.00 10.00 10.00 5.00 5.00 0.00 0.00 Bonavista Peer group…
  11. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 11
    VALUE CREATION MONTNEY Drilling locations by area Ft St John 8% 6% 1,550 locations 19% 1,415 Hz (91%) DEEP Bluesky BASIN 67% Edmonton Wilrich Glauconite Ellerslie West Central Deep Basin Montney Other WEST CENTRAL Calgary…
  12. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 12
    2014 BUDGET Exploration and development expenditures: Value and support expenditures Value expenditures by play MM MM 350 300 300 13% 250 250 29% 41% 200 200 150 46% 150 29% 71% 87% 100 15% 100 50 50 0 0 H1 H2 H1 H2…
  13. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 13
    VALUE CREATION Economics of key plays in focus areas*: Recycle Ratio (x:1) On-stream Cost IP12 MONTHS (/boed) 5 25,000 4 20,000 3 15,000 2 10,000 1 5,000 0 0 Glauconite Glauconite Bluesky Ellerslie…
  14. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 14
    KEY PLAYS WEST CENTRAL 2014 E&D expenditures of 350 360 million: Glauconite: 30 (27.1 net) wells drilled YTD 35 wells planned for H2 2014 Glauconite Production 22,500 boe/d 5 extended reach horizontal drilled; average cost…
  15. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 15
    KEY PLAYS GLAUCONITE Production growth: 30,000 120 25,000 100 Current production Production (boe/d) Capital (millions) 20,000 80 15,000 60 10,000 40 5,000 20 0 0 2009 2010 2011 2012 2013 2014 Base…
  16. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 16
    VALUE CREATION West Central production profile: 60,000 180 50,000 150 Production (boe/d) 40,000 120 Capital (000s) 30,000 90 20,000 60 10,000 30 0 0 Production (boe/d) Forecasted production (boe/d) 2014…
  17. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 17
    KEY PLAYS DEEP BASIN 2014 E&D expenditures of 190 200 million: Wilrich: 7 (5.3 net) wells drilled YTD; 5 in Ansell Bluesky Q2 Production 5,900 boe/day H2 2014 program of 14 wells 150 net horizontal locations Wilrich -…
  18. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 18
    KEY PLAYS WILRICH Growing Ansell: Ansell Characteristics: Acquired 49% non-operated interest in July 2014 Currently we have: Over 28,000 net acres ANSELL 97 net horizontal locations 100% ownership of facilities 120 mmcf/day…
  19. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 19
    KEY PLAYS - WILRICH Ansell type curve: Type Curve 900 Capex ( millions) 5.5 IP12 (boe/d) 433 800 EUR (mboe) 779 700 IRR (%) 71 Production (boe/d) 600 F&D (/boe) 7.06 P/I 1.4 500 Recycle Ratio 3.6 400 Payout (years)…
  20. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 20
    21 Production (boe/d) 0 5,000 10,000 15,000 20,000 25,000 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 VALUE CREATION Sep-11 Deep Basin production profile: Nov-11…
  21. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 21
    GUIDANCE 2014 Guidance: 2013 2014F 2013 2014F % Change Capital expenditures ( millions): Exploration and development 444 595-615 36 Acquisitions and divestitures 20 (15) (175) Total 464 580-600 27 Production (boe/d) 73,406…
  22. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 22
    SUMMARY Why invest in Bonavista Experienced leadership team - average tenure of 11 years Target of 5-7% annual growth plus a 5% yield Focused in top quality reservoirs Executing with improved efficiency 23
  23. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 23
    APPENDICIES We produce 76,500 barrels a day. All together productive.
  24. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 24
    2014 SECOND QUARTER PERFORMANCE Three months ended June 30, Financial: 2014 2013 % change ( millions except per share amounts) Production revenues 288 245 17% Funds from operations 135 123 10% - per share 0.67 0.63 6% Capital…
  25. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 25
    HEDGING STRATEGY NATURAL GAS 300 5.00 Hedged Volumes (thousand GJs/d) 250 4.50 200 4.00 C/GJ 150 3.50 100 3.00 50 50% 59% 62% 55% 37% 57% 77% 81% 8% 7% 7% 7% 0 2.50…
  26. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 26
    HEDGING STRATEGY CRUDE OIL 14 120.00 Hedged Volumes (thousand bbls/d) 12 110.00 10 100.00 Price/bbl 8 90.00 6 80.00 4 70.00 2 40% 40% 88% 70% 39% 42% 79% 81% 0 60.00 2014Q1 2014Q2…
  27. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 27
    VALUE CREATION Building value with liquids rich natural gas plays: 70 bbls/mmcf 90 bbls/mmcf 38 bbls/mmcf 155 bbls/mmcf 0% C2 22% 23% 29% C3 35% 35% 42% 29% C4 18% 52% 37% 13% C5 10% 20% 29% 6% 7.00 Revenues*…
  28. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 28
    GLAUCONITE Glauconite type curve: Type Curve Capex ( millions) 3.1 600 IP12 (boe/d) 278 EUR (mboe) 513 500 IRR (%) 66 Production (boe/d) F&D (/boe) 6.05 400 P/I 1.2 Recycle Ratio 4.4 300 Payout (years) 1.5 200…
  29. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 29
    CARDIUM Lochend type curve: 300 Type Curve Capex ( millions) 3.4 250 IP12 (boe/d) 138 EUR (mboe) 207 Production (boe/d) 200 IRR (%) 65 F&D (/boe) 16.44 150 P/I 0.8 Recycle Ratio 3.4 100 Payout (years) 1.4 50…
  30. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 30
    ELLERSLIE Ellerslie type curve: Type Curve 700 Capex ( millions) 5.4 IP12 (boe/d) 348 600 EUR (mboe) 542 IRR (%) 59 Production (boe/d) 500 F&D (/boe) 9.90 400 P/I 1.1 Recycle Ratio 3.4 300 Payout (years) 1.6 200…
  31. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 31
    BLUESKY Bluesky type curve: Type Curve 700 Capex ( millions) 4.5 IP12 (boe/d) 395 600 EUR (mboe) 517 IRR (%) 76 Production (boe/d) 500 F&D (/boe) 8.75 400 P/I 1.1 Recycle Ratio 3.1 300 Payout (years) 1.4 200…
  32. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 32
    2013 RESERVES SUMMARY Replaced 2013 annual production by 198%, adding 51.1 mmboe of 2P reserves Natural Gas Total Natural Gas Oil Liquids Reserves(2) Reserves:(1)(4) (mmcf) (mbbls) (mbbls) (mboe) Proved: Proved producing 575,880…
  33. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 33
    1500, 525 8th Ave. SW Calgary, Alberta T2P 1G1 Tel: (403) 213-4300 Fax: (403) 262-5184 investor.relationsbonavistaenergy.com 34

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