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Corporate Presentation – Spyglass Resources Corp.

Spyglass Resources Corp. · Jun 30, 2014 · 25 slides

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Slides

  1. Corporate Presentation – Spyglass Resources Corp. – slide 1
    Intermediate, Commodity Balanced Resource Company with a Sustainable Dividend Model Corporate Presentation June 2014
  2. Corporate Presentation – Spyglass Resources Corp. – slide 2
    Sustainable Yield Model Attractive Valuation % % 20 16 % 100 base decline current yield(1) target all-in payout ratio underpinned by: boe/d 14,750 million 4.82 /d 2014 production guidance 530 est. proved plus…
  3. Corporate Presentation – Spyglass Resources Corp. – slide 3
    Core Focus Areas Low Decline and Balanced Production Dixonville: Corporate: Q1 2014 production: 3,093 boe/d Q1 2014 average production: 14,560 boe/d Base decline rate: 10% Oil & Liquids 89% Oil & Liquids 49% Key Play: Montney oil…
  4. Corporate Presentation – Spyglass Resources Corp. – slide 4
    Capital efficient development sustains the model Focused on light-oil development 19 gross (18.3 net) wells Halkirk-Provost: 10 (10.0 net) 2014 Capital Southern Alberta Glauconite: 5 (4.3 net) Southern Alberta Pekisko: 3 (3…
  5. Corporate Presentation – Spyglass Resources Corp. – slide 5
    Dixonville Asset Overview Stable Production Excellent Cash Flow SPYGLASS DIXONVILLE Dixonville Q1 2014 Results Production [boe/d] 3,093 % Oil & liquids [%] 89% Decline Rate [%] 10% Dixonville Reserves Dec. 31, 2013(1) Total…
  6. Corporate Presentation – Spyglass Resources Corp. – slide 6
    Dixonville Waterflood Development History Hines Creek Graben North Wall Phase 2 Phase 3 Mar. 2010 Dec. 2010 Phase 4 Montney C Pool Outline Sept. 2012 Phase 1 July 2006 Phase 5 Q4 2012 Expansion Sept 2006 Spyglass…
  7. Corporate Presentation – Spyglass Resources Corp. – slide 7
    Dixonville Field History Low future development capital = Strong free cash flow generation 8
  8. Corporate Presentation – Spyglass Resources Corp. – slide 8
    Southern Alberta Asset Overview SPYGLASS CESSFORD Southern Alberta Q1 2014 Results Production [boe/d] 4,540 SPYGLASS % Oil & liquids [%] 57% MATZIWIN Base Decline Rate Assumption [%] 23% Southern Alberta Reserves Dec. 31,…
  9. Corporate Presentation – Spyglass Resources Corp. – slide 9
    Matziwin Pekisko Light Oil Development Area Resource 61,000 net undeveloped acres 100% working interest 25-28 API oil gravity 60 100 net well locations Potential to down space to 4 wells per section Current Activity/Future…
  10. Corporate Presentation – Spyglass Resources Corp. – slide 10
    Retlaw / Enchant Glauconite Resource 20 plus net vertical and horizontal locations 33% - 100% working interest 20 - 27 API oil gravity Current Activity/Future Plans 20 Hz wells drilled to date (Op & Non-op) 3 - 6 wells planned…
  11. Corporate Presentation – Spyglass Resources Corp. – slide 11
    Halkirk Provost Asset Overview Halkirk-Provost Q1 2014 Results Production [boe/d] 656 % Oil & liquids [%] 61% Base Decline Rate [%] 35% Assumption Halkirk-Provost Reserves Dec. 31, 2013(1) Total Proved Developed [Mboe] 1,014…
  12. Corporate Presentation – Spyglass Resources Corp. – slide 12
    Why Halkirk-Provost Viking Oil Single Well Economics Large oil in place: 6 10 MMbbls OOIP Halkirk-Provost Viking(1) per section Capital [MM] 1.5 % Oil & liquids [%] 75% Light oil (30o - 35o API) EUR [Mboe] 102 30 day IP [boe/d]…
  13. Corporate Presentation – Spyglass Resources Corp. – slide 13
    Noel Cadomin Resource Play Over 85 prospective locations Locations are low risk infill or extensions to a well established gas play Potential to add over 200 bcf of reserves High initial production rates Ample infrastructure…
  14. Corporate Presentation – Spyglass Resources Corp. – slide 14
    Mature, Stable Reserves Selected Reserves Information as at Dec. 31, 2013(1)(4) Total Proved plus Probable Reserves by Category Nat. Gas Total Btax NPV Oil (Mbbl) (MMcf) NGL (Mbbl) (Mboe)(2) 10% (M)(3) Proved Developed Producing…
  15. Corporate Presentation – Spyglass Resources Corp. – slide 15
    Managing Commodity Price Volatility Natural Gas Hedging Crude Oil Hedging(1) 70% 60% 102.00 4.40 60% 50% 4.20 99.00 50% 40% 4.00 40% 30% 96.00 3.80 30% 20% 3.60 20% 93.00 10% 10% 3.40 0% 3.20 0% 90.00 Q2 2014 Q3 2014 Q4…
  16. Corporate Presentation – Spyglass Resources Corp. – slide 16
    Peer Benchmarking Payout Ratio 2014E All-In Payout Ratio(1)(2) 250% 200% 2013E All-in Payout Ratio (%) 150% 100% 50% 0% CJ TOG SGL TBE LTS AEI BNE ERF PEY TET BNP ZAR VET WCP SGY PGF BTE Basic Payout Cap Ex…
  17. Corporate Presentation – Spyglass Resources Corp. – slide 17
    Peer Benchmarking Decline & Capital Efficiency 2014 Estimated Capital Efficiency (1)(2) 2014 Estimated Base Decline Rate (1) 50,000 40% Assumed Corporate Decline Rate Assumed Development Capital Efficiency Average Decline Rate…
  18. Corporate Presentation – Spyglass Resources Corp. – slide 18
    Peer Benchmarking - Valuation 2014E EV/DACF & Dividend Yield (1)(2) 2014E EV//boed & Dividend Yield (1)(2) 13 180,000 VET 12 BNE TET 160,000 11 PEY VET 140,000 10 BNEPGF TOG 9 120,000 TET 8 CJ TOGBNP EV/DACF ERF BTE…
  19. Corporate Presentation – Spyglass Resources Corp. – slide 19
    Investment Highlights Sustainable dividend-paying model Target all-in payout of 100% of cash flow Stable Cdn 0.0225 monthly cash dividend (0.27/share/year) Mature, low decline producing assets coupled with and extensive inventory…
  20. Corporate Presentation – Spyglass Resources Corp. – slide 20
    Appendix 21
  21. Corporate Presentation – Spyglass Resources Corp. – slide 21
    Experienced Leadership Management Team Board of Directors Tom Buchanan, FCA CEO & Director Randy Findlay, P.Eng Chairman Dan OByrne, P.Eng, President George Armoyan, P.Eng Director MBA Mark Walker, CMA Senior VP Finance & CFO Dennis…
  22. Corporate Presentation – Spyglass Resources Corp. – slide 22
    Underpinning the Model Low Decline, Balanced Production Base Q1 2014 Q1 2014 Production (boe/d) Production Oil & Est. Base Core Area (boe/d) Liquids Decline Rate Provost-Halkirk Southern AB 4,540 57% 23% 5% Other Dixonville 3,093…
  23. Corporate Presentation – Spyglass Resources Corp. – slide 23
    Sustaining the Model Low Risk, High Return Development Portfolio Development Plays 1st yr 30 day Op 1st yr NPV at Capital F&D Unrisked Single Well Capex IP Costs Netback 10% Efficiency IRR Costs Economic Indicators(1) EUR (Mboe) (MM) %…
  24. Corporate Presentation – Spyglass Resources Corp. – slide 24
    Key Attributes & Outlook Operational 2014 Guidance Q1 2014 Production [boe/d] 14,560 Average Production Forecast [boe/d] 14,750 % Oil & Liquids [%] 49% Operating Costs /bbl 19.00-20.00 Total Proved Reserves (1) [MMboe] 54.7 Cash G & A…
  25. Corporate Presentation – Spyglass Resources Corp. – slide 25
    Corporate Information Lead Bankers: National Bank of Canada Legal Counsel: Blakes, Cassels & Graydon LLP Toronto Dominion Bank Norton Rose Canada LLP Transfer Agent: Olympia Trust Company Analyst Coverage: AltaCorp Capital CIBC World…

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