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INVESTOR PRESENTATION – Bonavista Energy Corp

Bonavista Energy Corp · Apr 1, 2014 · 34 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 April 2014
  2. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 2
    CORPORATE IDENTITY Our foundation: 4.3B Enterprise Value PEOPLE RESERVES PRODUCTION OPPORTUNITIES 376 Employees 399 mmboe* 74,000 boe/d 1,600 Locations 11% Insider Ownership 13 year RLI 90% Operated 89% Horizontal 3 * Total…
  3. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 3
    CORPORATE IDENTITY Our asset base: BC Bonavista lands Bonavista focus areas Ft St John Access to 4.1 million acres Deep Basin Edmonton 78 operated facilities 3,850 miles of operated pipelines West Central Calgary 16…
  4. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 4
    BUSINESS PLAN Shareholder Return = Income + Growth 10% 20% 10% 10% 5% 10% 5% SPENDING 0% 0% 0% Income Return Target Total Return Target Growth Return Target VALUE CREATION 5
  5. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 5
    STRATEGY The right ingredients: CONCENTRATE OPERATIONS ON EXCELLENT ASSETS TOP QUALITY RESERVOIRS + IDENTIFY AND EXECUTE WITH EXCELLENT PEOPLE EFFICIENCY AND PRECISION = VALUE CREATION 6
  6. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 6
    CONCENTRATION Concentration in focus areas: 2009 2013 0.8 million acres 2.1 million acres Deep Basin Deep Basin Added over 160,000 acres of land in focus areas in 2013 West Central West Central 7
  7. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 7
    CONCENTRATION Exploration and development expenditures: 100% 90% 80% Expenditures ( millions) 70% 87% of 60% spending directed 50% to focus areas in 40% 2013 30% 20% 10% 0% 2008 2009 2010 2011 2012 2013 Focus…
  8. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 8
    CONCENTRATION Production and reserves: 80,000 450 70,000 400 Focus areas account for 350 60,000 Production (boe/d) Reserves (mmboe) 300 78% 50,000 250 40,000 200 30,000 150 of production and 20,000 10,000…
  9. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 9
    CONCENTRATION Lower cost production: 12.00 10.00 Focus areas operated at a Operating Costs (/boe) 8.00 cost of 6.00 6.65/boe in 2013 4.00 2.00 0.00 2008 2009 2010 2011 2012 2013 Bonavista Focus areas 10
  10. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 10
    EFFICIENCY Exploration and development capital efficiency: Finding & 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…
  11. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 11
    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 12 * Net operating income /…
  12. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 12
    EFFICIENCY Relative Cost Structure: 35.00 30.00 30.00 25.00 2013 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…
  13. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 13
    VALUE CREATION Drilling locations by area Montney 11% 6% 1,600 locations Deep Basin 16% 1,420 Hz (89%) Bluesky 67% Wilrich Glauconite Ellerslie West Central Deep Basin West Central Montney Other Cardium Six plays…
  14. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 14
    VALUE CREATION Economics of key plays in focus areas*: Recycle Ratio (:1) On-stream Cost IP12 MONTHS (/boed) 6 25,000 5 20,000 4 15,000 3 10,000 2 1 5,000 0 0 Glauconite Glauconite Bluesky Ellerslie…
  15. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 15
    2014 BUDGET Exploration and development expenditures: Total Value* 560 - 600 million 430 - 470 million 4% 9% 5% 3% 60% facility 13% 7% spend in Q1 2014 44% 10% 12% Glauconite Wilrich Cardium 15% 78% Ellerslie Bluesky…
  16. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 16
    KEY PLAYS WEST CENTRAL 2014 Exploration and development expenditures of 365 million: Glauconite: 191 horizontal wells drilled Operating cost 3.00/boe 400 horizontal locations 2014 program 66 wells Glauconite Ellerslie: 135…
  17. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 17
    VALUE CREATION West Central production profile: 70,000 60,000 50,000 Production (boe/d) 40,000 30,000 20,000 10,000 0 18 * Compound Annual Growth Rate calculated using average daily production for respective…
  18. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 18
    KEY PLAYS DEEP BASIN 2014 Exploration and development expenditures of 156 million: Bluesky: 70 sections of land 65 horizontal locations Bluesky 2014 drilling program 9 gross wells First three 2014 wells combined test = 25…
  19. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 19
    VALUE CREATION Deep Basin production profile: 30,000 25,000 Production (boe/d) 20,000 15,000 10,000 5,000 0 20 * Compound Annual Growth Rate calculated using average daily production for respective years
  20. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 20
    GUIDANCE 2014 Guidance: 2014 % 2013 Forecast Change Capital expenditures ( millions): Exploration and development 444 560 600 31 Acquisitions and divestitures 20 (100) (600) Total 464 460 500 3 Production (boe/d) 73,406 76,000…
  21. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 21
    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 22
  22. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 22
    23 APPENDICIES
  23. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 23
    HEDGING STRATEGY NATURAL GAS 300 5.00 Hedged Volumes (thousand GJ/d) 250 4.50 200 4.00 C/GJ 150 3.50 100 3.00 50 48% 64% 49% 79% 35% 77% 51% 57% 0 2.50 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1…
  24. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 24
    HEDGING STRATEGY CRUDE OIL 12 120 10 110 Hedged Volumes (mbbls/d) 8 100 C/bbl 6 90 4 80 2 70 30% 68% 65% 33% 32% 73% 73% 31% 0 60 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4…
  25. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 25
    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% 9.00 Revenues*…
  26. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 26
    GLAUCONITE Glauconite type curve: Type Curve Capex ( millions) 3.1 600 IP12 (boe/d) 278 EUR (mboe) 513 500 IRR (%) 98 Production (boe/d) F&D (/boe) 6.05 400 P/I 1.0 Recycle Ratio 5.2 300 Payout (years) 1.1 200…
  27. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 27
    ELLERSLIE Ellerslie type curve: 700 Type Curve Actuals 600 Capex ( millions) 5.4 5.4 IP12 (boe/d) 348 496 EUR (mboe) 542 650 Production (boe/d) 500 IRR (%) 74 100 400 F&D (/boe) 9.90 8.23 P/I 0.9 1.4 300 Recycle…
  28. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 28
    CARDIUM Lochend Cardium type curve: 500 Type Curve Test rate for 2014 wells Capex ( millions) 3.4 450 IP12 (boe/d) 194 400 EUR (mboe) 176 Production (boe/d) 350 IRR (%) 267 300 F&D (/boe) 19.30 250 P/I 1.5 Recycle Ratio…
  29. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 29
    BLUESKY Bluesky type curve: Type Curve 1,800 Capex ( millions) 4.5 1,600 IP12 (boe/d) 395 Recent test results EUR (mboe) 515 1,400 IRR (%) 119 Production (boe/d) 1,200 F&D (/boe) 8.75 1,000 P/I 1.1 Recycle Ratio 3.8…
  30. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 30
    WILRICH Ansell type curve: 1,800 Type Curve 1,600 Test rate for January completions Capex ( millions) 6.0 1,400 IP12 (boe/d) 659 EUR (mboe) 872 Production (boe/d) 1,200 IRR (%) 140 1,000 F&D (/boe) 6.82 * Restricted…
  31. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 31
    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…
  32. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 32
    2013 FOURTH QUARTER PERFORMANCE Three months ended Financial: Dec 31, 2013 Dec 31, 2012 % change ( millions except per share amounts) Production revenues 246 223 10% Funds from operations 124 110 13% - per share 0.62 0.57 9%…
  33. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 33
    2013 YEAR END PERFORMANCE Years ended Financial: Dec 31, 2013 Dec 31, 2012 % change ( millions except per share amounts) Production revenues 964 833 16% Funds from operations 478 379 26% - per share 2.42 2.16 12% Capital…
  34. INVESTOR PRESENTATION – Bonavista Energy Corp – slide 34
    1500, 525 8th Ave. SW Calgary, Alberta T2P 1G1 Tel: (403) 213-4300 Fax: (403) 262-5184 investor.relationsbonavistaenergy.com 35

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