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FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc.

Legacy Oil + Gas Inc. · Sep 15, 2014 · 45 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. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 1
    SUSTAINABLE GROWTH September 2014
  2. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 2
    What Differentiates Legacy 3
  3. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 3
    Corporate Profile (TSX: LEG) Common Shares 199.7 million Options & Restricted Shares 9.6 million Insider Ownership (Fully Diluted) 6.2% Enterprise Value 2.4 billion Average Liquidity (TSX) 1.3 million shares/day Net Debt (estimated at…
  4. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 4
    First Half 2014 Results H1 2014 H1 2013 Change (%) Production (Boe per day) 20,656 17,809 +16 Funds from Operations (MM) 157.5 133.4 +18 Funds from Operations (/share) 0.98 0.89 +10 Realized Pricing (/Boe) 89.46 78.88 +16 Operating…
  5. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 5
    2013 Reserves, FD&A and NAV 2013 Reserves Proven + Probable (P+P) 117.2 MMBoe +24% YoY Total Proved 66.7 MMBoe Total Proved/P+P 57% NAV Calculation (at December 31, 2013) PDP/Total Proved 71% (MM except share and per share amounts)…
  6. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 6
    Historical Performance Funds Flow Growth P+P Reserve Growth 500 2.40 140 0.84 Funds Flow Funds Flow per Share 450 P+P Reserves P+P Reserves per Share Proved Plus Probable Reserves per Share Proved Plus Probable Reserves…
  7. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 7
    Light Oil Price Advantage Operating Net Back Q2 2014 operating netback of 57.08/Boe Oil Price 8
  8. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 8
    Increased Guidance Drill approximately 162 gross (137 net) wells exclusively targeting light oil 2014 Capital Budget Breakdown 390 Million Total 2014 Guidance Capital Expenditures: 390 million Avg. rate: 23,100 Boe per day, 22% growth…
  9. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 9
    Focused + Light Oil Asset Base Two core areas - each area has focused development assets and new play MAXHAMISH development opportunities: Williston Basin Development Taylorton, Heward, Star Valley, Spearfish, Frys/Antler,…
  10. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 10
    High Quality Light Oil Plays Net Net Rec. Oil DCET Capital (2) DOIP (1) Reserves Weighting Net Cost IP30 IRR Efficiency Play (MMBbl) (MMBbl) (%) API Locations (M) (BOED) (%) (/BOED) Midale 167.2 30.3 85 38 351 2,200 165 120…
  11. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 11
    Williston Basin Resource Plays + Conventional Production of 20,000 Boe per day High quality light oil, averaging 38o API SOUTHEAST 1,980 net drilling locations on 464,000 SASKATCHEWAN net acres Multiple play types: Development…
  12. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 12
    Steelman/Pinto Midale High impact conventional play with S.E. SASK. unconventional completion technique MANITOBA Light oil (34-40 API) E G E GV I J GV G IIIG VVG AJ DD DJ V EEA V J G G G IG G G GGE A JG G EVD UVGJ…
  13. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 13
    Turner Valley Rundle 40o API light oil, liquids-rich solution and non-associated natural gas with SOUTHERN U G G low historical oil decline rate of 4% R4 G M JV IG G R3 F U G G G R2W5M ALBERTA ME E M S J S EVD J UV G D F…
  14. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 14
    Pierson + North Dakota Spearfish Play Attributes S.E. SASK. MANITOBA 1000 m depth G V E E JJ G G EE E G 12 MMBbl DOIP per section R29 R27 R26 R25 R24 R23 R22W1M A VJ JE MEJ J J E GG R28 G EEE EVE EJ VGJEG E VSVJ G E V GU…
  15. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 15
    Star Valley Bakken 28 27 G G26 25 30 G G 29 J 28 27 J 26 25 30 G V29 G I R6 G R5 R4W2M EDG S.E. SASK. GE E V G A G G G E EG D E G G E VE G G G AE EA V I G 23 MANITOBA V E D EG 21 22 23 24 19 20 21 22 24 19 20 ED E M E…
  16. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 16
    Conventional Mississippian Plays Main producing and target zones include Souris Valley, SOUTHEAST SASKATCHEWAN Tilston, Alida, Frobisher and Midale MANITOBA Wells not fracd, payouts 12 months or less Average well cost 1.1 million…
  17. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 17
    Waterflood Benefits Add reserves cost-effectively Typically double primary recovery factor Finding & development costs low double digit Leverage existing lands and infrastructure Moderates declines Oil production plateaus and can…
  18. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 18
    Heward + Taylorton Waterflood Heward Heward Oil Production Pilot Waterflood Response Start of Injection Taylorton Taylorton Pilot Waterflood Oil Production Response Start of Injection 19
  19. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 19
    Frys + Pierson + Steelman Waterflood Frys Frys Oil Production Response Pilot Waterflood Start of Injection Pierson Steelman Proposed Pilot Proposed Pilot Waterflood Waterflood 20
  20. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 20
    Impact of Waterflood to Legacy Gross OOIP WF Reserves NPV10% BT Area (MMBbl) Net Sections (MMBbl) (MM) Bakken 377.3 80.5 30.0 954.7 Torquay 219.5 33.3 15.4 394.9 Spearfish 599.6 51.7 52.7 613.1 Midale 177.6 36.1 15.6 428.1 Total…
  21. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 21
    Capture of Large Light Oil Resource Gross Discovered Oil Originally In-Place (DOIIP) (MBbl) 1538.6 1659.8 1871.4 332.8 Conventional Total Resource Sproule CORA LEG CORA CORA = Contingent Oil Resource Assessment See notes,…
  22. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 22
    Significant Light Oil Resource Base Legacy Working Interest Volumes 350 300 250 MMBbl 200 150 100 50 0 High Estimate Best Estimate P+P Reserves Sproule Contingent Resource LEG Contingent Resource See notes,…
  23. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 23
    Potential Value Various Capital Timeframes 3 Year Contingent Capex 5 Year Contingent Capex 7 Year Contingent Capex 7000 34.97/share 6000 33.67/share 32.93/share Assumptions for all cases: 5000 NPV10% BT (M) Legacy internal…
  24. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 24
    Independent Reserve Engineers Contact Information Sproule Associates Limited 4400, 525 8th Avenue SW Bank Syndicate Eighth Avenue Place BMO Capital Markets Calgary, Alberta T2P 1G1 National Bank The Bank of Nova Scotia Tel:…
  25. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 25
    APPENDIX
  26. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 26
    Pierson + North Dakota Spearfish Forecast Type Curves IRR Sensitivity 140 160 Pierson North Dakota Pierson North Dakota 120 140 Production 120 100 Oil Rate (BOPD) Constrained 100 IRR (%) 80 80 60 60 40 40 20 20 0…
  27. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 27
    Steelman + Pinto Midale Forecast Type Curves IRR Sensitivity 175 200 Steelman Pinto Steelman Pinto 180 150 160 Oil Rate (BOPD) 125 140 120 IRR (%) 100 100 75 80 50 60 40 25 20 0 0 0 2 4 6 8 10 12 14 16 18 20 22…
  28. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 28
    Turner Valley Rundle Forecast Type Curve IRR Sensitivity 260 120 240 110 220 100 200 90 Oil Rate (BOPD) 180 80 160 IRR (%) 70 140 120 60 100 50 80 40 60 30 40 20 20 10 0 0 0 2 4 6 8 10 Months 12 14 16 18 20 22…
  29. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 29
    Star Valley Bakken Forecast Type Curve IRR Sensitivity 120 100 110 90 100 80 90 Oil Rate (BOPD) 80 70 60 IRR (%) 70 60 50 50 40 40 30 30 20 20 10 10 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105…
  30. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 30
    Taylorton/Pinto Bakken + Three Forks S.E. SASK. J G G E S E S IV EJ E I S IE I MANITOBA R7 G G J D R6 E G R5 GJ E J I J J E IV I I G IVE G I G G E M J M J J S J V D I E GJ G I VJ G G GJ J G Multizone area for high netback, 1 I…
  31. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 31
    Taylorton Bakken Forecast Type Curve IRR Sensitivity 160 200 140 180 160 120 Oil Rate (BOPD) 140 100 120 IRR (%) 80 100 60 80 60 40 40 20 20 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105 Months Oil…
  32. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 32
    Stoughton/Heward Bakken Forecast Type Curve IRR Sensitivity 120 180 100 160 140 Oil Rate (BOPD) 80 120 IRR (%) 100 60 80 40 60 40 20 20 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105 Months Oil Price…
  33. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 33
    Conventional Mississippian Forecast Type Curves IRR Sensitivity 100 200 90 180 80 160 Oil Rate (BOPD) 70 140 60 IRR (%) 120 50 100 40 80 30 60 20 40 10 20 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105…
  34. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 34
    Frys/Antler Three Forks/Souris Valley S.E. SASK. S.E. SASK. G V I A V J V EE E J J VE V JEV J J A GJ J Three Forks (Torquay) 31 U 32 33 R31 34 35 36 31 32 33 R30 E 34 G V 35 36 G 31 E E E E E R29W1M J J E32 E E E D E E J…
  35. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 35
    Frys/Antler Three Forks (Torquay) Forecast Type Curve IRR Sensitivity 100 90 90 80 80 70 Oil Rate (BOPD) 70 60 IRR (%) 60 50 50 40 40 30 30 20 20 10 10 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105…
  36. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 36
    Southern Alberta Bakken BANFF DISCOVERY WELL Alberta Basin Bakken Play IP90: 305 BOPD CURR: 224 BOPDR25 FGV C R23W4M BANFF WELL SOUTHERN SOUTHERN ALBERTA CUM: 100 MBBL V G F IP90: 330 BOPD ALBERTA LGX owns 109,990 net acres on…
  37. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 37
    Maxhamish, BC Chinkeh F F F FF NORTHWEST FV U F TERRITORIES F F F U G F G F F UV FK C Chinkeh Formation light oil resource play A D C FC G UVU F B F F G A F F F Significant resource of 42o API light sweet oil, C F F…
  38. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 38
    Waterflood Assumptions Waterflood Implementation Costs Opex: 4000/W/M + 3.00/Bbl 6 Miles (10 km) of 4 Water Injection Lines (150/m) 1,500,000 1 Pump Skid at 1000m3/d (250,000/pump) 250,000 Oil Price: US95.00/Bbl WTI 24 Injector…
  39. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 39
    Oil Rate Forecast Tight Oil Waterflood Scenario Secondary Oil Rate Primary Oil Rate 700 Cum Oil Prior to Waterflood = 245 MBbl OOIP = 4.9 MBbl/section 600 Primary RF = 11.1% Secondary RF = 21.6% 500 Oil Rate (BOPD)…
  40. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 40
    Cum. Oil + Recovery Factor Tight Oil Waterflood Scenario Secondary Cum Oil Primary Cum Oil Secondary RF Primary RF 1,200,000 30% Cum Oil Prior to Waterflood = 245 MBbl OOIP = 4.9 MBbl/section Primary RF = 11.1% Secondary RF =…
  41. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 41
    Cash Flow Forecast Tight Oil Waterflood Scenario (Effective Jan 2014) Secondary 10% Disc. Cashflow Primary 10% Disc. Cashflow 35,000 30,000 25,000 20,000 15,000 10% Disc. Cashflow (M) 10,000 5,000 0 -5,000…
  42. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 42
    Economic Results Single Section Result Primary Waterflood Total Reserves (MBbl) 547.9 518.3 1066.2 Reserve Life (yrs) 17 50 50 Recovery Factor (%) 11.1 10.5 21.6 Capital (M) 17,100 900 18,000 NPV 10% BT (M) 15,426 14,341 29,767 Payout…
  43. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 43
    Contingent Oil Resource Assessment (CORA)* Company Working Interest Ultimate Recoverable Oil (2) Discovered Contingent Oil Resources (3) Portion of Discovered Lands Oil Initially Low Best High Low Best High Attributed in-Place…
  44. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 44
    Disclosure for Contingent Resource Assessment Definitions and Preparation The Discovered Oil Initially In-Place and Discovered Contingent Oil Resource assessments in the Sproule report were prepared in accordance with the definitions,…
  45. FIRST ENERGY GLOBAL ENERGY CONFERENCE – Legacy Oil + Gas Inc. – slide 45
    Disclosure for Contingent Resource Assessment Definitions and Preparation - continued Preparation All estimates of Contingent Resources represent gross resources, meaning the company's working interest share in the Reserves or…

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