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CORPORATE PRESENTATION – Delphi Energy Corp.

Delphi Energy Corp. · Sep 1, 2014 · 35 slides

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Slides

  1. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 1
    DEE 2014 SEPTEMBER 2014 CORPORATE PRESENTATION
  2. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 2
    3 CORPORATE: SNAPSHOT DEE Bigstone Montney was the driver of significant growth in 2013 24% increase in production 43% increase in proved 58% increase in (Q4/13 over Q4/12) plus probable reserves net asset value per share to…
  3. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 3
    4 BIGSTONE MONTNEY: A COMPANY MAKER DEE Significant Montney production growth at East Bigstone: Montney production increased to over 60% in Q2/14 from 20% in Q1/13 11 new Montney wells on-stream bringing total to 14 producers 1…
  4. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 4
    5 CORPORATE: RESERVES DEE Dec. 31, 2013 Categories December 31, 2013 Reserves TP reserves increased 52 percent from YE 2012 24% PDP 41% PV10 reserve value increased 79 percent PDNP 3% P+P reserves increased 43 percent from…
  5. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 5
    6 CORPORATE: PRODUCTION DEE 1H 2014 Production 10,349 boe/d Montney production growth starting to show Hythe 2013 a year of transition with slickwater fracs Bigstone Cretaceous applied to Montney resource Bigstone Montney…
  6. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 6
    7 BIGSTONE MONTNEY: A GREAT PIECE OF REAL ESTATE DEE Montney land position has grown to 130 gross (113 net) sections since 2010 at an average cost…
  7. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 7
    8 BIGSTONE MONTNEY: ASSEMBLED 130 SECTIONS DEE East Bigstone: 70 sections Held 4 sections of legacy Montney rights West Bigstone: 27 sections below existing DEE production Acquired (100% WI) in 2010/11 Added 12 sections of…
  8. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 8
    9 EAST BIGSTONE: UPPER/MIDDLE MONTNEY DEE East Bigstone Development/Manufacturing Mode +100 Locations East Bigstone 19 producing wells 14 DEE Producing Montney Horizontals West Bigstone Upper Montney +100 Locations…
  9. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 9
    10 EAST BIGSTONE MONTNEY: DEVELOPMENT DEE Drilled 3 HZ wells in 2012: To KA Sour Two mile HZs with laterals of 2,200 m to 13-30 15-30 Plant ATH 16-30 3,000 m 2 wells 10-27 DEI 14-23 16-23 15-24 3 wells Fracd using…
  10. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 10
    11 BIGSTONE MONTNEY: EVOLUTION OF FRAC DESIGN DEE 150 m Slickwater Hybrid Frac System Pumping: 5 times the fluid 2+ times the sand Evolution of Montney Completions 200 40 Ave tonnes/frac Average tonnes per frac…
  11. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 11
    12 BIGSTONE MONTNEY: WELL PERFORMANCE COMPARISON DEE (1) Initial Production (IP) Rate Well Performance Number Initial IP30 IP30 IP30 IP180 Total Sales Monthly (3) (5) HZ Length of Fracs Test Rate Total Sales FCond Rate Total NGL…
  12. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 12
    13 PRODUCTION: EXCEEDING EXPECTATIONS DEE Total Sales 10,000 15-10-60-23W5 10-27-60-23W5 16-23-60-23W5 15-24-60-23W5 15-30-60-22W5 15-21-60-23W5 13-30-60-22W5 02-01-60-23W5 02-07-60-22W5 08-21-60-22W5 Revised Type Well…
  13. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 13
    14 PRODUCTION: EXCEEDING EXPECTATIONS DEE Field Condensate to Gas Ratio 1,000 15-10-60-23W5 10-27-60-23W5 16-23-60-23W5 15-24-60-23W5 15-30-60-22W5 15-21-60-23W5 13-30-60-22W5 02-01-60-23W5 AVG. First 3 Wells ( 20 Gelled Oil…
  14. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 14
    15 PRODUCTION: EXCEEDING EXPECTATIONS DEE Cumulative Production 500 15-10-60-23W5 10-27-60-23W5 16-23-60-23W5 15-24-60-23W5 15-30-60-22W5 15-21-60-23W5 13-30-60-22W5 02-01-60-23W5 02-07-60-22W5 08-21-60-22W5 450 First 3 wells…
  15. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 15
    16 PRODUCTION: EXCEEDING EXPECTATIONS DEE Cumulative Revenue 22,000 15-10-60-23W5 10-27-60-23W5 16-23-60-23W5 15-24-60-23W5 15-30-60-22W5 15-21-60-23W5 13-30-60-22W5 02-01-60-23W5 REVISED Type Well First 3 Wells 02-07-60-22W5…
  16. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 16
    17 BIGSTONE MONTNEY: WELL DESIGN DEE Extended Reach Evolution of Montney Drilling Depths 6000 HZ Drilling Over 4,000 Montney wells drilled in last 5 years 5000 Ave. HZ Length Depth (m) Ave. TVD 2,700 4000 Two - single…
  17. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 17
    18 BIGSTONE MONTNEY: COMPLETION OPTIMIZATION DEE Completions 100,000 bbl water cell Have now completed 11 Slickwater Hybrid Fracs Significantly greater stimulated rock volume Pumped 5X fluid and 2X sand Water handling in place…
  18. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 18
    19 BIGSTONE MONTNEY: ECONOMIC MODEL DEE Two Section Montney Horizontal w/ 30 stage Slickwater Hybrid Completion Revised Type Well (1) Capital Total MM 9.2 Initial Production (day 1) Gas mmcf/d raw 7.0 Initial Field Condensate…
  19. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 19
    20 WEST BIGSTONE MONTNEY: INDUSTRY IS ACTIVE DEE West Bigstone: 27 sections Encana Drill Acquired (100% WI) in 2010/11 Liquids-rich Upper Montney being de-risked at West Bigstone Acquired (100% WI) in 2010/11 Delphi 9-4…
  20. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 20
    21 LOOKING AT THE FUTURE: 5 YEAR OUTLOOK DEE Bigstone Montney will be the driver of significant future growth Major Themes: Maximize value creation for the shareholder Focus on per share growth Efficient use of incremental…
  21. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 21
    22 5 YEAR OUTLOOK: FINANCIAL FLEXIBILITY DEE ( millions) (Net Debt/FFO) 500 3.0 Total Debt Credit Capacity Net Debt/FFO Over 320 million excess 400 credit capacity by 2018 2.4 funding additional growth opportunities 300…
  22. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 22
    23 5 YEAR OUTLOOK: 70 WELL MONTNEY PROGRAM DEE Corporate Maintenance Montney Wells ( millions) ( Wells) 250 25 14 Drilled 24 Surveyed or Licensed 770 million (70 well) Montney 68 Future Locations capital expenditure program…
  23. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 23
    24 5 YEAR OUTLOOK: FUNDING THE GROWTH DEE ( millions) 300 2014 to 2018 Forecast Cumulative Cash Flow: 796 million 250 Cumulative Capital: 770 million Near term source of funding: cash flow, credit capacity, 200 JV partnership…
  24. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 24
    25 5 YEAR OUTLOOK: PRODUCTION VOLUMES DEE (Boe/d) (Boe/d per million shares) 30,000 240 Other Hythe Wapiti Bigstone Cretaceous Bigstone Montney Boe/d per million shares 25,000 200 2014 to 2018 Forecast Growth Boe/d per…
  25. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 25
    26 CASH GENERATING CAPABILITY: NETBACKS MOVING HIGHER DEE Cash Netbacks continuing higher Cash Netback (/Boe) 35.00 Montney production growth: 30.00 Hedging Netback from Production Montney netback almost 3 times greater 25.00…
  26. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 26
    27 5 YEAR OUTLOOK: CASH FLOW GROWTH DEE ( millions) (/share) 300 2.40 Funds from Operations FFOPS 250 2.00 2014 to 2018 Forecast Growth Cash netbacks: 116% 200 CAGR: 17% 1.60 Cash flow per share: 619% 290 million CAGR: 48%…
  27. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 27
    28 BIGSTONE MONTNEY: 2014 DRILLING PROGRAM DEE Area of 5 year / 70 well Development plan 17 10 8 16 East Bigstone 9 3 6 7 13 5 1 4 2 14 12 11 15 DEE 12-17 Whipstock 2014 drilling plans include: 7 8 HZ…
  28. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 28
    29 BIGSTONE MONTNEY: INFRASTRUCTURE OVERVIEW DEE Rge25W5 Rge24 Rge23 Rge22 Rge19 Rge18 Delphi owns significant existing KA SemCAMS infrastructure in the Bigstone area Sour processing capacity at SemCAMS K3 Twp 61 Lower fee…
  29. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 29
    30 HEDGING PROGRAM: PROTECTING CASH FLOW DEE Natural Gas Jul - Dec 2014 2015 2016 Volume (mmcf/d) 24.1 13.7 8.5 % Hedged * 57 33 20 Fixed Price (/mcf) 3.62 3.60 3.62 Crude Oil Jul 2014 Jul Dec 2014 Volume (bbls/d) 100 1,000 %…
  30. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 30
    31 2014 MARKET GUIDANCE DEE 2013 2014 Forecast Change Average Production (BOE/d) 8,241 10,000 10,500 24% Exit Production (BOE/d) 9,638 11,500 12,000 22% Percentage NGL/light oil 27% 29% 7% Natural gas price (AECO /mcf) 3.17…
  31. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 31
    32 DELPHI SUMMARY DEE Current inventory of scalable development opportunities: Montney land base has grown to 130 sections Application of slickwater frac technology is successful Gas rates / NGL yields / costs Field operations…
  32. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 32
    33 DEE APPENDIX
  33. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 33
    34 FURTHER FOCUSING THE DEEP BASIN ASSET BASE DEE Cash Generating Capability by Play Type Concentrated land base of over 340 sections Percent of Capital Recovered Bigstone Montney HZ Significant HZ drilling inventory on…
  34. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 34
    35 THE DEEP BASIN: INFRASTRUCTURE IS CRITICAL DEE Sexsmith Gas Plant 210 mmcf/d Hythe Knopcik Gas Plant 71 mmcf/d Goodfare Gas Plant 24 mmcf/d Wapiti Deep Cut Plant 355 mmcf/d Wapiti Shallow Cut Plant 125 mmcf/d…
  35. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 35
    36 DEE 300, 500 4th Avenue S.W. Calgary, Alberta T2P 2V6 Telephone: (403) 265-6171 Facsimile: (403) 265-6207 Email: infodelphienergy.ca Website: www.delphienergy.ca

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