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Annual General Meeting – Bonavista Energy Corp

Bonavista Energy Corp · May 1, 2014 · 35 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. Annual General Meeting – Bonavista Energy Corp – slide 1
    Annual General Meeting Calgary Petroleum Club May 1, 2014
  2. Annual General Meeting – Bonavista Energy Corp – slide 2
    CORPORATE IDENTITY Our foundation: 4.5B Enterprise Value PEOPLE RESERVES PRODUCTION OPPORTUNITIES 374 Employees 399 mmboe* 74,000 boe/d 1,550 Locations 11% Insider Ownership 13 year RLI 90% Operated 91% Horizontal 3 * Total…
  3. Annual General Meeting – Bonavista Energy Corp – slide 3
    Q1 2014 ACCOMPLISHMENTS Funds from operations of 160.8 million 0.80 per share 46% Increased production volumes to 73,936 boe/d 2% 37 gross wells Invested 176.6 million in E&D activities 100% success rate Invested 35.7…
  4. Annual General Meeting – Bonavista Energy Corp – slide 4
    CORPORATE IDENTITY Our asset base: BC AB SK Bonavista focus areas Access to 4 million acres Ft St John 72 operated facilities Deep 6,500 kilometers of operated pipelines Edmonton Basin Over West Central 16 years of…
  5. Annual General Meeting – Bonavista Energy Corp – slide 5
    BUSINESS PLAN Shareholder Return = Income + Growth 10% 20% 10% 5% 5% 10% SPENDING 0% 0% 0% Income Return Target Total Return Target Growth Return Target VALUE CREATION 6
  6. Annual General Meeting – Bonavista Energy Corp – slide 6
    STRATEGY The right ingredients: CONCENTRATE OPERATIONS ON EXCELLENT ASSETS TOP QUALITY RESERVOIRS + IDENTIFY AND EXECUTE WITH EXCELLENT PEOPLE EFFICIENCY AND PRECISION = VALUE CREATION 7
  7. Annual General Meeting – Bonavista Energy Corp – slide 7
    CONCENTRATION Concentration in focus areas: January 1, 2009 January 1, 2014 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 8
  8. Annual General Meeting – Bonavista Energy Corp – slide 8
    CONCENTRATION Exploration and development expenditures: 100% 90% 80% Expenditures ( millions) 70% 94% of spending 60% allocated to focus 50% areas in 2014 40% 30% 20% 10% 0% 2008 2009 2010 2011 2012 2013 2014F…
  9. Annual General Meeting – Bonavista Energy Corp – slide 9
    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…
  10. Annual General Meeting – Bonavista Energy Corp – slide 10
    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 11
  11. Annual General Meeting – Bonavista Energy Corp – slide 11
    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…
  12. Annual General Meeting – Bonavista Energy Corp – slide 12
    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 13 * Net operating income /…
  13. Annual General Meeting – Bonavista Energy Corp – slide 13
    EFFICIENCY Competitive 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…
  14. Annual General Meeting – Bonavista Energy Corp – slide 14
    VALUE CREATION Drilling locations by area 9% Montney 5% 1,550 locations 18% 1,415 Hz (91%) Deep Basin Bluesky 68% Glauconite Wilrich West Ellerslie West Central Deep Basin Central Montney Other Cardium Six plays…
  15. Annual General Meeting – Bonavista Energy Corp – slide 15
    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…
  16. Annual General Meeting – Bonavista Energy Corp – slide 16
    2014 BUDGET Exploration and development expenditures: Total Value* 580 - 600 million 455 - 465 million 5% 3% 11% 3% 15% 14% 7% 43% 9% Glauconite 12% Wilrich Cardium 15% Ellerslie 78% Bluesky Montney Other Value…
  17. Annual General Meeting – Bonavista Energy Corp – slide 17
    KEY PLAYS WEST CENTRAL 2014 E&D expenditures of 370 380 million: Glauconite: 203 horizontal wells drilled 400 in inventory Operating cost 3.00/boe Increase 2014 program to 64 wells versus 42 in 2013 Production growth greater than…
  18. Annual General Meeting – Bonavista Energy Corp – slide 18
    VALUE CREATION West Central production profile: 70,000 60,000 50,000 Production (boe/d) 40,000 30,000 20,000 10,000 0 19 * Compound Annual Growth Rate calculated using average daily production for respective…
  19. Annual General Meeting – Bonavista Energy Corp – slide 19
    KEY PLAYS DEEP BASIN 2014 E&D expenditures of 160 170 million: Bluesky: 75 sections of land 60 horizontal locations Bluesky 2014 drilling program 9 gross wells Production growth in excess of 50% for 2014 Wilrich: Wilrich 76…
  20. Annual General Meeting – Bonavista Energy Corp – slide 20
    VALUE CREATION Deep Basin production profile: 30,000 25,000 Production (boe/d) 20,000 15,000 10,000 5,000 0 21 * Compound Annual Growth Rate calculated using average daily production for respective years
  21. Annual General Meeting – Bonavista Energy Corp – slide 21
    GUIDANCE 2014 Guidance: 2013 2014F 2013 2014F % Change Capital expenditures ( millions): Exploration and development 444 580-600 33 Acquisitions and divestitures 20 (160) (900) Total 464 420-440 (3) Production (boe/d) 73,406 75,000…
  22. Annual General Meeting – 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. Annual General Meeting – Bonavista Energy Corp – slide 23
    24 APPENDICIES
  24. Annual General Meeting – Bonavista Energy Corp – slide 24
    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 80% 60% 50% 49% 53% 79% 52% 37% 0 2.50 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1…
  25. Annual General Meeting – Bonavista Energy Corp – slide 25
    HEDGING STRATEGY CRUDE OIL 12 120 10 110 Hedged Volumes (mbbls/d) 8 100 C/bbl 6 90 4 80 2 70 30% 30% 30% 30% 67% 74% 75% 71% 0 60 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4…
  26. Annual General Meeting – Bonavista Energy Corp – slide 26
    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*…
  27. Annual General Meeting – Bonavista Energy Corp – slide 27
    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…
  28. Annual General Meeting – Bonavista Energy Corp – slide 28
    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…
  29. Annual General Meeting – Bonavista Energy Corp – slide 29
    CARDIUM Lochend Cardium type curve: 500 Type Curve 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 3.8 200 Payout…
  30. Annual General Meeting – Bonavista Energy Corp – slide 30
    BLUESKY Bluesky type curve: Type Curve 700 Capex ( millions) 4.5 IP12 (boe/d) 395 600 EUR (mboe) 515 IRR (%) 119 Production (boe/d) 500 F&D (/boe) 8.75 400 P/I 1.1 Recycle Ratio 3.8 300 Payout (years) 1.1 200 100…
  31. Annual General Meeting – Bonavista Energy Corp – slide 31
    WILRICH Ansell type curve: 1,400 Type Curve Capex ( millions) 6.0 1,200 IP12 (boe/d) 659 EUR (mboe) 872 Production (boe/d) 1,000 IRR (%) 140 800 F&D (/boe) 6.82 P/I 1.2 600 Recycle Ratio 4.3 400 Payout (years) 0.9…
  32. Annual General Meeting – 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. Annual General Meeting – Bonavista Energy Corp – slide 33
    2014 FIRST QUARTER PERFORMANCE Three months ended, March 31 Financial: 2014 2013 % change ( millions except per share amounts) Production revenues 315 227 38% Funds from operations 161 110 46% - per share 0.80 0.57 40% Capital…
  34. Annual General Meeting – Bonavista Energy Corp – slide 34
    2013 YEAR END PERFORMANCE Years ended, Dec 31 Financial: 2013 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 expenditures,…
  35. Annual General Meeting – Bonavista Energy Corp – slide 35
    1500, 525 8th Ave. SW Calgary, Alberta T2P 1G1 Tel: (403) 213-4300 Fax: (403) 262-5184 investor.relationsbonavistaenergy.com 36

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