Penn West Profile Listing NYSE: PWE TSX: PWT Market Capitalization(1) 9.4 Billion Shares outstanding (Q2 2011) 468 million Liquidity (shares/day) 3.0 million Production (H1 2011) 161,000 boe/d Light oil & NGLs 84,000 boe/d (52%)…
producer of light & medium oil in western Canada
% Proved Oil Reserves 5 % Horizontally Booked 73 % 1P to 2P Ratio Oil Gas BOE Proved 337 mmbbls 865 bcf 481 mmboe Proved and Probable 454 mmbbls 1,235 bcf 661 mmboe
Our Business Bank Facility Total Debt (Q2 2011) 4 year 2.25 billion Bank Facility - Amount drawn 1.1 billion - Covenant based 1.1 billion 1.8 billion in Private Notes drawn* - Average remaining term of 7 years - Average coupon…
North American Resource Plays Cordova Horn River Peace River Montney Carbonates Duvernay CANADA Cardium Colorado Shaunavon Spearfish Bakken Utica Niobrara U. S. A. Marcellus Monterey Granite Wash Woodford…
Canada U.S. Translation USA CANADA Haynesville Duvernay Eagleford Second White Niobrara SOURCE Specks Marcellus Woodford Muskwa Barnett Nordegg Bakken SOURCE - TIGHT Bakken Montney Yeso / Abo TIGHT CARBONATES Swan Hills…
Emerging Resource Plays Infill Drilling Resource Cardium, Colorado 1 Target: 10-20 billion bbls OOIP Early Development Carbonates, Colorado, Spearfish 2 Target: 5-10 billion bbls OOIP Exploration 3 Source Rock 8
Our Business Penn West Large Resource Plays Cordova Penn West has the most leverage to large scale oil development using horizontal Carbonates multistage technology in western Canada Peace River Cardium Colorado Penn…
Our Business Current Well Inventory 10,000+ well inventory 2,500 (90% focus on resource plays) 2,000 Oil Gas 1,500 Drilling Locations 1,000 500 0 10
Our Business Unlocking Energy Cardium West Central Alberta
Cardium 2011 Full Scale Development R10W5 Acreage East Pembina 665,000 net acres 15% Budget Current Inventory 2,500+ locations T47 Capital West Pembina 350 - 400mm 35% Budget Alder Flats 15% Budget Target Economics (project)…
Cardium Resource in Place Resource Window Penn West Resource Play type: Tight sand Cardium Vertical depth: 1,800m thickness 20m Hz length: 1,400m Avg Frac: 20 stages20T 13
2011 Operational Update Cardium 35 Hz wells drilled in 2010 40 net wells drilled to date Anticipate averaging 7 rigs running for rest of 2011 drilling 45-55 additional net wells First month production rates average 200-300…
Our Business Unlocking Energy Spearfish Southwest Manitoba
Spearfish 2011 Development R25 R23W1 Melita Acreage 75,000 net acres T3 Current Inventory 1,500 locations Capital 140 - 175mm Waskada Target Economics (project) Waskada F&D 15 17/boe IRR +60% T1 Targeted Wells 2011 Goodlands 65…
Spearfish Resource in Place Resource Window Penn West Resource Play type: Tight Sand Spearfish Vertical depth: 900m thickness 25 30m Hz length: 800m Avg Frac: 20 stages5T 17
2011 Operational Update Spearfish 75 wells drilled in 2010 44 net wells drilled to date Full scale development with 4-5 wells/pad at 24 wells per section 20+ wells planned to drill for remainder of 2011 First month production…
Our Business Unlocking Energy Colorado Plains Area
Colorado 2011 Development R25 R20 R16W4 Acreage Penn West land 750,000 net acres PW 2011 well PW 2010 well Industry well Kerrobert Current Inventory 25% Budget 10 kms T35 1,000 oil locations Kerrobert 5 miles 1,500 gas locations…
Colorado Group Development Resource FIRST WHITE SPECKLED SHALE Gas Penn West Resource Window UPPER MEDICINE HAT Gas (Viking Play) thickness UPPER COLORADO Play type: Tight sand COLORADO GROUP SHALE 200 300m Vertical depth:…
2011 Operational Update Colorado (Viking) 94 Hz wells drilled in 2010 Full development in many parts of play; 54 net wells drilled to date Main development in Dodsland/Avon Hills with first month average production rates of…
Our Business Unlocking Energy Carbonates Central Alberta
Carbonates 2011 Appraisal to Development Sawn Lake T90 Red Acreage Otter Earth Otter/Sawn Lake 200,000 net acres 60% Budget 15 kms Current Inventory Peace River 10 miles Slave 500 locations Penn West land PROP PW 2011 well PW…
Carbonates Trend Resource Reef Penn West Resource Active Edge Platform Play type: Carbonate Reefs Platform Active Edge Vertical depth: 2,300m Drill Density 4 12 wells 0 4 wells 4 8 wells Hz length: 1,400m (per section) Avg…
2011 Operational Update Carbonates 18 Hz wells drilled in 2010 21 net wells drilled to date with 5 rigs drilling 15-20 wells in remainder of 2011 Development and appraisal drilling on the Slave Point platform at Otter/Red Earth…
Our Business Unlocking Energy Peace River Oil Project Central Alberta
Peace River Oil Partnership Appraisal R19W5 R15 Acreage Partnership 130,000 net acres Interest 55% TCPL 2010 2011 Capital T85 100mm gross (5mm net) 2010 - 2011 Activity Peace River 12 Hz wells 50+ Strat wells Seal Thermal pilot…
Our Business Unlocking Energy Cordova Shale Gas Northeast British Columbia
Cordova Embayment 2011 Appraisal 94-P-13 Cordova 5 kms Embayment 5 miles Acreage (net) Slave Point Shale gas 175,000 acres Platform Capital Horn 160mm gross River Appraisal 40mm net Basin Area Targeted Wells 2011 Wildboy 15 20…
The Future Full Bore Ahead 31
Re-exploring Western Canada Penn West Uniquely Positioned Maximum play exposure with strong land position in western Canadas resource plays Focused on light oil resource plays in near term Strong development portfolio will enable…
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