solutions results We produce energy Corporate Presentation November 2010 TSX : PBN
Corporate Profile Premier light oil producer Applying technology to large resource plays Drilled more than 650 horizontal wells with multistage fracs to date 187.2 million shares outstanding 187.2 million shares outstanding 8.0…
Operational Highlights Q3 2010 production 40,095 boepd (83% light oil) Light oil weighting expected to be 85% by year end g g g p yy Drilled 225 (162 net) wells in first 9 months of 2010 102 (96 net) wells are Bakken bilaterals…
Q3 Operating Results Operations Q3 2010 Q2 2010 Q1 2010 Q4 2009 Average daily production Oil & NGL bbls/d 33,230 33 230 34,852 34 852 37,654 37 654 38,796 38 796 Natural Gas mcf/d 41,193 44,469 32,662 40,951 Total Company bo epd…
PBN versus Intermediate Peers Strength in Our Results Q3 2010 per BOE Profitability ( (excludes l d h hedging) d i ) 70 Operating Netback Operating Expense Royalties 60 50 +85% boe 40 /b 30 20 10 0 PBN…
PetroBakken Land Base Focused Strategy with Concentrated Assets Q3 Production Mix 17% Gas Strong multiyear growth g y g profile 83% Oil & Liquids Over 1.2 million net acres of undeveloped land of undeveloped land Over 2,400…
Southeast Saskatchewan Mississippian and Bakken Light Oil PetroBakken has i i l extensive conventional and unconventional SASKATCHEWAN MANITOBA opportunities in southeast southeast Saskatchewan 6 miles TSX : PBN 9
Conventional Opportunities Mississippian Production of Light Sweet Crude Oil Large inventory of Mississippian light oil drilling opportunities Wells cost approximately 1 million drilled and completed with average reserves of 75…
Focused Bakken Activity Extensive Infrastructure and Operated Production We are well positioned for growth in the Bakken with a large land position and an extensive network of operated infrastructure Over 210,000 net undeveloped…
Applying Technology Leaders in Innovation Upgrades PetroBakken Technological Firsts 1st successful horizontal well open hole multistage frac f lh i l ll h l li f completion in the Bakken l i i h B kk 1st horizontal well 20 stage…
Bilateral Evolution Development of Bilateral Horizontal Well Technology Bilateral wells are capital efficient for down spacing; 2.4 million per quarter section versus 3.6 million for two single lateral wells accessing the same…
Bakken 3.0 in Perspective Achieving Superior Performance Average results from first 121 bilateral horizontal wells and 121 offsetting single lateral wells 250 Bilaterals Single Laterals 200 Production (bbl/d) 150 100…
Bakken 3.0 Exceeds Expectations PetroBakkens long bilateral horizontal wells significantly outperform Sproules reserve evaluation at December 31, 2009 300 Production (bbl/d) 250 200 ormalized P 150 100 ge Gross…
Light Oil Growth Opportunities The Cardium Play in Alberta Comparison of Zones Innes West Pembina Bakken Type Log Bakken Type Log Bakken Cardium Cardium Type Log Cardium Type Log Net Pay 5 8 (m) Porosity 10 10 (%)…
Cardium Expansion PetroBakkens Strategic Entry into the Cardium We established a significant position in the C di Cardium trend in the first quarter of 2010 t d i th fi t t f 2010 Pembina EDMONTON corporate acquisitions and land…
Cardium Land Holdings Cardium Players Net Sections Comparison 250 530 *PBN net sections as at November 2010 over 240 net sections 200 *PBN net sections as at July 2010 over 190 net sections 150 ons Net Caardium Sectio…
Alberta Royalty Changes New Oil Well Royalties Benefit Cardium Assets Fiscal changes announced in 2010 reduce royalties for Alberta production 5% royalty holiday on the first 50,000 boe was made permanent Maximum royalty rate reduced…
Geological Environment Schematic Cross Section This schematic cross section illustrates the rich geological environment in Pembina at multiple depths The Cardium sand identified uses a 6% porosity cutoff, however the effective oil…
Cardium Evolution Following in the Footsteps of the Bakken 700 Number of Horizontal Wells Cardium 600 Cardium activity lags Bakken 500 Bakken activity by 400 3 to 4 years 300 200 100 * Number of wells drilled as of July…
Cardium Expectations PetroBakkens Approach Experimentation has lead us to utilize monobore drilling and slick water frac completions We expect incremental performance improvements with additional drilling and completion optimization…
Cardium Activity Accelerating Operations in Second Half 2010 PetroBakken designed program* 29 (25 net) wells have been drilled since 29 (25 net) wells have been drilled since the start of Q3 2010 18 (15 net) wells have been…
Cardium Activity (cont.) PetroBakken Drilling Activity 18 200 16 180 160 14 Wells Drilled d by Month 140 12 120 10 Cumulative Net W Net Wells Drilled 100 8 80 6 60 4 40 2 20 0 0 J l 10 Jul10 A…
Natural Gas Opportunities Leveraging Our Strengths: Execution & Technology Large land position in two gas rich regions of Northeast B.C. Horn River well to be completed in Q4 2010 One Monias well to be drilled in Q4 and completed in…
PetroBakken Summary Focused Growth with Dividend Yield Industry leading multistage fracture stimulation experience Application of technology to large resource plays Application of technology to large resource plays Repeatable…
solutions results We produce energy www.petrobakken.com TSX: PBN TSX: PBN Fifth Avenue Place, East Tower, 800, 425 1st Street SW Calgary, Alberta T2P 3L8 Phone (403) 2687800 Fax (403) 2186075 TSX : PBN 27
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