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Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd.

Pace Oil & Gas Ltd. · Mar 14, 2012 · 27 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. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 1
    BUILDING A TOP TIER ENERGY COMPANY, BUILDING IN GROWTH, BUILDING UP VALUE. Investor Update 2011 Year End March 2012 An Intermediate-Sized Real Growth Company Oil Growth Drives Cash Flow
  2. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 2
    Corporate Overview Strong Real Growth Top tier growth - oil weighted & cash flow per share Strong Performance Metrics High quality, long life, oil weighted assets Significant Upside Portfolio of top tier resource plays Multiple…
  3. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 3
    Corporate Highlights Current December 31, 2011 Basic Shares Outstanding (mm) 47.2 FD Shares Outstanding (mm) 51.0 Bank Debt (mm) 151 Net Debt (mm) 186 Credit Facility (mm) (1) 275 Proved Reserves (mmboe) (2) 44.5 2P Reserves…
  4. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 4
    Oil Growth Drives Production Increase 16,000 Gas (boe/d) 15,000 Total production up Oil+NGL (bbls/d) 14,141 14,262 14,205 over 53% from Q1 14,000 13,089 13,558 2010 12,403 12,000 Oil production up over 10,000 9,808 10,271 104%…
  5. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 5
    Decreasing Op Costs & Increasing Op Netback Operating Costs/boe Operating Netbacks/boe 24.11 24.18 20.77 20.40 19.68 19.55 17.24 16.57 15.21 15.20 14.99 13.81 13.51 13.84 13.20 13.38 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11…
  6. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 6
    Pace Delivered Top Finding Costs 2011 2010 Proved Plus Proved Plus /boe Proved Proved Probable Probable E&D Capital 16.19 15.81 13.10 12.91 Change in future capital (0.02) 1.23 (1.10) 4.29 F&D Costs 16.17 17.04 12.00 17.20 A&D…
  7. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 7
    2011 Reserves Breakdown Reserves by Product Reserves by Category Net Present Value by Product (boe, P+P) (, NPV 10% Disc) (, P+P, 10% Disc) NGL NGL 28% Gas 2% 2% Prob 23% Gas 50% 9% 63% PDNP PDP Oil PUD Oil 48% 75%…
  8. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 8
    Pace Underlying Value NGL Gas 2% 23% Proved PV10 13.85 / share Each common share owns Probable PV10 4.10 / share 1.48 boe of reserves 2P PV10 17.95 / share (0.71 bbl of oil) Oil 75% Total P 2011 Net Asset Value - (mm)…
  9. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 9
    Increased Liquids Increases Netbacks/Cash Flow 90% 80% % Liquids 70% 60% 50% 40% Steady increase in liquids 30% 20% 10% compared to peers 0% 60 Operating Netback Operating netbacks 50 40 30 20 increase with more oil 10…
  10. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 10
    Strong Comparative Growth & Strong Balance Sheet 1.4x Net Debt 11 Yr End/LOC 1.2x 1.0x 0.8x 0.6x 0.4x Financial flexibility within 0.2x existing 0.0x 2.5x 11 Cash Use to Cash Flow 2.0x Spent within means to 1.5x 1.0x deliver…
  11. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 11
    Strong Results & Exceptional Value 140,000 EV/2012 boe/d 120,000 100,000 80,000 60,000 40,000 Pace trades at low 20,000 multiple compared to - peer group 14.0x EV/2012 DACF 12.0x 10.0x 8.0x 6.0x At peer group average,…
  12. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 12
    Significant Upside & Visible Long Term Growth Areas Key Attributes High Working Interest Operational Control Play Type Project Gross Net Wells Capital Operated MM Wells Southern Glauconite 35 40 24 18 Alberta Lithic Pekisko…
  13. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 13
    Southern Alberta Lithic Glauconite & Mannville Oil Plays R20W4 R15W4 Key Attributes Current production: 4,500 boe/d (43% oil) 2,000 bbls/d oil Total Acreage Gross 488,000 - 763 sections T15 Net 302,000 - 472 sections 2011 Program…
  14. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 14
    Southern Alberta - Economics R19W4 R17W4 Play Type Curve 500 T14 400 Type Curve 300 BOE/D 200 100 0 0 12 24 Months D,C, Equip 1.9 mm T12 Production, boe/d (IP 30 day) 130 Reserves (mboe) 125 NPV 10%(mm/well) 2.0…
  15. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 15
    NNN & BBB Production Forecast R18W4 R17W4 1000 5000 Retlaw Unit WF Forecast Cal Day Oil 4000 800 Water Inj, bwpd 3000 T13 600 2000 400 1000 200 0 T12 0 -1000 2012 Plan (5 mm net capital) Implement waterflood in…
  16. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 16
    Peace River Arch - Dixonville Key Attributes Current production: 3,600 boe/d (88% oil) R1W6 R25W5 Netback over 43/boe* Total Acreage T87 Gross 62,700 - 98 sections Net 58,500 - 91 sections Montney C Oil Pool with expanding…
  17. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 17
    Dixonville: Montney C Reservoir Simulation 3,200 bbls/d DIXONVILLE: MONTNEY C REMAINING RECOVERABLE OIL (MMBBL) 70 35% 0.40 ULTIMATE RECOVERY OF OOIP (%) 60 0.35 0.30 50 Tertiary, 28.2 20% 0.25 40 15% Upside, 9.4…
  18. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 18
    Peace River Arch - Red Earth Area Key Attributes R9W5 R7W5 Current Production: 590 bbls/d (oil) Total Acreage Gross 72,800 - 114 sections Southern T88 Alberta Net 51,800 81 sections Top Quality light oil property Netback…
  19. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 19
    Peace River Arch - Red Earth Area - Economics R10W5 R6W5 Play Type Curve T89 100/1-9-88-8W5/0 Type Curve 1st Generation Wells 2011 Wells Southern Alberta Oil Rate (bbl/d) 100/8-1-88-12W5/0 T87 0 1 2 3 Years D,C,…
  20. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 20
    Northern Alberta: Rainbow/Haro Resource play R10W6 R6W6 R2W6 Key Attributes T110 Current production: 3,800 boe/d (27% oil) Total Acreage Gross 376,000 - 587 sections Net 328,000 - 513 sections Stable, long term production Large…
  21. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 21
    Haro Pekisko Encouragement Unrisked 300 to 600 locations R6W6 R3W6 200 2-36-101-5W6 175 Oil Rate (bbl/d) 150 125 100 T102 75 50 25 0 T100 0 12 Months 24 36 Type Curve 00/02-36 D,C, Equip 2.1 2.5 mm T98 Production,…
  22. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 22
    Large Repeatable Gas Deep Basin Land Farrell Creek, BC Area Gross Acres Net Acres Working interest: 75%-100% Elmworth 5,800 3,500 (operated) Chinook Ridge 27,000 16,300 Net acreage: 19,300 acres (30.2 Red Rock 20,100 19,000…
  23. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 23
    Oil Focused Capital Budget 2012 Play Type Project Gross Net Wells 2012 Exit Adds Capital MM Operated boe/d Wells Southern Alberta Glauconite 35 40 24 18 1,100 1,200 Lithic Pekisko Waterflood Dixonville Montney C 15 20 3 3 600…
  24. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 24
    Pace Oil Enhanced Recovery Cum to Date Pace WI Reserves Pace Estimated Gross Ultimate Recovery Total Gross EUR Gross as of Dec. 31/2011 as of Dec. 31, 2011 Incr. Recovery OOIP Production Recovery Total Proved Proved + Probable Upside…
  25. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 25
    Key Investment Highlights Strong Real Growth Production up, oil weighting up and growing Cash flow up and top tier per share growth Excellent results and continued oil focused growth Solid Value Solid reserves, low decline, low…
  26. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 26
    Pace Corporate Information Management Directors Fred Woods Fred Woods Tom Simons President & CEO Tom Buchanan Jeff Smith Judy Stripling Peter Harrison Jay Squiers Executive Vice President & CFO Mike Shaikh David Tuer Todd Brown…
  27. Q4 2011 EARNINGS CALL – Pace Oil & Gas Ltd. – slide 27
    For Information Contact Fred Woods President & CEO Judy Stripling Executive VP & CFO Chad Kalmakoff VP, Finance Main: 403-303-8500 Investor Relations Email: irpaceoil.ca Website: www.paceoil.ca TSX: PCE OTC: PACEF

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