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MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc.

Legacy Oil + Gas Inc. · Mar 12, 2014 · 45 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. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 1
    SUSTAINABLE GROWTH March 2014
  2. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 2
    What Differentiates Legacy 3
  3. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 3
    Corporate Profile (TSX: LEG) Common Shares 157.2 million Warrants 3.6 million Options & Restricted Shares 9.9 million Insiders own Basic 2.4% Fully Diluted 8.3% Enterprise Value 1.6 billion Average Liquidity 1,000,000 shares/day Net…
  4. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 4
    2013 Reserves, FD&A and NAV 2013 Reserves Proven + Probable (P+P) 117.2 MMBoe +24% YoY Total Proved 66.7 MMBoe Total Proved/P+P 57% NAV Calculation (at December 31, 2013) PDP/Total Proved 71% (MM except share and per share amounts)…
  5. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 5
    Historical Performance Funds Flow Growth P+P Reserve Growth 400 2.40 Funds Flow Funds Flow per Share 120 0.84 P+P Reserves Proved Plus Probable Reserves per Share 350 Proved Plus Probable Reserves (MMBOE) 2.00 P+P…
  6. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 6
    Light Oil Price Advantage Operating Net Back Q3-2013 Q3 2013 Netback Oil Price 57.25/Boe Edm Par 2.30/Bbl = Legacy Price 7
  7. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 7
    Low Risk Development Budget Drill approximately 159 gross (124.2 net) wells exclusively targeting light oil 2014 Capital Budget Breakdown 350 Million Total 2014 Guidance Average production: 21,350 Boe per day, 12% growth over 2013…
  8. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 8
    Focused + Light Oil Asset Base Two core areas - each area has focused development assets and new play development opportunities: MAXHAMISH Williston Basin Development Taylorton, Heward, Star Valley, Spearfish, Frys/Antler,…
  9. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 9
    High Quality Light Oil Plays Net Net Rec. Oil DCET Capital2 DOIP 1 Reserves Weighting Net Cost IP30 IRR Efficiency Play (MMBbl) (MMBbl) (%) API Locations (M) (BOED) (%) (/BOED) Midale 161.5 29.3 85 38 320 2,200 165 120 22,000…
  10. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 10
    Williston Basin Resource Plays + Conventional Production of 14,000 Boed High quality light oil, averaging 38o API 1,500 net drilling locations on 243,000 net acres SOUTHEAST SASKATCHEWAN Multiple play types: Development locations…
  11. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 11
    Steelman/Pinto Midale High impact conventional play with S.E. SASK. unconventional completion technique MANITOBA Light oil (34-40 API) E G E G V I V IG G IIIGDJ AVD DJ V E A E V J G G G G IG G G GE A JG UVGVJ E CED E…
  12. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 12
    Turner Valley Rundle 40o API light oil, liquids-rich solution and non-associated natural gas with SOUTHERN U G G low historical oil decline rate of 4% R4 G M JV IG G R3 F U G G G R2W5M ALBERTA ME E M S J S EVD J UV G D F…
  13. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 13
    Pierson + North Dakota Spearfish S.E. SASK. MANITOBA General 1000 m depth R29 G GG R28 G R27 GU R26 G R25 R24 R23 R22W1M G EE E V G EJ JA E VS J E EE E E J VMV E J E VVV JJJ VVE J J EV E E V V A U 12 MMBbl DOIP…
  14. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 14
    Star Valley Bakken 28 27 G G26 25 30 G G 29 J 28 27 J 26 25 30 G V29 G I R6 R5 R4W2M EDG G S.E. SASK. GE E V G A G G G E EG D E G G E E V G G G E A EA V I G 23 MANITOBA V E D EG 21 22 23 24 19 20 21 22 24 19 20 ED E M…
  15. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 15
    Conventional Mississippian Plays Main producing and target zones include Souris Valley, Tilston, Alida, Frobisher and SOUTHEAST SASKATCHEWAN Midale Wells not fracd, payouts 12 MANITOBA months or less Average well cost 1.1 MM HEWARD…
  16. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 16
    Waterflood Benefits Add reserves cost-effectively Typically double primary recovery factor Finding & development costs low double digit Leverage existing lands and infrastructure Moderates declines Oil production plateaus and can…
  17. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 17
    Heward + Taylorton Waterflood Heward Heward Oil Production Pilot Waterflood Response Start of Injection Taylorton Taylorton Pilot Waterflood Oil Production Response Start of Injection 18
  18. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 18
    Frys + Pierson + Steelman Waterflood Frys Frys Oil Production Response Pilot Waterflood Start of Injection Pierson Steelman Proposed Pilot Proposed Pilot Waterflood Waterflood 19
  19. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 19
    Impact of Waterflood to Legacy Gross OOIP WF Reserves NPV10% BT Area (MMBbl) Net Sections (MMBbl) (MM) Bakken 377.3 80.5 30.0 954.7 Torquay 219.5 33.3 15.4 394.9 Spearfish 599.6 51.7 52.7 613.1 Midale 177.6 36.1 15.6 428.1 Total…
  20. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 20
    Capture of Large Light Oil Resource Gross Discovered Oil Originally In-Place (DOIIP) (MBbl) 1538.6 1659.8 1871.4 332.8 Conventional Total Resource Sproule CORA LEG CORA CORA=Contingent Oil Resource Assessment See notes,…
  21. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 21
    Significant Light Oil Resource Base Legacy Working Interest Volumes 300 250 200 MMBbl 150 100 50 0 High Estimate Best Estimate P+P Reserves Sproule Contingent Resource LEG Contingent Resource See notes,…
  22. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 22
    Potential Value Various Capital Timeframes 3 Year Contingent Capex 5 Year Contingent Capex 7 Year Contingent Capex 7000 34.97/share 6000 33.67/share 32.93/share Assumptions for all cases: 5000 NPV10% BT (M) Legacy internal…
  23. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 23
    Independent Reserve Engineers Contact Information Sproule Associates Limited 4400, 525 8th Avenue SW Bank Syndicate Eighth Avenue Place BMO Capital Markets Calgary, Alberta T2P 1G1 National Bank The Bank of Nova Scotia Tel:…
  24. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 24
    APPENDIX
  25. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 25
    Pierson + North Dakota Spearfish Forecast Type Curves IRR Sensitivity 140 160 Pierson North Dakota Pierson North Dakota 120 140 Production 120 100 Oil Rate (BOPD) Constrained 100 IRR (%) 80 80 60 60 40 40 20 20 0…
  26. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 26
    Steelman + Pinto Midale Forecast Type Curves IRR Sensitivity 175 200 Steelman Pinto Steelman Pinto 180 150 160 Oil Rate (BOPD) 125 140 120 IRR (%) 100 100 75 80 50 60 40 25 20 0 0 0 2 4 6 8 10 12 14 16 18 20 22…
  27. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 27
    Turner Valley Rundle Forecast Type Curve IRR Sensitivity 130 60 120 110 2013 wells IP30 avg. 50 100 265 BOED per well Peak < 1 month Oil Rate (BOPD) 90 40 80 IRR (%) 70 30 60 50 20 40 30 20 10 10 0 0 0 2 4 6 8…
  28. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 28
    Star Valley Bakken Forecast Type Curve IRR Sensitivity 120 100 110 90 100 80 90 Oil Rate (BOPD) 80 70 60 IRR (%) 70 60 50 50 40 40 30 30 20 20 10 10 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105…
  29. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 29
    Taylorton/Pinto Bakken + Three Forks S.E. SASK. MANITOBA G G J D E G GJ E J I J J E IV I I R7 G R6E G IVE G G R5 G E M JR4W2M M J J S J V D I E G I VJ Multizone area for high netback, liquids 1 I G 6 V G II II G II I E M…
  30. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 30
    Taylorton Bakken Forecast Type Curve IRR Sensitivity 160 200 140 180 160 120 Oil Rate (BOPD) 140 100 120 IRR (%) 80 100 60 80 60 40 40 20 20 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105 Months Oil…
  31. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 31
    Stoughton/Heward Bakken Forecast Type Curve IRR Sensitivity 120 180 100 160 140 Oil Rate (BOPD) 80 120 IRR (%) 100 60 80 40 60 40 20 20 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105 Months Oil Price…
  32. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 32
    Conventional Mississippian Forecast Type Curves IRR Sensitivity 100 200 90 180 80 160 Oil Rate (BOPD) 70 140 60 IRR (%) 120 50 100 40 80 30 60 20 40 10 20 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105…
  33. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 33
    Frys/Antler Three Forks/Souris Valley S.E. SASK. U R31 G G E E E E E E E E E EJ E E D J JD EV E J E J R30 E V DR29W1M V EJ E E E AE J G JV36E C 31 J J 31 J J E E E E E E E JJ JJ Three Forks (Torquay) G 31 G EV EV 36 E 31…
  34. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 34
    Frys/Antler Three Forks (Torquay) Forecast Type Curve IRR Sensitivity 100 90 90 80 80 70 Oil Rate (BOPD) 70 60 IRR (%) 60 50 50 40 40 30 30 20 20 10 10 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105…
  35. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 35
    Southern Alberta Bakken SOUTHERN F G I G K CK G GG R29 R25W4M L G S G GALBERTA FC Alberta Basin Bakken Play G G G G G I G G G J GKJ G G G C EF K GEG F K G EE G GF S E CJ G K FJ G G D JF F G GE G G GG G G G…
  36. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 36
    Maxhamish, BC Chinkeh F F F FF NORTHWEST FV U F TERRITORIES F F F U G F G F F UV FK C Chinkeh Formation light oil resource play A D C FC G UVU F B F F G A F F F Significant resource of 42o API light sweet oil, C F F…
  37. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 37
    Waterflood Assumptions Waterflood Implementation Costs Opex: 4000/W/M + 3.00/Bbl 6 Miles (10 km) of 4 Water Injection Lines (150/m) 1,500,000 1 Pump Skid at 1000m3/d (250,000/pump) 250,000 Oil Price: US95.00/Bbl WTI 24 Injector…
  38. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 38
    Oil Rate Forecast Tight Oil Waterflood Scenario Secondary Oil Rate Primary Oil Rate 700 Cum Oil Prior to Waterflood = 245 MBbl OOIP = 4.9 MBbl/section 600 Primary RF = 11.1% Secondary RF = 21.6% 500 Oil Rate (BOPD)…
  39. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 39
    Cum. Oil + Recovery Factor Tight Oil Waterflood Scenario Secondary Cum Oil Primary Cum Oil Secondary RF Primary RF 1,200,000 30% Cum Oil Prior to Waterflood = 245 MBbl OOIP = 4.9 MBbl/section Primary RF = 11.1% Secondary RF =…
  40. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 40
    Cash Flow Forecast Tight Oil Waterflood Scenario (Effective Jan 2014) Secondary 10% Disc. Cashflow Primary 10% Disc. Cashflow 35,000 30,000 25,000 20,000 15,000 10% Disc. Cashflow (M) 10,000 5,000 0 -5,000…
  41. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 41
    Economic Results Single Section Result Primary Waterflood Total Reserves (MBbl) 547.9 518.3 1066.2 Reserve Life (yrs) 17 50 50 Recovery Factor (%) 11.1 10.5 21.6 Capital (M) 17,100 900 18,000 NPV 10% BT (M) 15,426 14,341 29,767 Payout…
  42. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 42
    Contingent Oil Resource Assessment (CORA)* Company Working Interest Ultimate Recoverable Oil (2) Discovered Contingent Oil Resources (3) Portion of Discovered Lands Oil Initially Low Best High Low Best High Attributed in-Place…
  43. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 43
    Notes to Contingent Resource Assessment Notes: (1) The Spearfish formation is located within Legacy's properties at Pierson, Manitoba and Bottineau County North Dakota. The Bakken and Torquay formations are located within certain of…
  44. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 44
    Disclosure for Contingent Resource Assessment Definitions and Preparation The Discovered Oil Initially In-Place and Discovered Contingent Oil Resource assessments in the Sproule report were prepared in accordance with the definitions,…
  45. MARCH 2014 CORPORATE PRESENTATION – Legacy Oil + Gas Inc. – slide 45
    Disclosure for Contingent Resource Assessment Definitions and Preparation - continued Preparation All estimates of Contingent Resources represent gross resources, meaning the company's working interest share in the Reserves or…

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