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MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp.

Tourmaline Oil Corp. · May 11, 2015 · 40 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. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 1
    Tourmaline Oil Corp. Corporate Presentation May 2015
  2. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 2
    2 Current Status Apr 2015 Production Overview Current production range 152,000 157,000 boepd Additional 12,500 boepd behind pipe awaiting tie-in 2015 average production forecast of 164,500 boepd (46% year over year growth) Exit…
  3. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 3
    3 Historical EP Performance Mar 2015 Production Growth Per Share* Reserves Growth Per Share* 250 4.5 Production per Thousand Shares Reserves per Share (BOEs) 4 200 3.5 3 150 2.5 (BOEs) 100 2 1.5 50 1 0.5 0 0…
  4. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 4
    Largest Canadian Gas Producers; 4 2014 & 2015 1,700 Canadian WCSB Production 2014E & 2015E** 1,600 1,500 1,400 2014E Production 1,300 2015E Production 1,200 1,100 Production (MMCF/D) 1,000 900 800 700 600 500…
  5. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 5
    5 Deep Basin Overview Apr 2015 Tourmaline has assembled the largest land position (1.35 million acres), delineated the largest drilling inventory (7,200 locations) and has become the largest producer (current 100,000 boepd) in…
  6. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 6
    6 Alberta Deep Basin Apr 2015 DEEP BASIN - Deep Basin Overall Area R. 9 R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 T. 63 Current Production 100,000 boepd Current Reserves 479 mmboe (Jan 1, 2015) Tourmaline Land Base 2,210…
  7. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 7
    7 Alberta Deep Basin: Wilrich Regional Resource Play Feb 2015 DEEP BASIN - Deep Basin Overall Area R. 9 R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 T. 63 Tourmaline Lands Kakwa 13-15/4-10 Pad (Nov/13) 54.6 mmcf/d IP, 360…
  8. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 8
    Deep Basin Wilrich: Sweet Spot Outperformance 8 TOU has delineated six extensive sweet spots in the Wilrich to date, totalling 575 of the 1,700 Company interest drilling locations. These future locations are all accessible to existing…
  9. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 9
    9 Alberta Deep Basin Infrastructure Apr 2015 DEEP BASIN - Deep Basin Overall Area R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 Tourmaline Tourmalines 1.35 MM Acres, the largest land position in the Deep Musreau 8-13 TCPL Main…
  10. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 10
    10 Banshee Alberta Gas Plant Simple, easy to construct dew point plants tied to the main TCPL sales system Total cost (2 phases) of 80M, capacity of 130 mmcfpd with enhanced liquids recovery capability
  11. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 11
    NEBC Montney Gas Condensate and Peace 11 River High Charlie Lake Oil Core Areas Feb 2015 R23 R21 R19 R17 R15 R13 R11 R9 R7 R5 R3 R 1, W6M NE Alberta BC T85 Parkland Wabamun Gas Pool Devonian Parkland Non-Deposition T83 Montney…
  12. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 12
    12 Sunrise/Dawson NEBC Montney/Doig Development Apr 2015 Westcoast McMahon Current Prod. 225 mmcf/d Gas Plant 4,000 bopd (cond,ngls) Current Reserves 305 mmboe (Jan 1, 2015) 2015 Drilling 30 Montney Hz Gas, 1 Doig Hz Drilling…
  13. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 13
    13 Tourmaline Regional Montney Play BC/AB Feb 2015 R9 R5 R1W6 R20 Tourmaline R16 is the R8W5 T95 5th/6th largest Montney producer in Canada through development of only one of its four Montney play areas The companysT91…
  14. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 14
    Peace River High Regional Charlie Lake 14 Resource Play Feb 2015 Tourmaline Earring 15-16 R. 10 R. 9 R. 730 API Oil 440 bbls/d R. 5 2015 Spirit River Charlie Lake Drilling Summary 2.7 mmcfpd Gas 1,420 Horizontal Locations along…
  15. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 15
    Peace River High Charlie Lake Play 15 Improving 2015 EP Efficiencies Via Multi-Well Pads Feb 2015 Tourmaline has now drilled over 100 successful Charlie Lake horizontal wells (and zero dryholes) delineating the 70 mile long…
  16. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 16
    2015 Acquisition Activity 16 Sweet Spot Consolidation Strategy Apr 2015 R. 15W6 R. 1W6 R. 15W5 2015 Acquisition activities will focus on adding new lands and incremental NE Alberta locations in the highest deliverability/most…
  17. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 17
    17 Production & Reserves Growth Apr 2015 Production 160,000 140,000 120,000 100,000 BOEPD 80,000 60,000 40,000 20,000 0 2010 Avg 2011 Avg 2012 Avg 2013 Avg 2014 Avg Q1 2015 Reserves (GLJ) 2011 2012 2013 2014…
  18. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 18
    18 Gas Development Location Inventory and Economics Apr 2015 AB Deep Basin Outer Foothills AB Deep Basin B.C. Montney Charlie Lk Vertical Vertical Horizontal Horizontal Horizontal Total Well Costs 3.7 5.25 5.2 3.7 3.5 (Drill, Case,…
  19. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 19
    19 5 Year Development Outlook (Tourmaline delivered the first 100,000 boepd in 5.25 years, the Company will deliver the second 100,000 boepd in approx. 2 years) Apr 2015 270,000 2018 Production 240,000 2017 Production 210,000…
  20. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 20
    20 2009-2015 Cost Reduction Strategy Mar 2015 Operating Costs General and Administrative Costs (average) (average) 2.46 8.00 2.50 7.00 6.51 2.00 6.34 6.00 /boe 1.50 /boe 5.58 1.29 4.87 1.02 5.00 1.00 4.43 4.35…
  21. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 21
    21 2015 EP Capital Budget Reductions Feb 2015 Rig Fleet reduced from 20 to 15 rigs, resulting in 40 fewer wells 225 M No impact on 2015 production estimate as base plan built from a 15 rig program, and approx. 40 additional…
  22. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 22
    22 2015 and 2016 Base Budget Apr 2015 2015 2016(iii) Capital Spending 1,200.0 million 1,350.0 million Annual Average Production 164,500 boe/d 205,000 boe/d Average Q4 2015 /Q4 2016 Production 193,625 boe/d 212,082 boe/d Annual…
  23. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 23
    23 2015 Outlook Apr 2015 Company can achieve the 2015 forecast production of 164,500 boepd, (46% YOY growth), with an EP capital program of 1.2 billion (reduced from original 1.6 billion). 2015 exit facility capacity of…
  24. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 24
    24 Capitalization to Date Insiders Public Total millions of shares Price* millions of shares Price* 2008 Financings Common shares 28.50 5.16 22.0 7.00 301.00 2008 Financings Flow through shares 1.25 10.00 1.25 10.00 25.00 2009…
  25. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 25
    APPENDIX
  26. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 26
    26 Natural Gas Flows From Western Canada
  27. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 27
    27 Tourmaline vs Marcellus Peers (1) March 2015 Tourmaline Tourmaline Marcellus Shale Marcellus Shale Alberta Deep B.C. Montney (2) Liquids Rich (5 Companies) Basin (2) (5 Companies) Drill, Case, Complete Costs 4.5MM 3.3MM 6.75MM…
  28. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 28
    28 Perpetual Edson Acquisition The Edson Wilrich features the best economics of all the Deep Basin Wilrich sweet spots delineated thus far (5.0 7.0 bcf EUR, 30 day IP in excess of 10 mmcfpd, 4.5 million D and C capital costs, NPV 10…
  29. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 29
    29 EP Program Overview and Growth Perspective 16 rig program in 2015 will lead to a free cash flow positive situation commencing in 2016, contingent upon commodity prices. 2016 production in excess of 200,000 boepd, CF 1.4…
  30. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 30
    30 Hedging Summary 2015 Apr 2015 2015 Gas Hedges (April December) Volume Weighted Avg Price mcf/d /mcf(1) Fixed Price Hedges AECO (CDN) 261,859 3.60 Fixed Nymex (CDN)(2) 20,564 4.03 Total Fixed Hedges 282,423 % gas hedged…
  31. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 31
    31 EP Growth Plan (Original Business Plan) Sept 2008 Primary growth mechanism will be a conventional EP Program (including Resource plays). Build 2-3 core EP areas during initial three years of operations. Strive for large…
  32. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 32
    32 Western Canadian Sedimentary Basin Selected Exploration & Production Opportunities NORTHWEST TERRITORIES Alta. Deep Basin Peace River High Charlie Lk. Oil. Alta./NEBC B.C. ALBERTA Resource Plays Peace River High…
  33. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 33
    Deep Basin Historical Production/Reserves (Remaining Cretaceous Potential) The Alberta Deep Basin is one of the largest sweet gas provinces in the world. The unique geologic setting offers multiple, stacked opportunities in a…
  34. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 34
    34 Alberta Deep Basin Development Summary July 2014 Depositional Seismic TOU Vertical Horizontal Wells/ Environment Mappability Completions Completions (7 Geologists) (3 Geophysicists) (6 Pete Engineers, 4 Ops Engineers)…
  35. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 35
    Alberta Deep Basin: 35 Notikewin/Falher Hz Program Dec 2014 R. 9 R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 T. 63 Kakwa 1-2 25.8 mm/d 14.1MPa Kakwa 13-20 21.0 mm/d 12.8MPa Wild R 12-28 T. 61 Musreau/ 30 day IP 22.4 mmcfpd…
  36. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 36
    36 Improving Montney Performance/ Efficiency History (More for Less) Montney Performance/Efficiency History (Duvernay/Tourmaline) 20 10 Initial Production Rate (mmcfpd) 15 Drill/Complete Cost (M) 10 5 5 0 0…
  37. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 37
    37 North East BC Montney Water Management July 2013 Non-potable water sourced lined reservoir for frac operations (2 non-freshwater wells) Separate water pipeline system to existing and future pads. Frac water pumped to pads…
  38. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 38
    38 New E&P Plays and Opportunities Dec 2014 Paleozoic Gas Play Regional Charlie Lake Oil Play 200-300 bcf targets 2013 regional discovery. Est 10 Prospects ultimate Reserves of 0.5 billion boe (Company estimate), 1 suspended…
  39. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 39
    39 Growing a 50,000 bpd Liquids Business Apr 2015 The Regional Charlie Lake oil resource play and the ngl/condensate projects in all three core EP areas provide the opportunity to grow to 50,000 bpd by 2H 2016/2017. Spirit…
  40. MAY 2015 CORPORATE PRESENTATION – Tourmaline Oil Corp. – slide 40
    40 The Golden Age of Gas Technological change and low prices have dramatically improved the efficiency of the remaining Natural Gas Business. Natural Gas is the logical bridge energy source for the next 2-3 decades. Plentiful,…

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