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APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd.

Kelt Exploration Ltd. · Apr 20, 2015 · 30 slides

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Slides

  1. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 1
    Corporate Presentation April 2015 David J. Wilson, President & Chief Executive Officer Sadiq H. Lalani, Vice President, Finance & Chief Financial Officer www.KeltExploration.com
  2. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 2
    Why Invest in Kelt 2 For investors who want to be exposed to a growth oriented oil and gas exploration and development business plan TRACK RECORD: the Kelt management team has a strong track record of building shareholder value,…
  3. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 3
    Common Share Information 3 Stock Exchange listing TSX Trading symbol KEL Market capitalization ( Apr / 16 / 2015 ) 1.4 billion 52-week trading range 5.79 - 15.61 Common shares issued 158.4 million Restricted share units ( RSUs )…
  4. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 4
    Capital Expenditure Program 4 2014 2015 2014/2015 ( millions ) Change Actual Forecast Spending Drilling & Completions 188.6 88.0 - 53% 276.6 Facilities, Equipment & 46.1 30.0 - 35% 76.1 Pipeline Infrastructure Land, Seismic &…
  5. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 5
    2014 / 2015 Drilling Program 5 2014: 36 gross (27.1 net) wells drilled 2015: 14 gross (11.4 net) wells planned Gross Net D&C Avg / Well % Wells Wells ( MM ) ( MM ) Grande Prairie [1] 29 24.0 160 58% 6.7 Karr [2] 8 7.7 59 21%…
  6. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 6
    Production Outlook 6 2014 Change 2015 Change Actual Split from Forecast Split from (average) 2013 (average) 2014 Oil ( bbls/d ) 3,413 27% + 561% 6,250 31% + 83% NGLs ( bbls/d ) 924 7% + 211% 2,000 10% + 116% Gas ( mcf/d )…
  7. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 7
    Production Growth ( since inception ) 7 PRODUCTION ( BOE / d ) PRODUCTION PER MILLION SHARES ( BOE / d ) 24,000 160 20,000 133 20,000 120 105 16,000 12,756 11,750 78 12,000 80 69 8,419 53 8,000 40 3,961 42 4,000 8,250…
  8. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 8
    Commodity Prices 8 ( CA , unless otherwise specified ) 2014 2015 (E) Change WTI Crude Oil ( USD/bbl ) US 92.99 US 59.50 - 36% WTI Crude Oil ( CAD/bbl ) 102.49 70.66 - 31% NYMEX Natural Gas ( USD/mmbtu ) US 4.37 US 3.25 - 26% AECO…
  9. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 9
    Protecting Cash Flow through Hedging 9 ( CA unless otherwise specified ) Period Quantity Fixed Price Mar/1/15 to US 3.0 MM CA 1.258 or CAD / USD Exchange Rate [1] Dec/31/15 per month US 0.795 Jul/2/15 to Interest Rate Swap [2] CA…
  10. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 10
    Netbacks 10 ( / BOE ) 2014 2015 (E) Change Oil & gas revenue 46.11 35.61 - 23% Realized hedging gain ( loss ) ( 0.08 ) 0.56 n/a Royalties ( % of revenue ) ( 13.3% ) ( 13.1% ) - 2% Production & transportation exp. ( 14.30 ) (…
  11. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 11
    Financial Outlook 11 2015 (E) 2014 Change Forecast Revenue, before royalties ( MM ) 214.7 264.0 + 23% Funds from operations ( MM ) [1] 115.5 114.4 - 1% Per share diluted ( /share ) 0.93 0.75 - 19% Capital expenditures ( MM )…
  12. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 12
    2015 Commodity Price Sensitivities Funds from Operations 12 Forecasted 2015 Funds from Operations ( millions ) - Sensitivities to Commodity Prices : WTI Oil US 47.60 US 59.50 US 71.40 US 83.30 US 95.20 AECO Gas CA 2.48 77 99 118…
  13. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 13
    2015 Commodity Price Sensitivities Debt 13 Forecasted year-end 2015 Debt ( millions ) - Sensitivities to Commodity Prices : ( Available bank credit line is currently 300 million ) WTI Oil US 47.60 US 59.50 US 71.40 US 83.30 US…
  14. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 14
    2015 Commodity Price Sensitivities Debt Ratio 14 Forecasted Y/E 2015 Debt to 2015 Funds from Operations Ratio - Sensitivities to Commodity Prices: WTI Oil US 47.60 US 59.50 US 71.40 US 83.30 US 95.20 AECO Gas CA 2.48 3.1 x 2.2 x…
  15. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 15
    Core Areas 15 Grande Prairie ( includes Pouce Coupe, Spirit River & Valhalla/LaGlace ) : Montney/Doig gas development Montney light oil development Charlie Lake light oil development Halfway light oil development Inga / Fireweed…
  16. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 16
    Land Holdings 16 Gross Acres Net Acres Average WI Net Sections Developed 352,377 203,834 58% 318 Undeveloped 623,424 510,244 82% 797 Total 975,801 714,078 73% 1,115 Note: Growth in net land holdings since March 31, 2013:…
  17. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 17
    Reserves 17 As at December 31, 2014 ( does not included reserves acquired from Artek effective April 16, 2015 ) Oil NGLs Gas Combined NPV 10% ( mbbls ) ( mbbls ) ( mmcf ) ( MBOE ) BT ( M ) Proved Developed Producing 6,713 2,430…
  18. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 18
    Finding, Development & Acquisition ( FD&A ) 18 As at December 31, 2014 Proved + FD&A Proved Probable 2014 capital expenditures + change in FDC expenditures ( M ) 587,100 597,900 Reserve additions, net ( MBOE ) 30,495 44,568 Finding,…
  19. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 19
    Extensive Alberta Land Base 19 Gordondale Operations Progress Spirit Kelts main field operating base is in the River Pouce city of Grande Prairie, currently staffed Coupe with 20 full-time employees. All operated properties are…
  20. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 20
    Grande Prairie 20 LAND Gross: 305,068 acres ( 477 sections ) Pouce Coupe Net: 194,157 acres ( 302 sections ) Progress Spirit River PRODUCTION 2014 Production: 6,459 BOE/d ( 60% gas & 40% oil ) Valhalla / La Glace Top five…
  21. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 21
    Pouce Coupe 21 Targeting Montney (upper Progress and middle/lower) and Halfway O Pool Unit 7.8% WI Doig formations. Pouce Coupe Ownership in pipeline infrastructure, gas South Boundary B Unit 2 67.9% WI Operated CNRL…
  22. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 22
    Spirit River 22 Charlie Lake Gamma Ray Density Porosity Worsley (O) 13-34 Y Progress 13-33 Halfway 15-13 Gas Unit 1 (50%) J (Upper) 15.9% WI 16-11 J (Lower) H2O Disposal 15-5 R Spirit River Charlie Lake E & M…
  23. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 23
    Valhalla / La Glace 23 Kelt completed a 167 MM acquisition at Valhalla/La Glace in July 2014. Encana Sexsmith Targeting the Montney 200 MMcf/d Gas Plant formation. (0.3% WI) 13-33 Ownership in pipeline 15-33…
  24. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 24
    Karr 24 LAND Montney Rights: 37.0 sections ( gross ) 16-10 (75%) MM 35.8 sections ( net ) 16-8 (75%) OPERATIONS 2014 Production: 1,353 BOE/d 16-31 MM ( 56% oil & 44% gas ) 4-2 Top three IP30 wells 13-31 ( gross sales,…
  25. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 25
    Grande Cache / Chicken 25 13-20 Cretaceous ExploratoryTest LAND 15-27 Narraway Chinook Exploratory Gross: 137,920 acres ( 216 sections ) 135 MMcf/d Gas Plant (7% WI) Test Net: 100,225 acres ( 157 sections ) OPERATIONS…
  26. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 26
    Acquisition of Montney/Doig Assets at Inga/Fireweed/Stoddart 26 Kelt completed the acquisition of Artek Exploration Ltd. (Artek) on April 16, 2015, pursuant to which Kelt issued 26.9 million common shares of the Company and assumed…
  27. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 27
    Inga / Fireweed / Stoddart ( British Columbia ) 27 A-6-A (100% WI) LAND Montney Test A-65-I (100% WI) Montney Test Gross IP30 = 1,147 BOE/d Montney Rights: 158 sections ( gross ) Gross IP60 = 704 BOE/d (34,400 BOE) of which…
  28. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 28
    Future Considerations 28 DRILLING INVENTORY: Kelt estimates that it has numerous years of drilling inventory on its existing lands to continue to grow the Company. BALANCE SHEET: Kelt maintains financial flexibility so that it can…
  29. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 29
    Management 29 David J. Wilson, President & CEO Sadiq H. Lalani, Vice President, Finance & CFO Douglas J. Errico, Vice President, Land Alan G. Franks, Vice President, Production Douglas O. MacArthur, Vice President, Operations Patrick…
  30. APRIL 2015 CORPORATE PRESENTATION Update – Kelt Exploration Ltd. – slide 30
    Board of Directors 30 Robert J. Dales Compensation (Chair), Nominating, Audit, Reserves William C. Guinan Chairman, Nominating (Chair), HSE Eldon A. McIntyre Reserves (Chair), Nominating, Audit, Compensation Neil G. Sinclair Audit…

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