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SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp.

Spyglass Resources Corp. · Sep 24, 2013 · 16 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. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 1
    IIntermediate, di C Commodity di B Balanced l dRResource C Company with iha Sustainable Dividend Model Annual and Special Meeting of Shareholders September 24, 2013
  2. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 2
    Sustainable Yield Model Attractive Valuation 20 % base 16 decline rate % current yield(1) 17,000 boe/d July estimated field production 520 million enterprise value(1) 0.27 dividend/year 50 % oil & liquids 25…
  3. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 3
    Why Spyglass Balanced commodity portfolio, portfolio a strong management team and low decline assets with light oil upside Track record of creating shareholder value in a dividend model familiarity with majority of the asset base…
  4. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 4
    Core Focus Areas Low Decline and Balanced Production Dixonville: Di on ille Corporate Data: Q2 2013 production: 3,558 boe/d Q2 2013 average production: 16,362 boe/d Base decline rate: 10% Oil & Liquids 90% Base decline rate: 20% Oil…
  5. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 5
    2013 Capital Program Total Gross Wells MM 20 gross wells (17 net) focused Drilling Provost Viking & Ellerslie 8 15 primarily on Southern Alberta Matziwin Pekisko 2 6 (Gl (Glauconite, it M Mannville, ill P ki k ) Pekisko)…
  6. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 6
    2013 Production Production ((boed)) - Company p y 18,000 17,000 16,000 15,000 14,000 13 000 13,000 12,000 11,000 10,000 Jan-13 Jan 13 Feb-13 Feb 13 Mar-13 Mar 13 Apr-13 Apr 13 May-13 May 13 Jun-13 Jun 13 Jul-13…
  7. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 7
    Southern Area Activity Drilling Drilling and Completion Costs to Date 2 Pekisko Horizontal Wells Matziwin 5 wells drilled, completed and online 2 Glauc HZ Wells Matziwin 12M spent to date in the Pekisko and in the 3 Gross Glauc HZ…
  8. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 8
    Central and Northern Area Activity Central Area Activity Drilling Drilling and Completion Costs to Date 3 Consort Hz Viking oil wells 5 wells drilled, 3 completed 1 Bellshill Vertical Mannville oil well 5.9M spent to date in the Viking…
  9. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 9
    Dixonville Field History Low future development capital = Strong free cash flow generation 11
  10. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 10
    Managing Commodity Price Volatility N Natural l Gas G Hedging H d i C d Oil Hedging Crude H d i 70% 4.00 60% 97.00 60% 50% 3.80 94.00 50% 3.60 40% 40% 3.40 30% 91.00 30% 3.20 20% 20% 88.00 3.00 10% 10% 0% 2.80 0%…
  11. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 11
    Peer Benchmarking Payout Ratio All In Payout Ratio(1)(2) 2013E All-In 200% 180% 160% Ratio (%) 140% 3E All-in Payout R 120% 100% 80% 2013 60% 40% 20% 0% RPL TBE SGL BNE LNV VET TET ERF BNP LTS…
  12. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 12
    Peer Benchmarking Decline & Capital Efficiency Capital Efficiency (1)(2) Base Decline Rate (1) 45,000 40% Assumed Corporate Decline Rate Assumed Annual Capital Efficiency Average Decline Rate 40,000 Average Assumed Annual…
  13. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 13
    Peer Benchmarkingg 2013E EV/DACF & Dividend Yield (1)(2) 2013E EV//boed & Dividend Yield (1)(2) 250,000 14 AEI 12 200,000 TET PEY ARX 10 VET BTE VET BNE 3E EV/DACF BNE 2013E EV//boed 150,000 8 PGF WCPBNP…
  14. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 14
    2013 Guidance 2013 Outlook (1,2) Exit Production Forecast [boe/d] 17,000 -17,500 boe/d % Oil & Liquids [%] 51% - 53% Average Production Forecast [boe/d] 15,500 -16,000 boe/d % Oil & Liquids [%] 49% - 51% Operating Costs /bbl…
  15. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 15
    Investment Highlights Sustainable dividend-paying p y g model Target dividend payout of 30% - 35% of cash flow (100% All-in Payout) Cdn 0.0225 monthly cash dividend (0.27/share/year) Mature, low decline p producing g assets…
  16. SEPTEMBER 2013 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS – Spyglass Resources Corp. – slide 16
    Corporate Information Lead Bankers: National Bank of Canada Toronto Dominion Bank Transfer Agent: Olympia Trust Company Auditors: PricewaterhouseCoopers LLP Legal Counsel: Norton Rose Canada LLP Blakes, Cassels & Graydon LLP…

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