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APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc

Northern Blizzard Resources Inc · Apr 10, 2015 · 37 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. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 1
    Corporate Presentation April 2015 0
  2. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 2
    Northern Blizzard at a Glance Overview Shares Public Float 29.6 million shares / 28% Management Shares(1) 4.7 million shares / 4% NGP / Riverstone Shares 71.2 million shares / 68% Common Shares Outstanding 105.5 million shares…
  3. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 3
    Investment Highlights WorldClass Oil Resource Base Approximately 2.0 billion bbl DOIIP(1) with less than 11% recovered todate Low historic corporate decline rate of 17 20% Long reserve life index of approximately 19 years(2) 4%…
  4. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 4
    Track Record of Reserves and Production Growth 2P Reserves Growth Production Growth 160 158 (2) 160.0 22,500 21,600 20,724 20,000 18,758 17,985 Production (boe/d) 140.0 135 17,500 15,999 (1) 15,000 14,000 120.0 113…
  5. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 5
    Credit Capacity & Metrics Dec 31, 2014 Dec 31, 2015 Sensitivities(1) WTI (US/bbl) 50.00 55.00 60.00 millions Credit Facility Drawings 67 23 7 Senior Unsecured Notes (principal CAD) 320 348 348 348 Total Debt 387 371 355 348…
  6. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 6
    Oil Price Rates of Return Type Well Full Cycle Before Tax Rate of Return (%) 160 140 120 Before Tax Rate of Return (%) 100 80 60 40 20 0 40 45 50 55 60 65 70 75 80 Wellhead Price (CAD/bbl) Cactus WF_FC…
  7. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 7
    Project Capital Efficiencies 9
  8. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 8
    Unique High Quality Oil Assets Athabasca Oil Sands Large regional deposits of varying quality Very viscous: 1,000,000 cP range Nonmobile oil Cold Lake Oil Sands Viscosity of 100,000+ cP Decreasing Viscosity Nonmobile oil…
  9. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 9
    Four Key Development Opportunities 2014 Production Continued focus on optimization of established Waterdrive Light Oil, SAGD, 2% waterfloods , 17% 2% Chops, 11% Gas, 6% Continue to effectively downspace the waterdrive…
  10. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 10
    Cactus Lake Review 12
  11. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 11
    Cactus Lake Value Creation Basal Mannville Bakken oil accumulation located 135km south of Lloydminster NBRIs largest field by Production and Reserves Current Production: 7,800 boe/d OOIP: 366 MMbbl NBRI value creation to date…
  12. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 12
    Cactus Lake (excluding SAGD) Size of the Prize OOIP:366 MMbbl (NBRI estimate, includes new seismic) 341 MMbbl (Ryder Scott) 30% increase from 2009 NBRI Ultimate Reserves Recovery Model 13% recovery at time of Nexen Acquisition 10 acre…
  13. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 13
    Cactus Lake Waterflood Optimization Waterflood Optimization Section 35 Production Performance Wateflood Decline 200 1400 Oil bbl/d Optimize WF 180 Drill INJ Conversions 1200 Wells Injecting 160 1000 Wells 140 Oil Rate…
  14. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 14
    Cactus Lake Repeatable Development Type Curve Evaluation Rate vs Time 40 35 30 CD Oil Rate (bbl/d) 25 20 15 10 5 0 0 6 12 18 24 30 36 42 48 Month 2014 New Drills Daily Field Data 2500 200 180 2000 160 140…
  15. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 15
    Cactus Lake Bakken Polymer Flood Highlights: Initial injection Q4 2012 Polymer mixing facility capacity in place to accommodate full field expansion (new facility onstream in 2014) 86 injectors, 196 producers w/in existing…
  16. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 16
    Cactus Production Growth Current Rate 18
  17. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 17
    Winter Review 19
  18. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 18
    Winter Dina/Cummings Channel Operators Cummings/Dina Channel System Strong Bottom Water Drive resulting in aggressive coning NBRI which controls recovery (7.4% RF to date) 600+ Million Barrels OOIP of 600+ million barrels on…
  19. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 19
    Winter Value Creation Repeatable Horizontal Drilling 25m horizontal development has been technically validated NBRI has identified 437 (314 net) 400m horizontal locations at an interwell spacing of 25m which represents a 10 year…
  20. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 20
    Winter Production Growth Ability to grow production to 12,000 15,000 boepd 22
  21. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 21
    Coleville Review 23
  22. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 22
    NBRI Viking: 10,000 Acres in Proven Fairway Beaumont sold their Viking asset (5,100 boepd) to Whitecap for 588 million. 24
  23. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 23
    Coleville Added Over 1,700 boepd in One Year Viking Unconventional resource play 600 m horizontals, 200 m spacing, 16 WPS 15 stage fracs of 15 tonnes 36 API, 10 cP dead oil viscosity Type well improving Reserves: 35.4 mbbl per…
  24. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 24
    Coleville 5 Years of Growth Inventory Actual * CAGR is calculated from 2016 to 2020 annualized 26
  25. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 25
    Major Properties (Cactus, Winter, Coleville) The total of operating costs, royalties and clean oil transportation for these 3 key assets is less than 17.00 per boe. February 2015 production was 13,710 boepd Cactus: 7,950 boepd…
  26. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 26
    SAGD Review 28
  27. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 27
    SAGD Development: Repeatable Opportunities Cactus SAGD Plover SAGD Received Brought online Aug Regulatory 2014 Approval OOIP: 157 MM Barrels Thick, blocky sands Startup in late Q3 up to 18m thick 2016 Anticipating SOR Up to…
  28. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 28
    Plover SAGD Development Currently producing from 3 wellpairs Fourth wellpair (A6) online in April Last wellpair in Pad A scheduled for early 2017 Pad B drilling in 2017 Acquisition land will hold production flat for an additional 5…
  29. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 29
    Husky Analogs Successful SAGD Projects Pad Pad Pad 5 Pad 3 4 Pad 5 Pad 2013 2 1 Pad 3 2011 Pad 4 2012 Bolney Pad 2 Pad 1 2008 2006 Sands 12 20m thick Estimated original field OOIP: 45MMbbl Field RF to date: 19% Well…
  30. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 30
    Plover SAGD Production Explanation Under injected steam Subcool went to 0 Reduced inflow Need to reestablish Back to balanced Startup Established Lowered steam interface inflow operation 3000 2500 2000 Oil Rate bbl/d…
  31. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 31
    Cactus SAGD Update Up to 21 m continuous pay Isolated bottom water/top gas Facility to be built in 2 phases Each phase 6,000 bbl/d steam Expandable to 9,000 bbl/d steam 68 MMbbl DOIIP 8 Well Pads, 41 SAGD wells total…
  32. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 32
    NBRI Thermal Opportunity Reserves McLaren Channel OOIP 150 MMbbl 1P Booked: 5 MMbbl 2P Booked: 36.7 MMbbl Unrecognised (outside 2P): 32 MMbbl* *Based on Internal NBRI Estimates of 50% RF Economics Plover SAGD sunk cost…
  33. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 33
    2014 Reserves Update Price deck used is average of four consultant firms (Ryder Scott, Sproule, GLJ and McDaniel) 2P reserves of 158.4 MMboe remain consistent with previous year Proved Producing reserve additions of 13.4 MMboe (177%…
  34. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 34
    Reserves Reconciliation NBRI (Mboe) PDP 1P Probable 2P Balance at December 31, 2013 53,912 88,033 71,485 159,517 Discoveries 0 0 0 0 Extensions and Improved Recovery 4,618 545 287 832 Economic Factors (146) (6) (880) (886) Infill…
  35. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 35
    64 Million Barrels of Reserves Upside 64 million boe unrecognised (outside 2P) Locations Cactus Polymer and infills Included in 2P 758 2P reserves: 49 million boe (27% RF) Not included in 2P 1,462 Unrecognised (outside 2P): 15 million…
  36. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 36
    Reserve Categories 10% RF 38
  37. APRIL 2015 CORPORATE PRESENTATION – Northern Blizzard Resources Inc – slide 37
    Investment Highlights Attractive total return delivered through lowrisk development of Northern Blizzards worldclass oil resource base Unique High Quality Oil Assets 2.0 billion bbl DOIIP(1) WellDefined Growth Opportunities Long…

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