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BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp

Athabasca Oil Corp · Jan 10, 2012 · 44 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. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 1
    BMO Capital Markets Unconventional Resource Conference January 10, 2012
  2. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 2
    Forward Looking Statement In addition, information and statements in this Presentation relating to reserves and resources are deemed to be forward-looking information and statements, as they involve the implied assessment, based on…
  3. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 3
    Corporate Overview 4
  4. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 4
    Corporate Profile / Share Comments Shares Outstanding 411.1 Mln1 FD shares at December 31, 2011 Current Market Capitalization 5.0 Bln 12.49 Price at December 30, 2011 Cash & Equivalents, Loans & MacKay 1.5 Bln2 3.75 River Option…
  5. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 5
    AOSC - An Oil Resource Developer Light Oil Oil Sands2 1.7 million acres1 6 large oil sands asset areas - 1.5 million acres (net) Ambitious drilling program ongoing 9.8 Bln bbls Contingent Resource (Best Estimate) Building own…
  6. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 6
    Positioned for Robust Production Growth Complementary Oil Assets Total Production Goal kboe/d 300 High Economics 250 Low IRR / NPV 200 150 Oil Sands High 100 Low Products Financing Gas & 50 Light Oil Condensate Timing…
  7. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 7
    Senior Management Sveinung Svarte President & CEO (26 years experience) Dover OpCo Anne Schenkenberger Terry Bachynski Don Verdonck Dan Hausermann VP Legal & VP Regulatory & Senior Executive VP VP, Geosciences, Reservoir and…
  8. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 8
    Oil Sands 9
  9. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 9
    Six Large Oil Sands Assets Bln Resource Bbls April 1, 2011(1) 12 10 Grosmont Carbonates 8 Leduc Hangingstone 6 Contingent Birch Resource 4 Sands Dover West Sands 2 PetroChina JV Probable 0 Reserves 1.…
  10. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 10
    MacKay and Dover Joint Ventures Working Interest PetroChina 60% MacKay AOSC 40% Athabasca exercised its option to divest its 40% interest in MacKay River Dover MacKay River put proceeds of 680 Mln (gross) Dover 250,000 bbls/d…
  11. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 11
    Hangingstone Asset Overview 873 Mln bbls Contingent Resource1 (Best Estimate), plus Project 1 Development Area 38 Mln bbls Probable Reserves (Gross) 12,000 bbls/day project progressing as planned Initially 20 SAGD well pairs planned…
  12. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 12
    Hangingstone Development Planning Project 1 Project 2+ Field Layout Progressive Regulatory Build Application submitted Mar 2011 Field Layout Pad 1 Pad 2 20 initial SAGD LACT well pairs planned with up to 20% CPF contingency = 5…
  13. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 13
    Hangingstone Economics 1,2 NPV 9% (Billion C) Before Tax 1.00 2.00 3.00 4.00 5.00 6.00 WTI Total CAPEX Exchange Rate Gas Price SOR Downside Upside Metric Downside Base Upside WTI (US/bbl) 80 90 100 CAPEX +10% -…
  14. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 14
    Birch Located directly west of CNRL Horizon mine and 725 sections of land BP Terre de Grace SAGD project at 100% interest Initial focus on Birch South Resource Volume: 1.9 Bln bbls Contingent Resource (Best Estimate) (Prospective…
  15. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 15
    Dover West - Sands and Carbonates Oil Sands McMurray and Wabiskaw Formations contain 2.0 Bln barrels Contingent Resource (Best Estimate) 12,000 bbls/day project application submitted December 2011 First steam anticipated in…
  16. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 16
    Dover West Sands Resource Volume: 2.0 Bln bbls Contingent Resource (Best Estimate) Wabiskaw McMurray Project potential of 160,000 bbls/d bitumen for more than 30 years Project 1 area stacked McMurray and Wabiskaw Pay thicknesses…
  17. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 17
    Dover West Carbonates (Leduc) Extension of a world-class conventional oil reservoir Ft. McMurray Contains 17 Bln bbls bitumen1 in place (Best Estimate PIIP) Peace River Arch 2.9 Bln bbls Contingent Resource (Best Estimate) based…
  18. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 18
    TAGD Process: 3 Key Elements Heating reduces viscosity and allows for drainage of mobilized bitumen Gravity Drainage Conduction Heating Heating provides drive for the drainage process Internal Drive Established heating…
  19. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 19
    Leduc TAGD Field Test Ongoing Heater- Report Card Meeting on Objectives Heater Obs. Well Obs. Well Obs. Well Obs. Well Producer 1 2 3 4 Drill horizontal wells in a fractured, vuggy carbonate Heating reservoir by conduction via…
  20. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 20
    TAGD Field Development Stages Current Status Project Lifecycle Objective Proof of Concept Energy Balance & Demonstration Profitable Recovery Project Scope 2 wells 42 wells Up to 6 Patterns 1,000 Patterns (43 wells) Well Spacing 8-10…
  21. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 21
    100% Asset Development Schedule 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Project 1 12,000 bbls/d Hangingstone Project 2 25,000 40,000 bbls/d Project 3 25,000 40,000 bbls/d Project 1 12,000 bbls/d Dover West…
  22. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 22
    Oil Sands 100% Assets Production 160 100,000 barrels per day targeted by 2020 Several large asset areas allowing for economies 140 of scale All assets advancing as scheduled 120 Leduc 1 AOSC Gross Production Hangingstone…
  23. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 23
    Light Oil 24
  24. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 24
    Light Oil CRETACEUOS JURASSIC TRIASSIC AOSC has accumulated 1.7 Million 1 acres in successful land sales and acquisitions DEVONIAN Nordegg: 1,100,000 acres Montney: 825,000 acres Duvernay: 640,000 acres 1. Light Oil…
  25. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 25
    Montney 1,290 Sections (825,000 Acres) CRETACEUOS JURASSIC Typical Well Assumption Montney Depth (TVD/MD) 2,400/4,000 rights shown IP (1 12 Months) 17540 bbls/d TRIASSIC (Monthly averages) 0.70.2 mmcf/d Liquids Ratio 25…
  26. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 26
    AOSC Montney Oil HZ Well Test Rates Production (boepd, 6:1) 2,500 M8 M5 M9 M11 M10 M4 M6 M6 Keyera Simonette M2 Proposed Facility Gas Plant M1 2,000 M7 1,500 M3 Completed Drilling/Testing Montney 1,000 Average IP of…
  27. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 27
    Duvernay 1,000 Sections (640,000 Acres) CRETACEUOS JURASSIC Typical Well Assumption Depth (TVD/MD) 3,600/5,000 IP (1 12 Months) 4.01.3 mmcf/d TRIASSIC (Monthly averages) Liquids Ratio 75 bbls/mmcf Expected Recovery 640…
  28. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 28
    Duvernay Activity AOSC drilling Industry Activity in Duvernay Shell Encana Chevron Encana Husky Duvernay rights shown 29
  29. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 29
    Nordegg 1,700 Sections (1,100,000 Acres) CRETACEUOS JURASSIC Typical Well Assumption Nordegg Depth (TVD/MD) 2,400/4,000 rights shown IP (1 12 Months) 17540 bbls/d TRIASSIC (Monthly averages) 0.70.2 mmcf/d Liquids Ratio 25…
  30. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 30
    AOSC Light Oil - Commercial Developments Keyera Simonette Proposed Facility Gas Plant AOSC pipeline project Greater Simonette (Simonette, Waskahigan & Placid) Kaybob AOSC Montney wells above commercial rate AOSC Nordegg…
  31. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 31
    Light Oil Production Goal kboe/d Light Oil Production Mln Operating Cash Flows 100 1,400 90 1,200 High Case 80 70 1,000 High Case 60 Low Case 800 50 Low Case 600 40 30 400 20 200 10 0 0 2012 2013 2014 2015 2016 2012 2013 2014…
  32. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 32
    Creating Value 33
  33. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 33
    Creating Shareholder Value Assets Value People Production Funding JV Put/Cal Ext. Financing Cash On Hand 34
  34. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 34
    2012 Capital Budget 835 Million1 Oil Sands 403 Hangingstone: FID Development (12 kbbls/d) 227 Dover West: Engineering Road Access TAGD Pilot 131 Birch: Regulatory application work 45 Light Oil 403 Drilling & Completion 310…
  35. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 35
    People Headcount 400 Strong employee value proposition 300 Excellent and diverse experience Recruiting the very best from the best in class operators All employees hand picked Experience from virtually all currently operating…
  36. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 36
    Next Five Years 2012 2013 2014 2015 2016 Funding Light Oil Operating Rigs Cash on hand, cash from Hangingstone Project 1 Development operations, reasonable level DW Sands Project 1 Development of debt and Oil Sands…
  37. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 37
    AOSC - Turning Resource Into Value An oil resource developer - Large resource base in long life Oil Sands assets Value1 - Large land position in high return Light Oil 25 Progressing towards material production on each asset - All Oil…
  38. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 38
    Environment 39
  39. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 39
    Emissions Wells to Wheels In Situ oil sands footprint is similar to conventional oil production Water re-cycling is 90% Total emissions in line with most other crude Comparison of Greenhouse Gas Emissions 1,2 (g CO2e/MJ…
  40. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 40
    Emissions In Real Life Context 41
  41. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 41
    Appendices 42
  42. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 42
    Hangingstone Netback Analysis /bbl Real Terms 100 90 80 Based on 90 US/bbl WTI scenario 1.00 US/1C Exchange Rate 70 2.7 Dollar per barrel costs are averages over the life of the project 60 11.5 50 6.0 90.0 8.0 1.1 40…
  43. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 43
    Funding Strategy Joint Ventures (JVs) 2.0 Upside Capital intensive developments 1.8 Requires large asset base 1.6 Allows for timely development of long term assets 1.4 Value Leveraging competence of partner companies 1.2…
  44. BMO CAPITAL MARKETS UNCONVENTIONAL RESOURCE CONFERENCE – Athabasca Oil Corp – slide 44
    Corporate Office 2000, 250 - 6 Avenue SW Calgary, Alberta, T2P 3H7 Telephone: (403) 237-8227 Fax: (403) 264-4640 Website www.aosc.com 45

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