Investor Presentation – Legacy Oil + Gas Inc.

Legacy Oil + Gas Inc. · May 1, 2014 · 48 slides

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Slides

SUSTAINABLE GROWTH May 2014
What Differentiates Legacy 3
Corporate Profile (TSX: LEG) Common Shares 157.5 million (1) Warrants 3.3 million Options & Restricted Shares 9.6 million Insiders own Basic 2.4% Fully Diluted 8.3% Enterprise Value 2.0 billion Average Liquidity 1,000,000…
2013 Reserves, FD&A and NAV 2013 Reserves Proven + Probable (P+P) 117.2 MMBoe +24% YoY Total Proved 66.7 MMBoe Total Proved/P+P 57% NAV Calculation (at December 31, 2013) PDP/Total Proved 71% (MM except share and per share amounts)…
Momentum Continues in Q1 2014 Production 21,092BOED +21% year over year Funds Flow 82.3Million +33% year over year Funds Flow per Share 0.52per share +21% year over year Netback 56.39/BOE +19% year over year Wells Drilled 61 (52.1…
Historical Performance Funds Flow Growth P+P Reserve Growth 400 2.40 120 0.84 Funds Flow Funds Flow per Share P+P Reserves P+P Reserves per Share Proved Plus Probable Reserves per Share Proved Plus Probable Reserves (MMBOE)…
Light Oil Price Advantage Operating Netback 70.00 Q1 2014 60.00 Operating 50.00 Netback of Netback (C/Boe) 40.00 56.39/Boe 30.00 20.00 10.00 0.00 Oil Price 120.00 Edm Par 2.00/Bbl = Legacy Oil Price 110.00…
Highrock Acquisition Accelerates Deleveraging Legacy will acquire Highrock Energy E E E I CEE V ADAV E E E G D E E EV G G G G G G E G G V I A G A G G G G G J G I G G G G G G…
Increased Guidance Drill approximately 162 gross (130.1 net) wells exclusively targeting light oil 2014 Capital Budget Breakdown 370 Million Total 2014 Guidance Avg. rate: 22,150 Boe per day, 17% growth over 2013 (88% light oil and…
Focused + Light Oil Asset Base Two core areas - each area has focused development assets and new play development opportunities: MAXHAMISH Williston Basin Development Taylorton, Heward, Star Valley, Spearfish, Frys/Antler,…
High Quality Light Oil Plays Net Net Rec. Oil DCET Capital (2) DOIP (1) Reserves Weighting Net Cost IP30 IRR Efficiency Play (MMBbl) (MMBbl) (%) API Locations (M) (BOED) (%) (/BOED) Midale 167.2 30.3 85 38 351 2,200 165 120…
Williston Basin Resource Plays + Conventional Production of 15,500 Boed High quality light oil, averaging 38o API 1,700 net drilling locations on 314,000 net acres SOUTHEAST SASKATCHEWAN Multiple play types: Development locations…
Steelman/Pinto Midale High impact conventional play with S.E. SASK. S.E. SASK. unconventional completion technique MANITOBA MANITOBA Light oil (34-40 API) E I IG V DJ AJ V J G ICVED I JV J VV D EJ E E G EE V I IE VI V A VE V…
Turner Valley Rundle 40o API light oil, liquids-rich solution and non-associated natural gas with SOUTHERN U G G low historical oil decline rate of 4% R4 G M JV IG G R3 F U G G G R2W5M ALBERTA ME E M S J S EVD J UV G D F…
Pierson + North Dakota Spearfish S.E. SASK. MANITOBA General 1000 m depth R29 G GG R28 G R27 GU R26 G R25 R24 R23 R22W1M G EE E V G EJ JA E VS J E EE E E J VMV E J E VVV JJJ VVE J J EV E E V V A U 12 MMBbl DOIP…
Star Valley Bakken 28 27 G G26 25 30 G G 29 J 28 27 J 26 25 30 G V29 G I R6 R5 R4W2M EDG G S.E. SASK. GE E V G A G G G E EG D E G G E E V G G G E A EA V I G 23 MANITOBA V E D EG 21 22 23 24 19 20 21 22 24 19 20 ED E M…
Conventional Mississippian Plays Main producing and target zones include Souris Valley, Tilston, Alida, Frobisher and SOUTHEAST SASKATCHEWAN Midale Wells not fracd, payouts 12 MANITOBA months or less Average well cost 1.1 million…
Waterflood Benefits Add reserves cost-effectively Typically double primary recovery factor Finding & development costs low double digit Leverage existing lands and infrastructure Moderates declines Oil production plateaus and can…
Heward + Taylorton Waterflood Heward Heward Oil Production Pilot Waterflood Response Start of Injection Taylorton Taylorton Pilot Waterflood Oil Production Response Start of Injection 20
Frys + Pierson + Steelman Waterflood Frys Frys Oil Production Response Pilot Waterflood Start of Injection Pierson Steelman Proposed Pilot Proposed Pilot Waterflood Waterflood 21
Impact of Waterflood to Legacy Gross OOIP WF Reserves NPV10% BT Area (MMBbl) Net Sections (MMBbl) (MM) Bakken 377.3 80.5 30.0 954.7 Torquay 219.5 33.3 15.4 394.9 Spearfish 599.6 51.7 52.7 613.1 Midale 177.6 36.1 15.6 428.1 Total…
Capture of Large Light Oil Resource Gross Discovered Oil Originally In-Place (DOIIP) (MBbl) 1538.6 1659.8 1871.4 332.8 Conventional Total Resource Sproule CORA LEG CORA CORA = Contingent Oil Resource Assessment See notes,…
Significant Light Oil Resource Base Legacy Working Interest Volumes 350 300 250 MMBbl 200 150 100 50 0 High Estimate Best Estimate P+P Reserves Sproule Contingent Resource LEG Contingent Resource See notes,…
Potential Value Various Capital Timeframes 3 Year Contingent Capex 5 Year Contingent Capex 7 Year Contingent Capex 7000 34.97/share 6000 33.67/share 32.93/share Assumptions for all cases: 5000 NPV10% BT (M) Legacy internal…
Independent Reserve Engineers Contact Information Sproule Associates Limited 4400, 525 8th Avenue SW Bank Syndicate Eighth Avenue Place BMO Capital Markets Calgary, Alberta T2P 1G1 National Bank The Bank of Nova Scotia Tel:…
APPENDIX
Pierson + North Dakota Spearfish Forecast Type Curves IRR Sensitivity 140 160 Pierson North Dakota Pierson North Dakota 120 140 Production 120 100 Oil Rate (BOPD) Constrained 100 IRR (%) 80 80 60 60 40 40 20 20 0…
Steelman + Pinto Midale Forecast Type Curves IRR Sensitivity 175 200 Steelman Pinto Steelman Pinto 180 150 160 Oil Rate (BOPD) 125 140 120 IRR (%) 100 100 75 80 50 60 40 25 20 0 0 0 2 4 6 8 10 12 14 16 18 20 22…
Turner Valley Rundle Forecast Type Curve IRR Sensitivity 130 60 120 110 2013 wells IP30 avg. 50 100 265 BOED per well Peak < 1 month Oil Rate (BOPD) 90 40 80 IRR (%) 70 30 60 50 20 40 30 20 10 10 0 0 0 2 4 6 8…
Star Valley Bakken Forecast Type Curve IRR Sensitivity 120 100 110 90 100 80 90 Oil Rate (BOPD) 80 70 60 IRR (%) 70 60 50 50 40 40 30 30 20 20 10 10 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105…
Taylorton/Pinto Bakken + Three Forks S.E. SASK. MANITOBA J G G E S E S IV EJ E I S IE I R7 G G J D R6 E G R5 GJ E J I J J E IV I I G IVE G I G G E M J M J J S J V D I E GJ Multizone area for high netback, 1 I G 6 V G G I VJ…
Taylorton Bakken Forecast Type Curve IRR Sensitivity 160 200 140 180 160 120 Oil Rate (BOPD) 140 100 120 IRR (%) 80 100 60 80 60 40 40 20 20 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105 Months Oil…
Stoughton/Heward Bakken Forecast Type Curve IRR Sensitivity 120 180 100 160 140 Oil Rate (BOPD) 80 120 IRR (%) 100 60 80 40 60 40 20 20 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105 Months Oil Price…
Conventional Mississippian Forecast Type Curves IRR Sensitivity 100 200 90 180 80 160 Oil Rate (BOPD) 70 140 60 IRR (%) 120 50 100 40 80 30 60 20 40 10 20 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105…
Frys/Antler Three Forks/Souris Valley S.E. SASK. G G E E E E E E E J E EJ E E D J D EV E J J E J U R31 R30 R29W1M MANITOBA E 34 V J J E32 E E E DE33 E EV J JE34J E E E 35CE J G JJ JV36EC JJ Three Forks (Torquay) G 31 32 G 33…
Frys/Antler Three Forks (Torquay) Forecast Type Curve IRR Sensitivity 100 90 90 80 80 70 Oil Rate (BOPD) 70 60 IRR (%) 60 50 50 40 40 30 30 20 20 10 10 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 80 85 90 95 100 105…
Southern Alberta Bakken Alberta Basin Bakken Play R29 F G I R25W4M G K CK SOUTHERN L G G G F G C FL J G S G G G GK J G ALBERTA G CF K K1 0 M I G G D G G G I G G GJ GEF GEG K G EE G GF S E CJ G JF E S LGX owns…
Big Valley and Banff Hz Well Performance 100,000 90,000 80,000 70,000 Cumulative Oil Production (Bbl) LGX Penny 14-2 Strong Performance 60,000 50,000 40,000 30,000 20,000 10,000 0 1 2 3 4 5 6 7 8 9 10…
Maxhamish, BC Chinkeh F F F FF NORTHWEST FV U F TERRITORIES F F F U G F G F F UV FK C Chinkeh Formation light oil resource play A D C FC G UVU F B F F G A F F F Significant resource of 42o API light sweet oil, C F F…
Waterflood Assumptions Waterflood Implementation Costs Opex: 4000/W/M + 3.00/Bbl 6 Miles (10 km) of 4 Water Injection Lines (150/m) 1,500,000 1 Pump Skid at 1000m3/d (250,000/pump) 250,000 Oil Price: US95.00/Bbl WTI 24 Injector…
Oil Rate Forecast Tight Oil Waterflood Scenario Secondary Oil Rate Primary Oil Rate 700 Cum Oil Prior to Waterflood = 245 MBbl OOIP = 4.9 MBbl/section 600 Primary RF = 11.1% Secondary RF = 21.6% 500 Oil Rate (BOPD)…
Cum. Oil + Recovery Factor Tight Oil Waterflood Scenario Secondary Cum Oil Primary Cum Oil Secondary RF Primary RF 1,200,000 30% Cum Oil Prior to Waterflood = 245 MBbl OOIP = 4.9 MBbl/section Primary RF = 11.1% Secondary RF =…
Cash Flow Forecast Tight Oil Waterflood Scenario (Effective Jan 2014) Secondary 10% Disc. Cashflow Primary 10% Disc. Cashflow 35,000 30,000 25,000 20,000 15,000 10% Disc. Cashflow (M) 10,000 5,000 0 -5,000…
Economic Results Single Section Result Primary Waterflood Total Reserves (MBbl) 547.9 518.3 1066.2 Reserve Life (yrs) 17 50 50 Recovery Factor (%) 11.1 10.5 21.6 Capital (M) 17,100 900 18,000 NPV 10% BT (M) 15,426 14,341 29,767 Payout…
Contingent Oil Resource Assessment (CORA)* Company Working Interest Ultimate Recoverable Oil (2) Discovered Contingent Oil Resources (3) Portion of Discovered Lands Oil Initially Low Best High Low Best High Attributed in-Place…
Notes to Contingent Resource Assessment Notes: (1) The Spearfish formation is located within Legacy's properties at Pierson, Manitoba and Bottineau County North Dakota. The Bakken and Torquay formations are located within certain of…
Disclosure for Contingent Resource Assessment Definitions and Preparation The Discovered Oil Initially In-Place and Discovered Contingent Oil Resource assessments in the Sproule report were prepared in accordance with the definitions,…
Disclosure for Contingent Resource Assessment Definitions and Preparation - continued Preparation All estimates of Contingent Resources represent gross resources, meaning the company's working interest share in the Reserves or…

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