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FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp

Bonavista Energy Corp · Mar 14, 2014 · 30 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. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 1
    Investor Presentation March 2014
  2. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 2
    CORPORATE IDENTITY Our foundation: 4.3B Enterprise Value PEOPLE RESERVES PRODUCTION OPPORTUNITIES 376 Employees 399 mmboe* 74,000 boe/d 1,600 Locations 11% Insider Ownership 13 year RLI 90% Operated 89% Horizontal 3 * Total…
  3. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 3
    CORPORATE IDENTITY Our asset base: BC Bonavista lands Bonavista focus areas Ft St John Access to 4.1 million acres Deep Basin Edmonton 78 operated facilities 3,850 miles of operated pipelines West Central Calgary 16…
  4. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 4
    BUSINESS PLAN Shareholder Return = Income + Growth 10% 20% 10% 10% 5% 10% 5% SPENDING 0% 0% 0% Income Return Target Total Return Target Growth Return Target VALUE CREATION 5
  5. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 5
    STRATEGY The right ingredients: CONCENTRATE OPERATIONS ON EXCELLENT ASSETS TOP QUALITY RESERVOIRS + IDENTIFY AND EXECUTE WITH EXCELLENT PEOPLE EFFICIENCY AND PRECISION = VALUE CREATION 6
  6. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 6
    CONCENTRATION Concentration in focus areas: 2009 2013 0.8 million acres 2.1 million acres Added over Deep Basin Deep Basin 160,000 acres of land in focus areas in 2013 West Central West Central 7
  7. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 7
    CONCENTRATION Production and reserves: 80,000 450 70,000 400 Focus areas account for 350 60,000 Production (boe/d) Reserves (mmboe) 300 78% 50,000 250 40,000 200 30,000 150 of production and 20,000 10,000…
  8. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 8
    CONCENTRATION Exploration & development expenditures: 100% 90% 80% Expenditures ( millions) 70% 87% of 60% spending directed 50% to focus areas in 40% 2013 30% 20% 10% 0% 2008 2009 2010 2011 2012 2013 Focus areas…
  9. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 9
    CONCENTRATION Lower cost production: 12.00 10.00 Focus areas operated at a Operating Costs (/boe) 8.00 cost of 6.00 6.65/boe in 2013 4.00 2.00 0.00 2008 2009 2010 2011 2012 2013 Bonavista Focus areas 10
  10. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 10
    EFFICIENCY Exploration & development capital efficiency: Finding & Development* Production Additions** (/boe, total proved + probable) (/boed) 15 35,000 30,000 14 25,000 35% 13 20,000 18% 15,000 12 10,000 2009 11…
  11. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 11
    EFFICIENCY Recycle ratio*: 2.20 2.00 Improved 1.80 19% recycle ratio by 1.60 19% to 1.9:1 1.40 1.20 2009 2010 2013 2012 2011 1.00 12 * Net operating income / proved + probable Finding Development &…
  12. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 12
    EFFICIENCY Finding, development and acquisition costs*: 35.00 30.00 3-year average (/boe) 25.00 20.00 15.00 10.00 5.00 0.00 Bonavista Peer group** * 2013 -2011 proved + probable, including Future…
  13. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 13
    EFFICIENCY Cash costs*: 30.00 25.00 2013 cash costs (/boe) 20.00 15.00 10.00 5.00 0.00 Bonavista Peer group** * Includes transportation, operating, G&A and interest expenses 14 ** Excludes those peers…
  14. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 14
    VALUE CREATION Drilling locations by area Montney 11% 6% 1,600 locations Deep Basin 16% 1,420 Hz (89%) Bluesky 67% Wilrich Glauconite Ellerslie West Central Deep Basin West Central Montney Other Cardium Six plays…
  15. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 15
    VALUE CREATION Economics of key plays in focus areas*: Recycle Ratio On-stream Cost IP12 MONTHS (/boed) 6 25,000 5 20,000 4 15,000 3 10,000 2 1 5,000 0 0 Glauconite Glauconite Bluesky Ellerslie Montney…
  16. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 16
    2014 BUDGET Exploration and development expenditures: Total Value* 560 - 600 million 430 - 470 million Over 60% of 4% 9% facility capital 5% invested 3% in Q1 2014 13% 7% 44% 10% 12% Glauconite Wilrich Cardium 15% 78%…
  17. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 17
    KEY PLAYS WEST CENTRAL 2014 Exploration & development expenditures of 365 million: Glauconite: 191 horizontal wells drilled Operating cost 3.00/boe 400 horizontal locations 2014 program 66 wells Glauconite Ellerslie: 135 sections…
  18. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 18
    VALUE CREATION West Central production profile: 70,000 60,000 50,000 Production (boe/d) 40,000 30,000 20,000 10,000 0 19 * Compound Annual Growth Rate calculated using average daily production for respective…
  19. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 19
    KEY PLAYS DEEP BASIN 2014 Exploration & development expenditures of 156 million: Bluesky: 70 sections of land Bluesky 65 horizontal locations 2014 drilling program 9 gross wells Latest well test = 13 mmcf/d Wilrich: Wilrich 75…
  20. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 20
    VALUE CREATION Deep Basin production profile: 30,000 25,000 Production (boe/d) 20,000 15,000 10,000 5,000 0 21 * Compound Annual Growth Rate calculated using average daily production for respective years
  21. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 21
    GUIDANCE 2014 Guidance: 2014 % 2013 Forecast Change Capital expenditures ( millions): Exploration and development 444 560 600 31 Acquisitions and divestitures 20 (100) Total 464 460 500 3 Production (boe/d) 73,406 76,000 78,000…
  22. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 22
    SUMMARY Why invest in Bonavista Experienced leadership team - average tenure of 11 years Target of 5-7% annual growth plus a 5% yield Focused in top quality reservoirs Executing with improved efficiency 23
  23. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 23
    24 APPENDICIES
  24. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 24
    2013 FOURTH QUARTER PERFORMANCE Financial Three Months Ended ( millions except per share amounts) Dec 31, 2013 Dec 31, 2012 % change Production Revenues 246 223 10% Funds from Operations 124 110 13% - per share 0.62 0.57 9%…
  25. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 25
    2013 YEAR END PERFORMANCE Financial Years Ended ( millions except per share amounts) Dec 31, 2013 Dec 31, 2012 % change Production Revenues 964 833 16% Funds from Operations 478 379 26% - per share 2.42 2.16 12% Capital Expenditures…
  26. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 26
    VALUE CREATION Building value with liquids rich natural gas plays: 70 bbls/mmcf 90 bbls/mmcf 38 bbls/mmcf 155 bbls/mmcf 0% C2 22% 23% 29% C3 35% 35% 42% 29% C4 18% 52% C5 37% 29% 13% 10% 20% 6% 9.00 Revenues*…
  27. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 27
    2013 RESERVES SUMMARY Replaced 2013 annual production by 198%, adding 51.1 mmboe of 2P reserves Natural Gas Total Natural Gas Oil Liquids Reserves(2) Reserves:(1)(4) (mmcf) (mbbls) (mbbls) (mboe) Proved: Proved producing 575,880…
  28. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 28
    HEDGING STRATEGY NATURAL GAS 300 5.00 Hedged Volumes (thousand GJ/d) 250 4.50 200 4.00 C/GJ 150 3.50 100 3.00 50 48% 64% 49% 79% 35% 77% 51% 57% 0 2.50 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1…
  29. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 29
    HEDGING STRATEGY CRUDE OIL 12 120 10 110 Hedged Volumes (mbbls/d) 8 100 C/bbl 6 90 4 80 2 70 30% 68% 65% 33% 32% 73% 73% 31% 0 60 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4…
  30. FirstEnergy Societe Generale East Coast Energy Conference – Bonavista Energy Corp – slide 30
    1500, 525 8th Ave. SW Calgary, Alberta T2P 1G1 Tel: (403) 213-4300 Fax: (403) 262-5184 investor.relationsbonavistaenergy.com 31

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