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FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp

Bonavista Energy Corp · Mar 13, 2013 · 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. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 1
    Strong and Steadysince 1997 FIRSTENERGY CAPITAL CORP. EAST COAST ENERGY CONFERENCE MARCH 13 - 15, 2013
  2. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 2
    Bonavista Overview CORPORATE CHARACTERISTICS 15 YEAR 25% CAGR 44% CAGR TRACK RECORD PRODUCTION RESERVES 3.5 BILLION 13% ENTERPRISE VALUE INSIDER OWNERSHIP 73,000 BOE/D 63% 86% CURRENT PRODUCTION NATURAL GAS OPERATED 372…
  3. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 3
    Bonavista Business Model A LOW-RISK TOTAL RETURN INVESTMENT OPPORTUNITY OFFERING BOTH GROWTH AND INCOME GROWTH 5% ANNUAL GROWTH TARGET INCOME 6% CURRENT DIVIDEND YIELD VALUE 10+% TOTAL SHAREHOLDER RETURN 4
  4. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 4
    Strategy FOUR KEY ELEMENTS TO SUCCEED IN THE CURRENT ENVIRONMENT Sustainability: deliver the appropriate balance between income and growth while maintaining balance sheet strength Flexible Capital Allocation: remain agile in the…
  5. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 5
    Sustainability 700 2012 HIGHLIGHTS 600 Original cash flow forecast (Nov 2011) 500 Initiated a DRIP to augment the balance between cash inflows and outflows 400 (mm) 300 Pursued an active divestiture program of non- core…
  6. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 6
    Flexible Capital Allocation 22 E&D Reserve Additions (mmbbls) 2012 HIGHLIGHTS 21 Focused drilling program on oil and liquids rich 20 opportunities 19 Delivered 16% growth in oil and liquids reserves replacing 218% of annual…
  7. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 7
    Asset Concentration 60,000 2012 Capital Efficiency 50,000 40,000 2012 HIGHLIGHTS (/boed) 30,000 20,000 Production Reserves Capital 10,000 (boe/d) (mmboe) (mm) Acquired Divested 0 Acquired 7,300 29.9 169.9 30…
  8. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 8
    Development Efficiency 20.00 3YR Average FD&A (/total proved boe) 2012 HIGHLIGHTS 15.00 Invested 402.1 million in E&D activities 10.00 Drilled 115 wells, 102 of which were horizontal 5.00 2009 2010 2011 2012…
  9. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 9
    Key Play Overview DEEP BASIN CORE AREA BLUESKY Liquids Rich Natural Gas ROCK CREEK Liquids Rich Natural Gas and Light Oil WILRICH Natural Gas WEST CENTRAL CORE AREA GLAUCONITE Liquids Rich Natural Gas CARDIUM Light Oil ELLERSLIE…
  10. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 10
    2013 Exploration & Development Program Drilling Program Capital Program Capital (mm) ( of wells) West Central Core Area 68 74 218 220 Deep Basin Core Area 15 16 71 73 Other 37 40 41 42 TOTAL DRILLING PROGRAM 120 130 330 335 Support…
  11. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 11
    West Central Glauconite Liquids Rich Natural Gas BONAVISTAS GROWTH ENGINE 297 sections of land on trend 150 horizontal wells drilled Liquids yield of 70 bbls/mmcf Low operating costs of 3.00/boe 2013F netback of 22.00/boe 410…
  12. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 12
    West Central Cardium Light Oil DE-RISKING A SIGNIFICANT CARDIUM LAND POSITION 300+ sections of Cardium rights 86 horizontal wells drilled 40 API oil Owned and operated infrastructure 2013F netback of 60.00/boe 140 future…
  13. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 13
    West Central Ellerslie Liquids Rich Natural Gas EMERGING, SCALABLE RESOURCE PLAY Extensive land position of 90+ sections on trend Liquids yield of +100 bbls/mmcf Owned and operated infrastructure 2013F netback of 28.00/boe…
  14. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 14
    Deep Basin Multi-zone Area PINE CREEK BLUESKY 40 bbls/mmcf 45+ locations MARLBORO WILRICH ntd 7 bbls/mmcf ntd 45+ locations EXISTING BNP LANDS Q4 2012 ACQUISITION LANDS ROSEVEAR ROCK CREEK 50 bbls/mmcf Q1 2013…
  15. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 15
    Deep Basin Bluesky Liquids Rich Natural Gas LOW RISK, PROFITABLE OPPORTUNITY BNP Lands Growing land position 13 horizontal wells drilled Liquids yield of 40 bbls/mmcf 30% recovery factor to date 2013F netback of 24.00/boe 45+…
  16. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 16
    Deep Basin Rock Creek Oil & Liquids Rich Natural Gas UNDEVELOPED HIGH NETBACK RESOURCE BNP Lands Heterogeneous reservoir ideal for horizontal drilling 11 horizontal wells drilled Liquids yield of 50 bbls/mmcf Owned and operated…
  17. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 17
    Deep Basin Wilrich Natural Gas LOW COST, HIGH RATE OPPORTUNITY Bonavista land position of 32 net sections 24 horizontal wells drilled Owned and operated infrastructure 2013F netback of 22.00/boe 45+ future horizontal locations…
  18. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 18
    Key Play Overview Single Well Economics Recycle Ratio On-stream Cost IP6 (/boed) 3.5 20,000 3.0 2.5 15,000 2.0 10,000 1.5 1.0 5,000 0.5 0.0 0 Glauconite Glauconite Wilrich Wilrich Ellserslie Ellserslie…
  19. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 19
    20 C/mcf 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 Eagle Ford (gas condensate) - Hz Marcellus (super rich gas) - Hz Harmattan Lwr Mannville - Hz Inga Doig - Hz Cana Woodford - Hz Pine Creek Bluesky - Hz Marcellus (SW…
  20. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 20
    Bonavista Guidance 2011 2012 2013F Capital expenditures (millions): Exploration and development 454 402 410 420 Acquisitions and divestitures 153 (11) 10 Total Capital 607 391 420 430 Production (boe/d) 69,332 69,250 73,500 74,500…
  21. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 21
    Core Values and Principles PROFITABILITY CAPITAL EFFICIENCY DISCIPLINED COST STRUCTURE CONSERVATIVE FINANCIAL MANAGEMENT 22
  22. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 22
    Bonavista Strong and Steadysince 1997 PEOPLE committed management team with a proven track record entrepreneurial and accountable employees driven by results ASSETS concentrated asset base capable of delivering profitable growth…
  23. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 23
    APPENDIX 24
  24. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 24
    Commodity Hedge Position CRUDE OIL: 10 150 hedged Floor Ceiling 9 140 Hedged Volume (thousand bbls/d) 8 130 7 120 6 110 C/bbl 5 100 4 90 3 80 2 70 1 60 38% 39% 36% 35% 0 38% 36% 35% 50 Q1 13 Q2 13 Q3 13 Q4…
  25. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 25
    Commodity Hedge Position NATURAL GAS: 200 4.50 hedged Floor Ceiling Hedged Volume (thousand GJ/d) 180 160 4.00 140 120 3.50 C/GJ 100 80 3.00 60 40 2.50 20 44% 61% 57% 47% 0 2.00 Q1 13 Q2 13 Q3 13 Q4 13 Q1…
  26. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 26
    2012 Fourth Quarter Operating Performance Three Months ended Dec 31, Dec 31, % change 2012 2011 Capital expenditures (millions) 196 139 41 Drilling stats ( of wells) 28 29 (3) Average daily production: Natural gas (mmcf/d) 269 268…
  27. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 27
    West Central Glauconite Production Performance 70 bbls/mmcf NATURAL GAS LIQUIDS YIELD 700 600 Type Curve Parameters: Production (boe/d) IP1 550 boe/d 500 EUR 480 mboe (35% NGL) 400 300 200 100 0 1 3 5 7 9 11…
  28. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 28
    West Central Cardium Production Performance 72% LIGHT OIL & LIQUIDS 300 250 Type Curve Parameters: Production (boe/d) IP1 275 boe/d 200 155 mboe EUR (40 API oil) 150 100 50 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15…
  29. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 29
    West Central Ellerslie Production Performance 100 bbls/mmcf NATURAL GAS LIQUIDS YIELD 600 Type Curve Parameters: Production (boe/d) 500 IP1 480 boe/d 400 EUR 462 mboe (48% NGL) 300 200 100 0 1 2 3 4 5 6 7 8 9…
  30. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 30
    Deep Basin Bluesky Production Performance 40 bbls/mmcf NATURAL GAS LIQUIDS YIELD 700 600 Type Curve Parameters: IP1 585 boe/d 500 Production (boe/d) EUR 499 mboe (21% NGL) 400 300 200 100 0 1 2 3 4 5 6 7 8 9…
  31. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 31
    Deep Basin Rock Creek Production Performance 50 bbls/mmcf NATURAL GAS LIQUIDS YIELD 600 Type Curve Parameters: Production (boe/d) 500 IP1 482 boe/d 400 EUR 402 mboe (26% NGL) 300 200 100 0 1 2 3 4 5 6 7 8 9 10…
  32. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 32
    Deep Basin Wilrich Type Curve OUTPERFORMANCE 112% VERSUS TYPE CURVE 800 700 Type Curve Parameters: Production (boe/d) 600 IP1 608 boe/d EUR 530 mboe 500 (7% NGL) 400 300 200 100 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14…
  33. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 33
    Additional Opportunities BLUEBERRY MONTNEY Liquids rich natural gas NOTIKEWIN Liquids rich natural gas SECOND WHITE SPECS Liquids rich natural gas MICHICHI BANFF Light Oil PROVOST VIKING Light Oil 34
  34. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 34
    Provost Viking Light Oil LOW RISK, REPEATABLE OIL PLAY Large land position of 110 sections Vintage low rate vertical wells have proven scope of resource Horizontal drilling to enhance recoveries Reduce well costs and improve…
  35. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 35
    Provost Viking Capital Costs CONTINUOUS COST IMPROVEMENTS THROUGH ENHANCED TECHNOLOGY AND IMPROVED EXECUTION 3,500 3,000 2,500 Total Capital (000s) 2,000 1,500 1,000 500 0 7/15/2010 7/21/2011 6/18/2012…
  36. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 36
    Provost Viking Production Performance 35 API OIL 100 90 Production (boe/d) 80 Type Curve Parameters: 70 IP1 60 boe/d 60 EUR 60 mboe (85% oil) 50 40 30 20 10 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20…
  37. FirstEnergy Capital East Coast Energy Conference – Bonavista Energy Corp – slide 37
    1500, 525 8th Avenue SW, Calgary, AB T2P 1G1 Telephone: 403-213-4300 Fax: 403-262-5184 Web-page: www.bonavistaenergy.com

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