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CORPORATE PRESENTATION – Manitok Energy Inc.

Manitok Energy Inc. · Jun 1, 2014 · 31 slides

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Slides

  1. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 1
    Manitok Energy Inc. (MEI TSXV) Corporate Presentation June 2014
  2. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 2
    Corporate The CompanySnapshot MEI on TSX-V Market Capitalization at 2.30/share 170 million Common Shares Outstanding at May 27, 2014 70,277,274 Options (wgt avg exercise price of 2.09/share) 5,290,074 Insider Ownership, Undiluted /…
  3. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 3
    Successful Corporate Strategy Focus on Areas with Underexploited Conventional Reservoirs A successful strategy used in the industry for decades; Less reliance on new equity to drive production and reserves growth due to short pay…
  4. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 4
    Exceptional Production Growth Average Production Volumes by Quarter (boe/d) 8,000 Disposition of Central AB Natural Gas Assets (777 boe/d) 7,000 Gas (boe/d) Oil & liquids (bbls/d) 6,000 Successful Disposition of Redeployment…
  5. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 5
    Growth Per Share Continues in 2014 At 2.30 per share (June 2nd, 2014), MEI is trading at 2.4x forecast 2014 cash flow. Annual 2014 Annual 2012 Actual 2013 Actual Increase Guidance Increase Production Annual (boe/d) 2,389 4,113 72%…
  6. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 6
    Net Asset Value MEI on TSX-V May 27, 2014 Net Asset Value Calculation (diluted) Proved plus Probable Reserves Dec 31, 2013 - NPV 10% (excluding disposition announced on February 27th, 2014) (1)(2) 268,793,000 Undeveloped Land…
  7. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 7
    Outstanding Value Cheap ATTRACTIVE DEBT ADJUSTED CASH FLOW MULTIPLE EV / 2014E DACF (1)(2) 10.0x 9.0x 8.0x 7.0x EV / 2014E DACF (x) 6.0x Avg. EV / 2014E DACF: 5.6x 5.0x 4.0x MEI 3.0x 2.0x 1.0x…
  8. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 8
    Pristine Balance Sheet Low Risk FINANCIAL STRENGTH AND FLEXIBILITY CURRENT NET DEBT / 2014E CASH FLOW (1)(2)(3) 5.0x 4.0x Debt / 2014E Cash Flow (x) 3.0x 2.0x Avg. Net Debt / 2014E CF: 1.6x 1.0x MEI 0.0x…
  9. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 9
    Normal Course Issuer bid (NCIB) - Growth Through Acquisition Number of Price / Shares Share Total Dollars NCIB from Nov. 8, 2013 to May 27, 2014 (7,482,900) 2.39 (17,899,723) Exercised Stock Options 1,730,034 1.37 2,377,885 Net…
  10. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 10
    Board of Directors The People Bruno Geremia, C.A. - Chairman VP Finance & CFO, Birchcliff Energy (BIR TSE) Robert J. Dales Director of Kelt Exploration (KEL-TSX) and Arcan Resources (ARNTSX) Massimo Geremia President & CEO, Manitok…
  11. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 11
    Experienced Management Team Massimo Geremia, President & CEO 21 years of public company experience in Oil &Gas, Real Estate and Finance; previously with Birchcliff Energy Ltd., Equatorial Energy Inc. & Boardwalk Equities Inc.; Cameron…
  12. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 12
    Up to 100% Production Growth Upside Remaining at Stolberg Future drilling locations at Stolberg: 8 Cardium oil wells into backlimb; 4 Cardium oil wells into new pool; 10 Cardium oil wells into forelimb; 3 Mannville natural gas…
  13. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 13
    Stolberg Continue to Find New Pools on the Old Structure Backlimb - 85% of production and drilling to date has Forelimb - Three well penetrations at the south end been delineating the main backlimb of the Stolberg of the field have…
  14. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 14
    Large Scale Opportunity at Entice New Pool Log Leads 55 have been identified. R 25 24 23 Mannville well density plotted on map Swallwell Nisku Pools Viking Wbmn Swalwell Cum 5 MMBO Nsku Wayne A Pool Glauconitic D-1 A Pool 17 wells,…
  15. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 15
    Balanced Corporate Risk/Reward Adding Entice as a Second Core Area Reduces Risk Profile and Increases Exposure to Oil Achieving a corporate production level greater than 10,000 boe/d in the next 2 years, along with a large transparent…
  16. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 16
    Initial Entice Drilling Locations R25 R23 Horizontal and Vertical Locations to Date: Twp 28 2 vertical Nisku 10 12 potential vertical follow up locations 3 vertical Glauc 12 16 potential vertical follow up locations 6 horizontal…
  17. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 17
    Basal Quartz (Ellerslie) Prospects Basal Quartz (Ellerslie) Wells are RED 14 bypassed pay opportunities identified to date ( ) ; Modeled pool exhibits the following T26 reservoir characteristics: - porosity of 12 - 18% -…
  18. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 18
    Multi-Stage Fracs - Key to Unlocking Variability of Reservoir Quality CVE 100/11-15-27-18W4 CVE 102/13-15-27-18W4 Vertical, deviated well Horizontal Well RR 2009 RR 2011 BQ (ELRL) Cum: 8,163 BO CP: 3.5 bopd, IP: 18 bopd Cenovus…
  19. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 19
    IP90 (BOE/d) 0.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 100.0 100/4-16-27-19W4/0 100/13-28-27-20W4/0 2010 102/14-28-27-20W4/0 100/4-32-26-18W4/0 100/16-15-27-18W4/0 100/2-10-27-18W4/0 105/7-8-27-19W4/0…
  20. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 20
    Horizontal Wells vs. Offset Vertical Wells in the Basal Quartz (Ellerslie) Cenovus Wayne-Rosedale - Horizontal BQ vs. Vertical BQ Offset Wells - 120 day Initial Production rates (boe/d) 700.0 600.0 There is not a correlation between…
  21. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 21
    Glauconitic Channel Prospects Glauconitic Wells are GREEN 11 bypassed log leads initially identified ( ); Channel prospects being validated by 3D seismic interpretation and reservoir rock analysis; Mostly Lithic Glauc, with some…
  22. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 22
    Hz Frac Results in Lithic Glauconitic Reservoir IP90 Rates Cenovus Hz Drills 2010-2013 Bantry/Cessford Glauconitic (1) NCS Multistage 600.0 (uncemented, Hybrid) 2010 2011 2012 2013 NCS Multistage (cemented) 500.0 PP StackFRAC No…
  23. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 23
    Why Buy Manitok Shares Bargain basement valuation at less than 2.5x forecast 2014 cash flow and at 60% of 2P NAV; Manitoks strong growth profile in the foothills will continue through the exploitation of its large undeveloped land…
  24. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 24
    Appendix 26
  25. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 25
    Horizontal Productivity Multiple vs. Offset Vertical Wells in the Basal Quartz (Ellerslie) 30 Cenovus Wayne Rosedale Basal Quartz Productivity Multiplier Horizontal vs. Vertical Offset Well 25 20 IP 120 (x) 15 10…
  26. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 26
    Entice Quartzose Glauconitic Analog Many identified log leads resemble Edge Well similar to the 12-22 well ( 1 on the cross section) F pool has produced a total of 6.2 MMBO since going on production in 1981 from a total area of 1,043…
  27. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 27
    Stolberg Cross Section Main Stolberg structure Cordel structure Additional untested structures 1,000m Structural cross section through T42-15W5 showing both the Cordel and Stolberg Cardium pools along with several…
  28. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 28
    Hedging at May 1, 2014 Subject of Notional Average Contract Contract Quantity Remaining Term Reference Strike Price Traded Oil 500 bbls/d January 1, 2014 to December 31, 2014 CAD WTI 96.00 Swap Oil 500 bbls/d January 1, 2014 to…
  29. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 29
    Price Deck SPROULE APRIL 1, 2014 - Prices in Canadian Dollars - 1 Synthetic Western 2 WTI Edmonton Crude Oil Cromer Hardisty Canada Hardisty Energy Cost Cost Cushing Par Price Edmonton 34 LSB Heavy Select (WCS) Bow River Cold Lake…
  30. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 30
    Analyst Coverage Acumen Capital Trevor Reynolds Canaccord Genuity Anthony Petrucci Clarus Securities Inc. Daniel Choi Dundee Capital Markets Chad Ellison GMP Securities Aaron Swanson Integral Capital Markets Rob Knowles Macquarie…
  31. CORPORATE PRESENTATION – Manitok Energy Inc. – slide 31
    List of Comparison Companies in Slides 9 and 10 AEI - Arsenal Energy Inc. OIL - LGX Oil + Gas, Inc. ARN - Arcan Resources Ltd. PRY - Pinecrest Energy Inc. BNE - Bonterra Energy Corp. PXL - Palliser Oil & Gas Corporation CJ -…

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