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CORPORATE PRESENTATION – Spyglass Resources Corp.

Spyglass Resources Corp. · Apr 1, 2014 · 25 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. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 1
    Intermediate, Commodity Balanced Resource Company with a Sustainable Dividend Model Corporate Presentation April 2014
  2. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 2
    Sustainable Yield Model Attractive Valuation 20 % 15 % current yield(1) 100 % base decline target all-in payout ratio underpinned by: million 538 boe/d 15,000 /d enterprise value(1) million 4.89 2014…
  3. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 3
    Core Focus Areas Low Decline and Balanced Production Dixonville: Corporate: Q4 2013 production: 3,097 boe/d Q4 2013 average production: 15,873 boe/d Base decline rate: 10% Oil & Liquids 88% Oil & Liquids 49% Key Play: Montney oil…
  4. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 4
    Capital efficient development sustains the model Focused on light-oil development 21 gross (19.6 net) wells Halkirk-Provost: 10 (10.0 net) 2014 Capital Southern Alberta Pekisko: 6 (5.3 net) Southern Alberta Glauconite: 5 (4.3…
  5. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 5
    Dixonville Asset Overview Stable Production Excellent Cash Flow SPYGLASS DIXONVILLE Dixonville Q4 2013 Results Production [boe/d] 3,097 % Oil & liquids [%] 88% Decline Rate [%] 10% Dixonville Reserves Dec. 31, 2013(1) Total…
  6. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 6
    Dixonville Waterflood Development History Hines Creek Graben North Wall Phase 2 Phase 3 Mar. 2010 Dec. 2010 Phase 4 Montney C Pool Outline Sept. 2012 Phase 1 July 2006 Phase 5 Q4 2012 Expansion Sept 2006 Spyglass…
  7. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 7
    Dixonville Field History Low future development capital = Strong free cash flow generation 8
  8. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 8
    Southern Alberta Asset Overview SPYGLASS CESSFORD Southern Alberta Q4 2013 Results Production [boe/d] 4,894 SPYGLASS % Oil & liquids [%] 58% MATZIWIN Base Decline Rate Assumption [%] 23% Southern Alberta Reserves Dec. 31,…
  9. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 9
    Matziwin Pekisko Light Oil Development Area Resource 61,000 net undeveloped acres 100% working interest 25-28 API oil gravity 60 100 net well locations Potential to down space to 4 wells per section Current Activity/Future…
  10. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 10
    Retlaw / Enchant Glauconite Resource 20 plus net vertical and horizontal locations 33% - 100% working interest 20 - 27 API oil gravity Current Activity/Future Plans 20 Hz wells drilled to date (Op & Non-op) 3 - 6 wells planned…
  11. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 11
    Halkirk Provost Asset Overview Halkirk-Provost Q4 2013 Results Production [boe/d] 846 % Oil & liquids [%] 62% Base Decline Rate [%] 35% Assumption Halkirk-Provost Reserves Dec. 31, 2013(1) Total Proved Developed [Mboe] 1,014…
  12. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 12
    Why Halkirk-Provost Viking Oil Single Well Economics Large oil in place: 6 10 MMbbls OOIP Halkirk-Provost Viking(1) per section Capital [MM] 1.5 % Oil & liquids [%] 75% Light oil (30o - 35o API) EUR [Mboe] 102 30 day IP [boe/d]…
  13. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 13
    Noel Cadomin Resource Play Over 90 prospective locations Locations are low risk infill or extensions to a well established gas play Potential to add over 200 bcf of reserves High initial production rates Ample infrastructure…
  14. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 14
    Mature, Stable Reserves Selected Reserves Information as at Dec. 31, 2013(1)(4) Total Proved plus Probable Reserves by Category Nat. Gas Total Btax NPV Oil (Mbbl) (MMcf) NGL (Mbbl) (Mboe)(2) 10% (M)(3) Proved Developed Producing…
  15. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 15
    Managing Commodity Price Volatility Natural Gas Hedging Crude Oil Hedging(1) 70% 60% 4.40 99.00 60% 50% 4.20 50% 40% 4.00 96.00 40% 30% 3.80 30% 20% 20% 3.60 93.00 3.40 10% 10% 0% 3.20 0% 90.00 Q1 2014 Q2 2014 Q3 2014 Q4…
  16. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 16
    Peer Benchmarking Payout Ratio 2014E All-In Payout Ratio(1)(2) 140% 2013E All-in Payout Ratio (%) 120% 100% 80% 60% 40% 20% 0% TBE SGL AEI SGY TOG LTS BNE BTE ERF WCP TET VET PEY BNP ARX ZAR PGF CJ…
  17. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 17
    Peer Benchmarking Decline & Capital Efficiency 2014 Estimated Capital Efficiency (1)(2) 2014 Estimated Base Decline Rate (1) 50,000 40% Assumed Corporate Decline Rate Assumed Development Capital Efficiency Average Decline Rate…
  18. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 18
    Peer Benchmarking - Valuation 2014E EV/DACF & Dividend Yield (1)(2) 2014E EV//boed & Dividend Yield (1)(2) 160,000 VET BNE 14 140,000 12 120,000 TET TOG TET 10 ARX BNE BTE PEY BTE 100,000 ARX WCP EV/DACF PGF…
  19. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 19
    Investment Highlights Sustainable dividend-paying model Target all-in payout of 100% of cash flow Stable Cdn 0.0225 monthly cash dividend (0.27/share/year) Mature, low decline producing assets coupled with and extensive inventory…
  20. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 20
    Appendix 21
  21. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 21
    Experienced Leadership Management Team Board of Directors Tom Buchanan, FCA CEO & Director Randy Findlay, P.Eng Independent Chairman Dan OByrne, P.Eng, President George Armoyan, P.Eng Director MBA Mark Walker, CMA Senior VP Finance &…
  22. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 22
    Underpinning the Model Low Decline, Balanced Production Base Q4 2013 Q4 2013 Production (boe/d) Production Est. Base Core Area (boe/d) Oil & Liquids Decline Rate Southern AB 4,894 58% 23% Other Dixonville 3,097 88% 10%…
  23. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 23
    Sustaining the Model Low Risk, High Return Development Portfolio Development Plays 1st yr 30 day Op 1st yr NPV at Capital F&D Unrisked Single Well Capex IP Costs Netback 10% Efficiency IRR Costs Economic Indicators(1) EUR (Mboe) (MM) %…
  24. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 24
    Key Attributes & Outlook Operational 2014 Guidance Q4 2013 Production [boe/d] 15,873 Average Production Forecast [boe/d] 15,000 % Oil & Liquids [%] 49% Operating Costs /bbl 17.00-18.50 Total Proved Reserves (1) [MMboe] 54.7 Cash G & A…
  25. CORPORATE PRESENTATION – Spyglass Resources Corp. – slide 25
    Corporate Information Lead Bankers: National Bank of Canada Legal Counsel: Blakes, Cassels & Graydon LLP Toronto Dominion Bank Norton Rose Canada LLP Transfer Agent: Olympia Trust Company Analyst Coverage: AltaCorp Capital CIBC World…

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