CORPORATE SNAPSHOT Strategy: Disciplined Growth + Sustainable Yield Focus: High quality, large oilinplace reservoirs Symbol: TSX : TOG Average Daily Volume: (1) 1.3mm shares Basic Shares Outstanding: 157mm Market…
FOUNDATION OF TORC BUILDING A LIGHT OIL GROWTH PLATFORM Focus on reserves, production and cash flow per share growth over the long term Operational excellence Maintain strong, flexible balance sheet Focus on sustainability…
LIFE CYCLE OF RESOURCE EXPLOITATION SE SK Cardium Conventional Development Infill / Secondary / Tertiary Recovery Repeatability Resource Capture Monarch Torquay Exploration / Delineation Unique Exposure to…
BALANCED LIGHT OIL ASSET BASE Low decline, high netback, light oil assets Southeast 360 net undrilled locations (pro forma June Saskatchewan: Acquisition) (stable production and 93% liquids free cash flow) Significant management…
Southeast Saskatchewan Cash Flow Generation Plus Upside Potential
SE SASKATCHEWAN CONVENTIONAL CASH FLOW ENGINE SE Saskatchewan Large OilinPlace:1 Conventional Pools 5 100+ mmbbls Depth: 1000 2000m Oil Quality: 30 40 API Well Spacing: 75 150m interwell Est. RF: Up to 50% Undrilled…
SE SASKATCHEWAN TORQUAY / THREE FORKS UPSIDE Economic Parameters 1 Mile Well DCE&T (mm) 4.0 IP (365) (bopd) 98 Reserves (mbbls) 175 Capital Efficiency (/boepd) 40,800 Reserve Cost (/boe) 22.90 NPV 10 (mm) 3.8 Profit to…
Cardium Development
CARDIUM TREND SIGNIFICANT UNDRILLED DEVELOPMENT INVENTORY WEST PEMBINA CARDIUM TREND Large OilinPlace:1 5 mmbbls / section Land: 95 net light oil sections Depth: 1600 2000m Oil Quality: 40 API sweet Well Spacing: 4 wells /…
DEVELOPMENT DRILLING CARDIUM RESULTS Rate Time Economic Parameters 300 Cardium 185 mbbl Curve Average DCE&T (mm) 3.5 Production Rate, 30 Day Avg (BOPD) IP (365) (bopd) 93 200 (boepd) 115 Reserves (mbbls) 185 (mboe) 229…
Monarch Prospect Exposure to Emerging Light Oil Resource
MONARCH PROSPECT LARGE OILINPLACE EXPOSURE Central Monarch Development Area Monarch Large OilinPlace:1 1 billion bbls (1015 mmbbls/section) Land: 25 net section development area Depth: 1750 3500m Oil Quality: 30 43 API Well…
MONARCH PROSPECT CENTRAL DEVELOPMENT AREA Economic Parameters 350mbbl DCE&T (mm) 7.0 Capital Efficiency (/boepd) 35,000 Reserve Cost (/boe) 20.00 Rate of Return (%) 17% Operating Netback 35 (75 Edm Lt) (/boe)…
Financial Overview
2014 YEAR IN REVIEW Year in Review Organic growth complemented by strategic accretive acquisitions = growth beyond targeted range of 57% Delineation drilling expanding growth platform Preserved decline profile Grew inventory…
2015: TAKING ADVANTAGE OF RELATIVE POSITIONING Disciplined strategy and prudent financial management resulted in strong relative positioning Southeast Saskatchewan strategic acquisitions: 1,550 boepd in January 4,750 boepd in…
ENHANCING THE BUSINESS MODEL INTEGRATED APPROACH 2014 Exit Current / Run Rate Production 11,900 boepd 18,200 boepd P+P Reserves 59 mmboe 87 mmboe Decline 25% 23% Capital Efficiency 40,000 37,000 Net Debt / Cash Flow (70 Edm…
2015 CAPITAL PROGRAM BALANCED APPROACH TO MARKET VOLATILITY Budget Philosophy Capital Spending Measured approach given market volatility Pro forma acquisitions, elected to maintain original 125mm capital budget Focus on…
SUSTAINABILITY ANALYSIS Sustainability Highlights Sustainability Run rate production of 18,200 boe/d ( 89% oil Production & NGLs) Run Rate Production boepd 18,200 Decline Rate % 23% 2015 corporate decline of approximately 23%…
ROLL FORWARD SCENARIO ANALYSIS LOWER PRICE ENVIRONMENT Improving Decline Profile Improving Cost Structure Capital Allocation Lower growth results in lower Lower commodity prices drives Lower commodity prices reduces decline profile…
BALANCE SHEET STRENGTH & HEDGING Strong Financial Position Hedging Estimated Bank Facility 550mm Hedging program with up to 60% of volumes using a rolling two year price risk management program Net Debt (pro forma June Acquisition)…
DIVIDEND + DISCIPLINED GROWTH CHECKLIST Sustainability of business model driven by: Decline Rate 23% Operating Netback (75 Edm Lt) 40 Capital Efficiency Allin IP 365 37,000 per boepd 275mm net debt pro forma June…
Summary
INVESTMENT HIGHLIGHTS WELL POSITIONED FOR CONTROLLED GROWTH Low Decline, High Netback Production Base Focused light oil asset base Sustainable Yield Allin payout ratio targeted below 100% Opportunity for CPPIB to support…
CORPORATE INFORMATION Management Independent Reserve Engineers Analyst Coverage BMO Capital Markets Brett Herman Sproule Associates Limited President & Chief Executive Officer Jim Byrne Canaccord Genuity Jason Zabinsky Banks Anthony…
TORC RESERVES SIGNIFICANT RESOURCE & ECONOMIC GROWTH Reserves (Dec. 31, 2014) Key Highlights Year SE SK Pro % High quality light oil reserves base supports dividend model End Acquisitions Forma Liquids mmboe mmboe mmboe % P+P RLI of…
HEDGING PROGRAM Current Hedge Summary Volume (Bbl/d) Type (C/Bbl) Index Low High Feb 1, 2014 Jun 30, 2015 500 Collar 95.00 106.25 CWTI Jul 1, 2014 Dec 31, 2015 250 Collar 90.00 110.55 CWTI Jul 1, 2014 Dec 31, 2015 250 Collar 90.00…
SIGNIFICANT CORNERSTONE INVESTMENT FROM CPPIB CPPIBs Relationship Investments group provides longterm strategic capital to select companies CPPIB believes are positioned to be leaders in their respective industries Ownership of 21%…
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