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CORPORATE PRESENTATION – Delphi Energy Corp.

Delphi Energy Corp. · Apr 7, 2014 · 35 slides

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Slides

  1. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 1
    CORPORATE PRESENTATION APRIL 2014 DELPHI ENERGY CORP TSX: DEE
  2. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 2
    Bigstone Montney delivering significant results Deep Basin focused with over 400 sections of land and ownership in strategic processing infrastructure Production Current Production (29% Oil/NGLs) 11,300 boe/d December 2013 Average…
  3. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 3
    Significant Montney production growth at East Bigstone: Montney production increased to 7,000 boe/d in Mar/14 from 700 boe/d in Mar/13 7 new Montney wells on-stream bringing total to 10 producers New well performance exceeding Delphis…
  4. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 4
    Cash Generating Capability by Play Type Percent of Capital Recovered Bigstone Montney HZ Bigstone Gething HZ Wapiti Vertical MZ Hythe Falher HZ Dawson Creek Time Hythe Grande Prairie Wapiti Cashflow Concentrated…
  5. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 5
    2013 Categories December 31, 2013 Reserves TP reserves increased 52 percent from YE 2012 24% PDP 41% PDNP PV10 reserve value increased 79 percent 3% 61,662 P+P reserves increased 43 percent from YE 2012 PUD PA PV10 reserve value…
  6. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 6
    2013 December Production 9,638 boe/d Montney production growth starting to show Hythe Bigstone 2013 a year of transition with slickwater fracs applied to Montney resource Montney Montney production started May 2012 Wapiti…
  7. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 7
    Montney land position has grown to 125 gross sections since 2010 Delphi one of the largest Montney landowners on map sheet Exxon Delphi is a leader in the technical evolution Chevron of the liquids-rich play Exxon 40 130…
  8. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 8
    East Bigstone: 65 sections Held 4 sections of legacy Montney rights West Bigstone: 27 sections below existing DEE production Acquired (100% WI) in 2010/11 Added 12 sections of Montney rights through acquisition and farm-in in…
  9. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 9
    Encana Drill Liquids-rich Upper Montney being de-risked at West Bigstone Acquired (100% WI) in 2010/11 Delphi 9-4 Well Conventional Gelled Oil Frac Exxon License West Bigstone: 27 sections Conoco Completed…
  10. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 10
    East Bigstone Development/Manufacturing Mode +100 Locations East Bigstone 15 producing wells 10 DEE Producing Montney Horizontals West Bigstone Upper Montney Light Oil/Cond Development +100 Locations Fir 10 producing…
  11. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 11
    Drilled 3 HZ wells in 2012: Two mile HZs with laterals of 2,200 m to 3,000 m To KA Sour Fracd using conventional frac designs Plant Drilled 6 HZ wells in 2013: HZs with laterals of 1,400 m to 3,000 m Fracd using slickwater hybrid…
  12. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 12
    Extended Reach Evolution of Montney Drilling Depths 6000 HZ Drilling Over 4,000 Montney wells drilled in last 5 years 5000 Ave. HZ Length Depth (m) Ave. TVD 2,700 4000 Two - single section HZ 3000 1,680 1,315 14 - 15 mm…
  13. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 13
    150 m Slickwater Hybrid Frac System Pumping: 5 times the fluid 2+ times the sand Evolution of Montney Completions 200 40 Ave tonnes/frac Average tonnes per frac Larger slickwater fracs Ave number fracs/well 150 30…
  14. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 14
    Completions 100,000 bbl water cell Have now completed 9 Slickwater Hybrid Fracs Significantly greater stimulated rock volume Pumped 5X fluid and 2X sand Water handling in place Lower per frac costs than oil fracs Continue optimize…
  15. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 15
    6000 12 Bigstone Montney Production Growth 5000 10 Montney Production (boe/d) GAS COND NGL wells 4000 8 Well Count 3000 6 2000 4 1000 2 0 0 Delphi owns significant existing infrastructure in the Bigstone…
  16. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 16
    Area of 5 year / 50 well Development plan 15 10 8 1 East Bigstone 9 3 6 7 13 5 16 4 2 Drilling 12 11 14 DEE 11-17 2014 drilling plans include: Whipstock 7 8 HZ wells at East Bigstone 3 wells drilled in first…
  17. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 17
    Drivers of Well Production Performance Slickwater fracs generating greater simulated rock volume versus conventional gelled oil fracs Lower initial decline rate with higher production rates at payout Increased wellhead condensate…
  18. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 18
    Delphi HZ Montney Wells in East Bigstone 10,000 Normalized to first day of production 4 5 6 7 8 15-10-60-23W5 10-27-60-23W5 10-27-60-23W5 16-23-60-23W5 16-23-60-23W5 15-24-60-23W5 First 3 Wells ( 20 Gelled 15-30-60-22W5 Oil…
  19. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 19
    1,000 Field Condensate to Gas Ratio 4 5 6 7 8 15-10-60-23W5 10-27-60-23W5 16-23-60-23W5 15-24-60-23W5 15-30-60-22W5 15-21-60-23W5 13-30-60-22W5 AVG First 3 Wells ( 20 Gelled Oil Fracs each ) 9 10 FIELD CONDENSATE TO GAS RATIO…
  20. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 20
    450 Cumulative Production 4 5 6 7 8 15-10-60-23W5 10-27-60-23W5 16-23-60-23W5 15-24-60-23W5 15-30-60-22W5 15-21-60-23W5 13-30-60-22W5 Revised Type Well First 3 Wells 400 9 10 350 300 Cumulative BOE's (MBOE) 250 200…
  21. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 21
    20,000 Cumulative Revenue 4 5 6 7 8 15-10-60-23W5 10-27-60-23W5 16-23-60-23W5 15-24-60-23 W5 15-30-60-22W5 18,000 15-21-60-23W5 13-30-60-22W5 First 3 Wells ( 20 Gelled Oil Fracs each ) 9 10 16,000 Price Assumptions: Gas 3.23/GJ…
  22. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 22
    Two Section Montney Horizontal w/ 30 stage Slickwater Hybrid Completion Delphi Montney Type Well Forecast & Comparisons 10,000 100 Revised Type Well (1) Average 30 Stage SWH Old Type Well Capital Revised Type Well Well Count Total…
  23. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 23
    5 YEAR OUTLOOK: 50 WELL MONTNEY PROGRAM Corporate Maintenance Montney Wells ( millions) ( Wells) 250 25 10 Producers 90 Locations 774 million (71 well) Montney capital expenditure 200 20 program at East Bigstone 21 21 150 15 14…
  24. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 24
    ( millions) 300 2014 to 2018 Forecast Cumulative Cash Flow: 796 million 250 Near term source of funding: Cumulative Capital: 769 million cash flow, credit capacity, JV partnership 200 Development becomes 150 self funded with…
  25. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 25
    30,000 240 Other Hythe Wapiti Bigstone Cretaceous Bigstone Montney Boe/d per Million Shares 25,000 200 Boe/d per million shares 2014 to 2018 Forecast Growth Prod per million shares: 238% 20,000 CAGR: 28% 160 28,000 boe/d…
  26. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 26
    Gross Field Revenue Cash Netbacks continuing higher in 2014 (excluding hedging) /BOE 50.00 Montney production growth: Nat Gas Liquids Fourth Quarter 2013 40.00 Montney netback almost 2 times greater 30.00 61% 46% than 2013…
  27. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 27
    Natural Gas 2014 2015 2016 Volume (mmcf/d) 25.2 12.3 8.5 % Hedged * 63 31 21 Fixed Price (/mcf) 3.70 3.59 3.62 Crude Oil Jan Jul 2014 Volume (bbls/d) 357 % Hedged * 24 Floor Price (WTI Cdn /bbl) 96.25 Ceiling Price (WTI Cdn…
  28. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 28
    300 2.40 Funds from Operations ( millions) FFOPS Funds from Operations ( millions) 250 2.00 2014 to 2018 Forecast Growth Cash netbacks: 116% Funds from Operations per share 200 CAGR: 17% 1.60 Cash flow per share: 619%…
  29. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 29
    ( millions) (Net Debt/FFO) 500 3.0 Total Debt Credit Capacity Net Debt/FFO Over 320 million excess 400 credit capacity by 2018 2.4 funding additional growth opportunities 300 1.8 Target Net Debt/FFO 1.5X 200 1.2 100 Net…
  30. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 30
    2013 2014 Forecast Average Production (BOE/d) 8,241 10,000 10,500 Exit Production (BOE/d) 9,638 11,500 12,000 Percentage NGL/light oil 27% 29% Natural gas price (AECO /mcf) 3.17 4.00 WTI oil price (US /bbl) 98.00 95.50 Funds…
  31. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 31
    Current inventory of scalable development opportunities: Montney land base has grown to 125 sections Application of slickwater frac technology is successful Gas rates / NGL yields / costs Field operations benefiting from continuous…
  32. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 32
    APPENDIX DELPHI DELPHIENERGY ENERGYCORP CORP TSX: TSX: DEE DEE
  33. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 33
    David Reid, P. Eng. - Director, President and CEO Brian Kohlhammer, CPA CA - Senior Vice President Finance and CFO Tony Angelidis, P. Geol. - Director, Sr. Vice President Exploration Rod Hume, P. Eng. - Senior Vice President…
  34. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 34
    Harry Campbell - Burnet Duckworth & Palmer Robert Lehodey - Osler, Hoskin & Harcourt Andrew Osis - Independent Businessman David Reid - Delphi Energy Corp. Lamont Tolley - Independent Businessman Tony Angelidis - Delphi Energy…
  35. CORPORATE PRESENTATION – Delphi Energy Corp. – slide 35
    300, 500 4th Avenue S.W. Calgary, Alberta T2P 2V6 Telephone: (403) 265-6171 Facsimile: (403) 265-6207 Email: infodelphienergy.ca Website: www.delphienergy.ca DELPHI ENERGY CORP TSX: DEE

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