CREW CORPORATE SNAPSHOT Montney-Focused Asset Base POSITIONED FOR SUCCESS TSX trading symbol CR Basic shares outstanding (mm) 141.0 Trading range (52 week) 4.66 - 12.60 Montney Oil / Liquids rich Fort St. John Average daily…
TICKING ALL THE RIGHT BOXES Key Component Crews Position Focused asset base in a growing resource play: 110 TCFE TPIIP Montney resource in NE BC 487 net sections of Montney rights in NE BC (4th largest Large, contiguous and ideally…
World-Class Montney Resource 5
NEBC MONTNEY: A GLOBALLY COMPETITIVE PLAY Not a shale: Its a siltstone Montney Competitive Attributes: Exceptionally thick: up to 1,000 feet Permeability 20-80 times greater than comparable resource plays in North America Excellent…
SEPTIMUS: SWEET SPOT OF THE MONTNEY Crews 487 sections of land are situated in the sweet spot of the play (Area 4) 1 MONTNEY SUB-GROUP REGIONS Altares/Caribou/Farrell/Kobes/Town/ Highest IRR & IP30at Parkland / Septimus /…
GROWING MONTNEY ACREAGE Sharpens Focus Montney (2007) Montney (2010) Montney (2015) CREW ACREAGE BREAKDOWN: Oil/Condensate Sections: 138 Wet Gas Sections: 239 Dry Gas Sections: 110 Total Net Sections: 487 8
EARLY STAGES: 9% (41.6 NET SECTIONS) HAVE RESERVES ASSIGNED 1.0 TCFE 2P reserves assigned Flatrock Goose Attachie Portage Septimus Tower Groundbirch Crew Montney Well Tests Crew 2014 Drilled Location with No…
ABUNDANT & GROWING INFRASTRUCTURE Acreage is optimally situated to feed potential long term demand Multiple egress options diversify markets and mitigate risk Three pipeline options running West, East and South to reach Canadian,…
ACREAGE PROXIMAL TO 6 BCF/D PIPELINE CAPACITY Multiple infrastructure options Flatrock and growing processing capacity Goose Attachie Portage Tower Groundbirch Septimus Crew Operated Pipeline Proposed North Montney…
CREW MONTNEY STRATIGRAPHIC STACK West Portage Groundbirch Attachie West Septimus Septimus Goose Tower Doig 3 19 1 AA Upper Montney 2 7 2 1 A 11 41 1 1 B 3 2 C 1,000 Feet Lower Montney Monias High of Crew…
SEPTIMUS Initial Montney Development Area Active drilling and development program Adoption of new technology 62 wells drilled to date Crew Operated Pipeline Existing 60 mmcf/d gas plant Spectra Westcoast Pipelines currently…
SEPTIMUS: EXCELLENT RETURNS & IMPROVING RECOVERIES 5.0 bcf EUR per well(1) 500 boe/d IP365(2) Septimus Type Wells(3)(4) 2,500 Cumulative Gas Prod. (mmcf) Improved efficiencies have lead to 1 bcf of 2,000 production in one…
Greater porosity, permeability WEST SEPTIMUS and liquids than Septimus Crew Operated Pipeline Spectra Westcoast Pipelines Continuation of Septimus Trend Step-out area - Montney expansion Over pressured area with proven liquids-rich…
TOWER Emerging Montney Light Oil Play 51 net sections Near to mid-term growth potential First of several light oil weighted areas Crew Operated Pipeline Spectra Westcoast Pipelines in Crews portfolio to be developed…
TOWER Light Oil/Condensate Supports Higher Netbacks 12-15 wells / section drilling plan Able to benefit from industry experience to optimize efficiencies Adoption of new technology will reduce costs + enhance performance…
Montney Next Steps: Future Growth 19
GROUNDBIRCH Planned gas plant and pipeline infrastructure supports area growth Delineation Area with Long-Term Upside Proposed North Montney Mainline Spectra Westcoast Pipelines Offsetting vertical + horizontal development…
ATTACHIE Proof of Concept Stage Excellent test rates from Several prolific offsetting producers in Upper and Lower Montney exploration wells Crew 10-22 well Over-pressured with liquids-rich natural gas Crew 15-36 well 2013/14…
Low-Risk Funding Source 22
LLOYDMINSTER HEAVY OIL Lloydminster ALBERTA SASKATCHEWAN Q1 15 production 4,775 boepd BRIGHTSAND Low capex and strong capital SWIMMING LLOYD efficiencies drive stable production Lloydminster LOW LAKE FOREST 97,219 net acres…
VALUE CREATION PLAN NEAR TERM Commission W. Septimus facility (Q3 15) providing 29% increase in production Optimize water management source and disposal Control and reduce costs (36% cash costs in Q1 15) Continue to optimize…
VALUE CREATION PLAN LONGER TERM Continue to build out infrastructure double W. Septimus to 120 mmcf/d for 10MM = 18,000 boepd of additional production capacity to 42,000 boepd Target economic and predictable growth of production…
Contact Info: Dale O. Shwed, President & CEO Suite 800, 250 - 5th Street SW John G. Leach, Senior Vice President & CFO Calgary, Alberta T2P 0R4 Telephone: (403) 266-2088 Robert J. Morgan, Senior Vice President & COO Email:…
APPENDIX 27
COMPARATIVE ECONOMICS: MONTNEY VS OTHER NORTH AMERICAN RESOURCE PLAYS Montney half-cycle per-well economics are strong and comparable to many key US shale plays even when including prevailing FX / basis 70% Illustrative half cycle…
SEPTIMUS MONTNEY: SWEET SPOT OF THE BASIN EQUALS LEADING ECONOMICS Montney Well Economics by Area Capex / well IP 30 Recovery Liquids Yield BTax IRR BTax NPV Fields (mm) (mmcf/d) (bcfe) (bbl/mmcf) 8.5% (mm) Area 4 Parkland,…
2015 CAPITAL PROGRAM AND BUDGET 2015 2014 Cash Flow (CF) (mm) 94 172 CF/diluted share 0.68 1.39 2015 Hedging Summary E&D Capex (mm) 185 307 Volume Period Derivative Reference Price Well Count (net) 13 73 Natural Gas 33,781 GJ/Day…
NE BC MONTNEY RESOURCE EVALUATION Dec. 31, 2014 Apr. 30, 2014 Apr. 30, Dec. 31, 2014 2014 Reserves and Economic Contingent Resources (1)(2)(3)(6)(7)(8) Best Estimate Best Estimate % Natural Gas (Tcf) Natural Gas Resource Categories…
RESERVES SUMMARY 2014 2013 % Proved plus probable (mmboe) 220 197 12% Per share (mboe/mmshares) 1,786 1,622 10% Per debt adjusted share (mboe/mmshares) 1,330 1,063 25% Proved (mmboe) 107 115 (7%) Per share (mboe/mmshares) 863 947…
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