OUR STRATEGY REMAINS TO BUILD A SUSTAINABLE DIVIDEND PAYING ENTITY THROUGH THE DEVELOPMENT OF LARGE ACCUMULATIONS OF OIL, BITUMEN AND NATURAL GAS WITH LOW DECLINES AND LOW COST STRUCTURES TSX:PGF NYSE:PGH
SUSTAINABLE GROWTH WITH COMMODITY AND CAPITAL OPTIONALITY SUSTAINABLE DIVIDEND PAYING ENTITY Large accumulations Long life assets Low declines Low cost structure Low sustaining capital Swan Hills Lindbergh Cardium…
STEPS TAKEN GIVEN THE CURRENT ENVIRONMENT Recent rapid decline in world crude oil prices and softness in North American natural gas prices demand immediate action to ensure our financial health and sustainability A significantly…
FIRST QUARTER 2015 HIGHLIGHTS Generated strong funds flow from operations Funds flow declined only two percent from Q4, 2014 despite 30 percent reduction in commodity price Lindbergh ramping up as expected Current production in…
FIRST QUARTER 2015 FINANCIAL AND OPERATING HIGHLIGHTS Three Months Ended March 31, December (Cdn millions, except per share and per boe amounts) 2015 31, 2014 Production (boe/d)(1) 69,334 71,802 Gas 48% 48% Liquids 52% 52%…
2015 GUIDANCE STRIKING A BALANCE Updated Guidance Original Guidance (May 7, 2015) (January 21, 2015) Capital ( Millions) 220 to 240 190 to 210 Conventional 125 125 Lindbergh 105 75 Average daily production (boe/d) 70,000 to…
WHAT TO EXPECT IN 2015 Continued capital discipline in light of current low commodity price environment Lindbergh exit production expected to reach 16,000 bbl/d Strength of Lindbergh expected to allow us to maintain year-over-year…
2015 WILL FOCUS ON A BALANCED SPENDING PROFILE Development efforts will focus on optimizing vs. growth 2015 financial profile that balances cash outflows with cash inflows We reduced 2015 capital spending Adjusted dividend to ensure…
CORPORATE HEDGING PROVIDES A MEASURE OF STABILITY TO CASH FLOW Calendar Year Hedge positions as at May 7, 2015 Oil Volume (bbl/d) Price per bbl Current oil production Hedging Limits (Cdn) hedged* (% of production) 2015 26,000…
PENGROWTHS CREDIT CAPACITY IS MORE THAN SUFFICIENT TO MEET OUR NEEDS IN 2015 Actual March 31, 2015 Outstanding ( Millions) Senior fixed term notes 1,662 Term Credit facilities/Bank debt 236 Senior Debt 1,898 Convertible debentures…
TOTAL DEBT1/EBITDA EXPECTED TO DECLINE EVEN IN LOWER PRICE ENVIRONMENT 4.5 Bank Covenant Limit 4.0 Total Debt/EBITDA 3.5 3.0 2.5 2.0 1.5 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016…
LINDBERGH THERMAL PROJECT TSX:PGF NYSE:PGH
LINDBERGH WHERE AND WHAT IS IT Map Area Lindbergh Target formation Lloydminster Lindbergh 2P Reserves * 243 million bbls Best Estimate 101 million bbls Contingent Resources* 2P Reserves* NPV10 2,061 million Lindberg h…
LINDBERGH RAMP-UP PROFILE* Bitumen Production (bbl/d) ESP Conversions Months of operation *Pad production presented as normalized average well pair 16 Corporate Presentation TSX:PGF NYSE:PGH
LINDBERGH CUMULATIVE PRODUCTION PROFILE* Bitumen Production (bbl/d) Cumulative Production (bbl/d) ESP Conversions Months of operation *Pad production presented as normalized average well pair 17 Corporate Presentation…
LINDBERGH PILOT RESULTS POINT TO HIGHER RECOVERY RATES VERSUS TYPE CURVE EXPECTATIONS Bitumen Production (bbl/d) Pump efficiency issues drove a change to Electric Submersible Pump (ESP) Type Curve based on 1.2 million bbl…
LINDBERGH COMMERCIAL OPERATIONS UPDATE Lindbergh commerciality declared as at April 1, 2015 Three well pads Pad D05 with eight wells pairs Pad D03 with seven well pairs Pad D02 with five well pairs Two well pair pilot has been…
CONVENTIONAL ASSETS TSX:PGF NYSE:PGH
GREATER OLDS/GARRINGTON AREA Large, contiguous land base Over 500 gross sections of Cardium rights Prospective Cardium sections 280 gross (150 net) 4-5 years of Tier 1 drilling locations DCET capital budget of approximately 20…
MONTNEY GAS/LIQUIDS TSX:PGF NYSE:PGH
MONTNEY OVERVIEW Montney land holdings increased to 14,475 Ha (50 sections) in 2014 through addition of 8,350 Ha in liquids-rich corridor at Bernadet The Pengrowth best estimate for total petroleum initially-in-place (PIIP) on…
BERNADET OVERVIEW Bernadet is expected to provide a scalable, low risk stacked zone liquids-rich play on contiguous lands Pengrowths best estimate of total PIIP in place is approximately 4.6 Tcf gas (raw) Liquid yield ranging…
GROUNDBIRCH OVERVIEW Groundbirch land position 21 gross sections 90 percent working interest (average) 28 million cubic feet/day operated facility on-stream in December 2010 Plan is to drill to fill until longer term commodity…
SUMMARY TSX:PGF NYSE:PGH
EXECUTIVE CHANGES Subsequent to end of quarter, announced changes to executive leadership team Marlon McDougall Chief Operating Officer James Causgrove Senior Vice President Operations & Engineering Realignment of executive team…
CONCLUSION 2014 was an excellent year Continued superior execution in costs and production rates on our conventional assets On time delivery of construction, commissioning and first steam of Lindbergh Phase I Significant additional…
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