PBN:TSX PetroBakken Summary Generating value through light oil resource plays Long-term repeatable organic growth combined with an attractive dividend yield Updated guidance for 2011 exit production rates in excess of 49,000 boepd…
PBN:TSX Financial Highlights Funds flow from operations 2010: 646 million (3.51/basic share + 11% over 2009) Q3 2011: 152 million (0.81/basic share) YTD 2011: 479 million (2.56/basic share) 0.96/share per annum dividend (paid…
PBN:TSX Opportunity Portfolio Focused strategy with concentrated assets Q3 Production Mix Multi-year growth 15% Gas prospects 85% Oil & Over 1 million net acres Liquids of undeveloped land Over 2,150 low risk Q3 Production by…
PBN:TSX PBN Versus Intermediate Peers Light Oil = High Netbacks Q2 2011 per BOE Profitability High operating netbacks (includes PBN Q3 results, excludes hedging) 90 Operating Netback 80 Q3 2011: 50.04/boe Operating Expense 70…
PBN:TSX Production Oil Weighted Production Growth 60,000 Oil & NGL (bbl/d) Gas (boe/d) Corporate Production 50,000 40,000 30,000 20,000 10,000 0 Production growth continues into Q4 2011 exit guidance revised to…
PBN:TSX Funds Flow From Operations Sensitivities Sensitivity to Production ( 90 WTI)* Production Level Revenue Operating Netback Funds Flow (boepd) (mm) (mm) (mm) 45,000 1,300 925 825 47,500 1,375 975 875 50,000 1,450 1,025 925…
PBN:TSX 2011 Capital Forecast Business Drilling Capital 2011 exit production expected to be Units (Net Wells) (millions) in excess of 49,000 boepd Since most of our production is from Bakken 80 (1) wells drilled in the past 24…
PBN:TSX Debt Capital Structure 3-year credit facility of 1.35 billion Syndicated to 15 banks Matures June 2014 Facility is not re-determined annually next review 2014 We have the right to request increases Increased 300 million in…
PBN:TSX Convertible Debenture Put Date PBN has the option to repay any debentures that are put back to us in February 2013 in cash or shares We are pursuing options to increase liquidity, which potentially include: Continued…
PBN:TSX Bakken Business Unit Overview High operating netbacks 2010: 52.95/boe (US79.53/bbl WTI) YTD Q3 2011: 59.18/boe (US95.47/bbl WTI average) Large inventory of development locations Significant remaining primary reserves to be…
PBN:TSX Focused Bakken Activity Extensive infrastructure and operated production We are well positioned to maintain Bakken production with a large land base and an extensive network of operated infrastructure Over 510 (430 net)…
PBN:TSX Bilateral Evolution Development of Bilateral horizontal well technology Bilateral wells are capital efficient for down-spacing: Four bilateral wells will fully develop a section Eight single laterals required to achieve…
PBN:TSX Bakken 3.0 in Perspective Achieving superior performance Average results from first 140 bilateral horizontal wells and 140 offsetting single lateral wells 250 Optimized Bakken Quarter Section Development Bilaterals Economics…
PBN:TSX CleanTechTM vs DynabrineTM Performance Handsworth Area Bakken 250 TM CleanTech - Producing Day 200 DynabrineTM- Producing Day Average CleanTechTM wells have produced 17% more barrels than Production (bbl/d) 150…
PBN:TSX Bakken EOR Pilot Projects Experimentation increases in 2011 Reservoir studies indicate gas will be an effective injection fluid CO2 injection demonstrated improved recoveries in offsetting wells PBN projects now focus on the…
PBN:TSX Cardium Business Unit Overview Our second major resource play Land position now exceeds 350 (270 net) sections predominantly in prime region of the play We are now the most active driller of horizontal Cardium oil wells…
PBN:TSX Cardium Results 250 We currently utilize 2011 West Pembina Wells slickwater frac 200 2011 Cardium Wells completions 2010 Cardium Wells We continue to optimize Oil Rate (bbl/d) 150 our drilling and completion…
PBN:TSX Cardium Activity December 2009 December 2010 Early Nov 2011 Land 4 Net Sections 240 Net Sections 270 Net Sections Production 0 boepd 7,335 boepd 15,750 boepd Drilling Activity 0 Rigs 10 Rigs 5 Rigs Cumulative Wells 0 75 (55…
PBN:TSX Conventional Business Unit Overview Opportunities in conventional Mississippian formations Downspace pools with horizontal wells, usually without fracs Generating surplus cash flow 2010: 55 million, 2011E: 30 million*…
PBN:TSX Conventional Business Unit Opportunities Mississippian production, light sweet crude oil Optimized SE Saskatchewan Conventional Well Economics (Crown) Capital (mm) 1.16 Netback (life of well) (/boe) 67.70 NPV10% (mm) 3.0…
PBN:TSX NE BC and Alberta Business Unit Overview NE BC provides exposure to tremendous natural gas resource plays Horn River shale plays are dry gas and require higher prices for development Montney play at Monias is liquids-rich…
PBN:TSX New Emerging Alberta Resource Plays PBN well positioned for rapid development Meaningful land position with over 190 net undeveloped sections, exposed to new emerging oil and liquids-rich gas resource plays Planning to…
PBN:TSX Growing a Resource Play Company Repeatable organic growth combined with an attractive dividend yield Large undeveloped land base, with more than 2,150 net drilling locations Continuing to apply innovative ideas and refine…
Appendix
PBN:TSX PetroBakken by the Numbers Trading symbol PBN: TSX November 8, 2011 closing price 10.03 Shares outstanding (basic, Q2) 187.2 million 12.3 million options/incentive shares Market capitalization 1.88 billion Avg. daily…
PBN:TSX We are Focused on Resource Plays A resource play has the following characteristics: Significant hydrocarbon accumulations in low permeability reservoirs Broad areal extent providing repeatable drilling opportunities Minimal…
PBN:TSX A Resource Play Well Each well creates positive shareholder value Targeting capital payback to be less than 2 years Generates 25+ year revenue stream post payback of capital Typical Bakken Well 250 200 Primary Recovery…
PBN:TSX Development of a Resource Play 35,000 Ten Year Bakken Development Project (4 years 90 wells/yr then 45 wells/yr thereafter) 30,000 Actual Bakken production Current estimated Bakken 25,000 decline rate 28% 20,000…
PBN:TSX 2010 Reserves Summary Company gross reserves as at December 31, 2010 Replaced 274% of production & increased reserves 18% (9% per basic share) Finding & development 26.11/boe (including FDC and land expenditures) 2010…
PBN:TSX Increased Reserve Bookings Per Well Oil reserves tend to increase over time Initial reserve estimates for new plays are usually conservative Recognition of ultimate recovery rates improve with the application and acceptance of…
PBN:TSX Bakken Oil Zone Reserves and Production Historical growth in oil reserves from Bakken wells Only 5% of estimated DPIIP booked as reserves as at December 31, 2010 Bakken Zone Oil Reserves Summary 100 90 80 70 2P Reserves…
PBN:TSX Extensive Bakken Infrastructure Infrastructure results in low operating cost and high netbacks Corning(100%) Innes gas plant upgraded to handle sour gas Handsworth (95%) Current capacity (thru put): Heward(100%) Oil: 35,000…
PBN:TSX Bakken Resource Play Production Historical drilling and production 35,000 PBN Bakken BU Historical Production Buildup 350 30,000 300 25,000 250 20,000 200 Net Wells boepd 15,000 150 10,000 100…
PBN:TSX EOR in the Bakken Injection of CO2 to test EOR stimulation 90 Prior to stimulation, wells West Offset Producers demonstrate natural decline 80 Stiulated Well Stimulated well was 70 shut-in February 2010 for a Calendar…
PBN:TSX Bakken EOR Projects All EOR pilot projects are in close proximity to our existing infrastructure allowing us to take advantage of our produced natural gas EOR Project Areas PBN Facilities PBN Gas Plant PBN…
PBN:TSX Pembina Cardium Geological Environment Schematic cross section This schematic cross section illustrates the rich geological environment in Pembina at multiple depths The Cardium sand identified uses a 6% porosity cutoff,…
PBN:TSX Cardium Activity Growing Production Cardium Production History and Significant Milestones 16,000 120 Oct field est. Net Wells On Production By Field Operations production. All other production actuals 14,000 100…
PBN:TSX Natural Gas Opportunities Large land position in two gas rich regions of Northeast B.C. Two Monias horizontal wells completed in first quarter of 2011 The Montney formation is liquids rich with 25 to 200 bbls of liquids per…
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