BONTERRA ENERGY TD SECURITIES CALGARY ENERGY CONFERENCE JULY 10, 2013 YIELD GROWTH SUSTAINABILITY
CURRENT SNAPSHOT CORPORATE PROFILE Fully diluted shares 31.1 million Market capitalization 1.5 billion(1) Insider ownership 14% Current monthly dividend 0.28 per share Current annualized yield(1) 6.8% Oil and liquids weighting 72% Reserve…
2013 GUIDANCE OUTLOOK Average production 12,000 BOE per day Operating costs 13.00 per BOE Operating netbacks(1) 43.78 per BOE(2) Forecast cash flow from commodities(3) 192 million Capital program 90 million Dividend payments (0.28 per…
BONTERRA: SIGNIFICANT VALUE YIELD GROWTH SUSTAINABILITY History of increasing Light-oil focused producer Large, concentrated asset dividends (increased with a history of growing base in the Cardium with monthly from 0.12 per production…
SHAREHOLDER VALUE - BNE 100 Combined Share Price Dividend 80 78.18 60 49.50 40 28.68 20 - 1998 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Jul-13 * Based on July 5, 2013 closing price of 49.50 6
FINANCIAL RESULTS HIGHLIGHTS First three Year Year (000s except per share amounts) months of 2013 2012 2011 Funds Flow(1) 40,775 80,429 101,988 Per share basic 1.47 4.07 5.27 Payout ratio 53% 77% 58% Funds Flow(2) 44,594 80,429…
- 0.05 0.10 0.15 0.20 0.25 0.30 0.35 Jan-09 Feb-09 0.16 Mar-09 Apr-09 0.12 May-09 Jun-09 Jul-09 18.9% per year 0.14 Aug-09 Sep-09 Oct-09 July 2009 July 2013 Nov-09 0.16 Dec-09 Jan-10 Feb-10…
YIELD: DIVIDEND CORPORATIONS 14.00% 12.00% 11.69% Bonterras strengthened financial and operational 11.16% position in 2013 should provide additional yield contraction on a go forward basis 10.00% 9.71% 9.28% 8.00% 7.66%…
INCREASING SHAREHOLDER VALUE Production per Share Production Profile (BOE per share) 0.124 0.119 0.109 0.101 0.093 26% Natural Gas 72% Oil/NGLs 12,000 2008 2009 2010 2011 2012 Gross Production (BOE per day year over…
INCREASING SHAREHOLDER VALUE Reserves per Share Reserves Profile (BOE per share) (Proved plus Probable) (Proved plus Probable) 2.28 2.09 2.13 1.99 1.83 25% Natural Gas 75% Oil/NGLs 2008 2009 2010 2011 2012 70,537…
CARDIUM LANDS PEMBINA WILLESDEN GREEN Bonterra Land AREA OVERVIEW Q1 2013 HIGHLIGHTS Average working interest 77% Increased average daily production to 11,887 BOE per day; if Reserve life index (Proved) 12 years Spartan had been…
PEMBINA CARDIUM ORIGINAL OIL IN PLACE PER SECTION RECOVERY FACTOR KEY CHARACTERISTICS Pembina is the largest conventional oilfield in Canada with more than 9.3 billion barrels of oil in place with just 14 percent recovered to date…
SIGNIFICANT UPSIDE HIGH ORIGINAL OIL IN PLACE WITH LOW RECOVERY FACTOR LARGE OPPORTUNITY Majority of Bonterras land position covers areas with high original oil in place and low recovery factors Bonterra operates 88.5% of its…
PRODUCTION FORECAST Bonterra Base Bonterra HZ Spartan 2013 Capital 15,000 Forecast 10,000 BOE/D 5,000 - Month 15
AVERAGE BNE CARDIUM ECONOMICS 200 KEY METRICS Total capital costs per well (MM) 2.5 Reserves per well (MBOE) 150 IP (1 month) (BOE per day) 193 150 IP (12 months) (BOE per day) 100 ECONOMICS Rate (boepd) Internal rate of…
CARNWOOD AREA 01-10-047-08W5 3-34-047-05W5 16-27-047-05W5 Sections: 38 gross (35 net); Locations (8 wells per section): 305 gross (280 net) 17
CARNWOOD DEVELOPMENT CUMULATIVE OIL PRODUCTION West Carnwood 01-10-048-07W5/0 East Carnwood 03-34-047-05W5/0 HC Gel Frac 16-27-047-05W5/0 45,000 40,000 35,000 30,000 Oil (bbl) 25,000 20,000 15,000 10,000 5,000 0…
PEMBINA CARDIUM DEVELOPMENT Section 13-48-6 W5 Estimated Original Oil in Place: 12,000,000 Bbl Current CURRENT DEVELOPMENT 8 WELLS* PER SECTION DEVELOPMENT Estimated ultimate oil recovery: 378,000 Bbl Estimated ultimate oil…
PEMBINA CARDIUM DEVELOPMENT 20
A DOMINANT LIGHT OIL YIELD CO. SUSTAINABILITY Concentrated land base with existing infrastructure should provide future growth Combined, sustainable, high-netback production profile Drilling inventory in the Pembina field in excess of…
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STRONG NETBACKS 90.00 Gross production revenue ( per BOE) Royalties Production costs General and administrative Interest and taxes Cash netback 80.00 76.53 70.33 70.00 10.82 66.48 7.62 6.78 60.00 57.92 58.19 15.98 5.64 15.94…
OIL PRICES 110.00 WTI Bonterra Average Realized Price 102.56 102.93 2012 and the first quarter of 2013 101.30 were characterized by volatile price differentials between WTI and Edmonton par. The differential is the 100.00 main factor…
CASH FLOW SENSITIVITIES Per Annum Cash Flow Sensitivity Analysis(1) (estimate for 2013) Cash Flow Per Share(2) Change of U.S. 1.00 per barrel of oil and NGLs 2,654,000 0.09 Change of Canadian 0.10 per MCF of natural gas 658,000…
CORPORATE INFORMATION BOARD OF DIRECTORS BANKERS G. J. Drummond CIBC, Calgary, Alberta G. F. Fink Alberta Treasury Branch, Calgary, Alberta R. M. Jarock National Bank of Canada, Calgary, Alberta C. R. Jonsson TD Securities, Calgary,…
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