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Analyst Day – Bonavista Energy Corp

Bonavista Energy Corp · Nov 14, 2013 · 126 slides

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Slides

  1. Analyst Day – Bonavista Energy Corp – slide 1
    Analyst Day November 14, 2013
  2. Analyst Day – Bonavista Energy Corp – slide 2
    AGENDA 9:00 Introductions Glenn Hamilton Strategic Overview Jason Skehar Key Plays Overview Bruce Jensen Wayne Merkel Scott Hanson Financial Strategy & Guidance Glenn Hamilton 11:30 Summary Jason Skehar 3
  3. Analyst Day – Bonavista Energy Corp – slide 3
    Introductions
  4. Analyst Day – Bonavista Energy Corp – slide 4
    LEADERSHIP TEAM Tenure (years) Jason Skehar, President and CEO 14 Glenn Hamilton, Senior Vice President and CFO 16 Scott Hanson, Vice President, Production 11 Bruce Jensen, Vice President, Engineering 11 Dean Kobelka, Vice…
  5. Analyst Day – Bonavista Energy Corp – slide 5
    BOARD OF DIRECTORS Tenure (years) Keith A. MacPhail, Executive Chairman 16 Ian S. Brown, Independent Director 9 Michael M. Kanovsky, Lead and Independent Director 16 Harry L. Knutson, Independent Director 16 Sue Lee, Independent…
  6. Analyst Day – Bonavista Energy Corp – slide 6
    Strategic Overview
  7. Analyst Day – Bonavista Energy Corp – slide 7
    CORPORATE IDENTITY Our foundation 3.5B Enterprise Value PEOPLE RESERVES PRODUCTION OPPORTUNITIES 376 Employees 372 mmboe* 74,000 boe/d 1,650 Locations 13% Insider Ownership 14 year RLI 90% Operated 89% Horizontal 8 * At year…
  8. Analyst Day – Bonavista Energy Corp – slide 8
    BUSINESS ENVIRONMENT Adapting to a new commodity price framework 16.00 7.00 15.00 6.00 14.00 13.00 5.00 12.00 4.00 CAD/gj /boe 11.00 3.00 10.00 9.00 2.00 8.00 1.00 7.00 6.00 0.00 2009 2010 2011 2012 3…
  9. Analyst Day – Bonavista Energy Corp – slide 9
    BUSINESS ENVIRONMENT Focusing on what we can control 25.00 20.00 15.00 /boe 10.00 5.00 0.00 2011 2012 2013E 2014-16 Forecast Net Operating Income FD&A Actual FD&A Goal (2:1 Recycle Ratio) Operating Costs…
  10. Analyst Day – Bonavista Energy Corp – slide 10
    BUSINESS PLAN A total return investment thesis 5+% GROWTH ANNUAL GROWTH TARGET + 5% INCOME DIVIDEND YIELD TARGET = 10+% VALUE CREATION TOTAL SHAREHOLDER RETURN TARGET 11
  11. Analyst Day – Bonavista Energy Corp – slide 11
    BUSINESS PLAN A Delicate Balance 10% 10% Opportunity rich Technological advancements BALANCE BETWEEN INCOME AND GROWTH IS A FUNCTION OF THE ENVIRONMENT 5% INCOME TOTAL RETURN GROWTH 5% High cost structure VALUE Human resource…
  12. Analyst Day – Bonavista Energy Corp – slide 12
    BUSINESS PLAN A Delicate Balance 10% 20% 10% 10% 5% 10% 5% SPENDING 0% 0% 0% Income Return Target Total Return Target Growth Return Target 13
  13. Analyst Day – Bonavista Energy Corp – slide 13
    CORPORATE STRATEGY The right ingredients CONCENTRATE OPERATIONS ON EXCELLENT ASSETS TOP QUALITY RESERVOIRS + IDENTIFY AND EXECUTE WITH EXCELLENT PEOPLE EFFICIENCY AND PRECISION = VALUE CREATION 14
  14. Analyst Day – Bonavista Energy Corp – slide 14
    Concentration
  15. Analyst Day – Bonavista Energy Corp – slide 15
    CONCENTRATION Five years of focus 2009 2013 Deep Basin Deep Basin West Central West Central 160% increase in acreage 16
  16. Analyst Day – Bonavista Energy Corp – slide 16
    CONCENTRATION Why these focus areas Multi zone potential Substantial untapped resource Year round accessibility Existing infrastructure provides access to markets Close proximity to services Consolidation opportunities 17
  17. Analyst Day – Bonavista Energy Corp – slide 17
    CONCENTRATION Multi-zone nature Deep Basin Area West Central Area CARDIUM, Oil CARDIUM, Oil 2WS, Oil 2WS, Oil VIKING, Oil VIKING, Oil NOTIKEWIN, Natural Gas + Liquids NOTIKEWIN, Natural Gas + Liquids FALHER, Natural Gas +…
  18. Analyst Day – Bonavista Energy Corp – slide 18
    CONCENTRATION Asset consolidation 25 20 F&D (/boe) 15 10 Production Reserves Capital 2013 (boe/d) (mmboe) ( millions) 5 Acquired 3,670 25.4 130.5 0 Acquired Divested Divested (1,292) (6.2) (107.5) 90,000 Net…
  19. Analyst Day – Bonavista Energy Corp – slide 19
    CONCENTRATION Concentration of E&D expenditures 500 76% 450 82% 76% 400 Expenditures ( millions) 63% 350 29% 300 250 51% 200 150 100 50 0 2008 2009 2010 2011 2012 2013E Focus Areas Other 240% spending…
  20. Analyst Day – Bonavista Energy Corp – slide 20
    CONCENTRATION Concentration of production and reserves 80,000 400 70,000 350 60,000 300 Production (boe/d) Reserves (mmboe) 50,000 250 40,000 200 30,000 150 20,000 100 10,000 50 0 0 2008 2009 2010 2011…
  21. Analyst Day – Bonavista Energy Corp – slide 21
    CONCENTRATION Lower cost production 20-30% lower in focus areas 12.00 10.00 8.00 Operating Costs (/boe) 6.00 4.00 2.00 0.00 2008 2009 2010 2011 2012 2013E Bonavista Focus Areas 22
  22. Analyst Day – Bonavista Energy Corp – slide 22
    CONCENTRATION Concentration of net operating income 100% 90% 80% % of Net Operating Income 70% 60% 50% 40% 30% 20% 10% 0% 2009 2010 2011 2012 2013 YTD Focus Areas Other 23
  23. Analyst Day – Bonavista Energy Corp – slide 23
    CONCENTRATION Concentration of asset value 100% 90% 80% 70% % of 10% NPV 60% 50% 40% 30% 20% 10% 0% 2008 2009 2010 2011 2012 Focus Areas Other 24
  24. Analyst Day – Bonavista Energy Corp – slide 24
    Efficiency
  25. Analyst Day – Bonavista Energy Corp – slide 25
    EFFICIENCY FD&A* (proved + probable) performance 35.00 30.00 3-year Average, /boe 25.00 20.00 15.00 10.00 5.00 0.00 BNP BNP Peer Group 26 *Includes FDC
  26. Analyst Day – Bonavista Energy Corp – slide 26
    EFFICIENCY Recycle ratio* (proved + probable) performance 2.50 2.00 3-year average 1.50 1.00 0.50 0.00 BNP BNP Peer Group 27 *Includes FDC
  27. Analyst Day – Bonavista Energy Corp – slide 27
    EFFICIENCY Cash cost performance 20.00 23% lower 18.00 16.00 14.00 12.00 Cash costs, /boe 10.00 8.00 6.00 4.00 2.00 0.00 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 Bonavista Peer…
  28. Analyst Day – Bonavista Energy Corp – slide 28
    EFFICIENCY Drilling cost 160,000 YTD 14% lower than 2012 800 Operated Meters Drilled (meters) 140,000 700 120,000 600 100,000 500 /meter 80,000 400 60,000 300 40,000 200 20,000 100 - 0 2011Q1 2011Q2…
  29. Analyst Day – Bonavista Energy Corp – slide 29
    EFFICIENCY Completion cost YTD 23% lower than 2012 140,000 700 Interval Completion Cost (/interval) 120,000 600 100,000 500 Interval Count 80,000 400 60,000 300 40,000 200 20,000 100 0 0 2010 2011 2012 2013…
  30. Analyst Day – Bonavista Energy Corp – slide 30
    EFFICIENCY Cycle time efficiency 120 37% faster Avg Days (Spud to On Production) 100 80 60 40 20 0 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 Bonavista Peer Group 31 * Includes…
  31. Analyst Day – Bonavista Energy Corp – slide 31
    EFFICIENCY Overall, adding production more efficiently 40% more efficient than last year E&D efficiency (/boed, trailing 12-mos) 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 2011Q1 2011Q2 2011Q3…
  32. Analyst Day – Bonavista Energy Corp – slide 32
    Value Creation
  33. Analyst Day – Bonavista Energy Corp – slide 33
    VALUE CREATION Total drilling inventory 2009 2013 Improved from 57% HZ in 2009 to 89% today 23% 41% Deep Basin plays increase 55% from 4% to 12% today 12% West Central continues 65% 4% to increase through time from 55% to…
  34. Analyst Day – Bonavista Energy Corp – slide 34
    VALUE CREATION Building value with liquids rich natural gas plays 70 bbls/mmcf 90 bbls/mmcf 38 bbls/mmcf 155 bbls/mmcf 0% C2 22% 23% 35% 35% 29% 29% C3 42% C4 18% 52% C5 37% 29% 13% 10% 20% 6% 9.00 Revenues*…
  35. Analyst Day – Bonavista Energy Corp – slide 35
    VALUE CREATION Economics of liquids rich natural gas plays Recycle Ratio On-stream Cost IP12* (/boed) 4 25,000 20,000 3 15,000 2 10,000 1 5,000 0 0 Glauconite Glauconite Montney Ellerslie Bluesky…
  36. Analyst Day – Bonavista Energy Corp – slide 36
    VALUE CREATION Economics of oil and natural gas plays Recycle Ratio On-stream Cost IP12* (/boed) 4 25,000 20,000 3 15,000 2 10,000 1 5,000 0 0 Wilrich Wilrich Cardium Cardium F&D (/boe) Netback (/boe) 25.00…
  37. Analyst Day – Bonavista Energy Corp – slide 37
    VALUE CREATION Solid foundation for growth MONTNEY, 49 gross wells / 319 million spending ELLERSLIE, 138 gross wells / 552 million spending WILRICH, 103 gross wells / 314 million spending BLUESKY, 42 gross wells / 141 million…
  38. Analyst Day – Bonavista Energy Corp – slide 38
    VALUE CREATION Spending for growth 900 800 700 600 millions 500 400 300 200 100 0 2014 2015 2016 2017 2018 Support Glauconite Cardium Ellerslie Deep Basin Montney Other 39
  39. Analyst Day – Bonavista Energy Corp – slide 39
    VALUE CREATION Growth 120,000 2018 110,000 boe/d 110,000 100,000 Production (boe/d) 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 1/01/2014 1/01/2015 1/01/2016 1/01/2017 1/01/2018 Base Glauconite…
  40. Analyst Day – Bonavista Energy Corp – slide 40
    Key Plays Glauconite
  41. Analyst Day – Bonavista Energy Corp – slide 41
    GLAUCONITE Future production additions 120,000 110,000 100,000 Production (boe/d) 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 1/01/2014 1/01/2015 1/01/2016 1/01/2017 1/01/2018 Base Glauconite…
  42. Analyst Day – Bonavista Energy Corp – slide 42
    GLAUCONITE Production additions by year 20,000 18,000 16,000 Production (boe/d) 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 9/01/2008 9/01/2009 9/01/2010 9/01/2011 9/01/2012 2008 2009 2010 2011 2012…
  43. Analyst Day – Bonavista Energy Corp – slide 43
    GLAUCONITE Land accumulation 2008 2013 20 sections of land 300 sections of land 25 wells in prospect inventory 430 wells in prospect inventory 750 Wells () Cumulative Wells Drilled Prospect Inventory 500 250 0 2008…
  44. Analyst Day – Bonavista Energy Corp – slide 44
    GLAUCONITE Infrastructure advantage G Expenditures 60 G G 50 Proposed pipeline G G G 40 millions G Ferrybank W W Keyera 1513 C.S. Rimbey G 30 Penn West G G Willy Green W 20 G G G G G GG 328 C.S. 10…
  45. Analyst Day – Bonavista Energy Corp – slide 45
    GLAUCONITE Hoadley type curve 600 500 Production (boe/d) 400 300 200 100 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Months Type Curve Actual…
  46. Analyst Day – Bonavista Energy Corp – slide 46
    GLAUCONITE Hoadley economics Current With Deep Cut Capital ( millions) 3.1 3.1 EUR (mboe) 480 513 IRR (%) 49 50 F&D (/boe) 6.36 6.10 P/I 0.89 0.91 Recycle Ratio 3.75 3.80 Payout (years) 1.9 1.9 47
  47. Analyst Day – Bonavista Energy Corp – slide 47
    GLAUCONITE Strachan type curve 700 Capital ( millions) 4.6 EUR (mboe) 463 600 IRR (%) 30 F&D (/boe) 9.90 Production (boe/d) 500 P/I .52 400 Recycle Ratio 2.79 Payout (years) 2.8 300 200 100 0 1 2 3 4 5 6 7 8 9…
  48. Analyst Day – Bonavista Energy Corp – slide 48
    GLAUCONITE Spud to commencement of production 140 48 days faster 120 100 Cycle time ( of days) 80 60 40 20 0 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2…
  49. Analyst Day – Bonavista Energy Corp – slide 49
    GLAUCONITE Completion cost efficiency 140,000 14 Interval Completion Cost (/interval) 120,000 12 Interval placed per well 100,000 10 80,000 8 60,000 6 40,000 4 20,000 2 0 0 2009 2010 2011 2012 2013 YTD…
  50. Analyst Day – Bonavista Energy Corp – slide 50
    GLAUCONITE Glauconite drilling 2-mile horizontal depths Drilling Completion E&Ti Total F&D /boed (000s) (000s) (000s) (000s) (/boe) Avg of First 3,285 2,330 200 5,815 5.93 10,385/boed Two Wells 2 times the 3,400 2,300 500 6,200…
  51. Analyst Day – Bonavista Energy Corp – slide 51
    GLAUCONITE Significant well cost reduction Wilson Creek & Willesden Green 6% improvement over 2012 3,600 3,500 Well cost (000s) 3,400 3,300 3,200 3,100 3,000 2,900 2011 2012 2013YTD 52
  52. Analyst Day – Bonavista Energy Corp – slide 52
    GLAUCONITE Netback premium 30.00 7.00 6.00 25.00 Field Netback (/boe) 5.00 20.00 AECO (/gj) 4.00 15.00 3.00 10.00 2.00 5.00 1.00 0.00 0.00 Glauc Bonavista AECO (/gj) 53
  53. Analyst Day – Bonavista Energy Corp – slide 53
    GLAUCONITE Near term production growth 40,000 35,000 30,000 Production (boe/d) 25,000 Double production by H2 2015 20,000 15,000 10,000 5,000 0 1/01/2014 1/01/2015 1/01/2016 1/01/2017 1/01/2018 Base…
  54. Analyst Day – Bonavista Energy Corp – slide 54
    GLAUCONITE Cash generation of expenditure program 250 200 150 millions 100 50 0 2014 2015 2016 2017 2018 Net Operating Income Expenditure 55
  55. Analyst Day – Bonavista Energy Corp – slide 55
    Key Plays Cardium
  56. Analyst Day – Bonavista Energy Corp – slide 56
    CARDIUM Future production additions 120,000 110,000 100,000 Production (boe/d) 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 1/01/2014 1/01/2015 1/01/2016 1/01/2017 1/01/2018 Base Glauc Cardium…
  57. Analyst Day – Bonavista Energy Corp – slide 57
    CARDIUM Production additions by year 5,000 4,500 4,000 Production (boe/d) 3,500 3,000 2,500 2,000 1,500 1,000 500 0 1/01/2010 1/01/2011 1/01/2012 1/01/2013 2008 2009 2010 2011 2012 2013 58
  58. Analyst Day – Bonavista Energy Corp – slide 58
    CARDIUM Willesden Green development Bonavista WI Horizontal Wells Prospect Inventory Bonavista Land EE E E E E Drilled 7 wells in 2013, 18 E E wells in total E E E Plan to drill 8 wells in 2014 31 wells in current…
  59. Analyst Day – Bonavista Energy Corp – slide 59
    CARDIUM Willesden Green infrastructure 3 Pipeline connected oil batteries 4,500bbl/d treating and terminalling capacity 12mmcf/d solution gas handling 60
  60. Analyst Day – Bonavista Energy Corp – slide 60
    CARDIUM Willesden Green type curve Capital ( millions) 3.2 300 EUR (mboe) 168 IRR (%) 28 250 F&D (/boe) 19.00 P/I 0.4 Production (boe/d) 200 Recycle Ratio 2.87 Payout (years) 2.7 150 100 Slickwater completion…
  61. Analyst Day – Bonavista Energy Corp – slide 61
    CARDIUM Willesden Green - waterflood opportunity Potential to double recovery factor Gross (MSTB) Net (MSTB) % OOIP Current Recovery 4,111 3,298 5.7% Remaining Primary Recovery 2,004 1,778 2.8% Total Primary Recovery 6,115 5,071…
  62. Analyst Day – Bonavista Energy Corp – slide 62
    CARDIUM Lochend overall development 10-6-28-3W5 VV V E E E Bonavista WI Horizontal Wells E AE J V A AE E C V V VV V E I I E Upper Cardium F M I I V J I E VE V V A E E E A AE E V E II Bonavista Land F I S I EE E V E E…
  63. Analyst Day – Bonavista Energy Corp – slide 63
    CARDIUM Lochend development Bonavista WI Horizontal Wells 6-30-29-4W5 Prospect Inventory Bonavista Land Wells drilled within clean cap sand fairway Clean Sand Cap Bonavista participated in 7 wells in 2013 with excellent…
  64. Analyst Day – Bonavista Energy Corp – slide 64
    CARDIUM Lochend infrastructure Q4 2013 - Investing 2.5million in emulsion gathering and new satellite Q4 2013 - Constructing 35km solution gas line to Carstairs C.S. for 9million Q1 2014 Constructing 5,000 bbls/d battery…
  65. Analyst Day – Bonavista Energy Corp – slide 65
    CARDIUM Lochend type curve Capital ( millions) 3.4 800 EUR (mboe) 176 IRR (%) 148 700 F&D (/boe) 19.30 600 P/I 1.0 Production (boe/d) Recycle Ratio 3.16 500 Payout (years) 0.8 400 300 200 100 0 1 2 3 4 5 6 7…
  66. Analyst Day – Bonavista Energy Corp – slide 66
    CARDIUM Completion cost efficiency 250,000 25 Interval Completion Cost (/interval) 200,000 20 Interval placed per well 150,000 15 100,000 10 50,000 5 0 0 2010 2011 2012 2013 YTD Average Interval Cost…
  67. Analyst Day – Bonavista Energy Corp – slide 67
    CARDIUM Netback premium 70.00 120 60.00 100 Field Netback (/boe) 50.00 Edm Light (/bbl) 80 40.00 60 30.00 40 20.00 20 10.00 0.00 0 Cardium Bonavista Edm Light 68
  68. Analyst Day – Bonavista Energy Corp – slide 68
    CARDIUM Near term production growth 6,000 5,000 Production (boe/d) 4,000 3,000 2,000 1,000 0 1/01/2014 1/01/2015 1/01/2016 1/01/2017 1/01/2018 Base Growth 69
  69. Analyst Day – Bonavista Energy Corp – slide 69
    CARDIUM Cash generation of expenditure program 90 80 Free cash flow by 2015 70 60 millions 50 40 30 20 10 0 2014 2015 2016 2017 2018 Net Operating Income Expenditure 70
  70. Analyst Day – Bonavista Energy Corp – slide 70
    Key Plays Deep Basin
  71. Analyst Day – Bonavista Energy Corp – slide 71
    DEEP BASIN Future production additions 120,000 110,000 100,000 Production (boe/d) 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 1/01/2014 1/01/2015 1/01/2016 1/01/2017 1/01/2018 Base Glauconite…
  72. Analyst Day – Bonavista Energy Corp – slide 72
    Building a second core area DEEP BASIN Starting assembling land with our Rosevear/Pine Creek acquisition in 2010 In 2012, purchased the Marlboro / McLeod properties In early 2013, closed our purchase in the Edson area Also in…
  73. Analyst Day – Bonavista Energy Corp – slide 73
    DEEP BASIN Multi-zone potential Rock Creek layer drilling in the Rosevear / Edson area Bluesky layer drilling in the Pine Creek area Wilrich layer started drilling in the Wilrich in Marlboro and Ansell areas earlier this year…
  74. Analyst Day – Bonavista Energy Corp – slide 74
    PINE CREEK G.P. 10-23-57-19W5 DEEP BASIN L: 16 mmcf/d W W C 6-16 Comp. Station 12-19 Compressor 6 mmcf/d A Infrastructure 10 mmcf/d W 10-28 Compressor 10 mmcf/d W flexibility C 7-14 Comp. Station 3 mmcf/d…
  75. Analyst Day – Bonavista Energy Corp – slide 75
    DEEP BASIN Value enhancement through operatorship 100 95 90 85 80 % Runtime 75 70 65 60 55 15% additional runtime 50 2011 2012 2013 Non Op Gas Plant Operated Gas Plant 76
  76. Analyst Day – Bonavista Energy Corp – slide 76
    Key Plays Bluesky
  77. Analyst Day – Bonavista Energy Corp – slide 77
    BLUESKY Future production additions 120,000 110,000 100,000 Production (boe/d) 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 1/01/2014 1/01/2015 1/01/2016 1/01/2017 1/01/2018 Base Glauconite Cardium…
  78. Analyst Day – Bonavista Energy Corp – slide 78
    BLUESKY Production additions by year 3,000 2,500 Production (boe/d) 2,000 1,500 1,000 500 0 11/01/2010 11/01/2011 11/01/2012 2010 2011 2012 2013 79
  79. Analyst Day – Bonavista Energy Corp – slide 79
    BLUESKY Bluesky development Pine Creek Bluesky Drilled / participated in 10 wells in 2013 total of 22 wells since 2010 Approximately 50 locations in prospect inventory Plan to drill 7 wells in 2014 29 miles 80
  80. Analyst Day – Bonavista Energy Corp – slide 80
    BLUESKY Bluesky type curve Capital ( millions) 4.5 700 EUR (mboe) 515 IRR (%) 66 600 F&D (/boe) 8.79 P/I 0.9 Production (boe/d) 500 Recycle Ratio 2.9 400 Payout (years) 1.5 300 200 100 0 1 2 3 4 5 6 7 8 9 10 11…
  81. Analyst Day – Bonavista Energy Corp – slide 81
    BLUESKY Bluesky completion efficiency 300,000 15 Interval Completion Cost (/interval) 250,000 Intervals placed per well 200,000 10 17% lower than 2012 150,000 100,000 5 50,000 0 0 2010 2011 2012 2013…
  82. Analyst Day – Bonavista Energy Corp – slide 82
    BLUESKY Netback premium 35.00 4.00 30.00 3.50 3.00 Field Netback (/boe) 25.00 2.50 AECO (/gj) 20.00 2.00 15.00 1.50 10.00 1.00 5.00 0.50 0.00 0.00 Bluesky Bonavista AECO (/gj) 83
  83. Analyst Day – Bonavista Energy Corp – slide 83
    BLUESKY Production growth 9,000 8,000 7,000 Production (boe/d) 6,000 5,000 4,000 3,000 2,000 1,000 0 1/01/2014 1/01/2015 1/01/2016 1/01/2017 1/01/2018 Base Growth 84
  84. Analyst Day – Bonavista Energy Corp – slide 84
    BLUESKY Cash generation of expenditure program 70 60 Free cash flow by 2016 50 millions 40 30 20 10 0 2014 2015 2016 2017 2018 Net Operating Income Expenditures 85
  85. Analyst Day – Bonavista Energy Corp – slide 85
    Key Plays Wilrich
  86. Analyst Day – Bonavista Energy Corp – slide 86
    WILRICH Future production additions 120,000 110,000 100,000 Production (boe/d) 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 1/01/2014 1/01/2015 1/01/2016 1/01/2017 1/01/2018 Base Glauconite Cardium…
  87. Analyst Day – Bonavista Energy Corp – slide 87
    WILRICH Wilrich development Marlboro Drilled 8 wells on the Wilrich play in 2013 6 at Marlboro and 2 at Ansell Approximately 120 locations in prospect inventory Plan to drill 11 wells in 2014 Ansell 50 miles 88
  88. Analyst Day – Bonavista Energy Corp – slide 88
    WILRICH Wilrich cross-section Comparing Marlboro to Ansell Marlboro Ansell Ansell Ansell 14-8-56-19W5 4-29-50-19W5 6-21-51-18W5 9-35-50-18W5 Wilrich Offsets BNP Recent Hz 14-19 Offsets Hz 1-29 Test Rates up to 15 mmcf/d…
  89. Analyst Day – Bonavista Energy Corp – slide 89
    WILRICH Marlboro type curve 900 Capital ( millions) 4.7 800 EUR (mboe) 517 IRR (%) 26 700 F&D (/boe) 9.09 Production (boe/d) 600 P/I 0.39 500 Recycle Ratio 2.2 Payout (years) 3.0 400 300 200 100 0 1 2 3 4 5 6 7…
  90. Analyst Day – Bonavista Energy Corp – slide 90
    WILRICH Ansell type curve 1,400 New well tested at 2,500 boe/d Restricted rate of new well 1,200 Capital ( millions) 6.0 EUR (mboe) 872 Production (boe/d) 1,000 IRR (%) 55 F&D (/boe) 6.82 800 P/I 0.78 600 Recycle Ratio…
  91. Analyst Day – Bonavista Energy Corp – slide 91
    WILRICH Mid term production growth 20,000 18,000 16,000 Production (boe/d) 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 1/01/2014 1/01/2015 1/01/2016 1/01/2017 1/01/2018 Base Growth 92
  92. Analyst Day – Bonavista Energy Corp – slide 92
    WILRICH Cash generation of expenditure program 140 120 100 millions 80 60 40 20 0 2014 2015 2016 2017 2018 Net Operating Income Expenditure 93
  93. Analyst Day – Bonavista Energy Corp – slide 93
    Additional Deep Basin Opportunities
  94. Analyst Day – Bonavista Energy Corp – slide 94
    DEEP BASIN Additional opportunities By the end of 2013, we will have drilled 14 wells into the Rock Creek Currently have 48 locations in our prospect inventory Start drilling in Falher in 2014 in the Deep Basin Currently have…
  95. Analyst Day – Bonavista Energy Corp – slide 95
    DEEP BASIN Future production additions 120,000 110,000 100,000 Production (boe/d) 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 1/01/2014 1/01/2015 1/01/2016 1/01/2017 1/01/2018 Base Glauconite…
  96. Analyst Day – Bonavista Energy Corp – slide 96
    Key Plays Ellerslie
  97. Analyst Day – Bonavista Energy Corp – slide 97
    ELLERSLIE Future production additions 120,000 110,000 100,000 Production (boe/d) 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 1/01/2014 1/01/2015 1/01/2016 1/01/2017 1/01/2018 Base Glauconite…
  98. Analyst Day – Bonavista Energy Corp – slide 98
    Extensive resource ELLERSLIE F F F F F F F FF J K F L F F F F F F F A K F F K F F F J F F F F J L L F LF G F FF K E F F F F A FF I F K L FA F E FA LJ A F A F K F A I K K F BONAVISTA L L F F EE E F F F I L F F…
  99. Analyst Day – Bonavista Energy Corp – slide 99
    ELLERSLIE Ellerslie cross-section Westerose 02/1-34-45-28W4 Caroline Garrington Multiple stacked 02/1-15-34-6W5 7-26-37-5W5 sands Horizontal drilling anchored by one of several thicker sands Ellerslie Contribution from…
  100. Analyst Day – Bonavista Energy Corp – slide 100
    ELLERSLIE Ellerslie 700 Solid production performance 600 Capital ( millions) 5.4 EUR (mboe) 542 Production (boe/d) 500 IRR (%) 40 F&D (/boe) 9.90 400 P/I 0.68 300 Recycle Ratio 2.8 Payout (years) 2.2 200 100 0 1…

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