CREW CORPORATE SNAPSHOT Montney-Focused Asset Base POSITIONED FOR SUCCESS TSX trading symbol CR Basic shares outstanding (mm) 141.0 Trading range (52 week) 4.36 - 11.51 Montney Oil / Liquids rich Average daily trading volume (m)…
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 474 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 474 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: 265 Dry Gas Sections: 71 Total Net Sections: 474 8
PETROLEUM & NATURAL GAS RIGHTS EXCHANGE WITH PROVINCE OF BC Strategic Groundbirch Consolidation Received 53 net sections of Montney land contiguous to West Septimus Groundbirch area with positive Upper & Lower Montney results…
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 Reserves…
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 4 19 1 AA Upper Montney 1 7 2 1 A 20 37 1 1 1 B 4 3 2 C 1,000 Feet Lower Montney Monias High 1 of…
SEPTIMUS Initial Montney Development Area Active drilling and development program Adoption of new technology 63 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…
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…
Next Steps 20
GROUNDBIRCH Planned gas plant and pipeline infrastructure Delineation Area with Long-Term supports area growth 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…
LLOYDMINSTER HEAVY OIL Lloydminster ALBERTA SASKATCHEWAN Low-risk funding source BRIGHTSAND Q2 15 production 4,096 boepd SWIMMING LLOYD Lloydminster Low capex and strong capital LOW LAKE FOREST efficiencies drive stable…
VALUE CREATION PLAN NEAR TERM Commissioning and operating W. Septimus facility and complete installation of LACT unit to reduce area costs Optimize water management source and disposal Reduce costs (33% cash costs in Q2 15 vs Q2…
VALUE CREATION PLAN LONGER TERM Continue to build out infrastructure double W. Septimus to 120 mmcf/d =18,000 boe/d of additional Montney processing capacity & visibility for corporate production growth to 42,000 boe/d Target…
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) 95 172 CF/diluted share 0.68 1.39 Hedging Summary E&D Capex (mm) 185 307 Volume Period Derivative Reference Price Well Count (net) 13 73 Natural Gas 33,800 GJ/Day 2015…
NE BC MONTNEY RESOURCE EVALUATION Dec. 31, 2014 Apr. 30, 2014 Apr. 30, Reserves and Economic Contingent Resources (1)(2)(3)(6)(7)(8) Best Estimate Best Estimate % Dec. 31, 2014 2014 Natural Gas (Tcf) Reserves (3) 1.0 1.0 100%…
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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