Intermediate, Commodity Balanced Resource Company Corporate Presentation August 2015
Strategic Path Forward Manage through the current commodity price environment by prudently allocating capital and reducing costs Execute additional non-core dispositions to further reduce leverage Focus on development of organic…
Low Decline, Long Life Assets 9,000 boe/d 2015 production guidance 21 % base decline Organic growth potential driven by southern Alberta light oil plays 4
Core Focus Areas Low Decline and Balanced Production Corporate: Dixonville: Q2 2015 production: 1,347 boe/d Q2 2015 average production: 9,849 boe/d Base decline rate: 10% Oil & Liquids 41% Oil & Liquids 83% Base decline rate: 21% Key…
2015 Capital Program 2015 Focus Spending reduced to reflect commodity prices Primarily maintenance capital initiatives with the majority of drilling projects deferred until commodity 2015 Capital prices improve 11 Million…
Drilling Inventory: Development Portfolio 5 15 Loc 15 30 Loc Drilling Inventory (gross) SAB MNVL CH 2014 Play Additions 30 50 Loc NOEL CENTRAL AB MATZIWIN PEKISKO 50 + Loc CADOMIN VIKING Lowest Risk Highest…
Southern Alberta Current success drives future organic growth 8
Southern Alberta Asset Overview Same play types across 4 key areas Matziwin - continued Pekisko development Cessford encouraging drilling results within Banff and Glauconite Drumheller new core focus area offsetting competitor…
Matziwin and Cessford Light Oil Development Area Resource Banff, Pekisko and Glauconite zones 58,000 net undeveloped acres 100% working interest 23 - 28 API oil gravity Internally identified 50 90 net well locations not…
Retlaw / Enchant Glauconite and Upper Mannville Resource Over 20 net internally identified vertical and horizontal locations not included in reserves 33% - 100% working interest 20 - 27 API oil gravity 11
Drumheller Banff, Detrital and Basal Quartz Early Stage Play Development Large future development potential Lands continued by production Banff, Detrital and Basal Quartz offsetting production Bypassed oil pay identified in…
Dixonville Mature, low-decline, oil asset under full waterflood Stable Production Excellent Cash Flow OOIP(1) [MMBBL] 188 Total Proved + Probable [%] 15.4 Recovery(1) Recovery to date(1) [%] 4.7 Recently sold 50% non-operated…
Dixonville Waterflood Development History Potential for future development of eastern lobe 14
Dixonville Field History 100,000 Oil Rate (CD) bbl/d Gas Oil Ratio scf/bbl Water Inj Rate (CD) bbl/d Dixonville Phase 3 Phase 4 & 5 Pipeline Start-up Start-up Incidents Phase 2 Start-up 10,000 1,000 Pilot and Phase…
Mature Reserves Selected Reserves Information as at Dec. 31, 2014(1)(4) Total Proved plus Probable Reserves by Category Nat. Gas NGL Total Btax NPV Oil (Mbbl) (MMcf) (Mbbl) (Mboe)(2) 10% (MM)(3) Proved Developed Producing 13,041…
Mature, low-decline base with organic growth opportunity Extensive inventory of low-risk, light-oil development key to long-term value creation Southern Alberta properties with potential to drive organic growth Encouraging…
Low Decline, Balanced Production Base Q2 2015 Q2 2015 Production (boe/d) Est. Base Production Decline Core Area (boe/d) Oil & Liquids Rate Southern AB 3,866 51% 23% Dixonville 1,347 84% 10% Other Northwest AB 2,167 15% 19% 5%…
Low Risk, High Return Development Portfolio Development Plays 1st yr Op 1st yr NPV at Capital F&D Unrisked Single Well EUR Capex 30 day IP Costs Netback 10% Efficiency Costs (1) Economic Indicators (Mboe) (MM) % Oil (boe/d) (/boe)…
Key Attributes & Outlook Operational 2015 Guidance Q2 2015 Production [boe/d] 9,849 2015 Average Production [boe/d] 9,000 boe/d % Oil & Liquids [%] 41% 2015 Capital Expenditures [MM] 11 (1) Total Proved Reserves [MMboe] 36.1 (1)…
Halkirk Provost Asset Overview 24
Noel Cadomin Resource Play Over 80 gross prospective locations(1) Locations are low risk infill or extensions to a well established gas play Potential to add over 165 bcf WI of reserves(1) High initial production rates Ample…
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