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August 2015 Investor Presentation – Mie Holdings Corp.

Mie Holdings Corp. · Aug 6, 2015 · 39 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. August 2015 Investor Presentation – Mie Holdings Corp. – slide 1
    MIE Holdings Corporation Investment in Long Run Exploration Ltd. Strictly Private and Confidential
  2. August 2015 Investor Presentation – Mie Holdings Corp. – slide 2
    Summary Maple Marathon Investments Limited, an indirect wholly-owned subsidiary of MIE Holdings Corporation (MIEH), and Long Run Exploration Limited (Long Run) entered into the Investment Agreement on August 2, 2015 Pursuant to…
  3. August 2015 Investor Presentation – Mie Holdings Corp. – slide 3
    Investment Thesis Access Canadas vast oil Significant acreage (40% and gas natural resources undeveloped) and reserves and established energy enormous upside sector potential Attractive transaction Prolific producing oil and…
  4. August 2015 Investor Presentation – Mie Holdings Corp. – slide 4
    Long Run Company Overview
  5. August 2015 Investor Presentation – Mie Holdings Corp. – slide 5
    Company Profile Long Run is a Calgary-based intermediate oil and natural gas company focused on light oil development and exploration in western Canada. It has total acreage of more than 2,200,000 acres (8,903km2), with 40% of lands…
  6. August 2015 Investor Presentation – Mie Holdings Corp. – slide 6
    Significant Reserve Base(1) Total Reserves Breakdown (as of Dec 2014)(1) MMboe 180 1P reserves contributes more 42 171 160 than 60% of 2P reserves 140 12 120 14 60 104 100 80 60 17 40 27 20 0 Proved - Oil Proved - NGLS…
  7. August 2015 Investor Presentation – Mie Holdings Corp. – slide 7
    2015 Production Forecast Boe/d 40,000 2015 guidance: 36,502 35,602 32,000 33,000 34,457 BOED 30,000 18,763 19,835 20,369 57% 20,000 5,609 5,210 4,659 10,000 43% 12,130 10,557 9,429 0 4Q2014 1Q2015 2Q2015 FY2015…
  8. August 2015 Investor Presentation – Mie Holdings Corp. – slide 8
    Reserves (Sproule) 2P Reserves Oil NGLs Gas Total Oil NGLs Gas Sulphur (MBbl) (MBbl) (MMcf) (Mboe) (MBbl) (MBbl) (MMcf) (Mlt.) Proved Peace River 20,041 1,310 115,024 - Proved producing 15,164 7,799 194,693 55,412 Edmonton 17,802…
  9. August 2015 Investor Presentation – Mie Holdings Corp. – slide 9
    Corporate Milestone 2011 2012 2013 2014 Galleon Energy Inc. was Purchase of Boyer natural Announced transition to a Initial Alberta Deep Basin recapitalized by current gas property dividend plus moderate asset acquisition for…
  10. August 2015 Investor Presentation – Mie Holdings Corp. – slide 10
    Long Run Financial Update
  11. August 2015 Investor Presentation – Mie Holdings Corp. – slide 11
    Financial Performance Summary (In C million) FY2013 FY2014 % change 1H2014 1H2015 % change Revenue 475.6 610.9 28.5% 310.6 174.8 (43.7)% Operating netback 270.6 356.9 31.9% 172.2 116.7 (32.3)% Margin 56.9% 58.4% +1.5ppts 55.5%…
  12. August 2015 Investor Presentation – Mie Holdings Corp. – slide 12
    2015 Key Initiatives Efficient Allocation of Resources 1 Deep Basin (Kakwa) 12 Redwater (Edmonton) C mm 3 Deep Basin (Pine Creek) 3 Deep Basin (Pine Creek) 2015 drilling is focused on Deep Basin, 60 5 Peace River Total: 15 wells…
  13. August 2015 Investor Presentation – Mie Holdings Corp. – slide 13
    Key Sales Related Statistics Average Realized Liquids Price Average Realized Gas Price C/Boe C/Mcf 90.00 5.00 77.55 79.98 78.29 78.72 4.52 4.67 80.00 4.50 70.00 56.31 60.00 51.18 4.00 3.70 47.13 50.00 3.37 35.67 3.50 3.30…
  14. August 2015 Investor Presentation – Mie Holdings Corp. – slide 14
    Key Financial Statistics Revenue EBITDA C mm C mm 700 350 318.7 58.8% 58.4% 60% 610.9 600 300 58% 475.6 245.2 500 250 56% 400 200 52.2% 54% 300 150 51.6% 52% 200 100 93.4 47.8 54.6 81.3 50% 100 50 0 0 48% 2013 2014…
  15. August 2015 Investor Presentation – Mie Holdings Corp. – slide 15
    Key Credit Statistics Capital Structure EBITDA / Interest Expense C695mm Credit Facilities Convertible 18.0x 16.6x Debentures, C410mm revolving syndicated Undrawn 16.0x C75mm facility Credit 14.0x 12.2x Facility, C245mm…
  16. August 2015 Investor Presentation – Mie Holdings Corp. – slide 16
    Financial Overview Balance Sheet Profit and Loss (C 000s) 2Q2015 FY2014 (C 000s) 2Q2015 1Q2015 FY2014 FY2013 Accounts Receivables 47,818 65,135 Income 93,436 81,324 610,896 475,562 Deposits and prepaid expenses 19,437 14,423 Royalties…
  17. August 2015 Investor Presentation – Mie Holdings Corp. – slide 17
    Hedging Policy Crude Oil Volume Pricing Policy allows for hedging up to 75% of forecast production Costless Collars for 2015 2016 and 50% for 2017 Jan 1, 2015 Dec 31, 2015 2,500 bbl/d WTI US95.00 97.50/bbl Fixed Price Swap Oil…
  18. August 2015 Investor Presentation – Mie Holdings Corp. – slide 18
    Long Run Operational Update
  19. August 2015 Investor Presentation – Mie Holdings Corp. – slide 19
    Peace River Montney Normandville / Girouxville Current production of 8,800 Boe/d (55% oil and NGLs) Good waterflood candidate for oil displacement and pressure maintenance: Montney oil horizontal multi-frac play Large oil in…
  20. August 2015 Investor Presentation – Mie Holdings Corp. – slide 20
    Deep Basin Edson / Kakwa / Elmworth Current production of 7,400 Boe/d (45% oil and NGLs) Current production 5,700 Boe/d (20% oil and NGLs) Cardium horizontal light oil development Cardium horizontal liquids-rich natural gas 1,800m…
  21. August 2015 Investor Presentation – Mie Holdings Corp. – slide 21
    Redwater Viking Current production 3,300 Boe/d (85% oil and NGLs) Viking horizontal oil development 700m vertical depth Light oil (38o API) Key infrastructure in place Enhanced oil recovery commenced EOR project in the…
  22. August 2015 Investor Presentation – Mie Holdings Corp. – slide 22
    Historical Production & Netback Production 2Q2015 1Q2015 4Q2014 3Q2014 2Q2014 (Boe/d) 2Q2015 1Q2015 4Q2014 3Q2014 2Q2014 Light Oil (Bbl/d) 9,059 10,242 11,895 12,708 11,808 Peace River 10,937 12,178 13,311 13,972 12,500 Heavy…
  23. August 2015 Investor Presentation – Mie Holdings Corp. – slide 23
    Production Profile Completed Deep Basin property Completed Crocotta Boe/day acquisition Energy Inc. acquisition 40,000 (May 2014) (August 2014) 36,502 34,795 35,602 34,457 30,000 7,861 11,244 27,602 12,440 25,613 13,072 1,771…
  24. August 2015 Investor Presentation – Mie Holdings Corp. – slide 24
    Operating Netback Analysis Realized price 51.92 51.63 53.70 53.00 25.38 33.45 29.80 35.04 (C/boe) 13.51 13.51 13.83 13.83 1.93 1.93 2.24 2.24 6.18 6.18 6.02 6.02 11.55 12.85 Operating 11.55 costs 1.53 2.04 12.85…
  25. August 2015 Investor Presentation – Mie Holdings Corp. – slide 25
    Transaction Overview
  26. August 2015 Investor Presentation – Mie Holdings Corp. – slide 26
    Investment Structure and Terms Unrestricted Group Restricted Group MIE Holdings Corporation (Cayman Islands) 100% 92.2% 100% 100% 100% 100% 100% MIE Maple Riyadh Energy MI Energy Asia Gas MIE Jurassic Gobi Energy Ltd MIE New…
  27. August 2015 Investor Presentation – Mie Holdings Corp. – slide 27
    Transaction Evaluation MIEH / Long Run Gas-Weighted Liquids-Weighted Transaction Comparables Comparables Subscription Price / C1.30 / Total Consideration - - C201.5mm Subscribed Shares (% 155mm Shareholdings) - - (43.9%)…
  28. August 2015 Investor Presentation – Mie Holdings Corp. – slide 28
    Transaction Comparables (Gas-Weighted) Announcement Transaction EV 2P Reserves Production EV / 2P Reserves EV / Production EV / EBITDA Date Acquiror Target Deal Type (C mm) (MMboe) (boe/d) % Gas (C/boe) (C/boed) (x) 12-Mar-15…
  29. August 2015 Investor Presentation – Mie Holdings Corp. – slide 29
    Transaction Comparables (Liquids-Weighted) Announcement Transaction EV 2P Reserves Production EV / 2P Reserves EV / Production EV / EBITDA Date Acquiror Target Deal Type (C mm) (MMboe) (boe/d) % Liquids (C/boe) (C/boed) (x) 26-May-15…
  30. August 2015 Investor Presentation – Mie Holdings Corp. – slide 30
    Trading Comparables Intermediate/Junior E&P Price Equity Enterprise Net Debt / Gross Reserves Enterprise Value as a Multiple of: As of % 52-Week Value Value 2015E Production (Mboe/d) Oil % of Production (MMboe) EBITDA Production…
  31. August 2015 Investor Presentation – Mie Holdings Corp. – slide 31
    Strategic Rationale for MIEH 1 Upgrade asset portfolio Significant acreage provides flexibility for future growth and development Proven reserves and economic production Reserves: 1P of 103.5mmboe (42% liquids) and 2P reserves…
  32. August 2015 Investor Presentation – Mie Holdings Corp. – slide 32
    Appendix
  33. August 2015 Investor Presentation – Mie Holdings Corp. – slide 33
    Management Team Mr. William E. Andrew - Chair and Chief Executive Officer Bill Andrew is a professional engineer with over 40 years of experience in oil and gas exploration and development focused in western Canada. Prior to…
  34. August 2015 Investor Presentation – Mie Holdings Corp. – slide 34
    Existing Credit Facilities + Convertible Debentures Terms C695mm Credit Facilities (Amended and Restated as May 29, 2015) C410mm Revolving Credit Facility due 31 May, 2017 (subject to semi-annual review) BA Stamping Total Standby…
  35. August 2015 Investor Presentation – Mie Holdings Corp. – slide 35
    Tax Pool Tax Pools Annual Deduction C millions Undepreciated Capital Cost (UCC) Up to approximately 25% C330 Canadian Oil & Gas Property Expense (COGPE) Up to 10% C420 Canadian Development Expense (CDE) Up to 30% C830 Canadian…
  36. August 2015 Investor Presentation – Mie Holdings Corp. – slide 36
    Canadian Royalty Tax Conventional Oil R% = Price Component (rp) + Quantity Component (rq) R% has a minimum of 0% and a maximum of 40% Price Component (rp) Quantity Component (rq) Price (/m3) (rp) Quantity (m3/month) (rq) PP 250.00…
  37. August 2015 Investor Presentation – Mie Holdings Corp. – slide 37
    Operating Leases & Decommissioning Expenses Operating Leases (CDN 000) 2015 2016 2017 2018 2019 Thereafter Total Operating Leases 2,253 4,329 6,041 7,753 7,482 50,604 78,462 Processing 2,113 6,024 6,024 6,024 6,024 31,941 58,150…
  38. August 2015 Investor Presentation – Mie Holdings Corp. – slide 38
    Price Analysis Benchmark Prices 2Q2015 1Q2015 4Q2014 3Q2014 2Q2014 1Q2014 4Q2013 3Q2013 2Q2013 1Q2013 4Q2012 3Q2012 2Q2012 1Q2012 WTI (US/bbl) 57.96 48.57 73.12 97.21 102.98 98.68 97.46 105.83 94.20 94.37 88.18 92.22 93.49 102.93…
  39. August 2015 Investor Presentation – Mie Holdings Corp. – slide 39
    Price Analysis (Contd) Differentials Between Benchmark and Realized Prices 2Q2015 1Q2015 4Q2014 3Q2014 2Q2014 1Q2014 4Q2013 3Q2013 2Q2013 1Q2013 4Q2012 3Q2012 2Q2012 1Q2012 WTI Edmonton Light Sweet (3.56) (8.38) (6.98) (8.78)…

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