Black Swan Energy Scale, Growth and Value High Recent wells indicate 7-11 Bcf EUR BC AB Quality Liquids yield of 35-50 bbl/MMcf Demonstrated low costs Liquids-Rich Montney Montney NEBC 228,000 net acres Breakeven cost 1.10/GJ at…
Black Swan Energy Building Momentum Development Drilling 10,000 Corporate Production Avg. Daily Production (boe/d) Pilot Drilling August 2015: 5,000 boe/d 8,000 Land Accumulation 10,000 boe/d currently behind pipe; could…
Montney 4
Uniquely Positioned with Scale in Liquids-Rich Fairway With characteristics that provide best-in-class economics Repeatable Deliverability Alberta B.C. Caribou Over-pressured at 13-16 kPa/m providing consistent well…
Established Top-Tier Deliverability Upper Montney averaging 8 Bcf Upper Montney Wells - SSL Completions Development wells demonstrate repeatability 14000 6.0 Bcf Type Curve 7.5 Bcf Type Curve 19 Upper Montney Hz wells tested on…
Recent Eight-well Pad Average EUR 9 Bcf/well Test indicates IP30 of 50 MMcf/d 54-D pad completion operations Final Test Rates (up casing) 1 Rate Pressure EUR Well (MMcf/d) (kPa) (Bcf) b-54-D 7.8 8,800 8.6 b-A54-D 8.2 14,800 11.9…
Reducing Costs and Improving Results Benefiting from a continuous program and lower service costs 8.0 7.0 MM Savings realized on drilling and completions 7.0 26% savings Y/Y Total Well Capital Cost ( MM) 6.0 Gains to-date…
Robust Montney Economics at Flat Pricing Driven by heat content of gas, liquids and low cost Black Swan Montney Half-cycle Economics1 Assumptions 160% Liquids Yield (bbl/MMcf) 40 9.0 Bcf Type Curve (10.4 Bcfe) 140% DCET Cost (MM)…
Actively Drilling in Development Phase Production growth through staged infrastructure development c-7-H (5 well pad) Focus on Multi-well Development Pads tested Q4/14 a-92-C (6 well pad) drill Q4/15 First development pad (5 wells)…
Production Ramping up with Development Drilling Ability to add 15,000 boe/d per year with each active rig Montney Production 25,000 Fast drilling times and efficient capital Actuals (Gas) deployment result in rapid growth profile…
Aitken Area to Deliver 100,000 boe/d Planning for 100 wells/year by 2018 500+ locations derisked in the Upper Montney Low risk, high return Upper Montney play facilitates aggressive growth profile Development plan achieves 100,000…
Substantial Resource to Unlock Gas-in-place supports long-term growth Capable of sustaining 2 Bcf/d for 10 years Jedney Average 250 Bcf/DSU OGIP 73 Tcf of gas-in-place Over 2,900 Hz well inventory and 16 Tcfe of recoverable…
Securing Access to Long-Term Processing and Egress Potential access to multiple markets Spectra T-North Sales Gas Ft. Nelson Line BC AB Establishing Capacity to Support the Growth Profile Processing Black Swan Refrig & 20 MMcf/d firm…
c-7-H Fresh Water Pit & c-7-H Pad-Site Pit capable of storing up to 380,000 bbl of fresh water December 2014 15
c-7-H Pad Construction Well facilities January 2015 16
c-7-H Pad Facility Configuration Associated compression and dehy March 2015 17
Aitken Creek a-11-A Compression and dehy facility a-11-A pad March 2015 18
Duvernay 19
Duvernay Resource Play Material position in the high pressure liquids-rich fairway 129 net sections (82,700 net acres)1 100% WI at Edson and Pembina Kaybob 50% WI at Willesden Green2 Established productivity on Black Swan lands…
Duvernay Trend Identifying the Sweet Spots Overlap of high pressure and high CGR Black Swan Willesden Green and Pembina Recent Kaybob Wells Target acreage is comparable to the most active area in 55,000kPa and CGR 150 bbl/MMcf…
Willesden Green is Being Actively Drilled and Derisked Early results support technical and economic analysis Large Prospective Opportunity Initial rates of 400-1,660 boe/d Black Swan type curve 845 Mboe/well EUR at 300 bbl/MMcf ECA…
Black Swan Energy Strategic Focus Deploy a one-rig program in the Montney to provide up to 20 wells per year with a focus on multi-well pads Current Activity Phase 1 (40 MMcf/d) construction of a 100% owned gas refrigeration facility…
Appendix 24
Black Swan Management and Directors Management Team David Maddison, P.Eng. President and CEO (Talisman Energy, BP Exploration) Marc Mereau, P.Eng. COO (Talisman Energy, BP Canada) Michael Wilhelm, B.Comm., CGA CFO & VP Finance…
Focused Position in Proven Top-Tier North American Play Favourable thickness, porosity and pressure Black Swan Beg A-020-H/094-G-01 Upper Montney Thick, Gas-Charged Resource 60m Montney over 820 ft (250 m) thick Up to…
North Montney Quality of position drives capital investment Industry Investment Accelerating Over 570 Hz Montney wells drilled since Black Swan entered the area Most active gas region in western Canada Growth through Crown Sales…
Acquisition of Carmel Bay Exploration Addition of highly prospective, contiguous acreage Jedney Builds on Black Swans Liquids-Rich Position 47,000 net acres 815 boe/d (Q1/15) Nig lands include well tests indicating EUR potential in…
2015 Completions Evolution of Design Concepts is Ongoing Further optimization expected Initial Completions Design Current Completions Design Continuous Evolution of Ideas Perf and plug (cemented liners) Open hole ball drop Perf and…
Connection to Multiple Proposed LNG Projects Potential access to international markets BC AB Access to Key Export Projects Pacific Northwest LNG* (PETRONAS and partners): Black Swan Refrig & 2-3.6 Bcf/d Compression Facilities…
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