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October 2015 Corporate Presentation – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Oct 31, 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. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 1
    Tourmaline Oil Corp. Corporate Presentation October 2015
  2. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 2
    2 Current Status October 2015 Production Overview October estimated production range 170,000 180,000 boepd Additional 19,000 boepd behind pipe awaiting tie-in 2015 average production forecast of 155,000-160,000 boepd (Approx 40%…
  3. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 3
    3 Historical EP Performance July 2015 Production Growth Per Share* Reserves Growth Per Share* 250 4.5 Production per Thousand Shares Reserves per Share (BOEs) 4 200 3.5 3 150 2.5 (BOEs) 100 2 1.5 50 1 0.5 0 0…
  4. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 4
    Largest Canadian Gas Producers; 4 2014 & 2015 Canadian WCSB Production 2014 & 2015E** 1,700 1,600 1,500 2014 Production 2015E Production 1,400 1,300 1,200 1,100 Production (MMCF/D) 1,000 900 800 700 600 500 400…
  5. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 5
    5 Deep Basin Overview Oct 2015 Tourmaline has assembled the largest land position (1.35 million acres), delineated the largest drilling inventory (7,575 locations Schedule A) and has become the largest producer (current…
  6. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 6
    6 Alberta Deep Basin Oct 2015 DEEP BASIN - Deep Basin Overall Area R. 9 R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 Current Production 105,000-110,000 boepd T. 63 Current Reserves 479 mmboe (Jan 1, 2015) Tourmaline Land Base…
  7. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 7
    7 Alberta Deep Basin: Wilrich Regional Resource Play Oct 2015 DEEP BASIN - Deep Basin Overall Area R. 9 R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 T. 63 Tourmaline Lands Kakwa 13-15/4-10 Pad 30 day IP 24.8mmcfpd Tourmaline…
  8. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 8
    Deep Basin Wilrich: Sweet Spot Outperformance 8 TOU has delineated six extensive sweet spots in the Wilrich to date, totalling 625 of the 2,400 Company interest drilling locations. These future locations are all accessible to existing…
  9. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 9
    9 Top AB Natural Gas Wells for 2014 Source: Peters & Co, geoSCOUT
  10. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 10
    10 Alberta Deep Basin Infrastructure Sept 2015 DEEP BASIN - Deep Basin Overall Area R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 Tourmaline Tourmalines 1.35 MM Acres, the largest land position in the Deep Musreau 8-13 TCPL Main…
  11. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 11
    NEBC Montney Gas Condensate and Peace 11 River High Charlie Lake Oil Core Areas Oct 2015 R23 R21 R19 R17 R15 R13 R11 R9 R7 R5 R3 R 1, W6M NE Alberta BC T85 Parkland Wabamun Gas Pool Devonian Parkland Non-Deposition T83 Montney…
  12. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 12
    12 Sunrise/Dawson NEBC Montney/Doig Development Oct 2015 Current Prod. 225-250 mmcf/d Westcoast McMahon 4,000 bopd (cond,ngls) Gas Plant Current Reserves 305 mmboe (Jan 1, 2015) 2015 Drilling 35-40 Montney Hz Gas, 1 Doig Hz…
  13. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 13
    BC Montney: Reservoir Outperformance 13 The Sunrise-Dawson-Doe Montney play area features amongst the highest deliverability Montney wells in all of BC/Ab and Tourmaline is drilling and completing these wells for 3.0-3.25 M, by far the…
  14. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 14
    14 Tourmaline Regional Montney Play BC/AB July 2015 R9 R5 R1W6 R20 Tourmaline R16 is the R8W5 T95 5th/6th largest Montney producer in Canada through development of only one of its four Montney play areas The companysT91…
  15. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 15
    15 Peace River High Complex Charlie Lake Play July 2015 Earring 15-16 R. 10 R. 9 R.BOPD, IP90: 130 7 R. 5 Peace River High Charlie Lake Play 1.7 MMSCF/D 1,566 Horizontal Locations* along Regional Play Fairway 6-10 Vert. Cum. 55…
  16. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 16
    2015 Acquisition Activity 16 Sweet Spot Consolidation Strategy Sept 2015 R. 15W6 R. 15W6 R.R. 1W6 1W6 R. 15W5 R. 15W5 2015 Acquisition activities will focus on adding new lands and incremental locations in the highest…
  17. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 17
    17 2015 New EP Opportunities Sept 2015 Tourmaline has multiple new plays and opportunities arising from the ongoing EP program. R. 1W6 All of these new opportunities will access existing Tourmaline infrastructure R. 15W6 R.…
  18. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 18
    18 Tourmaline Mid-Stream Assets Oct 2015 The infrastructure skeleton in all three core operated complexes is now complete R. 15W6 R. 1W6 R. 15W5 NE Alberta BC Inga 12 Working interest gas plants, 10 of which are 100% owned and…
  19. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 19
    19 Production & Reserves Growth Aug 2015 Production 160,000 140,000 120,000 100,000 BOEPD 80,000 60,000 40,000 20,000 0 2010 Avg 2011 Avg 2012 Avg 2013 Avg 2014 Avg YTD 2015 Reserves (GLJ) 2011 2012 2013 2014…
  20. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 20
    20 Gas Development Location Inventory and Economics Oct 2015 AB Deep Basin Outer Foothills AB Deep Basin B.C. Montney Charlie Lake Vertical Vertical Horizontal Horizontal Horizontal Total Well Costs 3.7 5.25 4.75 3.25 3.0 (Drill,…
  21. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 21
    21 Continuous Cost Reduction Strategy July 2015 Operating Costs General and Administrative Costs 2.46 8.00 2.50 7.00 6.51 2.00 6.34 6.00 /boe 1.50 /boe 5.58 1.29 4.87 1.02 5.00 1.00 4.43 4.35 4.35 0.79 0.74…
  22. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 22
    22 2015 Base Budget Oct 2015 2015 Capital Spending (excluding A&D) 1,400.0 million Annual Average Production 155,000-160,000 boe/d Annual Cash Flow(ii) 944.1 million Cash Flow Per Share Diluted(i) 4.35 Q4 2015/Q4 2016…
  23. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 23
    23 2016/17 Guidance Oct 2015 2016 2017 Base Case(1) Upside Case(2) Base Case(1) Upside Case(2) (3.00-3.50/mcf) ( 3.50/mcf AECO) (3.00-3.50/mcf) (3.50/mcf AECO) Production (boepd) 200,000 220,000 215,000 235,000 Cash Flow (M)(ii)…
  24. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 24
    24 2H 2015/2016 EP/Operations Outlook Sept 2015 2015 production growth in excess of 40% YOY 2015 exit facility capacity of approximately 200,000 boepd, matching the estimated 2015 exit production estimate. Tourmaline drilled…
  25. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 25
    25 2H 2015/2016 Financial/Capital Outlook Oct 2015 By exit 2015 Tourmaline will be capital spending/cash flow neutral, EP capital budgets for 2016 and beyond will be less than or equal to cash flow. The Company continues to…
  26. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 26
    26 Capitalization to Date Insiders Public Total millions of shares Price* millions of shares Price* 2008 Financings Common shares 28.50 5.16 22.00 7.00 301.0 2008 Financings Flow through shares 1.25 10.00 1.25 10.00 25.0 2009…
  27. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 27
    APPENDIX
  28. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 28
    28 Natural Gas Flows From Western Canada
  29. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 29
    29 Tourmaline vs Marcellus Peers (1) March 2015 Tourmaline Tourmaline Marcellus Shale Marcellus Shale Alberta Deep B.C. Montney (2) Liquids Rich (5 Companies) Basin (2) (5 Companies) Drill, Case, Complete Costs 4.5MM 3.3MM 6.75MM…
  30. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 30
    30 Natural Gas Outlook Natural gas, the cleanest burning/lowest emission content of the fossil fuel group is the logical energy bridge source for the next several decades. The North American natural gas EP sector requires prices…
  31. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 31
    31 Hedging Summary 2015 Aug 2015 2015 Gas Hedges (August December) Volume Weighted Avg Price mcf/d /mcf(1) Fixed Price Hedges AECO (CDN) 254,523 3.59 Fixed Nymex (CDN)(2) 59,946 3.90 Total Fixed Hedges 314,469 % gas hedged…
  32. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 32
    32 EP Growth Plan (Original Business Plan) Sept 2008 Primary growth mechanism will be a conventional EP Program (including Resource plays). Build 2-3 core EP areas during initial three years of operations. Strive for large…
  33. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 33
    33 Western Canadian Sedimentary Basin Selected Exploration & Production Opportunities NORTHWEST TERRITORIES Alta. Deep Basin Peace River High Charlie Lk. Oil. Alta./NEBC B.C. ALBERTA Resource Plays Peace River High…
  34. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 34
    Alberta Deep Basin: 34 Notikewin/Falher Hz Program July 2015 R. 9 R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 T. 63 Kakwa 1-2 30 day IP 18.6 mmcfpd Kakwa 13-20 30 day IP 18.3 mmcfpd Wild R 12-28 T. 61 Musreau/ 30 day IP 22.4…
  35. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 35
    35 Banshee Alberta Gas Plant Simple, easy to construct dew point plants tied to the main TCPL sales system Total cost (2 phases) of 80M, capacity of 130 mmcfpd with enhanced liquids recovery capability
  36. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 36
    36 Dawson-Doe Montney Turbidite Play May 2015 Tourmaline has delineated a new condensate rich Lower Turbidite Montney lobe at Dawson-Doe, with 10 wells drilled and completed since Q4 2013. The Company has a total of 234 remaining…
  37. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 37
    37 Improving Montney Performance/ Efficiency History (More for Less) Montney Performance/Efficiency History (Duvernay/Tourmaline) 20 10 Initial Production Rate (mmcfpd) 15 Drill/Complete Cost (M) 10 5 5 0 0…
  38. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 38
    38 North East BC Montney Water Management July 2013 Non-potable water sourced lined reservoir for frac operations (2 non-freshwater wells) Separate water pipeline system to existing and future pads. Frac water pumped to pads…
  39. October 2015 Corporate Presentation – Tourmaline Oil Corp. – slide 39
    40 Schedule A continued Deep Basin Vertical well count : 2,550 gross sections at slightly less than 2 wells per section minus approximately 10% for areas that are inaccessible or limited by spacing requirements minus approximately 750…

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