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December 2015 Corporate Presentation – Teine Energy

Teine Energy · Dec 20, 2015 · 24 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. December 2015 Corporate Presentation – Teine Energy – slide 1
    DISCIPLINE, SUSTAINABILITY, PROFITABILITY December 2015
  2. December 2015 Corporate Presentation – Teine Energy – slide 2
    Teine Strategy Light Oil Focused Continuous Disciplined Accumulation of Viking Resource Control Infrastructure Live within Funds Flow < US60 WTI Target 15% Annual Production Growth US60 WTI 2
  3. December 2015 Corporate Presentation – Teine Energy – slide 3
    Corporate Snapshot Capital Structure Shareholders (fully diluted) Management & Founders 22% / CPPIB 78% Term Debt 6.875% Senior Unsecured Notes (due September 2022) US350MM / C386 MM1 Reserves / Production 2P Reserves2 93…
  4. December 2015 Corporate Presentation – Teine Energy – slide 4
    Proven Track Record A Platform for Growth Production Reserves1 14,000 13,250 100 12,283 12,000 Probable Proved 80 30.5 Reserves (MMboe) 10,000 29.0 Asset Accumulation 7,791 60 8,000 22.0 6,000 40 4,000 2,978 58.0 62.2…
  5. December 2015 Corporate Presentation – Teine Energy – slide 5
    Consistent Per Share Growth Per Share Metrics1 100 Funds Flow Per Share2 90 0.19 0.24 0.77 1.31 80 76 70 60 57 53 50 48 43 40 30 24 21 21 20 10 0 2011 2012 2013 2014 Reserves per share (boe/100 shares)…
  6. December 2015 Corporate Presentation – Teine Energy – slide 6
    Q3 2015 Debt & Hedging Summary Unsecured Senior Notes Senior Bank Debt Covenants US350 MM outstanding C250 MM total facility Covenant…
  7. December 2015 Corporate Presentation – Teine Energy – slide 7
    Teine Competitive Advantage Teine seeks to continuously increase profitability through efficiencies in cost structure, increasing well productivity, and improved reservoir recovery Robust economics Low Cost Strategic Partner…
  8. December 2015 Corporate Presentation – Teine Energy – slide 8
    Teines Viking Assets An Enviable Position WCSB Viking Land Holders1 Gross Sask Viking Production2 800 Total: 60k bbl/d 700 Other Teine 600 18% 20% 500 Net Sections Yanchang 400 4% 300 200 RRX 100 Penn West 21%…
  9. December 2015 Corporate Presentation – Teine Energy – slide 9
    Teines Infrastructure Advantage Own, control and operate strategic infrastructure 6 oil batteries; aggregate of 24,000 bbls/d capacity 3 gas plants; aggregate of 15 MMcf/d capacity Hundreds of km of field gathering lines 70,000…
  10. December 2015 Corporate Presentation – Teine Energy – slide 10
    Q3 YTD 2015 Leading Cost Structure Opex + Transport1 Field Netback1,2 25 40 35.82 34.68 20.87 35 20 30 17.26 17.49 16.84 26.54 25.72 15.59 25 24.20 15 14.53 23.20 21.98 11.48 11.75 20 18.16 9.62 15.86 10 15…
  11. December 2015 Corporate Presentation – Teine Energy – slide 11
    Reacting to Commodity Prices 2015 Outlook 2014A 2015E1 Managing growth and preserving the Avg. Production (boe/d) 12,283 13,250 +8% balance sheet Wells Drilled () 289 130 (55%) Focusing on projects with recycle ratios FFO (CMM)…
  12. December 2015 Corporate Presentation – Teine Energy – slide 12
    Cost Drivers in a Commodity Downturn Further reducing already top decile cost structure Driver 2014A Q3 YTD 2015A Variance Opex 9.24 7.37 1.87 20% (C/boe) Transport 4.21(1) 2.25 1.96 47% (C/boe) G&A 3.32 2.11(2) 1.21 36%…
  13. December 2015 Corporate Presentation – Teine Energy – slide 13
    Focus On Capital Efficiency Teine Well Performance by Vintage Teine Well DCET1 Costs 80 2014A H2 2015 % Change 70 Drilling 280 250 (11%) Completion 420 330 (21%) 60 3 year average 12 Month IP of 34 bbl/d Equip 160 100 (38%) DCE…
  14. December 2015 Corporate Presentation – Teine Energy – slide 14
    Profitable Cost Structure Input Costs and Return (C/boe)1 Historical Depletion Costs Go Forward PDP F&D Cost3 Corporate Return2: Corporate Return2: Corporate Return2: Corporate Return2: 90 32% 59% 6% 23% WTI: US98 WTI: US93 80…
  15. December 2015 Corporate Presentation – Teine Energy – slide 15
    Teines Viking Robust Economic Inventory 4,000 repeatable, low-risk Hz Viking oil locations 250 sections of identified oil bearing lands with 210 having been penetrated and evaluated Teine Inventory Map Teine Inventory - Type 5 or…
  16. December 2015 Corporate Presentation – Teine Energy – slide 16
    Funds Flow Neutral Production Growth Annual production with funds flow neutral drilling program at various WTI prices US50 US60 US70 35,000 29,000 CAGR: 22% 30,000 Net Debt/CF: 1.0x Remaining Inventory: 2,250 25,000 23,000…
  17. December 2015 Corporate Presentation – Teine Energy – slide 17
    Sustainable Annual 15% Production Growth Production Ending Debt / FFO1,2 25,000 4.0x US60 WTI US70 WTI 3.5x 20,000 3.0x 2.5x Multiple (x) 15,000 BOE/D 2.0x 10,000 1.5x 1.0x 5,000 0.5x 0 - 2015E 2016E 2017E 2018E…
  18. December 2015 Corporate Presentation – Teine Energy – slide 18
    Future Growth in Reserves and Net Asset Value Teine Net Drilling Inventory 5,000 Reserve class migration Booked in 2P 1 Risked 40 Acre Unbooked 4,712 4,500 Risked 20 Acre Unbooked 75% of captured recoverable oil has yet to be…
  19. December 2015 Corporate Presentation – Teine Energy – slide 19
    Downspace Potential the Prize Historical log analysis has yielded conservative Resource Potential OOIP estimates 250 Potential of 300 MMBOE1 of recoverable light oil 225 MMBBL (12% RF) with F&D costs of 15-20/BOE Pilot program…
  20. December 2015 Corporate Presentation – Teine Energy – slide 20
    The Teine Advantage Dominant land position in top-tier North American light oil play 10 year inventory of drilling locations Control of infrastructure Low cost operator Strong economics at WTI US40; robust economics US50 WTI Track…
  21. December 2015 Corporate Presentation – Teine Energy – slide 21
    Corporate Information Board of Directors Bankers Avik Dey Chair Dennis Chorney Vice-Chair National Bank of Canada, Syndicate head Jim Howe Adam Vigna Wilmington Trust, Bond Administrator David Chambers Nicholas Zelenczuk Jason…
  22. December 2015 Corporate Presentation – Teine Energy – slide 22
    Teine Viking Well Economics Type Curve IRR Sensitivities Assumptions Oil Price 67.00 40.00 50.00 60.00 70.00 80.00 90.00 100.00 Fixed Operating Cost (/month) 2,000 DCET Cost (C000s) 750 800 800 850 900 950 950 Variable Operating…
  23. December 2015 Corporate Presentation – Teine Energy – slide 23
    North American Crude Oil Play Comparison Payout1 Breakeven Price2 Payout (Years) Breakeven (US/bbl) Sask. Bakken Hz. 2.1 Sask. Bakken Hz. 49.33 Viking Hz. Dodsland 2.3 Viking Hz. Dodsland 49.40 Eagle Ford Oil - East 2.6 Cardium…
  24. December 2015 Corporate Presentation – Teine Energy – slide 24
    Overview of Reserves Teine has a large light oil focused reserve base with 19 year 2P RLI1 Sproule Dec 31, 2014 Reserve Evaluation Commodity Composition 93 MMboe 2P 62 MMboe Proved Reserves Btax Oil NGL's Gas Total NPV10% 13% 13%…

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