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January 2016 Investor Presentation – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Jan 15, 2016 · 40 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. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 1
    Tourmaline Oil Corp. Corporate Presentation January 2016
  2. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 2
    2 Current Status Jan 2016 Production Overview 2015 target exit production of 190,000-200,000 boepd achieved in late November Additional 21,000 boepd behind pipe awaiting tie-in or facility access 2016 average production forecast of…
  3. January 2016 Investor 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. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 4
    Largest Canadian Gas Producers; 4 2014 & 2015 Dec 2015 Canadian WCSB Gas Production 2014A & 2015E** 1,700 1,600 2014A Production 1,500 2015E Production 1,400 2016E Production 1,300 1,200 Production (MMCF/D) 1,100 1,000…
  5. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 5
    5 Deep Basin Overview Dec 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. January 2016 Investor 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 115,000-120,000 boepd T. 63 Current Reserves 479 mmboe (Jan 1, 2015) Tourmaline Land Base…
  7. January 2016 Investor 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. January 2016 Investor 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. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 9
    9 Top AB Natural Gas Wells for 2014 Source: Peters & Co, geoSCOUT
  10. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 10
    10 Alberta Deep Basin Infrastructure Dec 2015 DEEP BASIN - Deep Basin Overall Area R. 7 R. 5 R. 3 R. 1, W6M R. 24 R. 22 R. 20 Tourmaline Musreau 8-13 TCPL Main Line Tourmalines 1.35 MM Acres, the largest land position in the…
  11. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 11
    NEBC Montney Gas Condensate and Peace 11 River High Charlie Lake Oil Core Areas Dec 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. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 12
    12 Sunrise/Dawson NEBC Montney/Doig Development Dec 2015 Current Prod. 240-260 mmcf/d Westcoast McMahon 4,500-5,000 bopd (cond,ngls) Gas Plant Current Reserves 305 mmboe (Jan 1, 2015) 2015 Drilling 35-40 Montney Hz Gas, 1 Doig…
  13. January 2016 Investor 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. January 2016 Investor 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. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 15
    15 Peace River High Complex Charlie Lake Play Dec 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. Current…
  16. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 16
    2015 Acquisition Activity 16 Sweet Spot Consolidation Strategy Nov 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. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 17
    17 2015 New EP Opportunities Jan 2016 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. 15W5…
  18. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 18
    18 Tourmaline Mid-Stream Assets Nov 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. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 19
    19 Production & Reserves Growth Nov 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. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 20
    20 Gas Development Location Inventory and Economics Jan 2016 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. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 21
    21 Sweet Spot Location Inventory Jan 2016 AB Deep Basin B.C. Montney B.C. Montney Charlie Lake The Sweet Spot Locations are profitable on a Wilrich/Notikewin Dawson Lower Montney/ Spirit River/ full cycle basis at these commodity…
  22. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 22
    22 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…
  23. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 23
    23 2015 Base Budget Nov 2015 2015 Capital Spending (excluding A&D) 1,375.0 million Annual Average Production 155,000-160,000 boe/d Annual Cash Flow(ii) 886.8 million Cash Flow Per Share Diluted(i) 4.11 Q4 2015/Q4 2016…
  24. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 24
    24 2016/17 Guidance Jan 2016 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)(i)…
  25. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 25
    25 2H 2015/2016 EP/Operations Outlook Dec 2015 2015 production growth of approximately 40% YOY. Q4 2015 over Q3 2015 estimated production growth in excess of 20%. 2015 exit facility capacity of approximately 200,000-210,000…
  26. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 26
    26 2H 2015/2016 Financial/Capital Outlook Jan 2016 EP capital budgets for 2016 and beyond will be less than or equal to cash flow. First half 2016 capital program of 350 million. Q4 2015 Capital program reduced materially from Q3…
  27. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 27
    27 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…
  28. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 28
    APPENDIX
  29. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 29
    29 Natural Gas Flows From Western Canada
  30. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 30
    30 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…
  31. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 31
    31 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…
  32. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 32
    32 Hedging Summary 2016 Nov 2015 2016 Gas Hedges Volume Weighted Avg Price mcf/d /mcf(1) Fixed Price Hedges AECO (CDN) 36,490 3.34 Fixed Nymex (CDN)(2) 65,000 3.88 Total Fixed Hedges 101,490 % gas hedged 10% Basis…
  33. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 33
    33 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…
  34. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 34
    34 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…
  35. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 35
    Alberta Deep Basin: 35 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…
  36. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 36
    36 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
  37. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 37
    37 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…
  38. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 38
    38 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…
  39. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 39
    39 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…
  40. January 2016 Investor Presentation – Tourmaline Oil Corp. – slide 40
    41 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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