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January 2016 Corporate Presentation – Kelt Exploration Ltd.

Kelt Exploration Ltd. · Jan 11, 2016 · 31 slides

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Slides

  1. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 1
    Corporate Presentation January 2016 David J. Wilson, President & Chief Executive Officer Sadiq H. Lalani, Vice President, Finance & Chief Financial Officer www.KeltExploration.com
  2. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 2
    Why Invest in Kelt 2 TRACK RECORD/EXPERIENCE: the Kelt management team has a track record of creating shareholder value, previously with Celtic Exploration Ltd., sold in February 2013 for 3.2 billion. GROWTH ORIENTED: Kelt…
  3. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 3
    Common Share Information 3 Stock Exchange listing TSX Trading symbol KEL Market capitalization ( Jan / 4 / 2016 ) 750 million 52-week trading range 3.29 9.95 Common shares issued 168.7 million Stock options (6.7 MM) & RSUs (1.2…
  4. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 4
    Capital Expenditures 4 2015 2016 2016/15 ( millions ) 2014 Forecast Budget Change Drilling & Completions 188.6 99.0 75.0 - 24% Facilities, Equipment & 46.1 54.0 22.0 - 59% Pipeline Infrastructure Land, Seismic & Asset 21.6 28.0…
  5. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 5
    Drilling Program 5 Gross Net Average Notes: 2015 Wells Wells WI % [1] Alberta drilling prospects include: Alberta [1] 14 10.7 76% (a) Grande Prairie ( Pouce Coupe / Progress / Spirit River / La Glace ): - Montney British Columbia…
  6. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 6
    Production Outlook 6 2014 2015 2016 2016 Actual Forecast Range Budget Split (average) (average) (average) Oil ( bbls/d ) 3,413 5,000 5,250 5,800 26% NGLs ( bbls/d ) [1] 924 1,650 1,750 2,200 10% Gas ( mcf/d ) 50,516 71,100…
  7. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 7
    Production Growth ( since inception ) 7 PRODUCTION ( BOE / d ) PRODUCTION PER MM SHARES ( BOE / d ) 28,000 160 CAGR since CAGR since 2013 = 77% 2013 = 35% 24,000 130 22,000 120 120 20,000 18,500 105 16,000 83 14,000 12,756 80…
  8. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 8
    Commodity Prices 8 2016/15 ( CA , unless otherwise specified ) 2014 2015 (E) 2016 (E) Change WTI Crude Oil ( USD/bbl ) [1] US 92.99 US 48.76 US 51.50 + 6% WTI Crude Oil ( CAD/bbl ) 102.49 62.36 72.54 + 16% NYMEX Natural Gas (…
  9. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 9
    Gas Marketing / Transportation Contracts 9 NIT Spectra Alliance Firm Service ( mmBtu / d ) TOTAL AECO Station 2 Chicago ALBERTA Current to Nov/30/15 38,000 - - 38,000 Dec/1/15 to Oct/31/16 38,000 - 8,100 46,100 Nov/1/16 to…
  10. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 10
    Netbacks 10 2016/15 ( / BOE ) 2014 2015 (E) 2016 (E) Change Oil & gas revenue 46.11 26.75 31.55 + 18% Realized hedging gain ( loss ) ( 0.08 ) ( 0.05 ) - Royalties ( % of revenue ) ( 13.3% ) ( 10.0% ) ( 10.7% ) + 7%…
  11. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 11
    Facility Spending to result in Cost Savings 11 In each of its core areas, Kelt embarked on projects that were expected to reduce corporate operating and transportation expenses: KARR: Pembina Pipeline Corporation announced the…
  12. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 12
    Financial Outlook 12 2015 2016 2014 Forecast Range Budget Revenue, before royalties ( MM ) 214.3 180.0 185.0 254.0 Funds from operations ( MM ) [1] 115.5 60.0 63.0 110.0 Per share diluted ( /share ) 0.93 0.38 0.40 0.65 Capital…
  13. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 13
    Commodity Price Sensitivities Funds from Operations 13 Forecasted 2016 Funds from Operations - Sensitivities to varying Commodity Prices ( millions ) WTI Oil US 41.00 US 51.50 US 62.00 US 72.50 AECO Gas 2.20 66 86 104 119 2.95 90…
  14. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 14
    Recycle Ratio ( since inception ) 14 As at December 31, 2014 Proved + Recycle Ratio ( since inception ) Proved Probable Capital expenditures plus future development 1,277.8 1,400.3 capital expenditures ( MM ) Reserve additions, net…
  15. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 15
    Core Areas 15 Grande Prairie ( includes Pouce Coupe, Progress, Spirit River & La Glace ) : Montney/Doig gas development Montney light oil development Charlie Lake light oil development Halfway light oil development Inga /…
  16. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 16
    Land Holdings 16 Gross Acres Net Acres Average WI Net Sections Developed 387,239 205,866 53% 321 Undeveloped 666,620 537,318 81% 840 Total 1,053,859 743,184 71% 1,161 Note: Growth in net land holdings since March 31, 2013:…
  17. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 17
    Kelt Land Fairway 17 Fireweed Inga Stoddart Fort St. John Progress Pouce Coupe Spirit River Valhalla / La Glace Grande Prairie Karr Kelt Lands British Columbia Alberta
  18. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 18
    Grande Prairie 18 LAND Gross: 308,908 acres ( 483 sections ) Progress Pouce Coupe Spirit River Net: 195,017 acres ( 305 sections ) OPERATIONS Top five IP30 wells Valhalla / La Glace ( gross sales, BOE/d ): (1) Pouce Coupe…
  19. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 19
    Pouce Coupe 19 Targeting Montney (upper Progress and middle/lower) and Halfway O Pool Unit 7.8% WI Doig formations. Pouce Coupe Ownership in pipeline infrastructure, gas South Boundary B Unit 2 67.9% WI 8-18 Operated…
  20. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 20
    Progress / Spirit River 20 PROGRESS: SPIRIT RIVER: Targeting Montney and Halfway 20 to 25 vertical up-hole re-completion formations. candidates in the Charlie Lake. Gamma Ray Density Porosity Worsley (O) Progress Halfway 13-34…
  21. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 21
    Valhalla / La Glace 21 Targeting the Montney formation. Kelt Valhalla/La Glace 3,500 bopd + Ownership in pipeline + 20 MMcf/d Facility infrastructure, oil (100% WI) Sexsmith Gas Plant battery and gas 13-33 (0.3% WI)…
  22. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 22
    Karr 22 12-26 LAND Montney Rights: 16-10 (75%) 37.0 sections ( gross ) 16-8 (75%) MM 35.8 sections ( net ) OPERATIONS 16-31 Top four IP30 wells MM 2015 ( gross sales, BOE/d ): drill 15-28 16-28 4-2 OS 2015 (1) Karr…
  23. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 23
    Grande Cache 23 Cretaceous dry-gas Narraway producing area. 135 MMcf/d Gas Plant (7% WI) Stable and low-decline production. Ownership in pipeline infrastructure, gas compression and gas plants. Copton Land held by 25…
  24. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 24
    British Columbia DOIG Lands 24 LAND Doig Rights: Fireweed 16 MMcf/d Gross: 175 sections Compressor/ Facility (100% WI) Net: 168 sections OPERATIONS Fireweed Recent Doig wells completed using Inga 28 MMcf/d slick-water fractures…
  25. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 25
    BC Wells: DOIG Slick Water Completions 25 ( BOE / d ) PRODUCTION 2,500 10-21 Cumulative 10-21-87-23W6 2,000 Raw Gas: 1,406 MMcf 3-33-87-23W6 Condensate: 146 Mbbls 1,500 1,000 3-33 Cumulative 500 Raw Gas: 869 MMcf Condensate:…
  26. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 26
    British Columbia MONTNEY Lands 26 LAND C-26-A Montney (Sfc: A-6-A) Gross IP30 = Montney Rights: 1,147 BOE/d of which Gross: 163 sections 696 bbls/d (60%) was condensate Net: 162 sections Fireweed C-85-I Montney OPERATIONS…
  27. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 27
    BC Wells: MONTNEY Slick Water Completions 27 ( BOE / d ) PRODUCTION 1,400 8-31 Cumulative 8-31-87-23W6 1,200 Raw Gas: 414 MMcf C-26-A/94-A-13 1,000 C-26-A Cumulative Condensate: 75 Mbbls C-85-I/94-A-12 800 Raw Gas: 623 MMcf…
  28. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 28
    British Columbia BALDONNEL Lands 28 LAND Baldonnel Rights: Gross: 149 sections Net: 138 sections OPERATIONS Oil exploration activity with plans to drill initial well in 2016/2017. Competitor activity offsetting Kelt lands has…
  29. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 29
    Future Considerations 29 DRILLING INVENTORY: Kelt estimates that it has numerous years of drilling inventory on its existing lands to continue to grow the Company. BALANCE SHEET: Kelt maintains financial flexibility so that it can…
  30. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 30
    Management 30 David J. Wilson, President & CEO Sadiq H. Lalani, Vice President, Finance & CFO Douglas J. Errico, Vice President, Land Alan G. Franks, Vice President, Production Douglas O. MacArthur, Vice President, Operations Patrick…
  31. January 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 31
    Board of Directors 31 Robert J. Dales Compensation (Chair), Nominating, Audit, Reserves William C. Guinan Chairman, Nominating (Chair), HSE Eldon A. McIntyre Reserves (Chair), Nominating, Audit, Compensation Neil G. Sinclair Audit…

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