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January 2016 Corporate Presentation – Spartan Energy Corp.

Spartan Energy Corp. · Jan 29, 2016 · 27 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 Corporate Presentation – Spartan Energy Corp. – slide 1
    SPARTAN ENERGY CORP. Corporate Presentation January 2016
  2. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 2
    Checklist for Success Spartan has a deep inventory of highly economic drilling prospects. 989 (797 net) drilling locations in Sask, the majority of which are economic below WTI 35.00 Spartan is financially sound and can weather a…
  3. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 3
    Light Oil With Geographic Focus West Central Top tier netback light oil Saskatchewan Repeatable, low risk drilling 192 net drilling locations Southeast Conventional Mississippian and Saskatchewan frac Midale light oil plays…
  4. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 4
    Company Snapshot Stock symbol SPE - TSX Market capitalization (basic December 31, 2015) 625 million Enterprise value (diluted December 31, 2015) 765 million Average Production (December) 9,100 boe/d Oil & liquids weighting 94% 2014…
  5. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 5
    SE Saskatchewan Open Hole HZ Mississippian & Midale Frac HZ Light Oil Plays Large Oil in Place: OOIP 1 billion bbls (on SPE lands) Low recovery factors to date 16% All SE Sask Land = 199,939 gross/163,099 net acres (312 gross/255…
  6. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 6
    SPARTAN DRILLING LOCATIONS CORE AREA FORMATION OOIP Current RF WI LOCATIONS (mmbbls) (%) (%) (Gross) (Net) GREATER QUEENSDALE Frobisher/Alida 370 27% 80% 295 235 GREATER WORDSWORTH AREA Frobisher/Alida 207 12% 79% 95 75 GREATER…
  7. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 7
    SE Sask Open Hole Well Rates of Return 500% 400% 300% Rate of Return 200% 100% 0% 40 50 60 70 WTI(3) (US 33.50) (US 42.25) (US 51.50) (US 61.15) Realized Price Cdn/bbl Notes: (1) Constant pricing for the…
  8. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 8
    Open Hole Type Well Economics (Tier 1) Tier 1 Open Hole Frobisher Type Well (Crown) Realized Price(1) FX WTI (2) IP30 EUR NPV BT10 IRR (BT) Payout (Cdn/bbl) USD/CAD (US/bbl) (bbl/d) (mboes) (M) (%) (Years) 40.00 0.70 33.50 109 71…
  9. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 9
    Open Hole Type Well Economics (Tier 2) Tier 2 Open Hole Frobisher Type Well (Crown) Realized Price(1) FX WTI (2) IP30 EUR NPV BT10 IRR (BT) Payout (Cdn/bbl) USD/CAD (US/bbl) (bbl/d) (mboes) (M) (%) (Years) 40.00 0.70 33.50 60 53…
  10. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 10
    SE Saskatchewan Open Hole Mississippian (Midale, Frobisher/Alida, Tilston/Souris Valley) Light Oil 120 80 70 100 60 80 50 Oil Rate bbls/d Well Count 60 40 30 40 20 20 10 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14…
  11. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 11
    2016 CASH FLOW SENSITIVITIES 160 3.2 140 2.8 2016 EXIT DEBT TO CASH FLOW RATIO 120 2.4 2016 CASH FLOW (MM) 100 2.0 80 1.6 60 1.2 40 0.8 20 0.4 - 0.0 35 40 45 50 55 60 65 70 75 80 WTI (US) Cash Flow…
  12. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 12
    2016 SENSITIVITIES 2016 Capex/Production 2016 Capex to Cash Flow Sensitivity (2016E WTI (US/bbl)) Capex (000) YoY Change Prod (boe/d) YoY Change 35.00 40.00 45.00 50.00 55.00 60.00 65.00 40,000 -44% 8,268 -6% 100% 75% 60% 48% 42% 36%…
  13. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 13
    SUSTAINABILITY SPE is a safe investment in a challenged commodity price environment Able to maintain production at US40 WTI within cash flow with D/CF not exceeding 1.6x SE Sask conventional asset base offers some of the best returns…
  14. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 14
    Analyst Coverage AltaCorp Capital Inc. (Thomas Matthews) Clarus Securities Inc. (Daniel Choi) CIBC World Markets Inc. (Dave Popowich) Cormark Securities Inc. (Amir Arif) Desjardins Capital Markets (Kristopher Zack) Dundee…
  15. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 15
    Greater Queensdale Open Hole Frobisher-Alida Plays Large Oil in Place = 370 MMbbls (on SPE lands only) RF to Date = 27% Analogue Pools exhibit RF 40% 5 main subcrop edge fairways Depth 1150m TVD Extensive 3D seismic…
  16. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 16
    Queensdale Geology Three main criteria used to identify reservoir quality and net thickness of hydrocarbon column: 1) Log derived values (i.e. deep resistivity and porosity cutoffs) 2) Routine Analysis from core (i.e. porosity,…
  17. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 17
    Queensdale Geology Three new stratigraphic plays with unbooked reserve additions for 2015 Stratigraphic Model Watrous Shale Souris Valley Beds (Lodgepole Fm.) 22
  18. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 18
    Queensdale IP30 = 171 bbls/d IP30 = 223 bbls/d IP30 = 127 bbls/d IP30 = 294 bbls/d IP30 = 139 bbls/d IP30 = 258 bbls/d IP30 = 186 bbls/d IP30 = 178 bbls/d IP30 = 105 bbls/d IP30 = 313 bbls/d LEGEND SPE Lands IP30 =…
  19. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 19
    Greater Queensdale Well Performance 40 140 35 120 30 100 25 Oil Rate bbls/d Well Count 80 20 60 15 40 10 20 5 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Months on…
  20. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 20
    Greater Wordsworth Open Hole Frobisher-Alida Play Large Oil in Place = 207 MMbbls (on SPE lands only) RF to Date = 12% 4 main subcrop edge fairways Arcola Depth 1200m TVD Carlyle Extensive 3D seismic coverage Spartan: 3-22…
  21. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 21
    Greater Wordsworth Well Performance 180 12 160 10 140 120 8 Oil Rate bbls/d 100 6 80 60 4 40 2 20 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Months on Production Actual Average…
  22. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 22
    Greater Workman/Winmore Open Hole Frobisher (Sherwood & Stoughton Play) Workman Units 1 and 3: - Waterflood EOR optimization & expansion underway LEGEND SPE Lands Pool Outline Workman East 191/15-05-002-31W1 HZ MSSP Wells IP30 =…
  23. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 23
    East Workman & Winmore Open Hole Horizontal Frobisher - Stoughton Play 250 12 11 10 200 9 8 150 7 Oil Rate bbls/d Well Count 6 5 100 4 3 50 2 1 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Months on…
  24. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 24
    Pinto Frac Midale Play Spartan: 2-28 IP30: 65 bbls/d Large Oil in Place = 133 MMbbls Pinto North (on SPE lands only) RF to Date = 7% Depth 1500m TVD Extensive 3D seismic coverage Sufficient facilities in place Waterflood…
  25. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 25
    West Central Saskatchewan Frac Viking Play Large Oil in Place = 174 MMbbls (on SPE lands only) RF to Date = 3% Kerrobert Plenty Depth 600m TVD 84% average WI 230 (192 net) locations Whiteside Dodsland Lucky Hills…
  26. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 26
    Spartan Oil 269% ROI (18 months) Overview Price Event Chart Formed through the spin-out of certain Cardium assets and SE Saskatchewan assets from Spartan 6.00 June 1, 2011: Completion of Feb 21, 2012: Announcement of 15,000,000…
  27. January 2016 Corporate Presentation – Spartan Energy Corp. – slide 27
    Spartan Exploration 500% ROI (36 months) Overview Price Event Chart 4.50 2,700,000 Spartan Exploration was formed in Q1-2008 with a March 2008: 5.2MM non- April 1, 2011: Sold to Penn West for 228MM (6.00/share) brokered financing at…

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