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Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd.

Kelt Exploration Ltd. · Feb 23, 2016 · 33 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. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 1
    Corporate Presentation February 2016 David J. Wilson, President & Chief Executive Officer Sadiq H. Lalani, Vice President, Finance & Chief Financial Officer www.KeltExploration.com
  2. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 2
    Why Invest in Kelt 3 CREATING VALUE DURING DOWNTURNS The Kelt management team has a track record of creating shareholder value during downturns, previously in the 2008- 2009 period with Celtic Exploration Ltd., sold in February…
  3. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 3
    Common Share Information 4 Stock Exchange listing TSX Trading symbol KEL Market capitalization ( Feb / 18 / 2016 ) 540 million 52-week trading range 2.51 9.95 Common shares issued 168.7 million Stock options (6.7 MM) & RSUs (1.2…
  4. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 4
    Capital Expenditures 5 2015 2016 2016/15 ( millions ) 2014 Forecast Budget Change Drilling & Completions 188.6 100.9 37.0 - 63% Facilities, Equipment & 46.1 56.0 17.0 - 70% Pipeline Infrastructure Land, Seismic & Asset 21.6…
  5. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 5
    Drilling Program 6 Gross Net Average Notes: 2015 Wells Wells WI % [1] Alberta drilling prospects include: Alberta [1] 14 11.1 79% (a) Grande Prairie ( Pouce Coupe / Progress / Spirit River / La Glace ): - Montney British Columbia…
  6. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 6
    Production Outlook 7 2014 2015 2016 2016/15 Actual Forecast Budget Change (average) (average) (average) Oil ( bbls/d ) 3,413 5,091 5,470 7% NGLs ( bbls/d ) 924 1,607 1,890 18% Gas ( mcf/d ) 50,516 71,272 81,840 15%…
  7. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 7
    Production Growth ( since inception ) 8 PRODUCTION ( BOE / d ) PRODUCTION PER MM SHARES ( BOE / d ) CAGR since 24,000 2013 = 74% 160 CAGR since 21,000 2013 = 33% 20,000 18,577 124 120 120 105 16,000 13,640 12,756 11,879 77 81…
  8. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 8
    Commodity Prices 9 2016/15 ( CA , unless otherwise specified ) 2014 2015 (E) 2016 (E) Change WTI Crude Oil ( USD/bbl ) [1] US 92.99 US 48.80 US 39.00 - 20% WTI Crude Oil ( CAD/bbl ) 102.49 62.40 53.43 - 14% NYMEX Natural Gas (…
  9. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 9
    Netbacks 10 2016/15 ( / BOE ) 2014 2015 (E) 2016 (E) Change Oil & gas revenue 46.11 26.45 24.44 - 8% Realized hedging gain ( loss ) ( 0.08 ) ( 0.12 ) - Royalties ( % of revenue ) ( 13.3% ) ( 10.3% ) ( 9.2% ) - 11% Transportation…
  10. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 10
    Financial Outlook 11 2015 2016 2016/15 2014 Forecast Budget Change Revenue, before royalties ( MM ) 214.3 178.5 187.9 + 5% Funds from operations ( MM ) [1] 115.5 57.1 55.0 - 4% Per share diluted ( /share ) 0.93 0.37 0.32 - 14%…
  11. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 11
    Product Mix 12 2016 (E) 2016 (E) Product Income Production Operating Split Split BOE/d Income (MM) Oil 5,470 26% 50.2 72% NGLs 1,890 9% 6.3 9% Gas 81,840 65% 13.6 19% Combined 21,000 100% 70.1 100% G&A and interest expense ( 15.1…
  12. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 12
    Core Areas 13 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 /…
  13. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 13
    Reserves 14 Dec/31 Dec/31 Dec/31 2014 Dec/31 2015 2014 NPV 10% BT NPV 10% BT 2015 ( MMBOE ) ( MM ) ( MMBOE ) ( MM ) Proved Developed 26.8 404 33.8 364 Producing Total Proved 61.1 669 83.8 661 Proved plus Probable 99.1 1,072…
  14. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 14
    Land Holdings 15 Gross Acres Net Acres Average WI Net Sections Developed 389,916 208,895 54% 326 Undeveloped 649,297 521,413 80% 815 Total 1,039,213 730,308 70% 1,141 Note: Growth in net land holdings since March 31, 2013:…
  15. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 15
    Kelt Land Fairway 16 Fireweed Inga Stoddart Fort St. John Progress Pouce Coupe Spirit River Valhalla / La Glace Grande Prairie Karr Kelt Lands British Columbia Alberta
  16. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 16
    Alberta Properties 17 PRODUCTION RESERVES Kelt Drills Top Ten IP30 Wells (gross sales, BOE/d): Typical well EURs: (1) Karr 15-28-065-03W6 U.Montney 1,490 ( 79% oil ) (1) Pouce Coupe Doig/Montney Gas EUR = 1,380 MBOE ( 90% gas 10% oil…
  17. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 17
    Pouce Coupe 18 Targeting Montney Progress and Doig formations. Ownership in pipeline Halfway O Pool Unit 7.8% WI Pouce Coupe infrastructure, gas 8-18UMM 13-8 South Boundary B Unit 2 67.9% WI Operated compression and a…
  18. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 18
    Pouce Coupe Montney Oil Type Curve 19 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 Sproule 2P Well Count Month 00/08-18-078-11W6/0 02/08-18-078-11W6/0 02/12-08-078-11W6/0 02/13-08-078-11W6/0 02/14-08-078-11W6/0…
  19. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 19
    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 14-14 Halfway…
  20. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 20
    Valhalla / La Glace 21 Targeting the Montney formation. Ownership in pipeline Sexsmith infrastructure, oil Gas Plant (0.3% WI) battery and gas 13-33 compression. 2-28 Ownership interest (0.3%) in the Encana 1-19 Sexsmith…
  21. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 21
    La Glace Montney Type Curve 22 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 Sproule 2P Well Count Month 00/02-28-074-08W6/0 00/03-28-074-08W6/0 00/13-33-074-08W6/0 (CTD 162 mboe) (CTD 33 mboe) (CTD 214 mboe)
  22. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 22
    Karr 23 LAND Montney Rights: 37.0 sections ( gross ) 16-8 (75%) 16-10 MM (75%) 35.8 sections ( net ) OPERATIONS 16-31 MM Pembina Pipeline Corporation announced the construction of a 15-28 16-28 4-2 30,000 bbl/d Karr Lateral…
  23. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 23
    Karr Montney Type Curve 24 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 Sproule 2P Well Count Month 00/02-21-065-03W6/0 00/14-21-065-03W6/0 00/16-28-065-03W6/3 02/15-28-065-03W6/0 (CTD 91 mboe) (CTD 124 mboe) (CTD…
  24. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 24
    British Columbia Properties 25 PRODUCTION Slick-water Completions RESERVES IP30 (gross sales, BOE/d): Typical well EURs: (1) Inga 10-21-087-23W6 Doig 2,043 ( 27% gas ) (1) Inga/Fireweed Doig (2) Inga 03-33-087-23W6 Doig 1,326 ( 23% gas…
  25. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 25
    British Columbia BALDONNEL Lands 26 LAND Baldonnel Rights: Gross: 149 sections Net: 138 sections OPERATIONS Oil exploration activity with plans to drill initial well in 2017. Competitor activity offsetting Kelt lands has been…
  26. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 26
    British Columbia DOIG Lands 27 LAND Fireweed 16 MMcf/d Doig Rights: Compressor/ Facility (100% WI) Gross: 175 sections Net: 168 sections Fireweed OPERATIONS 16-25 New well Recent Doig wells completed using 13-15 slick-water…
  27. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 27
    BC Doig Type Curve 28 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 Sproule 2P Well Count Month 00/02-28-087-23W6/0 00/03-33-087-23W6/0 00/10-21-087-23W6/0 00/13-15-088-23W6/2 (CTD 454 mboe) (CTD 287 mboe) (CTD 450…
  28. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 28
    British Columbia MONTNEY Lands 29 LAND Montney Rights: c-26-A Gross: 163 sections (sfc: a-6-A) Net: 162 sections Fireweed OPERATIONS recent Montney wells completed using a-58-I c-85-I slick-water fractures have shown very (sfc:…
  29. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 29
    BC Montney Type Curve 30 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 Sproule 2P Well Count Month 00/08-31-087-23W6/0 00/A-058-I/094-A-12/0 00/C-085-I/094-A-12/0 02/C-026-A/094-A-13/0 (CTD 181 mboe) (CTD 38 mboe)…
  30. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 30
    Net Asset Value 31 Dec/31 Dec/31 ( millions ) 2014 2015 P&NG Reserves, PV10% before tax (BT) 1,072.3 1,185.2 Decommissioning Obligations, PV10% BT [1] ( 12.8 ) ( 13.0 ) Undeveloped Land 103.2 168.7 Bank Debt, net of Working…
  31. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 31
    Future Considerations 32 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…
  32. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 32
    Management 33 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…
  33. Credit Suisse 21st Annual Energy Summit – Kelt Exploration Ltd. – slide 33
    Board of Directors 34 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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