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March 2016 Corporate Presentation – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Mar 7, 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 1
    Tourmaline Oil Corp. Corporate Presentation March 2016
  2. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 2
    2 Current Status Mar 2016 Production Overview Q1 2016 production range of 190,000-204,000 boepd. Additional 17,000 boepd behind pipe awaiting tie-in or facility access 2016 average production forecast of 200,000 boepd (approx.…
  3. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 3
    3 Historical EP Performance Mar 2016 Production Growth Per Share* Reserves Growth Per Share* 300 5 Production per Thousand Shares Reserves per Share (BOEs) 250 4 200 3 (BOEs) 150 2 100 50 1 0 0 2009 2010 2011…
  4. March 2016 Corporate 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 5
    5 Deep Basin Overview Mar 2016 Tourmaline has assembled the largest land position (1.69 million acres), delineated the largest drilling inventory (8,833 locations Schedule A) and has become the largest producer (current…
  6. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 6
    6 Alberta Deep Basin Mar 2016 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 Current Production 125,000-130,000 boepd Current Reserves 648.1 mmboe (Jan 1, 2016) Tourmaline Land Base…
  7. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 7
    7 Alberta Deep Basin: Wilrich Regional Resource Play Mar 2016 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. March 2016 Corporate 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 700 of the 2,475 Company interest drilling locations. These future locations are all accessible to existing…
  9. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 9
    9 Top Gas Wells Drilled in Alberta in 2015 Source: Peters & Co, geoSCOUT
  10. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 10
    10 Alberta Deep Basin Infrastructure Mar 2016 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 1.69 MM Acres, the largest land position in the…
  11. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 11
    NEBC Montney Gas Condensate and Peace 11 River High Charlie Lake Oil Core Areas Mar 2016 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 12
    12 Sunrise/Dawson NEBC Montney/Doig Development Mar 2016 Westcoast McMahon Gas Plant Current Prod. 250-270 mmcf/d 4,500-5,000 bopd (cond,ngls) Current Reserves 376.2 mmboe (Jan 1, 2016) Montney Drilling In excess of 1,900…
  13. March 2016 Corporate 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 14
    14 Tourmaline Regional Montney Play BC/AB Mar 2016 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 15
    15 Peace River High Complex Charlie Lake Play Mar 2016 Earring 15-16 R. 10 R. 9 R.BOPD, IP90: 130 7 R. 5 1.7 MMSCF/D Peace River High Charlie Lake Play 1,606 Horizontal Locations* along Regional Play Fairway 6-10 Vert. Cum. 55…
  16. March 2016 Corporate 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. March 2016 Corporate 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 18
    18 Tourmaline Mid-Stream Assets Mar 2016 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 19
    19 Historical Reserves Summary Mar 2016 Reserves (GLJ) Reserves 2012 2013 2014 2015 1200 2011 2012 2013 2014 2015 (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) 1000 PDP 67.3 91.9 122.3 177.8 263.2 TP 149.0 249.2 316.5 472.3 644.1…
  20. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 20
    20 2015 Reserves Overview Mar 2016 Tourmaline has exceeded the billion barrel reserve milestone (Jan 1, 2016 2P reserves of 1.1 billion boe) and currently produces over 1.0 bcf/day of natural gas and 25,000 bpd of oil/cond/ngls.…
  21. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 21
    21 Gas Development Location Inventory and Economics Mar 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,…
  22. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 22
    22 Sweet Spot Location Inventory Mar 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…
  23. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 23
    23 Continuous Cost Reduction Strategy Mar 2016 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 4.37 0.79 0.74…
  24. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 24
    24 2016/17 Guidance Mar 2016 2016(1) 2017(1) Production (boepd) 200,000 215,000 Cash Flow (M)(i) 792 1,273 CFPS - diluted (/sh) (i) 3.57 5.72 EP Capital Program (2) 775 M 1.1 B Free Cash Flow (M) (ii) 17 173 Exit Net…
  25. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 25
    25 Underlying Natural Gas Fundamentals are Strong. Mar 2016 Supply/Demand fundamentals support a strong natural gas price recovery, the warm 2015/2016 winter has temporarily deferred this rally, to 2H 2016/Q1 2017. Natural Gas…
  26. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 26
    26 2016 EP/Operations Outlook Mar 2016 2015 production growth of approximately 37% YOY. Q4 2015 over Q3 2015 production growth of approximately 20%. 2015 exit facility capacity of approximately 200,000-210,000 boepd, matching…
  27. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 27
    27 2016 Financial/Capital Outlook Mar 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. The Company continues to maintain one of the strongest…
  28. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 28
    28 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…
  29. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 29
    30 Natural Gas Flows From Western Canada
  30. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 30
    31 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 31
    32 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 32
    33 Hedging Summary 2016 Mar 2016 2016 Gas Hedges Volume Weighted Avg Price mcf/d /mcf(1) Fixed Price Hedges AECO (CDN) 64,210 3.15 Fixed Nymex (CDN)(2) 65,000 4.20 Total Fixed Hedges 129,210 % gas hedged 12% Basis Differentials…
  33. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 33
    34 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 34
    35 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 35
    Alberta Deep Basin: 36 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 36
    37 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 37
    38 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 38
    39 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. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 39
    40 Current Reserve Distribution Mar 2016 R. 15W6 R. 1W6 R. 15W5 Peace River High NE Alberta Total Natural Gas Reserve Base of 5.69 100 BC Inga TCF, the second largest in Canada. 84.3 75 Peace River High T85 mmboe…
  40. March 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 40
    41 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…

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