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March 2016 Corporate Presentation – Kelt Exploration Ltd.

Kelt Exploration Ltd. · Mar 8, 2016 · 32 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 – Kelt Exploration Ltd. – slide 1
    Corporate Presentation March 2016 David J. Wilson, President & Chief Executive Officer Sadiq H. Lalani, Vice President, Finance & Chief Financial Officer www.KeltExploration.com
  2. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 3
    Common Share Information 4 Stock Exchange listing TSX Trading symbol KEL Market capitalization ( Mar / 4 / 2016 ) 715 million 52-week trading range 2.51 9.95 Common shares issued 168.7 million Stock options (6.5 MM) & RSUs (1.2…
  4. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 4
    Capital Expenditures 5 2016 2016/15 ( millions ) 2014 2015 Forecast 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 26.1 11.0…
  5. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 6
    Production Outlook 7 2016 2016/15 2014 2015 Forecast Change 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% Combined ( BOE/d ) 12,756 18,577 21,000 13% Per MM…
  7. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 8
    Commodity Prices 9 2016/15 ( CA , unless otherwise specified ) 2014 2015 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 62.41 53.43 - 14% NYMEX Natural Gas (…
  9. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 9
    Netbacks 10 2016/15 ( / BOE ) 2014 2015 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% ) ( 10.6% ) ( 9.3% ) - 12% Transportation…
  10. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 10
    Financial Outlook 11 2016 2016/15 2014 2015 Forecast Change Revenue, before royalties ( MM ) 214.7 179.3 187.9 + 5% Funds from operations ( MM ) [1] 115.7 56.5 55.0 - 3% Per share diluted ( /share ) 0.93 0.36 0.32 - 11% Capital…
  11. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 13
    Reserves 14 DEC/31/2014 DEC/31/2014 DEC/31/2015 DEC/31/2015 ( MM ) ( MMBOE ) NPV 10% BT ( MMBOE ) NPV 10% BT Proved Developed 26.8 404 33.8 364 Producing Total Proved 61.1 669 83.8 661 Proved plus Probable 99.1 1,072 150.5 1,185 (…
  14. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – 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. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 25
    British Columbia DOIG Lands 26 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…
  26. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 26
    BC Doig Type Curve 27 ( 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…
  27. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 27
    British Columbia MONTNEY Lands 28 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:…
  28. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 28
    British Columbia MIDDLE MONTNEY Isopach 29 OPERATIONS Kelt has drilled its first horizontal Middle Montney well in BC located at 7-17 (surface 7-29) Fireweed The Inga 7-17 well had an IP 30 rate of 905 BOE/d (69% liquids) The…
  29. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 29
    BC Upper 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…
  30. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 30
    British Columbia BALDONNEL Lands 31 LAND Birch Baldonnel Rights: Gross: 149 sections Baldonnel C Oil Pool (CTD 4.9 MM barrels of oil) Net: 138 sections OPERATIONS Oil exploration activity with plans to Fireweed drill initial…
  31. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 31
    Net Asset Value 32 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 ) ( 11.7 ) Undeveloped Land 103.2 168.7 Bank Debt, net of Working…
  32. March 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 32
    Future Considerations 33 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…

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