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April 2016 Corporate Presentation – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Apr 7, 2016 · 47 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. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 1
    Tourmaline Oil Corp. Corporate Presentation April 2016
  2. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 2
    2 Current Status Apr 2016 Production Overview Current production range of 194,000-205,000 boepd. Additional 12,500 boepd behind pipe awaiting tie-in or facility access 2016 average production forecast of 200,000 boepd (approx.…
  3. April 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. April 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. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 5
    5 Deep Basin Overview Apr 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. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 6
    6 Alberta Deep Basin Apr 2016 R. 9 R. 8 R. 7 R. 6 R. 5 R. 4 R. 3 R. 2 R.1W6M R26,W5M Current Production 130,000-135,000 boepd T. 64 T. 64 Current Reserves 648.1 mmboe (Jan 1, 2016) T. 63 T. 63 Tourmaline Land Base 2,600 gross…
  7. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 7
    7 Alberta Deep Basin: Wilrich Regional Resource Play Apr 2016 R. 9 R. 8 R. 7 R. 6 R. 5 R. 4 R. 3 R. 2 R.1W6M R26,W5M T. 64 T. 64 Kakwa 4-29 Kakwa 13-12/5-12 30 day IP T.20.2 63 mmcfpd 30 day IP 19.2 mmcfpd T. 63 Tourmaline Lands…
  8. April 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. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 9
    9 Top Gas Wells Drilled in Alberta in 2015 Source: Peters & Co, geoSCOUT
  10. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 10
    10 Alberta Deep Basin Infrastructure Apr 2016 R. 9 R. 8 R. 7 R. 6 R. 5 R. 4 R. 3 R. 2 R.1W6M R26,W5M Tourmaline Tourmalines 1.69 MM Acres, the largest land position in the Musreau 8-13 TCPL Main Line T. 64 T. 64 Deep Basin, is…
  11. April 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. April 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. April 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. April 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. April 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. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 16
    2015/Q1 2016 Acquisition Activity 16 Sweet Spot Consolidation Strategy Apr 2016 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. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 17
    17 2015 New EP Opportunities Apr 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. April 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. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 19
    19 The Embedded Tourmaline Oil & Liquid Production Opportunity Apr 2016 R. 15W6 R. 1W6 R. 15W5 If oil prices recover to the 50/bbl level, Tourmaline can Peace River High quickly adjust the EP program to add over 15,000 bpd of 100…
  20. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 20
    20 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…
  21. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 21
    21 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.…
  22. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 22
    22 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,…
  23. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 23
    23 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…
  24. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 24
    2017/2018 New EP Project Inventory: Significant Growth Upside Apr 2016 2017 Base Case Volume Contribution 2H 2017/2018 Incremental Production Project from the New EP Projects Volume Potential (Upside Case) BC Montney Turbidite 50…
  25. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 25
    25 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…
  26. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 26
    26 2016/17 Guidance Apr 2016 2016(1) 2017(1) Production (boepd) 200,000 215,000 Cash Flow (M)(i) 772 1,241 CFPS - diluted (/sh) (i) 3.36 5.10 EP Capital Program (2) 775 M 1.1 B Free Cash Flow (M) (ii) (3) 141 Exit Net…
  27. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 27
    27 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…
  28. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 28
    28 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…
  29. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 29
    29 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…
  30. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 30
    30 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…
  31. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 31
    APPENDIX
  32. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 32
    32 Natural Gas Flows From Western Canada
  33. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 33
    33 Tourmaline Vs. US Shale Plays (1) Apr 2016 Tourmaline Tourmaline Marcellus Shale Marcellus Shale Utica Alberta Deep Basin (2) B.C. Montney (2) Liquids Rich Drill, Case, Complete 3.6MM 2.5MM 8.2MM 8.2MM 12.8MM Costs (USD)…
  34. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 34
    34 Marcellus & Utica Rig Count vs Production Analysis Apr 2016 180 25 70 Rigs required to keep Appalachia Aggregate Gas 160 Production Flat at 19.8 Bcf/d(1)(2) 20 140 120 15 100 Rig Count Bcf/d 80 10 60 40…
  35. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 35
    35 US E&P Capital Spending Decline Apr 2016 US Capital Spending 1 70,000 60,000 50,000 40,000 Millions 30,000 20,000 10,000 - 2014 2015 2016E 2017E 1 Based on 14 Natural Gas Producers in the…
  36. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 36
    36 Hedging Summary 2016 Apr 2016 2016 Gas Hedges (April December) Volume Weighted Avg Price mcf/d /mcf(1) Fixed Price Hedges AECO (CDN)(2) 198,297 2.30 Fixed Nymex (CDN)(3) 65,000 4.23 55% of total gas volumes not Total Fixed…
  37. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 37
    37 2016 Summer Gas Hedging Summary Apr 2016 2016 Summer Gas Hedges Q2 Q3 (April September) Volume Weighted Avg Volume Weighted Avg Price mcf/d Price mcf/d /mcf(1) /mcf(1) Fixed Price Hedges AECO (CDN)(2) 183,495 2.38 237,053…
  38. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 38
    38 EP Growth Plan (Original Business Plan) Sept 2008 This is essentially the same business plan that was executed for Duvernay Oil Corp. (2001-2008) Primary growth mechanism will be a conventional EP Program (including Resource…
  39. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 39
    39 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…
  40. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 40
    Alberta Deep Basin: 40 Notikewin/Falher Hz Program Apr 2016 R. 9 R. 8 R. 7 R. 6 R. 5 R. 4 R. 3 R. 2 R.1W6M R26,W5M KakwaT. 649-17 Kakwa 1-7 T. 64 30 day IP 21.8 mmcfpd 30 day IP 16.4 mmcfpd T. 63 T. 63 T. 62 Wild R 3-9…
  41. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 41
    Alberta Deep Basin: 41 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…
  42. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 42
    42 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
  43. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 43
    43 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…
  44. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 44
    44 BC Montney Drill/Complete Cost Progression Apr 2016 10 9 7.5-8.0 MM 8 (4 Wells) Capital Cost Drill and Complete (Millions) 7 Optimized well Drilled approx Expanded to a design and expanded 6 15 wells/yr 3 rig program…
  45. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 45
    45 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…
  46. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 46
    46 Tourmaline Technology Curve/Future Concepts, Requirements & Opportunities Cost saving via novel frac water sourcing/recycling Alternative hz frac programs/processes Concurrent pairs, delayed flow-backs etc. Novel drilling…
  47. April 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 47
    47 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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