MONTNEY: JUST KEEPS GETTING BETTER 110 474 TCFE TPIIP Net Sections in Resource the Montney +25% Production Growth in 2016
CREW CORPORATE SNAPSHOT OPERATING SUMMARY 2015 production (Annual average) 18,542 boe/d Forecast 2016 production range 23,000 - 25,000 boe/d Montney land position (4th largest NE BC holder) 474 net sections 2P gross reserves (YE…
MONTNEY: JUST KEEPS GETTING BETTER 21% Growth PDP Reserves per Share YoY(1) Strong Massive Montney Commodity Access to Balance Sheet Resource Optionality Infrastructure 400MM total debt capacity 110 TCFE TPIIP 4th largest…
2015 HIGHLIGHTS Demonstrated Operational Success in the Montney Production increased 23% to 20,706 boe/d in Q4 15 compared to Q3 15 Commissioned new 60 mmcf/d gas processing facility Reduced drilling, completion and tie-in costs…
2015 YEAR END RESERVES SUMMARY Strong Montney Reserves Growth Through Drilling Success Total Reserves 2015 Change 2015 Change 2015 Reserves (mmboe) (after production) per debt adjusted share Replacement 2P: 260.6 21% 10%…
EXCEPTIONAL CAPITAL EFFICIENCIES + IMPROVING COST STRUCTURE Achieved strong capital efficiencies & recycle ratios across all reserves categories lowest 2P F&D / FD&A costs in company history(1)(2) Netbacks supported in challenging…
Its a World-Class Siltstone not a shale MONTNEY RESOURCE Reservoir is 1,000 feet thick Excellent reservoir continuity and fracability 8
SEPTIMUS: SWEET SPOT OF THE MONTNEY Crews 474 sections of land are situated in the sweet spot of the play (Area 2) High IRR & EUR TD Focus Areas - Area 1 (Greater Town) Comparison of IRRs and EURs across Montney Focus Areas (1) -…
EARLY STAGES: 53.1 NET SECTIONS (11%) HAVE UPPER MONTNEY RESERVES ASSIGNED Flatrock CREW ACREAGE BREAKDOWN: Oil/Condensate Sections: 138 Goose Wet Gas Sections: 265 Dry Gas Sections: 71 Attachie Total Net Sections: 474 West 1.5…
FIRM TAKEAWAY CAPACITY SECURED Long-term transportation capacity and market planning to facilitate growth opportunities Three pipeline options running West, East and South to reach Canadian and US markets Diversified natural gas…
ADVANTAGES OF GAS MARKET DIVERSITY 3.00 Commencement of Alliance Pipeline service and Crews Gas Market Diversity initiation of diversified contract portfolio Stn 2 10% Chicago 2.50 ATP City 15% Gate 40% Natural Gas Prices…
CREW MONTNEY STRATIGRAPHIC STACK 2 HZ Wells 2 HZ Wells 2 HZ Wells 34 HZ Wells 69 HZ Wells 1 HZ Well 10 HZ Wells West Portage Groundbirch Attachie West Septimus Septimus Goose Tower Doig 5 22 1 AA Upper Montney 1 7 2 1 A 27…
SEPTIMUS: EXCELLENT RETURNS & IMPROVING RECOVERIES 5.6 bcf EUR(1) per well 100% EUR(1) per well since 2010 SEPTIMUS: Increasing average 2P EUR(1) per Improved efficiencies have lead to 1 bcf of booked undeveloped location…
60 mmcf/d plant with expansion capability to 120 mmcf/d WEST SEPTIMUS Better Rock with Higher Liquids = Exceptional Returns Step-out area - Montney expansion West Septimus Type Curve Comparison(2)(3) 8,000 Over pressured with…
Near to mid-term growth potential TOWER Crew Operated Pipeline Spectra Westcoast Pipelines 51 net sections Q4/14 wells Expanding Montney Light Oil Play Crew Septimus Crew 5,000 bopd oil facility facility Phase 1 Q4/2014…
NEXT GROWTH PHASE GROUNDBIRCH ATTACHIE Delineation area with long-term upside Successful pilot wells prove resource with several prolific offsetting producers in Upper and Lower Montney Over-pressured area with exceptionally…
STABLE ASSET: LLOYDMINSTER HEAVY OIL Lloydminster ALBERTA SASKATCHEWAN Area offers low-risk funding source BRIGHTSAND SWIMMING 86,283 net acres of land in the area; LLOYD Lloydminster LOW LAKE average WI of 93.7% FOREST…
MONTNEY: JUST KEEPS GETTING BETTER ReservesAdditions +25% Production Growth 21% increase in PDP reserves/share(1) Forecast 2016 over 2015 Strong Balance Sheet 34% drawn on 250MM facility Access to Infrastructure Massive…
Contact Info: Dale O. Shwed, President & CEO Suite 800, 250 - 5th Street SW John G. Leach, Senior Vice President & CFO Calgary, Alberta T2P 0R4 Telephone: (403) 266-2088 Robert J. Morgan, Senior Vice President & COO Email:…
APPENDIX 22
NEBC MONTNEY: A GLOBALLY COMPETITIVE PLAY Not a shale: Its a siltstone Montney Competitive Attributes: Exceptionally thick: up to 1,000 feet Permeability 20-80 times greater than comparable resource plays in North America Excellent…
SEPTIMUS MONTNEY: SWEET SPOT OF THE BASIN EQUALS LEADING ECONOMICS TD Montney Well Economics by Focus Area British Columbia Alberta Greater Pouce Greater Town Greater Septimus Greater Swan Coupe Greater Kakwa Greater Kaybob…
2016 CAPITAL PROGRAM AND BUDGET 2016 Cash Flow (CF) (mm) 72 CF/diluted share 0.50 Hedging Summary as of March 3, 2016 Capex 70 Volume Period Derivative Reference Price Year-end bank debt (mm) 237 Natural Gas Debt to annualized…
NE BC MONTNEY RESOURCE EVALUATION Dec. 31, 2014 Apr. 30, 2014 Reserves and Economic Contingent Resources (1)(2)(3)(6)(7)(8) Best Estimate Best Estimate % Dec. 31, 2014 Apr. 30, 2014 Natural Gas (Tcf) Reserves (3) 1.2 1.0 20%…
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