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May 2016 Corporate Presentation – Kelt Exploration Ltd.

Kelt Exploration Ltd. · May 11, 2016 · 35 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. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 1
    Corporate Presentation May 2016 David J. Wilson, President & Chief Executive Officer Sadiq H. Lalani, Vice President & Chief Financial Officer www.KeltExploration.com
  2. May 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. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 3
    Common Share Information 4 Stock Exchange listing TSX Trading symbol KEL Market capitalization 700 million 52-week trading range 2.51 9.24 Common shares issued ( May/10/2016 ) 174.1 million D&Os have participated in all nine…
  4. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 4
    Convertible Debentures 5 TSX trading symbol KEL.DB Principal amount outstanding 90.0 million Coupon / Maturity date 5.0% / May 31, 2021 52-week trading range 105.50 108.50 D&Os purchased 15.0 million (17%) of the total Debenture…
  5. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 5
    Capital Expenditures 6 2016 2016/15 ( millions ) 2014 2015 Forecast Change Drilling & Completions 188.6 100.9 41.0 - 59% Facilities, Equipment & 46.1 56.0 15.0 - 73% Pipeline Infrastructure Land, Seismic & Asset 21.6 26.1 27.0…
  6. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 6
    Drilling Program 7 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…
  7. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 7
    Production Outlook 8 2016 2016/15 2014 2015 Forecast Change Oil ( bbls/d ) 3,413 5,091 5,650 11% NGLs ( bbls/d ) 924 1,607 2,300 43% Gas ( mcf/d ) 50,516 71,272 81,300 14% Combined ( BOE/d ) 12,756 18,577 21,500 16% Per…
  8. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 8
    Production Growth ( since inception ) 9 PRODUCTION ( BOE / d ) PRODUCTION PER MM SHARES ( BOE / d ) CAGR since 24,000 2013 = 76% 160 21,500 CAGR since 2013 = 33% 20,000 18,577 124 120 120 105 16,000 13,550 12,756 11,879 78…
  9. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 9
    Commodity Prices 10 2016/15 ( CA , unless otherwise specified ) 2014 2015 2016 (E) Change WTI Crude Oil ( USD/bbl ) US 93.00 US 48.80 US 43.25 - 11% Canadian Light Sweet ( CAD/bbl ) 93.99 57.45 51.05 - 11% NYMEX Natural Gas (…
  10. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 10
    Netbacks 11 2016/15 ( / BOE ) 2014 2015 2016 (E) Change Oil & gas revenue 46.11 26.45 23.44 - 11% Realized hedging gain ( loss ) ( 0.08 ) ( 0.12 ) - Royalties ( % of revenue ) ( 13.3% ) ( 10.6% ) ( 9.1% ) - 14% Transportation…
  11. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 11
    Financial Outlook 12 2016 2016/15 2014 2015 Forecast Change Revenue, before royalties ( MM ) 214.7 179.3 184.4 + 5% Funds from operations ( MM ) [1] 115.7 56.5 50.0 - 2% Per share diluted ( /share ) 0.93 0.36 0.29 - 11% Capital…
  12. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 12
    Product Mix 13 2016 (E) 2016 (E) Product Income Production Operating Split Split BOE/d Income (MM) Oil 5,650 26% 51.4 76% NGLs 2,300 11% 6.6 10% Gas 81,300 63% 9.3 14% Combined 21,500 100% 67.3 100% G&A and interest expense (…
  13. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 13
    Core Areas 14 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 /…
  14. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 14
    Reserves 15 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 (…
  15. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 15
    Land Holdings 16 Gross Acres Net Acres Average WI Net Sections Developed 386,737 207,620 54% 324 Undeveloped 642,122 518,725 81% 811 Total 1,028,889 726,345 71% 1,135 Note: Growth in net land holdings since March 31, 2013:…
  16. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 16
    Kelt Land Fairway 17 Fireweed Inga Stoddart Fort St. John Progress Pouce Coupe Spirit River Valhalla / La Glace Grande Prairie Karr Kelt Lands British Columbia Alberta
  17. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 17
    Alberta Properties 18 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…
  18. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 18
    Pouce Coupe 19 Targeting Montney Progress and Doig formations. Ownership in pipeline Halfway O Pool Unit 7.8% WI Pouce Coupe infrastructure, gas 8-18 LMM 13-8 South Boundary B Unit 2 67.9% WI Operated compression and…
  19. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 19
    Pouce Coupe Montney Oil Type Curve 20 ( 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…
  20. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 20
    Progress / Spirit River 21 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…
  21. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 21
    Valhalla / La Glace 22 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…
  22. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 22
    La Glace Montney Type Curve 23 ( 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)
  23. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 23
    Karr 24 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…
  24. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 24
    Karr Montney Type Curve 25 ( 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…
  25. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 25
    British Columbia Properties 26 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…
  26. May 2016 Corporate Presentation – 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. May 2016 Corporate Presentation – 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. May 2016 Corporate Presentation – 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. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 29
    British Columbia MIDDLE MONTNEY Isopach 30 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…
  30. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 30
    BC Upper Montney Type Curve 31 ( 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…
  31. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 31
    British Columbia BALDONNEL Lands 32 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…
  32. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 32
    Net Asset Value 33 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…
  33. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 33
    Future Considerations 34 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…
  34. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 34
    Management 35 David J. Wilson, President & CEO Sadiq H. Lalani, Vice President & CFO Douglas J. Errico, Vice President, Land Patrick Miles, Vice President, Exploration Douglas O. MacArthur, Vice President, Operations Alan G. Franks,…
  35. May 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 35
    Board of Directors 36 Robert J. Dales Compensation (Chair), Nominating, Audit, Reserves William C. Guinan Chairman of the Board, HSE Eldon A. McIntyre Reserves (Chair), Nominating, Audit, Compensation Neil G. Sinclair Audit (Chair),…

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