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July 2016 Corporate Presentation – Kelt Exploration Ltd.

Kelt Exploration Ltd. · Jul 6, 2016 · 37 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. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 1
    Corporate Presentation July 2016 David J. Wilson, President & Chief Executive Officer Sadiq H. Lalani, Vice President & Chief Financial Officer www.KeltExploration.com
  2. July 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. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 3
    Common Share Information 4 Stock Exchange listing TSX Trading symbol KEL Market capitalization 820 million 52-week trading range 2.51 8.85 Common shares issued ( Jul/4/2016 ) 174.2 million D&Os have participated in all nine…
  4. July 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 105.50 126.00 D&Os purchased 15.0 million (17%) of the total Debenture…
  5. July 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. July 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. July 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. July 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. July 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. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 10
    Forecast 2016 WTI & AECO Prices 11 WTI US/bbl AECO CA/GJ 55.00 4.00 51.00 49.50 48.50 47.50 46.50 45.00 45.50 3.00 44.50 43.50 2.84 41.60 2.70 2.46 2.25 37.96 2.23 35.00 2.00 1.91 31.78 1.69 1.69 30.62 1.48 1.27 1.27…
  11. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 11
    Hedging 12 ( CA unless otherwise specified ) Period Quantity Fixed Price Jul/2/15 to Interest Rate Swap [1] CA 100 MM 0.925% Jun/30/17 Chicago City Gate AECO Jun/1/16 to 10,000 US 0.96 Basis Differential Oct/31/16 MMBtu/d NYMEX…
  12. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 12
    Netbacks 13 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…
  13. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 13
    Financial Outlook 14 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…
  14. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 14
    Product Mix 15 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 (…
  15. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 15
    Core Areas 16 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 /…
  16. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 16
    Reserves 17 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 (…
  17. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 17
    Land Holdings 18 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:…
  18. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 18
    Kelt Land Fairway 19 Fireweed Inga Stoddart Fort St. John Progress Pouce Coupe Spirit River Valhalla / La Glace Grande Prairie Karr Kelt Lands British Columbia Alberta
  19. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 19
    Alberta Properties 20 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…
  20. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 20
    Pouce Coupe 21 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…
  21. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 21
    Pouce Coupe Montney Oil Type Curve 22 ( BOE / d ) TOTAL RAW PRODUCTION ( Well Count ) 5,000 Sproule 2P Type Curve Well Count Sproule 2P EUR 485 MBOE 61% Oil 6% NGLs 33% Gas Month 00/08-18-078-11W6/0…
  22. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 22
    Progress / Spirit River 23 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…
  23. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 23
    Valhalla / La Glace 24 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…
  24. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 24
    La Glace Montney Type Curve 25 ( BOE / d ) TOTAL RAW PRODUCTION ( Well Count ) 5,000 Sproule 2P Type Curve Well Count Sproule 2P EUR 675 MBOE 62% Oil 8% NGLs 30% Gas Month 00/02-28-074-08W6/0 00/03-28-074-08W6/0…
  25. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 25
    Karr 26 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…
  26. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 26
    Karr Montney Type Curve 27 ( BOE / d ) TOTAL RAW PRODUCTION ( Well Count ) 5,000 Sproule 2P Type Curve Well Count Sproule 2P EUR 510 MBOE 38% Oil 16% NGLs 46% Gas Month 00/02-21-065-03W6/0 00/14-21-065-03W6/0…
  27. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 27
    British Columbia Properties 28 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…
  28. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 28
    British Columbia DOIG Lands 29 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…
  29. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 29
    BC Doig Type Curve 30 ( BOE / d ) TOTAL RAW PRODUCTION ( Well Count ) 5,000 Sproule 2P Type Curve Well Count Sproule 2P EUR 930 MBOE 24% Oil 18% NGLs 58% Gas Month 00/02-28-087-23W6/0 00/03-33-087-23W6/0…
  30. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 30
    British Columbia MONTNEY Lands 31 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:…
  31. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 31
    British Columbia MIDDLE MONTNEY Isopach 32 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…
  32. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 32
    BC Upper Montney Type Curve 33 ( BOE / d ) TOTAL RAW PRODUCTION ( Well Count ) 5,000 Sproule 2P Type Curve Well Count Sproule 2P EUR 650 MBOE 24% Oil 18% NGLs 58% Gas Month 00/08-31-087-23W6/0 00/A-058-I/094-A-12/0…
  33. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 33
    British Columbia BALDONNEL Lands 34 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…
  34. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 34
    Net Asset Value 35 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…
  35. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 35
    Future Considerations 36 FUTURE DRILLING POTENTIAL: Kelt estimates that it has numerous potential future drilling opportunities on its existing lands that will provide for continued growth in the years to come. BALANCE SHEET: Kelt…
  36. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 36
    Management 37 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,…
  37. July 2016 Corporate Presentation – Kelt Exploration Ltd. – slide 37
    Board of Directors 38 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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