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May 2016 Corporate Presentation – Spartan Energy Corp.

Spartan Energy Corp. · May 31, 2016 · 35 slides

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  1. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 1
    SPARTAN ENERGY CORP. Corporate Presentation May 2016
  2. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 2
    Checklist for Success Spartan has a deep inventory of highly economic drilling prospects. 1,085 (854 net) drilling locations in Sask, the majority of which are economic at WTI US30.00 Spartan is financially sound and can weather a…
  3. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 3
    Light Oil With Geographic Focus West Central Top tier netback light oil Saskatchewan Repeatable, low risk drilling 190 net drilling locations Southeast Conventional Mississippian and Saskatchewan frac Midale light oil plays…
  4. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 4
    Company Snapshot Stock symbol SPE - TSX Market capitalization (basic May 20, 2016) 967 million Enterprise value (diluted May 20, 2016) (1) 1,045 million Average Production (Q1 2016) 9,683 boe/d Oil & liquids weighting 94% 2015 Year…
  5. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 5
    SE Saskatchewan Asset Base Open Hole HZ Mississippian & Midale Frac HZ Light Oil Plays Large Oil in Place: OOIP 1 billion bbls (on SPE lands) Low recovery factors to date 16% All SE Sask Land = 189,654 gross/153,484 net acres (296…
  6. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 6
    Spartan Drilling Locations CORE AREA FORMATION OOIP Current RF WI LOCATIONS* (mmbbls) (%) (%) (Gross) (Net) GREATER QUEENSDALE Frobisher/Alida 370 27% 80% 269 213 GREATER WORDSWORTH Frobisher/Alida 207 12% 79% 127 93 GREATER CANTAL…
  7. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 7
    SE Sask Open Hole Well Rates of Return 500% 400% 300% Rate of Return 200% 100% 0% 30 40 50 60 WTI(3) (US 26.60) (US 35.39) (US 44.61) (US 54.26) Realized Price Cdn/bbl Notes: (1) Constant pricing for the…
  8. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 8
    Open Hole Type Well Economics (Tier 1) Tier 1 Open Hole Frobisher Type Well (Crown) Realized Price(1) FX WTI (2) IP30 EUR NPV BT10 IRR (BT) Payout (Cdn/bbl) USD/CAD (US/bbl) (bbl/d) (mboes) (M) (%) (Years) 30.00 0.72 26.60 109 65…
  9. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 9
    Open Hole Type Well Economics (Tier 2) Tier 2 Open Hole Frobisher Type Well (Crown) Realized Price(1) FX WTI (2) IP30 EUR NPV BT10 IRR (BT) Payout (Cdn/bbl) USD/CAD (US/bbl) (bbl/d) (mboes) (M) (%) (Years) 30.00 0.72 26.60 60 50 26…
  10. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 10
    SE Saskatchewan Well Performance Open Hole Mississippian (Midale, Frobisher/Alida, Tilston/Souris Valley) Light Oil 140 120 120 100 100 80 Oil Rate bbls/d 80 Well Count 60 60 40 40 20 20 0 0 1 2 3 4 5…
  11. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 11
    2016 Capital and Cash Flow Sensitivities 2016 Capex to Cash Flow Sensitivity 2016 Capex/Production (2016E WTI (US/bbl)) Capex (000) YoY Change Prod (boe/d) YoY Change 35.00 40.00 45.00 50.00 55.00 60.00 65.00 40,000 -44% 8,268 -6%…
  12. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 12
    Q1/16 Drilling Program Doing More for Less Drilled a total of 10 (8.5 net) open hole and 5 (3.6 net) frac Midale wells in SE Sask Continued to realize improvements in costs (down approx. 10% - 15% over Q4/15 to 650k (DC&E)) Q1…
  13. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 13
    Acquisition of Wyatt Oil & Gas Inc. LEGEND SPE Lands Wyatt Lands Alameda Elcott 13
  14. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 14
    Acquisition Summary: Purchase Price 77 million Proved plus Probable Reserves(2) 14,629 Mboe Current Production(1) 1,330 boe/d (76% oil and NGLs) Proved plus Probable Reserves NPV10(2) 223.2 million Base Decline 30% 12 Month Cash Flow(3)…
  15. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 15
    Regional Cumulative Oil & Current Recovery Factors (Dec 2015) 4.5 MMbbl ALAMEDA MIDALE: RF 15% Large OOIP; Cum. oil produced: 2.6MMbbl Recovery factor (Dec 2015): 1.3% 9.9 MMbbl 37.7 MMbbl RF 33% RF 38% 31.1 MMbbl RF 43%…
  16. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 16
    Wyatt Midale Frac HZ Performance 700 18 16 600 14 500 12 IP90 CalDay Rate (bbls) 400 10 Wells 300 8 6 200 4 100 2 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 191/01-05-004-03W2/00…
  17. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 17
    Alameda Frac Midale Type Well Economics Spartan Alameda Frac Midale Type Well (Crown) WTI(1) Cdn Realized IP30 EUR NPV BT10 IRR (BT) Payout (US/bbl) (Cdn/bbl) (bbl/d) (mboes) (M) (%) (Years) 40.00 45.00 160 160 603.5 37.3 2.0 50.00…
  18. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 18
    Alameda Waterflood Infrastructure & Performance Over 22 Million invested in a facility with capacity of 16,000 bbl/d total fluid, field headers and 75 km of emulsion 9 section waterflood simulation completed Incremental 9% RF from…
  19. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 19
    Sustainable at Low Commodity Prices SPE is a safe investment in a challenged commodity price environment Able to maintain production at US40 WTI within cash flow Undrawn on 150 million credit facility SE Sask conventional asset base…
  20. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 20
    Analyst Coverage AltaCorp Capital Inc. (Thomas Matthews) BMO Capital Markets (Ray Kwan) Clarus Securities Inc. (Daniel Choi) CIBC World Markets Inc. (Dave Popowich) Cormark Securities Inc. (Amir Arif) Desjardins Capital Markets…
  21. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 21
    Head Office Suite 500, 850 2nd Street SW Calgary, Alberta T2P 0R8 Telephone: 403-355-8920 Facsimile: 403-355-2779 E-mail: infospartanenergy.ca www.spartanenergy.ca For Further Information Please Contact: Mr. Richard (Rick) McHardy…
  22. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 22
    APPENDIX INFORMATION
  23. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 23
    Management RICHARD (RICK) MCHARDY, B.Comm., LLB., - President & CEO 18+ years experience in M&A /securities matters and oil and gas President, CEO Spartan Oil Corp.; President, CEO Spartan Exploration Ltd.; President, Titan Exploration…
  24. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 24
    BOARD OF DIRECTORS BANKER Michael Stark National Bank Chairman Independent Businessman Don Archibald EVALUATION ENGINEERS Independent Businessman Sproule Associates Limited Reg Greenslade Independent Businessman REGISTRAR & TRANSFER…
  25. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 25
    Queensdale IP30 = 171 bbls/d IP30 = 223 bbls/d IP30 = 127 bbls/d IP30 = 294 bbls/d IP30 = 139 bbls/d IP30 = 258 bbls/d IP30 = 186 bbls/d IP30 = 178 bbls/d IP30 = 105 bbls/d IP30 = 313 bbls/d LEGEND SPE Lands IP30 =…
  26. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 26
    Greater Queensdale Open Hole Frobisher-Alida Plays Large Oil in Place = 370 MMbbls (on SPE lands only) RF to Date = 27% Analogue Pools exhibit RF 40% 5 main subcrop edge fairways Depth 1150m TVD Extensive 3D seismic…
  27. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 27
    Greater Queensdale Well Performance 60 140 50 120 100 40 Oil Rate bbls/d Well Count 80 30 60 20 40 10 20 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Months on Production…
  28. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 28
    Greater Wordsworth Open Hole Frobisher-Alida Play Large Oil in Place = 207 MMbbls (on SPE lands only) RF to Date = 12% 4 main subcrop edge fairways Arcola Depth 1200m TVD Carlyle Extensive 3D seismic coverage Spartan: 3-22…
  29. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 29
    Greater Wordsworth Well Performance 120 16 14 100 12 80 10 Oil Rate bbls/d Well Count 60 8 6 40 4 20 2 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Months on Production Actual…
  30. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 30
    Greater Workman/Winmore Open Hole Frobisher (Sherwood & Stoughton Play) Workman Units 1 and 3: - Waterflood EOR optimization & expansion underway LEGEND SPE Lands Pool Outline MSSP Wells Midale Subcrop Frobisher Anhydrite…
  31. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 31
    East Workman & Winmore Open Hole Horizontal Frobisher - Stoughton Play East Workman-Winmore Well Performance 250 14 13 12 200 11 10 9 150 Oil Rate bbls/d 8 Well Count 7 6 100 5 4 50 3 2 1 0 0 1 2 3 4 5 6 7 8…
  32. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 32
    Pinto Frac Midale Play Large Oil in Place = 135 MMbbls Pinto North (on SPE lands only) RF to Date = 7% Depth 1500m TVD Extensive 3D seismic coverage Sufficient facilities in place Waterflood optimization and expansion…
  33. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 33
    West Central Saskatchewan Frac Viking Play Large Oil in Place = 174 MMbbls (on SPE lands only) RF to Date = 3% Kerrobert Plenty Depth 600m TVD 84% average WI 246 (190 net) locations Whiteside Dodsland Lucky Hills…
  34. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 34
    Spartan Oil 269% ROI (18 months) Overview Price Event Chart Formed through the spin-out of certain Cardium assets and SE Saskatchewan assets from Spartan 6.00 June 1, 2011: Completion of Feb 21, 2012: Announcement of 15,000,000…
  35. May 2016 Corporate Presentation – Spartan Energy Corp. – slide 35
    Spartan Exploration 500% ROI (36 months) Overview Price Event Chart 4.50 2,700,000 Spartan Exploration was formed in Q1-2008 with a March 2008: 5.2MM non- April 1, 2011: Sold to Penn West for 228MM (6.00/share) brokered financing at…

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