Penn West Transformation Plan Phase 1 Phase 2 Fix Balance Sheet High-Grade Assets COMPLETE COMPLETE BY YEAR-END Sold 1.3 billion of assets since the Streamline Alberta operations to three beginning of 2016 at attractive multiples…
2016 to Date Asset Sales 1.3 Billion of proceeds in 2016 Effectively removes the debt overhang from the company Ensures compliance with all financial covenants in 2016 Net Debt (B) 2016 Senior Debt to EBITDA Compliance…
Strong Metrics Received for Saskatchewan Raging River / Rock Saskatchewan Transaction Overview Raging River / Anegada (May 31, 2016) (December 10, 2015) 109 MM Proceeds MM 975 125 MM 2,550 boe/d (95% Liquids) 2,750 boe/d (58%…
Phase 2 Asset Sales Remaining Well Count 12,300 Expect Value Range of 100 - 200 MM and Total Production of 20,000 boe/d 3,300 Q1 2016 Phase 1 Phase 2 Asset Retirement Liability (MM) 369 Step Change in Future…
New Penn West at a Glance New Penn West Total Q1 2016 Pro-Forma Production 25,500 boe/d Phase 2 Liquids 73 % Opex 10.00 /boe Netback 12.50 /boe Peace River Core Development Cardium 90 kms with Multi-Horizon Production…
Peer Comparison and Competitiveness Net Debt/FFO (x) 2P NAV/Net Debt (x) 15x Phase 1 is complete and largely fixes the debt problem Company leverage competitive with peers 2x Prior Phase 1 Phase 2 Prior Phase…
Updated Long-Term Plan Metrics Exit Production (boe/d) Sustainability Total Expenditures and FFO (MM)…
Illustrative Development Plan Production (boe/d) & Liquids Weighting (%) 10% CAGR at Current Prices 80% 2017 Illustrative 68% Liquids Production of 20-25,000 boe/d Peace River Alberta Viking Cardium 2017 2018 2019 2020…
Penn West Enters A New Chapter Strong Focus Bold Action on on Light Oil Debt Core New development options available Asset quality combined with operating capability Measured and sustainable growth at current commodity…
Asset Overview
Inventory Life Cycle Changes PWT currently has an attractive asset pipeline Cardium potential remains in early stages as we move into waterflood and EOR activity Alberta Viking still in early stages with potential to become another…
Cardium Area Strong Development Foundation T54 Cardium Area Details Production boe/d 19,500 Locations 1,500 Land net sections 700 Easyford T50 Pembina 1P Reserves MMboe 72 2P Reserves MMboe 99 PCU 11 J Lease PCU 9 Cardium…
Multi-Horizon Potential in Cardium Area FORMATION Cardium BELLY RIVER Prospective Zone COLORADO SHALE High netback oil-weighted production base Current Core Long and successful history as top CARDIUM Development operator in the…
Peace River Area Stable Cash Generation Penn West land R20W5 R15 Peace River Area Details Production boe/d 5,000 15 kms T85 Oil Weighting % 98% 10 miles 1P Reserves MMboe 7 2P Reserves MMboe 37 Peace River Peace River Area…
Alberta Viking Area Prospective Light Oil Fairway Alberta Viking Area Details T35 Production boe/d 1,000 Locations 500 Land net sections 174 Alberta Viking Alberta Viking Area Well Economics NPV (K) 1,949 T30 1,569 15 kms…
Appendix
STOCK EXCHANGE INVESTOR RELATIONS Toronto: PWT Toll Free: 1-888-770-2633 New York: PWE.BC Email: investor_relationspennwest.com Website: www.pennwest.com INDEPENDENT RESERVES EVALUATOR Sproule Associates Limited PENN WEST Suite 200,…
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