MONTNEY: JUST KEEPS GETTING BETTER 111.7 300,000 TCFE TPIIP Net Acres in Resource the Montney +21% Production per Share Growth 2016 over 2015 (forecast)
CREW CORPORATE SNAPSHOT OPERATING SUMMARY 1H 2016 production (average) 22,980 boe/d Forecast 2016 production range 23,000 - 25,000 boe/d 44% hedged Montney land position (4th largest NE BC holder) 300,000 net acres 2P gross…
Q2 2016 HIGHLIGHTS Production 24% year over year to 21,950 boe/d Operating costs per boe 31% year over year and 6% quarter over quarter to 6.04 / boe; Greater Septimus operating costs 9% from Q1 to 4.02 / boe All-in cash costs per…
Q2 2016 STANDOUT PERFORMANCE High Quality Montney Assets Support Strong Results Top Quartile Q2 Operating Netbacks (Pre-Hedging) Competitive Operating Costs Among Montney- Among Montney-Focused Peers (/boe) Focused Peers (/boe) 20…
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…
CREWS NEBC MONTNEY Low Costs + High IPs + EURs + Liquids = Sweet Spot of the Montney (Area 2) High IRR & EUR TD Focus Areas - Area 1 (Greater Town) Comparison of IRRs and EURs across Montney Focus Areas (1) - Area 2 (Greater…
MASSIVE LAND POSITION IN THE SWEET SPOT OF THE MONTNEY Significant Area Operators Crew Energy Inc. Pengrowth Energy Arc Resources Penn West Petroleum Broker Lands Repsol Canadian Natural Res. Shell Canada Encana Suncor Energy…
GROWING MONTNEY RESOURCE 32% Increase NGL ECR in15 Total Petroleum Initially In Place (TPIIP) Economic Contingent Resource (Tcfe) (Tcfe, Best Estimate Risked) 148.1 9.0 Liquids Natural Gas 111.7 Resource (tcfe) 7.0…
EARLY STAGES: 53.1 NET SECTIONS (11%) HAVE UPPER MONTNEY RESERVES ASSIGNED 472 Total Net Sections Flatrock Montney Oil / Liquids Rich Goose Natural Gas / Dry Gas Attachie West Septimus Portage Tower Crew Acreage Septimus…
CREW MONTNEY STRATIGRAPHIC STACK 2 HZ Wells 2 HZ Wells 3 HZ Wells 37 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…
GREATER SEPTIMUS AREA High Quality Rock + Enhanced Completion Techniques = Increased Liquids, EURs and Returns Greater Septimus Septimus & W. Septimus are separated by the Pine River Crew is the only operator with pipe that spans…
GREATER SEPTIMUS EVOLUTION Increased Liquids Rates Drives Area Optimization Outperformance of Initial Step-out development at West Septimus West Septimus Type Curve (2)(3) identified over-pressured area with greater 9,000 8,000…
TOWER OIL PLAY 51 net sections Expanding Montney Light Oil Play Near to mid-term growth potential First of several light oil, 45-46 API high netback areas in Crews Montney portfolio to Crew operated pipelines Spectra Westcoast…
ATTRACTIVE HALF-CYCLE TYPE WELL ECONOMICS Individual Well Well Capital Efficiency Identified NPV10 Payout Costs F&D (12 months prodn) Locations(1) (MM) (years) (MM) (/boe) (/boe/d) 48% SEPTIMUS 104 5.0 2.2 3.5 3.40 8,200 IRR(2)…
CREW MONTNEY SECURED TAKEAWAY Long-term transportation capacity and market planning facilitates growth Flatrock Goose Three pipeline options Attachie running west, east and West south provide access to Septimus North American…
ADVANTAGES OF GAS MARKET DIVERSITY Crews Gas Market Diversity Commencement of Alliance Pipeline service and August, 2016 3.00 initiation of diversified contract portfolio Sumas, Chicago WA 4% City Stn 2 4% 40% Gate 2.50 30%…
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…
LOWER MONTNEY: MULTIPLE PROSPECTIVE ZONES Attachie Septimus Groundbirch Sunrise Tower Doe 90+ Wells A A 3 Lower Montney Zones Goose Attachie 90+ Crew Lower Montney Well Locations in Greater Septimus A Lower Montney Crew…
STABLE ASSET: LLOYDMINSTER HEAVY OIL Lloydminster ALBERTA SASKATCHEWAN Formal sales process commenced in Q3 16 BRIGHTSAND Q2 operating netback of 15.77 / boe, SWIMMING LLOYD Lloydminster 700% over Q1, with opex down to 16.44…
MONTNEY: JUST KEEPS GETTING BETTER ReservesAdditions +21% Production per Share Growth 21% increase in PDP reserves/share(1) Forecast 2016 over 2015 Strong Balance Sheet 41% drawn on 235MM facility Access to Infrastructure…
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…
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%…
2016 CAPITAL PROGRAM AND FORECAST 2016 Cash Flow (CF) (mm) 75 Capex 70 Hedging Summary as of August 4, 2016 Year-end bank debt (mm) 238 Volume Period Derivative Reference Price Debt to annualized Q4 CF 2.3x Natural Gas…
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…
NE BC MONTNEY RESOURCE EVALUATION Dec. 31, Dec. 31, Reserves and Risked and Unrisked Economic Contingent Chance of Best Estimate Best Estimate 2015 2014 Resource (1)(2)(3)(6)(7)(8) Development Unrisked Risked Conventional Natural Gas…
NE BC MONTNEY RESOURCE EVALUATION, CONTINUED Chance of Best Estimate Best Estimate Prospective Resources (1)(2)(3)(4)(5)(6)(7) Commerciality Unrisked Risked Conventional Natural Gas (Tcf) 65% 10,225 6,695 NGL (MMbbl) 65% 354 231…
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