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September 2016 Corporate Presentation – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Sep 1, 2016 · 54 slides

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Slides

  1. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 1
    Corporate Presentation September 2016
  2. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 2
    2 Current Status Sep 2016 Production Overview 2016 average production forecast of 190,000-195,000 boepd (approx. 25% annual growth over 2015 average of 154,400 boepd) 2016 exit production estimate of 210,000 215,000 boepd Exit…
  3. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 3
    3 Historical EP Performance Mar 2016 Production Growth Per Share* Reserves Growth Per Share* 300 5 Production per Thousand Shares Reserves per Share (BOEs) 250 4 200 3 (BOEs) 150 2 100 50 1 0 0 2009 2010 2011…
  4. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 4
    Largest Canadian Gas Producers; 4 2014 & 2015 Dec 2015 Canadian WCSB Gas Production 2014A & 2015E** 1,700 1,600 2014A Production 1,500 2015E Production 1,400 2016E Production 1,300 1,200 Production (MMCF/D) 1,100 1,000…
  5. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 5
    5 Alberta Deep Basin Sep 2016 R. 9 R. 8 R. 7 R. 6 R. 5 Tourmaline R. 4 R. 3 R. 2has reached R.1W6M R26,W5M production levels of 135,000 boepd from the Deep Basin through Current Production 130,000-135,000 boepd T. 64 drilling…
  6. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 6
    6 Top Gas Wells Drilled in Alberta in 2015 Source: Peters & Co, geoSCOUT
  7. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 7
    7 Alberta Deep Basin Infrastructure Sep 2016 R. 9 R. 8 R. 7 R. 6 R. 5 R. 4 R. 3 R. 2 R.1W6M R26,W5M Tourmaline Tourmalines 1.69 MM Acres, the largest land position in the Musreau 8-13 TCPL Main Line T. 64 T. 64 Deep Basin, is…
  8. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 8
    8 Sunrise/Dawson NEBC Montney/Doig Development Sep 2016 Westcoast McMahon Gas Plant Current Prod. 250-270 mmcf/d 4,500-5,000 bopd (cond,ngls) Current Reserves 376.2 mmboe (Jan 1, 2016) Montney Drilling In excess of 2,100…
  9. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 9
    10 Tourmaline Montney EP Performance Sep 2016 200,000 1.8 180,000 BC/AB Montney Well Performance Montney Production NEBC 1.6 160,000 Average IP 30 Well Rates (2015/16) 1.4 140,000 120,000 1.2 Boe/d 000 Boe/d 100,000 1…
  10. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 10
    10 Distribution of the Top 25 Wells Drilled in Western Canada in 2015 Feb. 2016 AVG Hz Lateral Length 1 - Ansell (3 wells TOU: 1390m 2 - Kakwa (4 wells) Non-TOU: 2760m 3 - Marsh (2 wells) 4 - Wild River (1 well) 1 5 - Brazeau (1…
  11. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 11
    11 Peace River High Complex Charlie Lake Play Sep 2016 Earring 15-16 R. 10 R. 9 R.BOPD, IP90: 130 7 R. 5 1.7 MMSCF/D Peace River High Charlie Lake Play 1,606 Horizontal Locations* along Regional Play Fairway 6-10 Vert. Cum. 55…
  12. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 12
    12 Tourmaline Mid-Stream Assets Sep 2016 The infrastructure skeleton in all three core operated complexes is now complete R. 15W6 R. 1W6 R. 15W5 NE Alberta BC Inga 14 Working interest gas plants, 11 of which are 100% owned and…
  13. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 13
    13 Historical Reserves Summary Mar 2016 Reserves (GLJ) Reserves 2012 2013 2014 2015 1200 2011 2012 2013 2014 2015 (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) 1000 PDP 67.3 91.9 122.3 177.8 263.2 TP 149.0 249.2 316.5 472.3 644.1…
  14. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 14
    14 Gas Development Location Inventory and Economics Aug 2016 AB Deep Basin Outer Foothills AB Deep Basin B.C. Montney Charlie Lake Vertical Vertical Horizontal Horizontal Horizontal Total Well Costs 3.7 5.25 4.40 2.90 2.7 (Drill,…
  15. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 15
    15 Sweet Spot Location Inventory Aug 2016 AB Deep Basin B.C. Montney B.C. Montney Charlie Lake The Sweet Spot Locations are profitable on a Wilrich/Notikewin Dawson Lower Montney/ Spirit River/ full cycle basis at these commodity…
  16. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 16
    16 Completed Well Costs and EUR By N. American Play Type Aug 2016 Drilling 3 Completed Well Cost CDN EUR (Bcfe) Montney Wells 25 22.5Bcfe 20 19.2 Bcfe 17.7 Bcfe 15 13.7 MM 12.0 MM 10 8.4 8.7 MM 8.7 MM MM 8.1 Bcfe…
  17. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 17
    17 Tourmaline vs US Gas Weighted Peers Cash Costs Per BOE Aug 2016 Operating Transportation G&A Interest 12.00 10.80 10.00 1.62 1.81 8.00 Costs Per BOE 6.00 5.05 0.45 5.39 0.36 4.00 1.60 2.00 2.64 1.98 -…
  18. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 18
    18 Capital Cost Reduction Overview July 2016 Tourmaline drill and complete capital costs have been reduced by 30% since Q1 2015. A further 15% reduction is targeted with the 2H 2016 EP program. The Company estimates that 60-65% of…
  19. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 19
    19 Continuous Cost Reduction Strategy Aug 2016 Operating Costs General and Administrative Costs 2.46 8.00 2.50 7.00 2.00 6.34 6.00 /boe 1.50 /boe 5.58 1.29 4.87 1.02 5.00 1.00 4.43 4.35 4.37 0.79 0.74 0.60…
  20. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 20
    20 2016/17 Guidance Aug 2016 The 2017 EP program/guidance assumes a 12 drilling rig program. The Company is staffed to effectively operate 22 rigs and will systematically expand the 2017 program should commodity prices exceed…
  21. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 21
    21 Underlying Natural Gas Fundamentals are Strong. Mar 2016 Supply/Demand fundamentals support a strong natural gas price recovery, the warm 2015/2016 winter has temporarily deferred this rally, to 2H 2016/Q1 2017. Natural Gas…
  22. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 22
    22 Natural Gas Flows From Western Canada
  23. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 23
    23 2016 EP/Operations Outlook Aug 2016 2016 production growth of approximately 25% YOY. Current facility capacity of approximately 210,000-215,000 boepd, matching the 2017 production forecast. 2017 EP program assumes a 12 rig…
  24. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 24
    APPENDIX
  25. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 25
    25 Tourmaline Vs. US Shale Plays (1) Apr 2016 Tourmaline Tourmaline Marcellus Shale Marcellus Shale Utica Alberta Deep Basin (2) B.C. Montney (2) Liquids Rich Drill, Case, Complete 3.6MM 2.5MM 8.2MM 8.2MM 12.8MM Costs (USD)…
  26. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 26
    26 Marcellus & Utica Rig Count vs Production Analysis Apr 2016 180 25 70 Rigs required to keep Appalachia Aggregate Gas 160 Production Flat at 19.8 Bcf/d(1)(2) 20 140 120 15 100 Rig Count Bcf/d 80 10 60 40…
  27. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 27
    27 Hedging Summary 2016 Aug 2016 2016 Gas Hedges (July December) Volume Weighted Avg Price 677,085 Total price protected volumes mcf/d /mcf(1) (mcf/d) Fixed Price Hedges 19,644 Additional short term hedged AECO (CDN) 298,739 2.33…
  28. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 28
    28 Quarterly Hedge Summary Aug 2016 Natural Gas Volume Q3 2016 WAVG Price Volume Q4 2016 WAVG Price Volume Q1 2017 WAVG Price Volume Q2 2017 WAVG Price mcf/d /mcf(1) mcf/d /mcf(1) mcf/d /mcf(1) mcf/d /mcf(1) Fixed Price…
  29. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 29
    29 EP Growth Plan (Original Business Plan) Sept 2008 This is essentially the same business plan that was executed for Duvernay Oil Corp. (2001-2008) Primary growth mechanism will be a conventional EP Program (including Resource…
  30. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 30
    30 Western Canadian Sedimentary Basin Selected Exploration & Production Opportunities NORTHWEST TERRITORIES Alta. Deep Basin Peace River High Charlie Lk. Oil. Alta./NEBC B.C. ALBERTA Resource Plays Peace River High…
  31. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 31
    Alberta Deep Basin Overview Aug 2016 The Alberta Deep Basin is the largest gas producing sub-basin in Western Canada, with current production of 3.2-3.3 bcf/day. The Alberta Deep Basin and the BC/Ab Montney are Canadas two premier…
  32. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 32
    3 2 Deep Basin Overview Apr 2016 Tourmaline has assembled the largest land position (1.69 million acres), delineated the largest drilling inventory (8,833 locations Schedule A) and has become the largest producer (current…
  33. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 33
    33 Alberta Deep Basin: Wilrich Regional Resource Play Apr 2016 R. 9 R. 8 R. 7 R. 6 R. 5 R. 4 R. 3 R. 2 R.1W6M R26,W5M T. 64 T. 64 Kakwa 4-29 Kakwa 13-12/5-12 30 day IP T.20.2 63 mmcfpd 30 day IP 19.2 mmcfpd T. 63 Tourmaline…
  34. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 34
    Deep Basin Wilrich: Sweet Spot Outperformance 34 TOU has delineated six extensive sweet spots in the Wilrich to date, totalling 700 of the 2,475 Company interest drilling locations. These future locations are all accessible to existing…
  35. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 35
    Alberta Deep Basin: 35 Notikewin/Falher Hz Program Apr 2016 R. 9 R. 8 R. 7 R. 6 R. 5 R. 4 R. 3 R. 2 R.1W6M R26,W5M KakwaT. 649-17 Kakwa 1-7 T. 64 30 day IP 21.8 mmcfpd 30 day IP 16.4 mmcfpd T. 63 T. 63 T. 62 Wild R 3-9…
  36. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 36
    36 Banshee Alberta Gas Plant Simple, easy to construct dew point plants tied to the main TCPL sales system Total cost (2 phases) of 80M, capacity of 130 mmcfpd with enhanced liquids recovery capability
  37. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 37
    NEBC Montney Gas Condensate and Peace 37 River High Charlie Lake Oil Core Areas Mar 2016 R23 R21 R19 R17 R15 R13 R11 R9 R7 R5 R3 R 1, W6M NE Alberta BC T85 Parkland Wabamun Gas Pool Devonian Parkland Non-Deposition T83 Montney…
  38. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 38
    38 Dawson-Doe Montney Turbidite Play May 2015 Tourmaline has delineated a new condensate rich Lower Turbidite Montney lobe at Dawson-Doe, with 17 wells drilled and completed since Q4 2013. The Company has a total of 273 remaining…
  39. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 39
    39 BC Montney Drill/Complete Cost Progression Apr 2016 10 9 7.5-8.0 MM 8 (4 Wells) Capital Cost Drill and Complete (Millions) 7 Optimized well Drilled approx Expanded to a design and expanded 6 15 wells/yr 3 rig program…
  40. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 40
    Tourmaline vs Canadian Gas Weighted Peers Cash Costs per BOE (Q2/16) Aug 2016 Operating Transportation G&A Interest 14.00 12.26 12.00 2.18 10.00 1.38 Costs Per BOE 8.00 2.56 6.52 6.00 0.58 0.47 2.06 4.00 6.15…
  41. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 41
    41 Current Reserve Distribution Mar 2016 R. 15W6 R. 1W6 R. 15W5 Peace River High NE Alberta Total Natural Gas Reserve Base of 5.69 100 BC Inga TCF, the second largest in Canada. 84.3 75 Peace River High T85 mmboe…
  42. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 42
    42 2015 Reserves Overview Mar 2016 Tourmaline has exceeded the billion barrel reserve milestone (Jan 1, 2016 2P reserves of 1.1 billion boe) and currently produces over 1.0 bcf/day of natural gas and 25,000 bpd of oil/cond/ngls.…
  43. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 43
    2015/Q1 2016 Acquisition Activity 43 Sweet Spot Consolidation Strategy Apr 2016 R. 15W6 R. 15W6 R.R. 1W6 1W6 R. 15W5 R. 15W5 2015 Acquisition activities will focus on adding new lands and incremental locations in the highest…
  44. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 44
    44 2015 New EP Opportunities Apr 2016 Tourmaline has multiple new plays and opportunities arising from the ongoing EP program. R. 1W6 All of these new opportunities will access existing Tourmaline infrastructure R. 15W6 R. 15W5…
  45. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 45
    45 2017/2018 New EP Project Inventory: Significant Growth Upside Apr 2016 2017 Base Case Volume Contribution 2H 2017/2018 Incremental Production Project from the New EP Projects Volume Potential (Upside Case) BC Montney Turbidite…
  46. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 46
    46 The Embedded Tourmaline Oil & Liquid Production Opportunity June 2016 R. 15W6 R. 1W6 R. 15W5 If oil prices recover to the 50/bbl level, Tourmaline can Peace River High quickly adjust the EP program to add over 15,000 bpd of 100…
  47. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 47
    47 Tourmaline Environmental Performance Tourmaline strives to continually improve all aspects of environmental performance including the impact of its operations on air, land and water. Tourmaline ranks as a top decile performer…
  48. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 48
    48 North East BC Montney Water Management July 2013 Non-potable water sourced lined reservoir for frac operations (2 non-freshwater wells) Separate water pipeline system to existing and future pads. Frac water pumped to pads…
  49. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 49
    49 Tourmaline Technology Curve/Future Concepts, Requirements & Opportunities Cost saving via novel frac water sourcing/recycling Alternative hz frac programs/processes Concurrent pairs, delayed flow-backs etc. Novel drilling…
  50. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 50
    50 2016 Financial/Capital Outlook Aug 2016 EP capital budgets for 2016 and beyond will be less than or equal to cash flow. First half 2016 capital program reduced to 310 million. The Company continues to maintain one of the…
  51. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 51
    51 Capitalization to Date Insiders Public Total millions of shares Price* millions of shares Price* 2008 Financings Common shares 28.50 5.16 22.00 7.00 301.0 2008 Financings Flow through shares 1.25 10.00 1.25 10.00 25.0 2009…
  52. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 52
    52 Schedule A DRILLING LOCATIONS This presentation discloses drilling locations in four categories: (i) proved undeveloped locations; (ii) probable undeveloped locations; (iii) unbooked locations; and (iv) an aggregate total of (i),…
  53. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 53
    53 Schedule A continued Deep Basin Vertical well count : Approximately 2,600 gross prospective sections at approximately 1.5 wells per section minus 10% for areas that are inaccessible or limited by spacing requirements minus…
  54. September 2016 Corporate Presentation – Tourmaline Oil Corp. – slide 54
    54 Schedule B Prospective locations are unbooked locations that are not included in inventory. Unbooked locations are internal estimates based on the Company's prospective acreage and an assumption as to the number of wells that can…

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