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October 2016 Corporate Presentation – Crew Energy Inc.

Crew Energy Inc. · Oct 5, 2016 · 23 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. October 2016 Corporate Presentation – Crew Energy Inc. – slide 1
    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)
  2. October 2016 Corporate Presentation – Crew Energy Inc. – slide 2
    CREW CORPORATE SNAPSHOT OPERATING SUMMARY 44% hedged 1H 2016 production (average) 22,890 boe/d 2016 production range (forecast) 23,000 - 25,000 boe/d Montney land position (3rd largest* NE BC holder) 300,000 net acres 2P gross…
  3. October 2016 Corporate Presentation – Crew Energy Inc. – slide 3
    Q2 2016 STANDOUT PERFORMANCE High Quality Montney Assets Support Strong Results Top Quartile Operating Netbacks (Pre-Hedging) Top Quartile Operating Costs Among Montney- Among Montney-Focused Peers (/boe) Focused Peers (/boe) 20 11…
  4. October 2016 Corporate Presentation – Crew Energy Inc. – slide 4
    MASSIVE LAND POSITION IN THE SWEET SPOT OF THE MONTNEY Only 11% of Crews 472 net sections have Significant Area Operators Upper Montney reserves assigned Crew Energy Inc. Pengrowth Energy Arc Resources Penn West Petroleum Broker…
  5. October 2016 Corporate Presentation – Crew Energy Inc. – slide 5
    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…
  6. October 2016 Corporate Presentation – Crew Energy Inc. – slide 6
    SUCCESSFUL EXECUTION DRIVES MONTNEY GROWTH P+P Reserves (MMBOE)(1) Best Estimate Economic Contingent Resource 300.0 Liquids mmbbls 246.5 250.0 Gas mboe 201.9 9.0 TCFE(3) 200.0 Liquids tcfe 8.3 TCFE(2)(3) Gas tcf 150.0 1.5 99.2…
  7. October 2016 Corporate Presentation – Crew Energy Inc. – slide 7
    CREW MONTNEY STRATIGRAPHIC STACK 2 HZ Wells 2 HZ Wells 3 HZ Wells 42 HZ Wells 72 HZ Wells 1 HZ Well 10 HZ Wells West Portage Groundbirch Attachie West Septimus Septimus Goose Tower Doig 5 23 1 AA Upper Montney 1 7 2 1 A 30…
  8. October 2016 Corporate Presentation – Crew Energy Inc. – slide 8
    SEPTIMUS AREA Economics(1): 104 100% Full Cycle Half Cycle Identified Locations(2) EUR(5) per well since 2010 Capital Expenditures (MM) 4.3 3.5 1 Month IP (boe/d) 809 809 Septimus Type Wells(3)(4)(5) Oil (mbbls) 0 0 2,500…
  9. October 2016 Corporate Presentation – Crew Energy Inc. – slide 9
    WEST SEPTIMUS Economics(1): 512 Identified Locations(2) Condensate - Rich Full Cycle Half Cycle Up to 220 bbl/mmcf(3) Capital Expenditures (MM) 4.3 3.5 1 Month IP (boe/d) 1,036 1,036 Outperformance of Initial West Septimus Type…
  10. October 2016 Corporate Presentation – Crew Energy Inc. – slide 10
    TOWER OIL PLAY Economics(1): Full Cycle Half Cycle 127 Identified Locations(2) High - Netback Light, sweet oil Capital Expenditures (MM) 6.1 5.2 1 Month IP (boe/d) 586 586 Area Operators Tower Well Performance: Oil (mbbls) 185…
  11. October 2016 Corporate Presentation – Crew Energy Inc. – slide 11
    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…
  12. October 2016 Corporate Presentation – Crew Energy Inc. – slide 12
    NEXT GROWTH PHASE GROUNDBIRCH ATTACHIE 99,563 net acres (156 net sections) 62,202 net acres (97 net sections) Delineation area with long-term upside Successful pilot wells prove resource with several prolific offsetting producers in…
  13. October 2016 Corporate Presentation – Crew Energy Inc. – slide 13
    CONTINUAL IMPROVEMENTS IN CAPITAL EFFICIENCIES Continuously improving capital efficiencies & recycle ratios across all reserves categories(1)(2) Production addition costs have been reduced 70% from early 2014 through 2016 Low…
  14. October 2016 Corporate Presentation – Crew Energy Inc. – slide 14
    DRIVING DOWN COSTS THROUGH ENHANCED OPERATING + CORPORATE EFFICIENCIES 18 16 32% Reduction in costs / boe 14 from Q3 14 to Q2 16 12 10 8 Per boe costs expected to 6 decline further with increased volumes through 4 W. Septimus…
  15. October 2016 Corporate Presentation – Crew Energy Inc. – slide 15
    CREW MONTNEY SECURED TAKEAWAY Long-term transportation capacity and market planning facilitates growth Flatrock Three pipeline options running west, east and Goose south provide access to North American markets Attachie West…
  16. October 2016 Corporate Presentation – Crew Energy Inc. – slide 16
    ADVANTAGES OF GAS MARKET DIVERSITY Commencement of Alliance Pipeline service 3.00 and initiation of diversified contract portfolio 2.50 Natural Gas Prices (C/MCF) 2.00 1.50 Crews Gas Market Diversity October, 2016…
  17. October 2016 Corporate Presentation – Crew Energy Inc. – slide 17
    STABLE ASSET: LLOYDMINSTER HEAVY OIL Lloydminster ALBERTA SASKATCHEWAN Currently in sales process BRIGHTSAND Q2 operating netback of 15.77 / boe, SWIMMING LLOYD Lloydminster 700% over Q1, with opex down to 16.44 / FOREST LOW…
  18. October 2016 Corporate Presentation – Crew Energy Inc. – slide 18
    MONTNEY: JUST KEEPS GETTING BETTER Strong Balance Sheet +21% Production / Sh Growth 41% drawn on 235MM facility Forecast 2016 over 2015 Access to Infrastructure Existing and growing Massive Resource Per Share Reserves Growth…
  19. October 2016 Corporate Presentation – Crew Energy Inc. – slide 19
    APPENDIX 21
  20. October 2016 Corporate Presentation – Crew Energy Inc. – slide 20
    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%…
  21. October 2016 Corporate Presentation – Crew Energy Inc. – slide 21
    2016 CAPITAL PROGRAM AND FORECAST 2016 Cash Flow (CF) (mm) 75 Capex 70 Hedging Summary as of October 4, 2016 Year-end bank debt (mm) 233 Volume Period Derivative Reference Price Debt to annualized Q4 CF 2.3x Natural Gas…
  22. October 2016 Corporate Presentation – Crew Energy Inc. – slide 22
    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…
  23. October 2016 Corporate Presentation – Crew Energy Inc. – slide 23
    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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