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November 2016 Investor Presentation – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Nov 14, 2016 · 56 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. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 1
    Corporate Presentation November 14 2016
  2. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 2
    2 Current Status Nov 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 approximately 210,000 215,000…
  3. November 2016 Investor 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. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 4
    4 Shell Acquisition Overview Oct 2016 A major step towards the ongoing plan to become Canadas and one of North Americas largest, most efficient, lowest cost and profitable natural gas producers. The acquisition provides a…
  5. November 2016 Investor 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. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 6
    6 Alberta Deep Basin Shell Deep Basin Assets Oct. 2016 Tourmaline has reached production levels of T65 R9 R7 R5 135,000 boepd from the Deep Basin through Current Production 130,000 -135,000 boepd drilling 267 hz wells to date. The…
  7. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 7
    7 Shell Deep Basin Assets Overview Oct 2016 The asset is the original Duvernay Oil Corp. Deep Basin position supplemented with incremental acreage by Shell. (2008-2016) The asset was producing approximately 17,500 boepd in 2008…
  8. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 8
    8 Top Gas Wells Drilled in Alberta in the Last 12 Months (90 Day Average IP) Sep 2016 CalendarDay Avg Natural Gas Production (Mcf/d) 20,000 Tourmaline had 18 of the top 20 gas wells in Alberta between July 2015 and July 2016, all…
  9. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 9
    9 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…
  10. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 10
    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…
  11. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 11
    Shell Gundy Ck BC Montney Asset 11 The Creation of a Tourmaline Northern Montney Core Area Oct 2016 One of most attractive Montney sub-play areas in Western Canada with a 300m thick overall section, 4 separate lobes and liquid…
  12. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 12
    12 Gundy Ck Acquisition/ Northern Montney Complex Oct 2016 Gundy Current Production: 6,214 boepd (July) No of wells drilled: 25 F No of potential locations: 1647 (100% TOU) C G C HH H H D H Liquid content: 30-50…
  13. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 13
    13 Peace River High Complex Charlie Lake Play Oct 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 Mulligan 4-13 Upper…
  14. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 14
    14 Tourmaline Mid-Stream Assets Sep 2016 The infrastructure skeleton in all three core operated complexes is now complete R. 1W6 R. 15W6 R. 15W5 NE Alberta BC Inga 14 Working interest gas plants, 11 of which are 100% owned and…
  15. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 15
    15 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…
  16. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 16
    16 Gas Development Location Inventory and Economics Oct 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,…
  17. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 17
    17 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…
  18. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 18
    18 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 -…
  19. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 19
    19 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…
  20. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 20
    20 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…
  21. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 21
    21 2017/18 Guidance Nov 2016 2017(1) 2018(1) Base Pro Forma(2) Base Pro Forma(2) Production Boe/d 225,000 260,000 260,000 320,000 Cash Flow - MM(i) 1,260 1,440 1,530 1,871 CFPS - Diluted(i) 5.30 5.34 6.36 6.87 E&P Capital…
  22. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 22
    Q4 2016 Production Outlook 22 (Base Case Excluding Shell Transaction) Oct 2016 245,000 Monthly production additions depict the total new 240,000 production brought on stream at any time in the Smoky 4-26 Pad month and do not…
  23. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 23
    23 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…
  24. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 24
    24 Natural Gas Flows From Western Canada
  25. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 25
    APPENDIX
  26. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 26
    Largest Canadian Gas Producers; 26 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…
  27. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 27
    27 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…
  28. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 28
    28 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…
  29. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 29
    29 Hedging Summary 2017 Nov 2016 2017 Gas Hedges Volume Weighted Avg Price mcf/d /mcf(1) 231,044 Total price protected volumes Fixed Price Hedges (mcf/d) AECO (CDN) 86,300 2.65 196,000 Production volumes committed Fixed Nymex (US)…
  30. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 30
    30 Quarterly Hedge Summary Nov 2016 Natural Gas Volume Q4 2016 WAVG Price Volume Q1 2017 WAVG Price Volume Q2 2017 WAVG Price Volume Q3 2017 WAVG Price mcf/d /mcf(1) mcf/d /mcf(1) mcf/d /mcf(1) mcf/d /mcf(1) Fixed Price…
  31. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 31
    31 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…
  32. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 32
    32 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…
  33. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 33
    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…
  34. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 34
    3 4 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…
  35. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 35
    35 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…
  36. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 36
    Deep Basin Wilrich: Sweet Spot Outperformance 36 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…
  37. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 37
    Alberta Deep Basin: 37 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…
  38. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 38
    38 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
  39. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 39
    NEBC Montney Gas Condensate and Peace 39 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…
  40. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 40
    40 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…
  41. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 41
    41 BC Montney Drill/Complete Cost Progression Apr 2016 10 9 7.58.0 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…
  42. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 42
    42 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…
  43. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 43
    43 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 Inga 84.3 BC TCF, the second largest in Canada. 75 Peace River High T85 mmboe Charlie…
  44. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 44
    44 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.…
  45. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 45
    2015/Q1 2016 Acquisition Activity 45 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…
  46. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 46
    46 2015 New EP Opportunities Apr 2016 Tourmaline has multiple new plays and opportunities arising from the ongoing EP program. R. 15W6 R. 1W6 R. 15W5 All of these new opportunities will access existing Tourmaline infrastructure NE…
  47. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 47
    47 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…
  48. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 48
    48 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…
  49. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 49
    49 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…
  50. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 50
    50 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…
  51. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 51
    51 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…
  52. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 52
    52 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…
  53. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 53
    53 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…
  54. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 54
    54 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),…
  55. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 55
    55 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…
  56. November 2016 Investor Presentation – Tourmaline Oil Corp. – slide 56
    56 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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