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CORPORATE PRESENTATION – Crew Energy Inc.

Crew Energy Inc. · Nov 25, 2014 · 38 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. CORPORATE PRESENTATION – Crew Energy Inc. – slide 1
    CORPORATE PRESENTATION November, 2014 SHARPENING OUR FOCUS 1
  2. CORPORATE PRESENTATION – Crew Energy Inc. – slide 2
    INVESTMENT HIGHLIGHTS MONTNEY FOCUS LONG-TERM GROWTH Exposure to world-class Massive resource in early Montney resource (109 TCFE) stages of development (0.6 TCFE 2P reserves booked) Large, contiguous land base (487 net sections)…
  3. CORPORATE PRESENTATION – Crew Energy Inc. – slide 3
    FOCUSED OPERATIONS Montney (Core focus) Resource play with long-term growth potential Montney Oil / Liquids rich Fort St. John natural gas / dry gas Lloydminster Heavy Oil Low maintenance capex Edmonton generates free cash…
  4. CORPORATE PRESENTATION – Crew Energy Inc. – slide 4
    World-Class Montney Resource 5
  5. CORPORATE PRESENTATION – Crew Energy Inc. – slide 5
    THE MONTNEY OF NEBC: 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…
  6. CORPORATE PRESENTATION – Crew Energy Inc. – slide 6
    SEPTIMUS: SWEET SPOT OF THE MONTNEY Crews 487 sections of land are situated in the sweet spot of the play (Area 4) 1 MONTNEY SUB-GROUP REGIONS Altares/Caribou/Farrell/Kobes/Town/ Highest IRR & IP30at Parkland / Septimus / Tower1…
  7. CORPORATE PRESENTATION – Crew Energy Inc. – slide 7
    GROWING MONTNEY ACREAGE Sharpens Focus Montney (2007) Montney (2010) Montney (2014) CREW ACREAGE BREAKDOWN: Oil Sections: 138 Wet Gas Sections: 239 Dry Gas Sections: 110 Total Sections: 487 8
  8. CORPORATE PRESENTATION – Crew Energy Inc. – slide 8
    SUCCESSFUL EXECUTION P+P Montney Reserves Growth (MMBOE) 120.0 Liquids mmbbls Growth in Resource & Reserves 100.0 Gas mboe 99.2 80.0 Montney Resource Estimate 60.0 46.7 48.1 40.0 120 Liquids tcfe 27.7 109 TCFE 21.6 Gas tcf…
  9. CORPORATE PRESENTATION – Crew Energy Inc. – slide 9
    MONTNEY RESERVES: EARLY STAGES 92% UNDEVELOPED Flatrock Goose Attachie Portage Septimus Tower Groundbirch Crew Montney Gas Tests Crew 2014 Drilled Unbooked Location Sproule 2013 Yearend Booked Reserve Lands 10
  10. CORPORATE PRESENTATION – Crew Energy Inc. – slide 10
    Crew Montney ABUNDANT AND Lands GROWING Proposed STN 2 INFRASTRUCTURE Canadian LNG Ports AECO Gas Acreage is optimally situated to Kingsvale Storage Hub feed potential long term demand Spectra P/L Multiple egress options…
  11. CORPORATE PRESENTATION – Crew Energy Inc. – slide 11
    ACREAGE PROXIMAL TO INFRASTRUCTURE Multiple infrastructure options Flatrock and growing processing capacity Goose Crew Operated Pipeline Proposed North Montney Mainline Project Alliance Operated Pipeline Attachie Spectra…
  12. CORPORATE PRESENTATION – Crew Energy Inc. – slide 12
    MONTNEY DEPOSITIONAL ENVIRONMENT Paleo desert source unimodal grain size distribution Early Triassic Paleogeography enhanced permeability Lower Triassic Montney Formation is an exceptionally thick, marine clastic wedge deposited…
  13. CORPORATE PRESENTATION – Crew Energy Inc. – slide 13
    CREW MONTNEY STRATIGRAPHIC STACK West Portage Groundbirch Attachie West Septimus Septimus Goose Tower Doig 3 19 1 AA Upper Montney 2 6 2 1 A 6 36 1 B 500 Feet 1 2 C Lower Montney Monias High of Crew…
  14. CORPORATE PRESENTATION – Crew Energy Inc. – slide 14
    SEPTIMUS Initial Montney Development Area Active drilling and development program Adoption of new technology 57 wells drilled to date Crew Operated Pipeline Spectra Westcoast Pipelines Existing 60 mmcf/d gas plant currently…
  15. CORPORATE PRESENTATION – Crew Energy Inc. – slide 15
    SEPTIMUS: EXCEPTIONAL ECONOMICS & IMPROVING EURs Positive results in Septimus to date support expansion into other areas of the Montney: West Septimus, Tower 4.3 bcf EUR per well 500 boe/d IP365 & Groundbirch Well Economics1…
  16. CORPORATE PRESENTATION – Crew Energy Inc. – slide 16
    WEST SEPTIMUS Greater porosity, permeability and liquids than Septimus Continuation of Septimus Trend Step-out area - Montney expansion Over pressured area with proven liquids-rich gas 00/8-22 Up to 220 bbls condensate/mmcf…
  17. CORPORATE PRESENTATION – Crew Energy Inc. – slide 17
    TOWER 51 net sections Emerging Montney Light Oil Play 765 drilling locations 15 wells/ section Able to benefit from industry Near to mid-term growth with experience in the area to optimize excellent netbacks efficiencies 160 mboe…
  18. CORPORATE PRESENTATION – Crew Energy Inc. – slide 18
    TOWER Light Oil Leads to Strong Netbacks 12-15wells / section drilling plan Tower Montney Economics Capex (mm) 6.5 1 month IP (boepd) 710 Reserves: Oil (mbbls) 150 NGL (mbbls) 60 Gas (BCF) .97 NPV10 (mm) 6.1 90 m 45…
  19. CORPORATE PRESENTATION – Crew Energy Inc. – slide 19
    Montney Next Steps: Future Growth 20
  20. CORPORATE PRESENTATION – Crew Energy Inc. – slide 20
    NEXT STEPS: GROUNDBIRCH Planned gas plant and pipeline infrastructure supports area growth Delineation Area with Long-Term Upside Offsetting vertical + horizontal development Over-pressured with liquids-rich natural gas Large pay…
  21. CORPORATE PRESENTATION – Crew Energy Inc. – slide 21
    NEXT STEPS: ATTACHIE Proof of Concept Stage Excellent test rates from Several prolific offsetting producers in Upper and Lower Montney initial wells Crew 10-22 well Over-pressured with liquids-rich natural Crew 15-36 well…
  22. CORPORATE PRESENTATION – Crew Energy Inc. – slide 22
    ACCELERATED MONTNEY DEVELOPMENT Goal to achieve 45,000 boe/d from Montney by 2018 (5 year plan) Free Cash Flow Positive Forecast Production Growth Capex versus Cash Flow2 50,000 450 45,000 400 61 Production (boepd) 40,000…
  23. CORPORATE PRESENTATION – Crew Energy Inc. – slide 23
    LONGER-TERM MONTNEY DEVELOPMENT Converting Development Into Sustainable Free Fewer wells required over time to generate Cash Flow same cash flow1 from one 60mmcf/d plant 90 OVER TIME: 80 Capital/ Cash Flow ( millions) 70…
  24. CORPORATE PRESENTATION – Crew Energy Inc. – slide 24
    SIGNIFICANT MONTNEY RESOURCE UPSIDE Achieving our 5 year plan…
  25. CORPORATE PRESENTATION – Crew Energy Inc. – slide 25
    Lloydminster Heavy Oil Low Risk Funding Source 26
  26. CORPORATE PRESENTATION – Crew Energy Inc. – slide 26
    LLOYDMINSTER HEAVY OIL Lloydminster ALBERTA SASKATCHEWAN Strong well economics on 6,000 BRIGHTSAND boe/d of production generates high free cash flow SWIMMING LLOYD Low capex and high capital Lloydminster LOW LAKE FOREST…
  27. CORPORATE PRESENTATION – Crew Energy Inc. – slide 27
    ATTRACTIVE LLOYDMINSTER ECONOMICS Crew Horizontal Heavy Oil Wells Type Curve 80 70 60 Lloydminster Type Wells1 Oil Rate (bopd) Lloyd Lloyd VT Single Per Well HZ Zone 50 Peak Rate (bopd) 75 45 40 Reserves (mboe) 65 50…
  28. CORPORATE PRESENTATION – Crew Energy Inc. – slide 28
    UPCOMING CATALYSTS Capex 305MM West Septimus West Septimus in 2014 20 well pad drilling 20 well pad completions Tower Tower Pad Completions 3 well Pad Drilling Q4 Q1 Q2 Q3 Q4 2014 2015 2015 2015 2015 Tower West Septimus…
  29. CORPORATE PRESENTATION – Crew Energy Inc. – slide 29
    UNIQUE INVESTMENT OPPORTUNITY MONTNEY FOCUS 4th largest Montney landholder in NE BC Access to multiple markets, growing egress and potential to feed long term demand Emerging light oil play 109 TCFE TPIIP Resource LONG TERM…
  30. CORPORATE PRESENTATION – Crew Energy Inc. – slide 30
    CORPORATE SNAPSHOT TSX:CR TSX Trading symbol CR Basic shares (mm) 122.3 Market capitalization 7.50/sh (mm) 917 2014 YTD high trade 12.74 2014 YTD low trade 6.33 2014 YTD average trading volume per day (m) 1,143 Employee/Director…
  31. CORPORATE PRESENTATION – Crew Energy Inc. – slide 31
    Contact Info: Dale O. Shwed, President & CEO Suite 800, 250 - 5th Street SW John G. Leach, Senior Vice President & CFO Calgary, Alberta T2P 0R4 Telephone: (403) 266-2088 Rob J. Morgan, Senior Vice President & COO Email:…
  32. CORPORATE PRESENTATION – Crew Energy Inc. – slide 32
    APPENDIX 33
  33. CORPORATE PRESENTATION – Crew Energy Inc. – slide 33
    2014 BUDGET SUMMARY Budget 2014 Assumptions: Cash Flow (CF) (mm) 176 Production guidance (boepd) 24,500 CF/diluted share 1.41 Exit production (boepd) 22,500 E&D Capex (mm) 305 Pricing Gas (AECO-C/gj) 4.11 Year-end bank debt and…
  34. CORPORATE PRESENTATION – Crew Energy Inc. – slide 34
    Assumptions Accelerated Montney development (slide 23) Longer-term Montney development (slide 24) 2014 to 2018 259 mm infrastructure capital AECO (/mcf) 3.75 Three 60 mmcf/d gas plants; planned on stream Q3/2015, Q3/2016 & Q3/2018…
  35. CORPORATE PRESENTATION – Crew Energy Inc. – slide 35
    NE BC MONTNEY RESOURCE EVALUATION Natural Gas Resource Categories (1)(2)(3) Tcf Reserves and Contingent Resources (1)(2)(3)(6)(7) Best Estimate Total Petroleum Initially In Place (TPIIP) 60.6 Natural Gas (Tcf) Discovered Petroleum…
  36. CORPORATE PRESENTATION – Crew Energy Inc. – slide 36
    COMPARATIVE: MONTNEY VS OTHER NORTH AMERICAN RESOURCE PLAYS ECONOMICS Montney half-cycle per-well economics are strong and comparable to many key US shale plays even when including prevailing FX / basis 70% Illustrative half…
  37. CORPORATE PRESENTATION – Crew Energy Inc. – slide 37
    SEPTIMUS MONTNEY: SWEET SPOT OF THE BASIN EQUALS LEADING ECONOMICS Montney Well Economics by Area Capex/ well IP 30 Recovery Liquids Yield BTax IRR BTax NPV Fields (mm) (mmcf/d) (bcfe) (bbl/mmcf) 8.5% (mm) Area 4 Parkland, Septimus,…
  38. CORPORATE PRESENTATION – Crew Energy Inc. – slide 38
    DEFINITIONS OF OIL & GAS RESOURCES AND RESERVES Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis…

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