MONTNEY: JUST KEEPS GETTING BETTER 110+ 300,000 TCFE TPIIP Net Acres in Resource the Montney +20% Production per Share Growth 2016 over 2015 (forecast)
CREW ENERGY OVERVIEW Large, contiguous land base in NE BC Montney of over 300,000 net acres with access to liquids-rich natural gas and light oil Crews The largest hydrocarbon resource accumulations in our peer group Montney Acreage…
CAPITAL STRUCTURE SNAPSHOT MARKET SUMMARY (TSX: CR) as at Jan. 4 17 Basic shares outstanding (mm) Trading range (52 week) 146.8 2.65 - 8.10 40% hedged On forecast 2017 gas Average daily trading volume (m) 878 sales at 3.11/mcf…
200MM 2017 BUDGET & GROWTH OUTLOOK 90% Directed to Montney Production Growth & Infrastructure Expansion 140MM Montney Capital by Area Montney Production (BOE/D) Directed to Montney drill, complete, equip & tie-in activities 28,000…
WEST SEPTIMUS FOCUS IN 2017 DRIVES MONTNEY PRODUCTION AND INFRASTRUCTURE GROWTH Overview Target exit production of 30,000+ boe/d with annual volumes of 25 - 27,000 boe/d (72% natural gas) 15% growth in average volumes 2017 over 2016…
MASSIVE LAND POSITION IN THE SWEET SPOT OF THE MONTNEY Only 11% of Crews 474 net sections have Significant Area Operators Upper Montney reserves assigned Crew Energy Inc. Pengrowth Energy Arc Resources Penn West Petroleum Broker…
SUCCESSFUL EXECUTION DRIVES MONTNEY GROWTH Montney Production (BOE/D) Best Estimate Economic Contingent Resource (ECR) 25,000 Forecast Light oil bopd 9.0 TCFE(3) NGLs boepd Liquids tcfe 8.3 TCFE(2)(3) 20,000 Gas boepd 1.5 Gas tcf…
CONTINUAL IMPROVEMENTS IN CAPITAL EFFICIENCIES On-stream Costs - 90 Day Average IP ( per boe/d) Declining Drilling Days Reduces Costs 18,000 Enhanced completions 20 16,000 + lower costs = Improving Efficiencies 14,000 31%…
RISING NETBACKS & LOWER COSTS 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) 16…
CREW MONTNEY STRATIGRAPHIC STACK 2 HZ Wells 2 HZ Wells 3 HZ Wells 45 HZ Wells 76 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 31…
SEPTIMUS: FREE CASH FLOW GENERATION Economics(1): Full Cycle Half Cycle 104 92 MM Free cash flow Identified Locations(2) generated 16 19(3) Capital Expenditures (MM) 4.3 3.5 1 Month IP (boe/d) 809 809 100 Oil (mbbls) 0 0 Free cash…
WEST SEPTIMUS Economics(1): 512 Identified Locations(2) Condensate - Rich Up to 220 bbl/mmcf(3) Full Cycle Half Cycle Capital Expenditures (MM) 4.3 3.5 Outperformance of Initial 1 Month IP (boe/d) 1,036 1,036 West Septimus Type…
ENHANCED COMPLETIONS AT WEST SEPTIMUS Ultra Liquids-Rich Area 2 Upper Montney wells drilled & completed with 40 stage Ultra Liquids-Rich fracture treatments + higher sand loading (2 tonnes/metre) Attractive D, C, E & T costs of…
TOWER OIL 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: Previous vs. Current…
FUTURE GROWTH OPPORTUNITIES Over-pressured, liquids-rich natural gas areas ATTACHIE 90+ Lower Montney locations at Greater Septimus 1,000 thick pay (Upper + Lower Montney) Several prolific offsetting producers in 97net sections…
SECURED LONG TERM TRANSPORTATION Long-term transportation capacity and market planning facilitates growth to 60,000 boe/d to 2019 Flatrock Three pipeline options running west, east and Goose south provide access to North American…
ADVANTAGES OF GAS MARKET DIVERSITY 3.50 3.50 Commencement of Alliance Pipeline service and initiation of diversified contract portfolio 3.00 3.00 2.50 2.50 Natural Gas Prices (C/MCF) 2.00 2.00 1.50 1.50 Chicago Stn…
COMMITMENT TO LONG TERM VALUE CREATION Crew ranks in the top quartile on three year total shareholder return (TSR) 150% 3-Year TSR 100% 28.5% Three year TSR (1) 64.4% One year TSR (1)(2) 50% Crew 0% -50% (1)…
MONTNEY: JUST KEEPS GETTING BETTER Strong Balance Sheet +20% Production / Sh Growth 43% drawn on 235MM facility Forecast 2016 over 2015 Access to Infrastructure Existing and growing Massive Resource Per Share Reserves Growth…
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 Robert J. Morgan, Senior Vice President & COO Email:…
APPENDIX 22
STABLE ASSET: LLOYDMINSTER HEAVY OIL Lloydminster Currently in sales process ALBERTA SASKATCHEWAN Q3 operating netback of 13.41 / boe at BRIGHTSAND 41.02 / bbl WCS; offers significant torque to SWIMMING Lloydminster LOW…
DRIVING DOWN COSTS THROUGH ENHANCED OPERATING + CORPORATE EFFICIENCIES 37% 20.00 18.00 16.00 Reduction in cash costs / boe from Q3 14 to Q3 16 14.00 12.00 10.00 Per boe costs expected to 8.00 decline further with…
2015 YEAR END RESERVES SUMMARY Strong Montney Reserves Growth Through Drilling Success Low Finding & Development Costs with Strong Recycle Ratios (1)(2) 14 2015 Total 2015 11.71 Change 12 Reserves Change (per debt 2015 Reserves…
2017 CAPITAL PROGRAM AND FORECAST 2017 Cash Flow (CF) (mm) 150 Capex 200 Hedging Summary as of January 4, 2017 Year-end bank debt (mm) 295 Volume Period Derivative Reference Price Debt to annualized Q4 CF 1.5x Natural Gas…
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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