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January 2017 Corporate Presentation – Kelt Exploration Ltd.

Kelt Exploration Ltd. · Jan 19, 2017 · 39 slides

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Slides

  1. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 1
    Corporate Presentation January 2017 ( updated January 18, 2017 ) David J. Wilson, President & Chief Executive Officer Sadiq H. Lalani, Vice President & Chief Financial Officer www.KeltExploration.com
  2. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 2
    Why Invest in Kelt 1 CREATING VALUE DURING DOWNTURNS The Kelt management team has a track record of creating shareholder value during downturns, previously in the 2008- 2009 period with Celtic Exploration Ltd., sold in February…
  3. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 3
    Common Share Information 2 Stock Exchange listing TSX Trading symbol KEL Market capitalization 1.2 billion 52-week trading range 2.51 7.49 Common shares issued ( Jan/17/2017 ) 175.7 million D&Os have participated in all nine…
  4. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 4
    Convertible Debentures 3 TSX trading symbol KEL.DB Principal amount outstanding 90.0 million Coupon / Maturity date 5.0% / May 31, 2021 52-week trading range 105.50 150.02 D&Os purchased 15.0 million (17%) of the total Debenture…
  5. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 5
    Capital Expenditures 4 2016 2017 2017/16 ( millions ) 2015 Forecast Forecast Change Drilling & Completions 100.9 46.5 104.6 + 125% Facilities, Equipment & 56.0 28.8 32.0 + 11% Pipeline Infrastructure Land, Seismic & Asset 26.1…
  6. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 6
    Drilling Program 5 Notes: Gross Net Average 2017 Drills Wells Wells WI % [1] Alberta drilling prospects include : Grande Prairie : - Montney - Doig Alberta [1] 9 6.8 76% - Halfway - Charlie Lake Grande Cache : British Columbia…
  7. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 7
    Production Outlook 6 2016 2017 2017/16 2015 Forecast Forecast Change Oil ( bbls/d ) 5,091 5,130 6,700 31% NGLs ( bbls/d ) 1,607 2,700 2,500 -7% Gas ( mcf/d ) 71,272 79,020 82,800 5% Combined ( BOE/d ) 18,577 21,000 23,000…
  8. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 8
    Production Growth ( since inception ) 7 PRODUCTION ( BOE / d ) PRODUCTION PER MM SHARES ( BOE / d ) 28,000 160 CAGR since CAGR since 2013 = 55% 25,000 2013 = 25% 24,000 23,000 131 21,000 120 121 20,000 120 18,577 105 14,000…
  9. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 9
    Commodity Prices 8 2017/16 ( CA , unless otherwise specified ) 2015 2016 (E) 2017 (E) Change WTI Crude Oil ( USD/bbl ) US 48.80 US 43.25 US 52.00 + 20% CLS Crude Oil ( CAD/bbl ) 57.45 52.92 65.24 + 23% NYMEX Natural Gas (…
  10. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 10
    Forecast 2017 WTI & AECO Prices 9 WTI US/bbl AECO CA/GJ 60.00 5.00 53.00 53.00 53.00 53.00 53.00 53.00 52.00 52.00 51.00 51.00 50.00 49.80 50.00 4.00 3.53 3.32 3.22 3.14 40.00 3.05 3.00 2.80 2.84 2.84 2.84 2.71 2.60…
  11. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 11
    Gas Marketing / Transportation Contracts 10 Volume Market Term of Firm Service Market Index ( mmBtu/d ) Hub Nov/1/2016 Mar/31/2018 43,600 NIT AECO 5A ( CAD/GJ ) Apr/1/2018 Mar/31/2019 55,500 Nov/1/2016 Mar/31/2017 24,300 Chicago…
  12. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 12
    Hedging 11 ( CA unless otherwise specified ) Period Quantity Fixed Price Jan/1/17 to US 1 MM / USD Currency Swap [1] CAD 1.330 Dec/31/17 month Notes: [1] The USD currency swap was entered into pursuant to a Swaption from which…
  13. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 13
    Netbacks 12 2017/16 ( / BOE ) 2015 2016 (E) 2017 (E) Change Oil & gas revenue 26.45 23.85 32.12 + 35% Realized hedging gain ( loss ) ( 0.12 ) 0.02 0.00 - Royalties ( % of revenue ) ( 10.6% ) ( 9.2% ) ( 11.2% ) + 22%…
  14. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 14
    Financial Outlook 13 2016 2017 2017/16 2015 Forecast Forecast Change Revenue, before royalties ( MM ) 179.3 183.3 270.0 + 47% Funds from operations ( MM ) [1] 56.5 56.0 128.0 + 129% Per share diluted ( /share ) 0.36 0.32 0.73 + 128%…
  15. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 15
    Product Mix 14 2017 (E) 2017 (E) Product Income Production Operating Split Split BOE/d Income (MM) Oil 6,700 29% 88.5 62% NGLs 2,500 11% 9.7 7% Gas 82,800 60% 44.4 31% Combined 23,000 100% 142.6 100% G&A and interest expense (…
  16. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 16
    2017 Commodity Price Sensitivities 15 2017 (E) FFO per WTI AECO Funds from Share Crude Oil Nat Gas Operations Diluted ( USD/bbl ) ( CAD/GJ ) ( MM ) () 2017 Forecast 52.00 2.95 128.0 0.73 WTI plus 10% 57.20 2.95 140.1 0.80 +…
  17. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 17
    Core Areas 16 Inga / Fireweed ( BC ) : Montney condensate-rich gas Doig condensate-rich gas Baldonnel light oil Inga / Fireweed Grande Prairie ( AB ) : Grande Prairie Montney light oil Grande Cache Montney gas Doig gas…
  18. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 18
    Reserves 17 DEC/31/2014 DEC/31/2014 DEC/31/2015 DEC/31/2015 ( MM ) ( MMBOE ) NPV 10% BT ( MMBOE ) NPV 10% BT Proved Developed 26.8 404 33.8 364 Producing Total Proved 61.1 669 83.8 661 Proved plus Probable 99.1 1,072 150.5 1,185 (…
  19. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 19
    Kelt Land Fairway 18 Fireweed Corporate Land Holdings Inga Flatrock Dec/31 Net Net 2016 Acres Sections Stoddart Oak Developed 208,984 326 Fort St. John Undeveloped 647,605 1,012 Progress Total 856,589 1,338 Pouce Coupe…
  20. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 20
    British Columbia Montney Lands 19 LAND (Montney Rights) Gross: 264,115 acres ( 412 sections ) Net: 259,658 acres ( 406 sections ) Fireweed OPERATIONS Kelt has successfully delineated the upper Montney at Inga/Fireweed and…
  21. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 21
    British Columbia Montney Wells 20 PRODUCTION RESERVES Kelt Montney Drills: slick-water completions Typical well EURs: Top Wells IP30 ( gross sales, BOE/d ): Inga/Fireweed Upper Montney (1) Inga 14-24-087-23W6 MM [a] 1,412 ( 29% gas )…
  22. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 22
    Inga / Fireweed 21 LAND Montney Rights: c-26-A (sfc a-6-A) Gross: 188 sections Net: 186 sections c-85-I (sfc a-65-I) OPERATIONS Fireweed a-58-I c-31-I (sfc b-B62-I) Montney wells completed using slick- (sfc d-A79-I) [well…
  23. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 23
    Inga / Fireweed Montney Type Curve - All Wells 22 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 Sproule 2P Type Curve Well Count 1,000 100 10 10 5 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23…
  24. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 24
    Inga / Fireweed Montney Type Curve - Average Well 23 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 1,000 Kelt 2P EUR 700 MBOE 31% Oil 19% NGLs 50% Gas 100 Sproule 2P EUR 650 MBOE 24% Oil 18% NGLs 58% Gas 10…
  25. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 25
    Inga / Fireweed Middle Montney Isopach 24 OPERATIONS Kelt has drilled its second horizontal middle Montney well in BC located at 14-24 (surface A12-36). This well had Fireweed an IP30 rate of 1,412 BOE/d (29% gas) The thickness of…
  26. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 26
    Inga / Fireweed Baldonnel Lands 25 LAND Birch Baldonnel Rights: Gross: 169 sections Baldonnel C Oil Pool (CTD 5.0 MM barrels of oil) Net: 158 sections OPERATIONS Fireweed Oil exploration activity with plans to drill initial…
  27. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 27
    Grande Prairie Montney Lands 26 LAND Montney Rights: Gross: 159,040 acres ( 248 sections ) Net: 141,517 acres ( 221 sections ) Pouce Coupe OPERATIONS Kelt has successfully delineated the lower- Progress middle and the…
  28. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 28
    Alberta Montney Wells 27 PRODUCTION RESERVES Kelt Montney Drills Typical well EURs: Top 10 Wells IP30 (gross sales, BOE/d): (1) Pouce Coupe Doig/Montney Gas (1) Pouce Coupe 14-25-077-13W6 MM [a] 1,400 ( 95% gas ) Sproule 2P EUR = 1,380…
  29. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 29
    Pouce Coupe / Progress 28 14-14 MM (50%) 15-13 MM (50%) Progress Progress Gas Plant Pouce 8-18 LMM (20% WI) 13-8 Coupe 8-18 UMM LMM 14-25 MM 14-8 LMM 13-3 MM (50%) 16-11 H2O Disposal Spirit 13-32 River Doig/UM 15-5…
  30. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 30
    Pouce Coupe Montney Oil Type Curve - All Wells 29 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 Sproule 2P Type Curve Well Count 1,000 100 10 10 5 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23…
  31. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 31
    Pouce Coupe Montney Oil Type Curve - Average Well 30 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 1,000 Kelt 2P EUR 865 MBOE 36% Oil 16% NGLs 48% Gas 100 Sproule 2P EUR 485 MBOE 61% Oil 6% NGLs 33% Gas 10 10…
  32. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 32
    Valhalla / La Glace and Pipestone / Wembley 31 Targeting the Montney formation. Kelt Ownership in pipeline La Glace Facility infrastructure, oil battery, gas (100% WI) Encana Sexsmith compression and minor interests in 13-33…
  33. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 33
    La Glace Montney Type Curve - All Wells 32 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 Sproule 2P Type Curve Well Count 1,000 100 10 10 5 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26…
  34. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 34
    La Glace Montney Type Curve - Average Well 33 ( BOE / d ) TOTAL RAW PRODUCTION (Well Count) 5,000 1,000 Kelt 2P EUR 685 MBOE 63% Oil 9% NGLs 28% Gas 100 Sproule 2P EUR 675 MBOE 62% Oil 8% NGLs 30% Gas 10 10 5 0 1…
  35. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 35
    Net Asset Value 34 Dec/31 Dec/31 ( millions ) 2014 2015 P&NG Reserves, NPV10 BT 1,072.3 1,185.2 Decommissioning Obligations, NPV10 BT [1] ( 12.8 ) ( 11.7 ) Undeveloped Land 103.2 168.7 Net Bank Debt ( 104.4 ) ( 212.1 ) Proceeds…
  36. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 36
    Future Considerations 35 FUTURE DRILLING POTENTIAL: Kelt has numerous potential future drilling opportunities on its existing lands that will provide for continued growth in the years to come. CRUDE OIL PRICES: the number of rigs…
  37. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 37
    Management 36 David J. Wilson, President & CEO Sadiq H. Lalani, Vice President & CFO Douglas J. Errico, Vice President, Land Patrick Miles, Vice President, Exploration Douglas O. MacArthur, Vice President, Operations Alan G. Franks,…
  38. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 38
    Board of Directors 37 Robert J. Dales Compensation (Chair), Nominating, Audit, Reserves William C. Guinan Chairman of the Board, HSE Eldon A. McIntyre Reserves (Chair), Nominating, Audit, Compensation Neil G. Sinclair Audit (Chair),…
  39. January 2017 Corporate Presentation – Kelt Exploration Ltd. – slide 39
    Corporate Presentation January 2017 Suite 300, 311 6th Avenue SW Calgary, Alberta, Canada T2P 3H2 www.KeltExploration.com

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