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January 2017 Corporate Presentation – Spartan Energy Corp.

Spartan Energy Corp. · Jan 16, 2017 · 35 slides

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Slides

  1. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 1
    SPARTAN ENERGY CORP. Corporate Presentation January 2017
  2. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 2
    Company Snapshot Stock symbol SPE - TSX Market capitalization (basic December 30, 2016) 1.75 billion Enterprise value (diluted December 30, 2016)(1) 2.06 billion Forecast 2016 exit production 20,800 boe/d Oil & liquids weighting…
  3. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 3
    Formula for Success 1) 10%-12% annual organic production per share growth within cash flow + 2) Proactively manage declines x = + 3) Prudent balance sheet management + 4) Reinvest free cash flow to supplement growth Key elements…
  4. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 4
    376,000 net acres (59% Crown) SE Saskatchewan Asset Base Ownership & control of producing infrastructure Significant 3D seismic coverage Scale and Repeatability Top tier netbacks Low decline production (24%) Strong capital…
  5. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 5
    2016 Year in Review Value Creation Spartan was able to take advantage of an extremely challenging commodity price environment to significantly increase production, reserves and cash flow per share (13% production per share growth exit…
  6. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 6
    2016 Acquisitions Taking Advantage of Opportunity 10,930 boe/d (95% oil & liquids) 223,000 net acres (60% Crown) Ownership & control of producing infrastructure Significant 3D seismic coverage Top tier netbacks Low decline…
  7. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 7
    2016 Growth Through Acquisition BOE/D Land (net acres) Net Locations 25000 400000 2000 350000 20000 300000 1500 118% 146% 82% 15000 250000 200000 1000 10000 150000 100000 500 5000 50000 0 0 0 SPE Pre-Acq. SPE Post-Acq. SPE…
  8. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 8
    SPE Reserves Pro Forma 2016 Acquisitions SPE - December 31, 2015 SPE - Pro Forma 2016 Acquisitions 23% 18% 35% PUD PUD 45% PROBABLE PROBABLE PDP PDP 37% 42% 2016 acquisitions significantly improved the makeup of our…
  9. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 9
    Spartan Drilling Locations CORE AREA FORMATION WI LOCATIONS (%) (Gross) (Net) SE SASKATCHEWAN Conventional Mississippian (Open Hole) Frobisher/Alida 82% 1,459 1,194 Midale Ratcliffe Tilson/Souris Valley Unconventional tight oil…
  10. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 10
    SE Saskatchewan Frobisher Well Performance Open Hole Frobisher/Alida Light Oil Type Well Economics DCE&T (m) 725 IP90 (bopd) 82 IP365 (bopd) 55 Reserves (mbbls) 67.5 Capital Efficiency 13,182 Reserve Cost (/boe) 10.74 NPV BT10…
  11. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 11
    SE Saskatchewan Midale Type Well Economics Frac Midale Light Oil Type Well Economics DCE&T (m) 1,500 IP90 (bopd) 142 Alameda IP365 (bopd) 86 Reserves (mbbls) 114 Capital Efficiency 17,442 Reserve Cost (/boe) 13.16 NPV BT10 (mm)…
  12. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 12
    SE Saskatchewan Ratcliffe Type Well Open Hole Ratcliffe Light Oil Type Well Economics DCE&T (m) 1,100 IP90 (bopd) 76 Oungre IP365 (bopd) 61 Reserves (mbbls) 80 Capital Efficiency 18,033 Reserve Cost (/boe) 13.75 NPV BT10…
  13. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 13
    2017 Budget Highlights Spartans 2017 capital budget is designed to deliver 11% annual average production per share growth with significant free cash flow generation Portion of free cash flow of 42mm (based on budget assumptions) to…
  14. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 14
    2017 Budget Guidance Average Daily Production Crude oil and NGLs (bbl/d) 19,427 Natural gas (mcf/d) 9,920 Barrels of oil equivalent (boe/d) 21,080 Financial Cash flow (MM)(1) 187 Per share basic(1) 0.36 Development capital (MM)…
  15. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 15
    Growth And Free Cash Flow Model WTI Pricing Sensitivity WTI Price (USD) 45 50 55 60 Annual Production (boe/d) 2017 21,080 21,080 21,080 21,080 2018 23,290 23,290 23,290 23,290 Cash Flow (MM) 2017 148 187 227 266 2018 162 207 252…
  16. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 16
    Analyst Coverage AltaCorp Capital Inc. (Thomas Matthews) BMO Capital Markets (Ray Kwan) Clarus Securities Inc. (Daniel Choi) CIBC World Markets Inc. (Dave Popowich) Cormark Securities Inc. (Amir Arif) Desjardins Capital Markets…
  17. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 17
    Head Office Suite 500, 850 2nd Street SW Calgary, Alberta T2P 0R8 Telephone: 403-355-8920 Facsimile: 403-355-2779 E-mail: infospartanenergy.ca www.spartanenergy.ca For Further Information Please Contact: Mr. Richard (Rick) McHardy…
  18. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 18
    APPENDIX INFORMATION
  19. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 19
    Management RICHARD (RICK) MCHARDY, B.Comm., LLB., - President & CEO 18+ years experience in M&A /securities matters and oil and gas President, CEO Spartan Oil Corp.; President, CEO Spartan Exploration Ltd.; President, Titan Exploration…
  20. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 20
    BOARD OF DIRECTORS BANKER Michael Stark National Bank Chairman Independent Businessman Don Archibald EVALUATION ENGINEERS Independent Businessman Sproule Associates Limited Reg Greenslade Independent Businessman REGISTRAR & TRANSFER…
  21. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 21
    Q4 2016 ARC Acquisition Mature, low decline EOR project Frobisher, Alida, Midale and waterflood upside Buffalo Head Lougheed Browning Queensdale Steelman Ratcliffe, Midale and waterflood upside Glen Ewan Oungre G.…
  22. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 22
    Arc SE Sask Acquisition Highlights 7,500 boe/d (98% oil and liquids) in southeast Saskatchewan conventional Mississippian fairway Low base decline (12%) resulting from natural aquifer drive, active waterfloods and two world class CO2…
  23. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 23
    Arc West Package Midale, Frobisher, Ratcliffe 49,852 (42,113 net) acres (84% WI) Concentrated, contiguous land base Midale, Frobisher and Ratcliffe potential Current production 3,100 boe/d Lougheed 11% decline No wells…
  24. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 24
    Arc East Package Frobisher, Alida, Midale Land: 60,044 gross/ 45,754 net acres (76% WI) The East Arc Properties consolidate Spartans position in the Frobisher/Alida fairway Current production 2,100 boe/d 17% decline No wells…
  25. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 25
    ARC EOR Package Mature, Low Decline CO2 Projects 6.94892% WI in Weyburn and 15.53631% WI in Nearly two billion bbl of original-oil-in-place Midale represent the third largest and second (OOIP) across Weyburn and Midale Units…
  26. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 26
    ARC SE Sask Acquisition Strategic Rationale Positions Spartan as one of the largest light oil producing companies in Saskatchewan Geographically focused asset base with 94% of corporate production coming from southeast Saskatchewan…
  27. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 27
    Wyatt + Kinwest Acquisitions Consolidation of frac-Midale play at Pinto and Alameda 1,780 boe/d (80% oil and NGL). 74.2 net sections of land including extensive contiguous block at Alameda. Alameda pool has large oil in place…
  28. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 28
    Alameda Regional Cumulative Oil & Current Recovery Factors (Dec 2015) 4.5 MMbbl RF 15% ALAMEDA MIDALE: 9.9 MMbbl Large OOIP; Cum. oil produced: 2.6MMbbl 37.7 MMbbl RF 33% Recovery factor (Dec 2015): 1.3% RF 38% 31.1 MMbbl RF…
  29. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 29
    Alameda - Wyatt Midale Frac HZ Performance 700 18 16 600 14 500 IP90 CalDay Rate (bbls) 12 400 10 Wells 300 8 6 200 4 100 2 0 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…
  30. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 30
    Alameda Waterflood Infrastructure & Performance Over 22 Million invested in a facility with capacity of 16,000 bbl/d total fluid, field headers and 75 km of emulsion 9 section waterflood simulation completed Projected incremental 9%…
  31. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 31
    Corning-Manor Acquisition 1,500 boe/d (99% oil). Low decline production (12% annual decline rate). 100 net sections of land complementary to SPE existing land base. 1,141 km2 of proprietary 3D seismic and 547 km of 2D…
  32. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 32
    Winmore Acquisition 150 boe/d (100% light oil). 16.6 net sections of land contiguous with SPEs core Winmore property. Wells drilled to date in the greater Workman/Winmore area have significantly outperformed SPE type…
  33. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 33
    2016 Acquisition Metrics Aggregate Purchase Price(1) 872.7 million Current production(2) 79,844 per boe/d PDP reserves(3) 26.85 per boe Total proved reserves(3) 20.63 per boe P+P reserves(3) 13.73 per boe Run rate cash flow…
  34. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 34
    Spartan Oil 269% ROI (18 months) Overview Price Event Chart Formed through the spin-out of certain Cardium assets and SE Saskatchewan assets from Spartan 6.00 June 1, 2011: Completion of Feb 21, 2012: Announcement of 15,000,000…
  35. January 2017 Corporate Presentation – Spartan Energy Corp. – slide 35
    Spartan Exploration 500% ROI (36 months) Overview Price Event Chart 4.50 2,700,000 Spartan Exploration was formed in Q1-2008 with a March 2008: 5.2MM non- April 1, 2011: Sold to Penn West for 228MM (6.00/share) brokered financing at…

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