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February 2017 Investor Presentation – Bonavista Energy Corp

Bonavista Energy Corp · Feb 9, 2017 · 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. February 2017 Investor Presentation – Bonavista Energy Corp – slide 1
    All together better.
  2. February 2017 Investor Presentation – Bonavista Energy Corp – slide 2
    Identity This is Bonavista: Our leadership team is We are ALIGNED with our EXPERIENCED: shareholders: average tenure with 8% insider ownership, 4x Bonavista of 13 years our peer group average We are EFFICIENT: We have a…
  3. February 2017 Investor Presentation – Bonavista Energy Corp – slide 3
    Identity Corporate Snapshot Production (Q416E): 69,339 boe/d OPERATING Drilling locations (gross/net): 1,286/1,026 Operating costs (Q416E): 5.75/boe Operating margin (Q416E): 65% Market capitalization (02/01/17): 1.2B…
  4. February 2017 Investor Presentation – Bonavista Energy Corp – slide 4
    Identity Concentration Strategy Focused on two core areas: E&D Capital ( millions) Deep Basin 100% 80% 60% 40% Edmonton 20% 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016E 2017F Deep Basin West Central Other Production…
  5. February 2017 Investor Presentation – Bonavista Energy Corp – slide 5
    Identity Concentration Strategy Through acquisitions and divestitures: A&D transaction value ( millions) A&D production (boe/d) 300 12 664 mm total 21,900 boe/d Acquired core assets at 30,300 200 8 100 4 /boepd millions…
  6. February 2017 Investor Presentation – Bonavista Energy Corp – slide 6
    Identity Concentration Strategy Focus has led to a higher quality portfolio: 10.00 70% 60 2,000 5.0 1,800 LESS ARO* LIABILITIES 9.00 1,600 65% 45 MORE PROFITABLE 1,400 8.00 12% 47% MORE EFFICIENT 33.18 1,200…
  7. February 2017 Investor Presentation – Bonavista Energy Corp – slide 7
    Identity Concentration Strategy Improving our costs to develop and produce our assets: Finding & Development Costs (/boe) * Production Addition Efficiency (/boepd) 15.00 34,000 14.00 52% 30,000 58% 13.00 12.00 26,000 11.00…
  8. February 2017 Investor Presentation – Bonavista Energy Corp – slide 8
    2016 Achieved our Goals Replaced 131% of 2016 production with addition of 32.8 MMboe of P+P reserves: Capital Reserves Adds Change in FDC FD&A (/boe) ( millions) (MMboe) ( millions) 2016 2015 2016 2015 2016 2015 2016 2015…
  9. February 2017 Investor Presentation – Bonavista Energy Corp – slide 9
    2016 Achieved our Goals Replaced 123% of 2016 production with the addition of 30.8 MMboe of P+P reserves: Capital Reserves Adds Change in FDC F&D (/boe) ( millions) (MMboe) ( millions) 2016 2015 2016 2015 2016 2015 2016 2015…
  10. February 2017 Investor Presentation – Bonavista Energy Corp – slide 10
    2016 - Achieved our Goals Priorities: DEBT SUSTAINABILITY EFFICIENCY 1.3B 80,000 January YoY production 2015 IP12 half cycle Production (boe/d) 2016 opening net debt within 1% 75,000 14,600/boepd 32 % 70,000 38 % 878MM…
  11. February 2017 Investor Presentation – Bonavista Energy Corp – slide 11
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  12. February 2017 Investor Presentation – Bonavista Energy Corp – slide 12
    2017 - Visibility to Value Creation 2017 priorities: Sustainable growth in production and funds flow Improve financial flexibility with continued debt reduction Enhance inventory quality through innovation and asset…
  13. February 2017 Investor Presentation – Bonavista Energy Corp – slide 13
    2017 - Guidance 2017F 2016E Capital Expenditures ( millions): Exploration and Development 280-300 161 Acquisitions and Divestitures - (166) Total 280-300 (5) Production: Total 73,500-75,500 68,000-69,000 per million shares* 185…
  14. February 2017 Investor Presentation – Bonavista Energy Corp – slide 14
    2017 - Hedging Program Hedging and diversifying volumes to protect future funds flow: Natural Gas Oil* Propane 11% 10% 5% 25% 2017 49% 51% hedge 75% hedge hedge 74% price price price C2.96/gj C67.47/bbl C28.99/bbl US…
  15. February 2017 Investor Presentation – Bonavista Energy Corp – slide 15
    2017 - Capital Allocation: 2017F 2016E % 2017F 2016E % Inventory Wells Wells Change Capital (2) Capital (2) Change Net Net Net Wells ( mm) ( mm) Capital West Central 465 34.2 25.8(1) 33% 105-110 68 60% 13% Hoadley Glauconite 240…
  16. February 2017 Investor Presentation – Bonavista Energy Corp – slide 16
    2017 - Visibility to Value Creation Transitioning to growth in 2017: 90,000 80,000 2017F Production (boed) 45 70,000 60,000 million excess 50,000 funds flow 40,000 Dec Mar Jun Sep 2017F…
  17. February 2017 Investor Presentation – Bonavista Energy Corp – slide 17
    All together better.
  18. February 2017 Investor Presentation – Bonavista Energy Corp – slide 18
    Deep Basin 2017 opportunities: R22 R18 R14 R10W5 Bluesky T57 Wilrich: 19 - 20 net wells T55 Ansell facility expansion to 100 mmcf/d Marlboro Wilrich Falher/Notikewin Bluesky: T53 2 - 3 net wells T51 33 bbls/mmcf, 50%…
  19. February 2017 Investor Presentation – Bonavista Energy Corp – slide 19
    Deep Basin Investing in growth: Strengthening our foothold in 30 30 400 the Deep Basin Thousands 350 25 25 24% (mboe/d) 300 (boe/d) 41% DRILLEDof wells () 20 41% 20 250 LAND (net acres, 000s)…
  20. February 2017 Investor Presentation – Bonavista Energy Corp – slide 20
    Deep Basin Ansell Wilrich Growing our top tier assets: R18 R17 R16 R15W5 20 14 40% Thousands T53 12 35% PRODUCTION (mboe/d) 15 30% NET WELLS DRILLED 35% 10 80% 25% 8 T51 10 20% 6 15% 4 5 10% 2 5% 13…
  21. February 2017 Investor Presentation – Bonavista Energy Corp – slide 21
    Ansell Wilrich Production Efficiencies Extended reach horizontals enhancing efficiencies: Year over Year Improvements Well Characteristics Production efficiency * Ansell Wilrich (000/boed) % 2017F 2016E 10.2…
  22. February 2017 Investor Presentation – Bonavista Energy Corp – slide 22
    All together better.
  23. February 2017 Investor Presentation – Bonavista Energy Corp – slide 23
    West Central Glauconite and Falher remain our priority in 2017: Glauconite Willesden Green Focusing on lands acquired in the 2016 asset exchange 12 - 13 net wells GLAUCONITE Glauconite Strachan 3 4 net wells FALHER 2017…
  24. February 2017 Investor Presentation – Bonavista Energy Corp – slide 24
    West Central 110 million excess operating income generated in 2017: 40 50 300 Thousands 35 250 40 110 million PRODUCTION (mboe/d) 30 NET WELLS DRILLED 36% 200 operating income excess 25 30 20 150…
  25. February 2017 Investor Presentation – Bonavista Energy Corp – slide 25
    West Central Positioned for strengthening NGL prices: 30% Industry NGL production (% of total) 2017F NGL composition* 25% 20% 22% Q3 2016 36% 15% 15% 10% 27% 5% 0% Bonavista Industry Ethane (C2) Propane (C3)…
  26. February 2017 Investor Presentation – Bonavista Energy Corp – slide 26
    West Central Positioned for strengthened NGL prices: 10 20 40 25% 70 25% 30 41% 34% 305% 9 18 35 60 25 8 16 30 7 14 50 20 25 6 12 40 /bbl /bbl /bbl /bbl /bbl 5 10 20 15 30 4 8 15 10 3 6 20 10 2 4 5…
  27. February 2017 Investor Presentation – Bonavista Energy Corp – slide 27
    West Central Glauconite 80% of Glauc activity focused in Willesden Green and Strachan for 2017: R9 R7W5 18 18 45% WILLESDEN 16 16 40% GREEN 14 14 35% PRODUCTION (mboe/d) 15% NET WELLS DRILLED 12 30% 12 30% 10 10 25%…
  28. February 2017 Investor Presentation – Bonavista Energy Corp – slide 28
    West Central Efficiency Improvements Bringing more value to the bottom line: Year over Year Improvements at Strachan Well Characteristics Production efficiency * Willesden Green (WG) Strachan (000/boed) Glauc Glauc % %…
  29. February 2017 Investor Presentation – Bonavista Energy Corp – slide 29
    West Central Morningside Falher Growing our most profitable play: 1.4 year R1W5 R25W4 payout 12 7 80% Thousands 6 70% 10 PRODUCTION (mboe/d) 60% NET WELLS DRILLED 5 8 50% 4 77% 80% 6 40% 3 30% 4 T42 2…
  30. February 2017 Investor Presentation – Bonavista Energy Corp – slide 30
    All together better.
  31. February 2017 Investor Presentation – Bonavista Energy Corp – slide 31
    Summary What to expect in 2017: 9% 18% 21% growth in growth in funds improvement in production per from operations debt to funds share per share from operations 33 Per share numbers are debt and dividend adjusted All together…
  32. February 2017 Investor Presentation – Bonavista Energy Corp – slide 32
    All together better.
  33. February 2017 Investor Presentation – Bonavista Energy Corp – slide 33
    2016 Reserves F&D costs of 6.97/boe: Natural Before-Tax Oil Natural Gas Gas Total 10%NPV Total 2.7 billion 10%NPV Liquids (Mbbls) (MMcf) (Mbbls) (Mboe) (M) Proved Probable Developed 34% Producing Category 38%…
  34. February 2017 Investor Presentation – Bonavista Energy Corp – slide 34
    Visibility to Value Creation Portfolio consists of 951 net key play locations: Ellerslie 0 202 150 0 296 Wilrich Bluesky Glauconite Glauconite 63 296 Notikewin 73 Falher Wilrich 168 202 0 73 0 168 Notikewin…
  35. February 2017 Investor Presentation – Bonavista Energy Corp – slide 35
    West Central Asset Exchange Closed Q416 Contiguous to existing acreage: R10 R9 R8 R7 R6 R5 R4 R3 R2 T42 T41 Adjacent to current infrastructure and operations T40 Added 55 Glauconite locations T39 Expect to double…
  36. February 2017 Investor Presentation – Bonavista Energy Corp – slide 36
    West Central Asset Exchange Closed Q416 Top tier inventory acquired within greater Hoadley trend: Three year production growth 7,000 Prospect Gross Net inventory 6,000 1.0 mile 36 28.9 5,000 1.5 mile 6 4.5 Production…
  37. February 2017 Investor Presentation – Bonavista Energy Corp – slide 37
    Deep Basin Asset Exchange Completed Q416 Optimizing our infrastructure: R21 R19 R17 R15 R13 T61 Semcams K3 Facility T59 Consolidating pipeline Bonavista currently owns 225 mmcf/d Pine Creek Facility T57 of processing capacity…
  38. February 2017 Investor Presentation – Bonavista Energy Corp – slide 38
    Deep Basin Asset Exchange Completed Q416 Three year production growth: Three year production growth Prospect Gross Net 10,000 inventory 9,000 Wilrich (1-mile) 13 12.0 8,000 Wilrich (1.5-mile) 6 3.0 7,000 Wilrich (2-mile) 7 5.5…

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