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Investor Presentation March 2017 – Bonavista Energy Corp

Bonavista Energy Corp · Mar 1, 2017 · 40 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. Investor Presentation March 2017 – Bonavista Energy Corp – slide 1
    All together better.
  2. Investor Presentation March 2017 – Bonavista Energy Corp – slide 2
    Identity This is Bonavista: Our leadership team is We are ALIGNED with our EXPERIENCED: shareholders: average tenure with 9% insider ownership, 3x our Bonavista of 13 years peer group average We are EFFICIENT: We have a…
  3. Investor Presentation March 2017 – Bonavista Energy Corp – slide 3
    Identity Corporate Snapshot Production (Q416): 69,339 boe/d OPERATING Drilling locations (gross/net): 1,286/1,026 Operating costs (Q416): 5.75/boe Operating margin (Q416): 64% Market capitalization (03/06/17): 1.0B…
  4. Investor Presentation March 2017 – 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 2016 2017E Deep Basin West Central Other Production…
  5. Investor Presentation March 2017 – Bonavista Energy Corp – slide 5
    Identity Concentration Strategy Through acquisitions and divestitures: A&D transaction value ( millions) A&D production (boe/d) 300 12 667 mm total 21,700 boe/d total Acquired core assets at 30,750 200 8 100 4 /boepd…
  6. Investor Presentation March 2017 – Bonavista Energy Corp – slide 6
    Identity Concentration Strategy Focus has led to a higher quality portfolio: 10.00 65% 75 2,000 5.0 REDUCED ARO* LIABILITIES 1,800 9.00 62% 60 1,600 10% MORE PROFITABLE 1,400 8.00 44% MORE EFFICIENT 59% 45…
  7. Investor Presentation March 2017 – 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. Investor Presentation March 2017 – 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. Investor Presentation March 2017 – Bonavista Energy Corp – slide 9
    2016 - Achieved our Goals Priorities: DEBT SUSTAINABILITY EFFICIENCY Maintaining production 1.3B 80,000 2015 IP12 half cycle Production (boe/d) 2016 opening net debt 70,000 14,600/boepd 33 % 60,000 38 % 878MM 50,000…
  10. Investor Presentation March 2017 – Bonavista Energy Corp – slide 10
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  11. Investor Presentation March 2017 – Bonavista Energy Corp – slide 11
    2017 - Visibility to Value Creation 2017 priorities: Sustainable growth in production and funds from operations Improve financial flexibility with continued debt leverage reduction Enhance inventory quality through innovation…
  12. Investor Presentation March 2017 – Bonavista Energy Corp – slide 12
    2017 - Guidance 2017E Capital Expenditures ( millions): Exploration and Development 280-300 Acquisitions and Divestitures - Total 280-300 Production: Total 73,500-75,500 per million shares* 185 Funds from operations (FFO):…
  13. Investor Presentation March 2017 – Bonavista Energy Corp – slide 13
    2017 - Hedging Program Hedging and diversifying volumes to protect future funds from operations: Natural Gas Oil* Propane 10% 16% 5% 25% 2017 49% 51% hedge 75% hedge hedge 70% price price price C3.32/mcf C67.17/bbl…
  14. Investor Presentation March 2017 – Bonavista Energy Corp – slide 14
    2017 - Capital Allocation: 2017E 2016 % 2017E 2016 % Inventory Wells Wells Change Capital (2) Capital (2) Change Net Net Net Wells ( mm) ( mm) Capital Deep Basin 397 26.4(1) 17.4(1) 52% 125-135 65 100% 112% Wilrich 193 20.8 13.0…
  15. Investor Presentation March 2017 – Bonavista Energy Corp – slide 15
    2017 - Visibility to Value Creation Transitioning to growth in 2017: 90,000 80,000 Production (boed) 70,000 60,000 50,000 40,000 Dec Jun Mar Sep 2017E Pre-2017 Glauconite Falher Notikewin Wilrich…
  16. Investor Presentation March 2017 – Bonavista Energy Corp – slide 16
    2017 Visibility to Value Creation Financial flexibility in downside scenario: Maintain production and use excess funds from operations to reduce net debt 12 million Payout 90-100% 150 million 120 million Production…
  17. Investor Presentation March 2017 – Bonavista Energy Corp – slide 17
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  18. Investor Presentation March 2017 – Bonavista Energy Corp – slide 18
    Deep Basin Vehicle for Growth 2017 opportunities: Wilrich: R22 R18 R14 R10W5 Bluesky 21 (20.8 net) wells T57 2 well pad combined test 35 mmcf/d Ansell facility expansion to 100 mmcf/d T55 Marlboro Falher/Notikewin Bluesky:…
  19. Investor Presentation March 2017 – Bonavista Energy Corp – slide 19
    Deep Basin Vehicle for Growth Investing in growth: Strengthening our foothold in 30 30 400 the Deep Basin Thousands 350 25 25 24% (mboe/d) 300 (boe/d) 38% DRILLEDof wells () 20 52% 20 250 LAND (net…
  20. Investor Presentation March 2017 – Bonavista Energy Corp – slide 20
    Deep Basin Vehicle for Growth Growing our top tier assets at Ansell Wilrich: R18 R17 R16 R15W5 20.0 14 30% Thousands T53 12 25% PRODUCTION (mboe/d) 15.0 89% NET WELLS DRILLED 31% 10 20% 8 T51 10.0 15% 6 10%…
  21. Investor Presentation March 2017 – Bonavista Energy Corp – slide 21
    Deep Basin - Ansell Wilrich Extended reach horizontals enhancing efficiencies: Year over Year Improvements Well Characteristics Production efficiency * Ansell Wilrich (000/boed) % 2017E 2016 10.0 variance 15.7…
  22. Investor Presentation March 2017 – Bonavista Energy Corp – slide 22
    Deep Basin - Bluesky Recent acquisitions allow for growth: Production Growth Well Characteristics 6,000 Bluesky 5,000 % 2017E 2016 variance 4,000 Drill & complete capital 3.7 3.3 12% Production (boe/d) (mm/well) 3,000…
  23. Investor Presentation March 2017 – Bonavista Energy Corp – slide 23
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  24. Investor Presentation March 2017 – Bonavista Energy Corp – slide 24
    West Central Cash Generator Reliable income for 2017: Strong hedge portfolio, liquids 2017E net operating income rich production and shallow AECO 2.39/gj decline of 22% provides downside protection 2017E * NET OPERATING…
  25. Investor Presentation March 2017 – Bonavista Energy Corp – slide 25
    West Central Cash Generator Glauconite and Falher remain our priority in 2017: Glauconite Willesden Green Focusing on lands acquired in the 2016 asset exchange 12 (11.75 net) wells GLAUCONITE Glauconite Strachan 4 (3.95 net)…
  26. Investor Presentation March 2017 – Bonavista Energy Corp – slide 26
    West Central Cash Generator Reliable production at sustainable costs: OPERATING EXPENSE (/boe) 35 50 6.00 Thousands 30 5.00 40 PRODUCTION (mboe/d) 23% NET WELLS DRILLED 25 4.00 30 20 3.00 15 20 2.00 10…
  27. Investor Presentation March 2017 – Bonavista Energy Corp – slide 27
    West Central Cash Generator Positioned for strengthening NGL prices: Industry NGL production (% of total) 30% 2017E NGL composition* 25% 20% 21% Q3 2016 15% 35% 15% 10% 28% 5% 0% Bonavista Industry Ethane…
  28. Investor Presentation March 2017 – Bonavista Energy Corp – slide 28
    West Central Glauconite 80% of Glauconite activity focused in Willesden Green and Strachan for 2017: R9 R7W5 14 16 45% WILLESDEN 12 14 40% GREEN 35% PRODUCTION (mboe/d) 12 5% NET WELLS DRILLED 10 30% 10 8 25% 8 6…
  29. Investor Presentation March 2017 – Bonavista Energy Corp – slide 29
    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 % %…
  30. Investor Presentation March 2017 – Bonavista Energy Corp – slide 30
    West Central Morningside Falher Growing our most profitable play: 1.7 year R1W5 R25W4 payout 16 8 70% Thousands 14 7 60% PRODUCTION (mboe/d) 12 6 NET WELLS DRILLED 142% 119% 50% 10 5 40% 8 4 30% 6 3 T42 20%…
  31. Investor Presentation March 2017 – Bonavista Energy Corp – slide 31
    All together better.
  32. Investor Presentation March 2017 – Bonavista Energy Corp – slide 32
    Summary What to expect in 2017: 7-10% 10-20% 10-20% growth in growth in funds improvement in production per from operations debt to funds share per share from operations Based on February 21, 2017 forward strip 34 Per share…
  33. Investor Presentation March 2017 – Bonavista Energy Corp – slide 33
    All together better.
  34. Investor Presentation March 2017 – Bonavista Energy Corp – slide 34
    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…
  35. Investor Presentation March 2017 – Bonavista Energy Corp – slide 35
    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%…
  36. Investor Presentation March 2017 – Bonavista Energy Corp – slide 36
    Visibility to Value Creation Portfolio consists of 918 net key play locations: Ellerslie 0 193 144.1 0 280 Glauconite Glauconite Wilrich Bluesky 280.4 61.2 Notikewin 72.1 Falher Wilrich 167.0 193.3 0 72 0 167…
  37. Investor Presentation March 2017 – Bonavista Energy Corp – slide 37
    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…
  38. Investor Presentation March 2017 – Bonavista Energy Corp – slide 38
    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…
  39. Investor Presentation March 2017 – Bonavista Energy Corp – slide 39
    Deep Basin Asset Exchange Completed Q416 Optimizing our infrastructure: R21 R19 R17 R15 R13 T61 Semcams K3 Facility T59 Consolidating pipeline Bonavista currently owns 265 mmcf/d Pine Creek Facility T57 of processing capacity…
  40. Investor Presentation March 2017 – Bonavista Energy Corp – slide 40
    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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