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March 2017 Corporate Presentation – Crew Energy Inc.

Crew Energy Inc. · Mar 9, 2017 · 31 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. March 2017 Corporate Presentation – Crew Energy Inc. – slide 1
    BUILDING OUR FUTURE IN THE MONTNEY
  2. March 2017 Corporate Presentation – Crew Energy Inc. – slide 2
    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…
  3. March 2017 Corporate Presentation – Crew Energy Inc. – slide 3
    BUILDING OUR FUTURE IN THE MONTNEY 18+billion +20% BOE of TPIIP 1P reserves per share Resource growth in 16 over 15 5,400 71% Identified drilling locations(1) FINANCIAL Condensate as a percentage of forecast liquids…
  4. March 2017 Corporate Presentation – Crew Energy Inc. – slide 4
    CAPITAL STRUCTURE MARKET SUMMARY (TSX: CR) as at Mar. 1 17 Basic shares outstanding (mm) Trading range (52 week) 2.84 - 8.10 146.8 48% hedged On forecast 2017 gas Average daily trading volume (m) 909 sales at 3.62/mcf(1) Market…
  5. March 2017 Corporate Presentation – Crew Energy Inc. – slide 5
    2016 HIGHLIGHTS AND ACHIEVEMENTS Building on Our Success in the Montney Annual production 23% to 22,844 boe/d in 2016 compared to 2015 Greater Septimus annual production 59% to 17,797 boe/d over 2015 All in cash costs per boe 22%…
  6. March 2017 Corporate Presentation – Crew Energy Inc. – slide 6
    2016 YEAR END RESERVES HIGHLIGHTS Strong Montney Reserves Growth With Improving Capital Efficiencies Total 2016 2016 2016 3 Year Average F&D(1)(2)(3) Reserves Change Change Reserves NPV10 (BT) 16 (mmboe) (after production) (per…
  7. March 2017 Corporate Presentation – Crew Energy Inc. – slide 7
    MASSIVE LAND POSITION IN THE SWEET SPOT OF THE MONTNEY Only 14% of Crews 474 net sections have Upper Montney reserves assigned 3rd Largest BC Montney landholder among public companies Net Acres of Montney Rights in NE BC…
  8. March 2017 Corporate Presentation – Crew Energy Inc. – slide 8
    SUCCESSFUL EXECUTION DRIVES MONTNEY GROWTH Montney Production(1) (BOE/D) Best Estimate Economic Contingent Resource (ECR) 25,000 Forecast Light oil bopd 9.0 TCFE(4) NGLs boepd 8.3 TCFE(3)(4) 20,000 Liquids tcfe 1.5 Gas boepd 1.1…
  9. March 2017 Corporate Presentation – Crew Energy Inc. – slide 9
    CONTINUAL IMPROVEMENTS IN CAPITAL EFFICIENCIES On-stream Costs - 90 Day Average IP ( per boe/d) Declining Drilling Days Reduces Costs 18,000 20 Enhanced completions 16,000 + lower costs = Improving Efficiencies 14,000 31%…
  10. March 2017 Corporate Presentation – Crew Energy Inc. – slide 10
    RISING NETBACKS & LOWER COSTS High Quality Montney Assets Support Strong Results Top Quartile Operating Netbacks (Pre-Hedging) Top Quartile Operating Costs Among Among Resource-Focused Peers (/boe) Resource-Focused Peers (/boe) 22…
  11. March 2017 Corporate Presentation – Crew Energy Inc. – slide 11
    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…
  12. March 2017 Corporate Presentation – Crew Energy Inc. – slide 12
    SEPTIMUS: FREE CASH FLOW GENERATION Economics(1): Full Cycle Half Cycle 104 108 MM Free cash flow Identified Locations(2) generated 16 19(3) Capital Expenditures (MM) 4.3 3.5 100 1 Month IP (boe/d) 809 809 Free cash flow directed…
  13. March 2017 Corporate Presentation – Crew Energy Inc. – slide 13
    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 West Septimus Type Curve(4)(5) 1 Month IP (boe/d)…
  14. March 2017 Corporate Presentation – Crew Energy Inc. – slide 14
    ULTRA CONDENSATE-RICH AREA IS NEW FOCUS AT GREATER SEPTIMUS Economics(1): Ultra Condensate-Rich Half Cycle Capital Expenditures (MM) 4.3 1 Month IP (boe/d) 1,064 Crew 7-30 Pad Crew 4-22 Pad Condensate (mbbls) 243 Drilling…
  15. March 2017 Corporate Presentation – Crew Energy Inc. – slide 15
    TOWER OIL High - Netback Economics(1): Light, sweet oil Full Cycle Half Cycle Crew 1-24 Capital Expenditures (MM) 6.1 5.2 1 Month IP (boe/d) 564 564 Oil (mbbls) 185 185 NGLs (mbbls) 28 28 Sales Gas (bcf) 1.1 1.1 Total Reserves…
  16. March 2017 Corporate Presentation – Crew Energy Inc. – slide 16
    FUTURE GROWTH OPPORTUNITIES Over-pressured, liquids-rich natural gas areas 90+ Lower Montney identified locations at Greater Septimus(1) ATTACHIE 1,000 thick pay (Upper + Lower Montney) 97 LOWER MONTNEY Multiple prospective zones…
  17. March 2017 Corporate Presentation – Crew Energy Inc. – slide 17
    FIRM SERVICE ARRANGEMENTS & STAGED PROCESSING SUPPORT GROWTH PLAN 400,000 Transportation Processing TCPL/Nova: 60 mmcf/d firm increasing to 120 mmcf/d (Jun 19) Groundbirch: 120 mmcf/d (Q4 18) Spectra: 13 mmcf/d firm increasing to 30…
  18. March 2017 Corporate Presentation – Crew Energy Inc. – slide 18
    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…
  19. March 2017 Corporate Presentation – Crew Energy Inc. – slide 19
    ADVANTAGES OF GAS MARKET DIVERSITY 3.50 Commencement of Alliance Pipeline service 3.00 and initiation of diversified contract portfolio 2.50 Natural Gas Prices (C/MCF) 2.00 1.50 Stn 2 Chicago 12% City Gate 1.00…
  20. March 2017 Corporate Presentation – Crew Energy Inc. – slide 20
    BUILDING OUR MONTNEY FUTURE Financial Discipline 17% Production / Sh Growth 38% drawn on 235MM facility 2016 over 2015 Access to Infrastructure Existing and growing Massive Resource Per Share Reserves Growth 110+ TCFE TPIIP…
  21. March 2017 Corporate Presentation – Crew Energy Inc. – slide 21
    Contact Info: Suite 800, 250 - 5th Street SW Dale O. Shwed, President & CEO Calgary, Alberta T2P 0R4 John G. Leach, Senior Vice President & CFO Telephone: (403) 266-2088 Email: investorcrewenergy.com Robert J. Morgan, Senior Vice…
  22. March 2017 Corporate Presentation – Crew Energy Inc. – slide 22
    Appendix
  23. March 2017 Corporate Presentation – Crew Energy Inc. – slide 23
    STABLE ASSET: LLOYDMINSTER HEAVY OIL Lloydminster ALBERTA SASKATCHEWAN Currently in sales process BRIGHTSAND 73,326 net acres of land in the area; SWIMMING Lloydminster average WI of 93% FOREST LOW LAKE BANK 2016…
  24. March 2017 Corporate Presentation – Crew Energy Inc. – slide 24
    DRIVING DOWN COSTS THROUGH ENHANCED OPERATING + CORPORATE EFFICIENCIES 18.00 16.00 14.00 31%Reduction in cash costs / boe from Q4 14 to Q4 16 12.00 10.00 8.00 Enhanced operational efficiencies and increased 6.00 volumes…
  25. March 2017 Corporate Presentation – Crew Energy Inc. – slide 25
    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…
  26. March 2017 Corporate Presentation – Crew Energy Inc. – slide 26
    WEST SEPTIMUS FOCUS IN 2017 BUDGET DRIVES MONTNEY PRODUCTION AND INFRASTRUCTURE GROWTH Overview Target exit production of 30,000+ boe/d with annual volumes of 25 - 27,000 boe/d (28% liquids) 15% growth in average volumes 2017 over…
  27. March 2017 Corporate Presentation – Crew Energy Inc. – slide 27
    2017 CAPITAL PROGRAM AND FORECAST 2017 (1) Cash Flow (CF) (mm) 149 Capex (mm) 200 Hedging Summary as of March 1, 2017 Year-end net debt (mm) 309 Volume Period Derivative Reference Price Debt to annualized Q4 CF 1.6x Natural Gas…
  28. March 2017 Corporate Presentation – Crew Energy Inc. – slide 28
    SUMMARY OF NEW TERM DEBT Issuer: Crew Energy Inc. (the Company) Issue: 300 million senior unsecured notes (the Notes) Coupon: 6.5% Issue Ratings: DBRS: B S&P: B Term: Seven years (7NC3) Ranking: Senior unsecured ranking pari…
  29. March 2017 Corporate Presentation – Crew Energy Inc. – slide 29
    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…
  30. March 2017 Corporate Presentation – Crew Energy Inc. – slide 30
    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…
  31. March 2017 Corporate Presentation – Crew Energy Inc. – slide 31
    World-Class MONTNEY RESOURCE 110+ TCFE TPIIP Resource +20% 300,000 1P Reserves per Share Growth Net Acres in the Montney 2016 over 2015 35

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